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Canada

Cautious Bank of Canada expected to contend with economic momentum

BANK OF CANADA

OTTAWA: Canadian budget released this week added little stimulus spending, but recent signs of economic strength and federal funds already in the pipeline have boosted expectations that the Bank of Canada may have to shed its doom-and-gloom outlook. Finance Minister Bill Morneau unveiled a wait-and-see fiscal blueprint on Wednesday with only minor new spending, but his economic growth forecasts have ... Read More »

Canada trade agency picks Singapore for Asia gateway as TPP flounders

A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto January 23, 2015.  REUTERS/Mark Blinch

OTTAWA: Canada’s trade finance agency is launching its first global branch in Singapore as the country steps up efforts to boost business ties with Asia following the withdrawal of the United States from the Trans-Pacific Partnership (TPP) trade deal. Export Development Canada’s branch will allow the agency to facilitate structured finance and corporate finance in local currencies, rather than Canadian ... Read More »

Canada budget postpones rumored tax hikes as budget details revealed

budget

OTTAWA: Trudeau’s government had flirted with the idea of raising capital gains taxes or rates on the wealthy but instead the government decided to hike sin taxes and close some corporate loopholes. But it may only be a matter of time with Finance Minister Morneau promising to release a paper later this year that will outline potential tax change for ... Read More »

Canada tax tweaks to hit oil-and-gas drillers and uber riders

tax

OTTAWA: Oil-and-gas drillers, doctors, bus riders and brewers will pay more tax under the 2017 federal budget — though most Canadians will see little change in their personal or corporate taxes. Justin Trudeau’s Liberal government expects to raise C$4.79 billion ($3.58 billion) over five years by revamping parts of Canada’s tax system, with the biggest measures coming from cracking down ... Read More »

Weak business investment still a concern-Bank of Canada

BOC

OTTAWA: The Bank of Canada remains concerned about tepid business investment, a key official said on Tuesday, adding it is too early to assume the worst of underperformance is over despite stronger-than-expected economic growth recently. Deputy Governor Lawrence Schembri said sluggish business investment and a shift towards protectionist trade policies in the United States are the two biggest downside risks ... Read More »

Canada’s Trican to buy Canyon Services in C$637 mln deal

TRICAN

OTTAWA: Canadian oilfield services provider Trican Well Service Ltd TCW.TO said it would buy smaller rival Canyon Services Group Inc FRC.TO in a deal valued at about C$637 million ($475.5 million), including debt. Canyon shareholders will receive 1.7 shares of Trican for each share they own. That translates to an offer price of C$6.63 per Canyon share, representing a 32 ... Read More »

Banks pick IBM blockchain to expand digital ID project in Canada

banks

OTTAWA: Canadian banks will use blockchain technology to manage consumers’ digital identities. The banks bought into the idea of managing digital identities for consumers five years ago. Initially they focused on authentication: letting customers maintain one username and password for multiple websites, mainly bank and government sites. The Concierge system, managed by SecureKey, was a way to simplify customers’ lives. ... Read More »

Canada’s wholesale trade just jumped the most in 7 years in latest sign the economy is picking up

trade

OTTAWA: Canadian wholesale trade in January unexpectedly soared by 3.3 percent, its biggest monthly advance in more than seven years, on stronger sales of motor vehicles and parts, Statistics Canada data indicated on Monday. The increase, far bigger than the 0.5 per cent gain forecast by analysts, was the greatest since a 3.8 per cent advance seen in November 2009 ... Read More »

NAFTA, free trade and jobs, oil pipelines are all on Canadian ambassador’s plate

nafta

OTTAWA: A spur of the moment decision to attend a student Liberal Party convention when David MacNaughton was in college that was influenced more by his interest in a fellow female student than politics serendipitously launched a political career that has taken him to Washington as the Canadian ambassador to the United States. Along the way, he served in provincial ... Read More »

Alterna Bank introduces Canada’s first fully digital mortgage application

ab

TORONTO: Alterna Bank is once again at the forefront of the digital banking revolution, today launching Canada’s first and only end-to-end digital mortgage. The new lending engine is an easy-to-use, guided process that takes the stress, hassle and time out of what has previously been an arduous, confusing task for Canadians seeking financing to purchase a new home. “In the ... Read More »

Sun Pharma’s arm to acquire Canadian drug firm Thallion

sun pharma

TORONTO: India’s biggest drugmaker Sun Pharmaceutical Industries Ltd has agreed to acquire Canadian pharmaceuticals firm Thallion Pharmaceuticals Inc for 2.7 million Canadian dollars (around $2 million). The acquisition will be done through Taro Pharmaceuticals Inc (Canada), the indirect arm of its group firm Taro, the Indian drugmaker said in a stock market disclosure. Sun Pharma had acquired a controlling stake ... Read More »

CANADA FX DEBT-C$ pads weekly gain as factory sales rise

SALES RISE

TORONTO: The Canadian dollar edged higher on Friday against its U.S. counterpart, padding this week’s gains as stronger-than-expected domestic manufacturing data supported prospects of the Bank of Canada dropping its cautious stance. Canadian manufacturing sales unexpectedly rose in January for the third month in a row, driven by a gain in sales of non-durable goods, including petroleum and coal products, ... Read More »

Canada Goose closes its first day trading up more than 25%

cg

OTTAWA: You may own one of Canada Goose’s parkas, and now you can also own shares in the luxury apparel maker. The Toronto-based business went public on Thursday, with its shares opening at $18 on the New York Stock Exchange. Canada Goose will also trade on the Toronto Stock Exchange. Shares closed the day up more than 25 percent, slightly ... Read More »

Canada’s Alberta ups spending with higher C$10.3 bln deficit

spending

OTTAWA: The Canadian crude-producing province of Alberta will post a higher-than-expected budget deficit of C$10.3 billion (US$7.73 billion) in the coming fiscal year, it said on Thursday, raising spending as its economy recovers. Alberta, home to Canada’s oil sands and the No. 1 exporter of crude to the United States, has benefited from higher global crude prices since a long ... Read More »

Canada, Malaysia bilateral trade growing

bilateral trade

OTTAWA: Bilateral trade between Canada and Malaysia is growing said Canada’s High Commissioner to Malaysia Judith St George. She said trade has been growing modestly in the last couple of years and was largely favouring Malaysia by 3:1. “Trade amounted to almost to RM11 billion in 2016,” she said during a press briefing at G Hotel Kelawai today. She said ... Read More »

Canada oil industry will continue to see losses for much of 2017

COI

OTTAWA: The Conference Board of Canada released its 2017 report on the oil industry. The forecast is for continued losses for most of the year, even though financial conditions are better and there’s the promise of greater pipeline capacity. In its report released on Monday, the board says capital investments are expected to fall to $22 billion from a high ... Read More »

Canadian small business lending dips in Jan

exports dip

OTTAWA: Lending activity to small Canadian businesses edged down in January, though borrowing by larger firms accelerated, data showed on Wednesday, pointing to an economy that is still recovering from an oil price shock two years ago. The PayNet Canadian Small Business Lending Index decreased to 120.3 from 121.9 in December, while lending was down 6 percent compared to a ... Read More »

TransCanada’s natural gas pipeline deal will generate US$25b: analysts

TransCanada’s natural gas pipeline deal will generate US$25b: analysts

CALGARY: Western Canadian natural gas producers could get a US$25 billion boost in revenues with a pipeline shipping deal struck with TransCanada Corp., analysts said. TransCanada Corp. announced that domestic gas producers agreed to send 1.5 billion cubic feet per day more gas between Empress, Alta. and Dawn, Ont. on its underutilized mainline over the next 10 years. The move ... Read More »

Canada Revenue Agency’s online tax services back in operation

cra

OTTAWA: Canada Revenue Agency’s online services have been restored after they were suspended right in the middle of income tax season. The CRA reported Sunday night that all of its digital services had returned to normal operation as of 5 p.m.“Individuals, businesses and representatives are now able to file returns, make payments, and access other digital services available through the ... Read More »

Canada economy picking up steam

economy-2014

OTTAWA: The Canadian economy is showing strength in employment, housing starts and a rebound in energy investment according to the latest Reserve Bank of Canada Economic Outlook report. RBC Economics expects real gross domestic product to grow by 2% in 2017, followed by a slightly firmer 2.1% in 2018. Consumers will continue to support growth in 2017, according to the ... Read More »