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Canada

Two Canada customs agents nabbed in trafficking bust

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OTTAWA: The charges come after an 18-month investigation into organized crime, the Royal Canadian Mounted Police said in a statement. Canadian federal police arrested two border agents stationed at the Toronto international airport Thursday and charged them and three others with drug trafficking. The group is accused of having moved over 30 kilograms of cocaine through Canada’s busiest airport during ... Read More »

Canada’s Suncor posts better-than-expected first-quarter profit

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OTTAWA: Suncor Energy (SU.TO), Canada’s largest oil and gas company, reported a better-than-expected first-quarter profit on Wednesday as a result of higher crude prices, foreign exchange gains and the sale of assets. The company reported net earnings of C$1.352 billion ($992.08 million) or 81 Canadian cents per share. In the year-prior quarter, Suncor recorded a net profit of C$257 million, ... Read More »

Trump administration planning 24% tariff on Canadian lumber exports

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OTTAWA: The tariff the Trump Administration plans to slap on Canadian lumber imports should lead to a further weakening of the Canadian dollar, a move that precious metals expert Michael Ballanger says can only help the bottom line of Canadian gold producers. Over the past 40 years, the British Columbia lumber business has always taken great glee in plucking the ... Read More »

Canadian sailor sounds alarm over free trade with Europe

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OTTAWA: A merchant marine helmsman who regularly plies Atlantic Canadian waters is voicing fears that Ottawa’s free trade deal with Europe may put Canadian sailors out of business. Marc de Villers says European ships now can carry cargo freely between Halifax and his hometown of Montreal under the Canada-European Union Comprehensive Economic and Trade Agreement, but if the Senate approves ... Read More »

National Bank of Canada acquires 22% shares in Myanar’s ONGO

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OTTAWA: National Bank of Canada (NBC) has acquired 22% shares in Myanmar-based mobile payments firm ONGO. Terms of the deal are not being disclosed. ONGO is the consumer facing brand of Ronoc Asia, a subsidiary of the emerging markets investment business Ronoc. It offers retailer payments solutions, payroll programs and direct to consumer services leveraging payments technology. “The addition of ... Read More »

Canadian dollar slides as Trump ratchets up trade tensions

An illustration picture shows one Iceland banknote of one thousand Krona together with Canadian banknotes of five and ten Dollars in Reykjavik

OTTAWA: Just when US trade partners thought it was safe to come out from their hiding places, along comes President Donald Trump to slap a punitive duty on Canada, America’s long-time ally and neighbour — imposing tariffs of up to 24 per cent on imports on its softwood lumber. The new president seemed to have gone quiet on his protectionist ... Read More »

CFIA approves camelina oil for use in Atlantic salmon feed

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OTTAWA: The Canadian Food Inspection Agency (CFIA) has approved mechanically-extracted camelina oil as a feed ingredient for farmed salmon and trout, Genome Atlantic says in a release. That paves the way for the oilseed to serve as a new rotation option for Maritime potato farmers. Camelina sativa, or false flax, is a hardy oilseed plant that is a good source ... Read More »

Canadian inflation growth falls unexpectedly last month

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OTTAWA: Canada’s inflation growth slowed last month as food prices dropped for the sixth consecutive month. Statistics Canada reported on Friday that the annual inflation rate declined to 1.6%, down from April’s 2.0%. Meanwhile, market analysts anticipated a gain of 1.8%. On a monthly basis, consumer prices rose 0.2% in March, unchanged from the preceding month, whereas analysts expected a ... Read More »

Canada export bank eyes Philippine

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OTTAWA: As offers of development funding from China and Japan pour in, Canada also wants a bigger piece of the Philippine growth story as its export credit agency Export Development Canada (EDC) seeks more opportunities to fund infrastructure projects and other key industries. In an e-mail interview with the Inquirer, EDC regional vice president for Asia international business development William ... Read More »

Italy, Canada affirm trade bonds in face of Trump protectionism

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OTTAWA: One day after Donald Trump called Canada a “disgrace” for policies that hurt American farmers, Prime Minister Justin Trudeau said he plans to be respectful and engage with the United States on a fact-based approach to solve problems. “I will stand up for Canada’s interests, I will stand up for Canadians,” Trudeau said Friday during a news conference alongside ... Read More »

Canada telecom regulator strengthens net neutrality rules

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TORONTO:  In a move seen as a victory for net neutrality advocates, Canada’s telecom regulator said all data delivered online should be treated equally by internet service providers as it blocked one company’s effort to leverage content to win customers. The Canadian Radio-television and Telecommunications Commission (CRTC) ruled on Thursday that Quebecor Inc’s (QBRb.TO: Quote) Videotron can no longer offer ... Read More »

Canadian small business lending dips in Feb

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OTTAWA: Lending activity to small Canadian businesses dipped in February, though borrowing by medium-sized firms rose for the fourth month in a row on strength in the construction sector and oil-related provinces, data showed on Thursday. The PayNet Small Business Lending Index declined to 116.1 from 117.2 in January, while the gauge for medium business lending rose to 232.8 from ... Read More »

Canada’s clean tech sector falling behind competition

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OTTAWA:  Canada’s clean technology sector, once pegged as a growth industry with the potential to be worth $50 billion by the year 2022, is bleeding money and falling behind international competition, a new report says. Using financial data provided by 148 clean tech companies, the 2017 Analytica Advisors report finds an industry that has grown quickly, with 850 firms and ... Read More »

Bank of Canada warns automation will lead to job losses

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OTTAWA: A senior Bank of Canada official says while the country’s poised to reap economic benefits from technological progress – it must also brace for potentially painful side effects like job losses and greater income inequality. In a speech in Toronto, senior deputy governor Carolyn Wilkins said Tuesday innovations like artificial intelligence and robotics are expected to help re-energize underwhelming ... Read More »

Parkland Fuel buying Chevron Canada fuel business for nearly $1.5 bln

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CALGARY: Fast-growing Parkland Fuel Corp. (TSX:PKI) has struck a $1.5-billion deal to buy Chevron Canada’s downstream fuel business, including 129 retail gas stations in the Vancouver area and the Chevron refinery in Burnaby, B.C. The Red Deer, Alta.-based company says the new stations will complement its existing 44 Chevron-branded sites in British Columbia and cement its position as one of ... Read More »

Bank of Montreal bundles uninsured mortgages in a first for Canadian bonds

The logo of the Bank of Montreal (BMO) is seen on their flagship location on Bay Street in Toronto, Ontario, Canada March 16, 2017. Picture taken March 16, 2017.   REUTERS/Chris Helgren

OTTAWA: Bank of Montreal is bundling nearly $2 billion of prime Canadian mortgages into securities, in a first-of-its-kind deal as the government looks to reduce support for the fast-growing housing sector. The bonds are backed by prime residential mortgages that are not insured by the government. Canadian banks have historically packaged federally guaranteed loans into bonds, but last year the ... Read More »

Protecting Canada’s trade interests

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OTTAWA: One of the most contentious areas of the Canada-U.S. trade negotiations in the mid-1980s was the creation of a binding dispute-resolution mechanism. Given its importance, Ottawa was determined to find a way to guard against the often politically-motivated imposition of U.S. countervailing duties, safeguard measures and anti-dumping penalties. Based on a clear set of bilateral rules and definitions of ... Read More »

Canada Revenue Agency ordered to rip up translators’ contract

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OTTAWA: When Canada Revenue Agency sought new bids last summer to do its translating, few expected the result. Masha Krupp Translation Group, the Canadian independent that had been handling the agency’s documents since 2004, was kicked out. And CLS Lexi-Tech, part of a U.S. conglomerate, was invited in. The upshot: MKTG had lost nearly $4 million per year worth of ... Read More »

The Bank of Canada’s tone shift should be a cause for concern

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OTTAWA: The Bank of Canada announced on Wednesday, in a familiar refrain, that it is maintaining its target for the overnight rate. However, the announcement and accompanying news conference signalled a definite change of tone. Barring major negative surprises, it took the possibility of a rate cut off the table. With inflation at target, should the positive economic news continue, ... Read More »

Manufacturing sales slip 0.2% in February

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OTTAWA: Statistics Canada says manufacturing sales fell 0.2% in February to $53.6 billion as the motor vehicle assembly and petroleum and coal product manufacturing industries declined. Economists had expected a drop of 0.7%, according to Thomson Reuters. Factory sales were down in 10 of the 21 industries, representing 37% of the Canadian manufacturing sector. In volume terms, sales ticked up ... Read More »