#Canada'sFoodPriceReport2020; #RisingPriceOfFood; #ClimateChange; #Canada'sEconomy
Ottawa, Dec 4 (Canadian-Media): Citing climate change as the main culprit in the rising cost of food next, Canada's Food Price Report 2020 predicted an average Canadian family to pay $487 extra for food, media reports said.
Although in the past food prices had been impacted by unexpected snowstorms, droughts and other weather events, said Simon Somogyi, lead researcher from Ontario's University of Guelph, but for 2020, he and others behind "Canada's Food Price Report 2020," highlight climate change.
"We're deliberately pointing out that, you know: climate change is causing the droughts, is causing the bad snowstorms that's impacting prices," he said, citing the Intergovernmental Panel on Climate Change (IPCC) report released on Oct. 8.
Other factors in rise of food price next year is Canada's steady inflation, high cost of Canada's importing of food, as the colder weather limits what can be grown.
Somogyi anticipates climate change will continue to boost food prices, particularly in categories where Canada relies heavily on imports, unless big changes occur.
The federal government released a long-awaited food policy in June 2019 — the first in Canada — after starting public consultations in 2017. The policy addressed four significant areas for short- and long-term action, including: Boosting community access to healthy food; making Canadian food a top choice domestically and internationally; supporting food security in northern and Indigenous communities; and reducing food waste.
As part of the food policy, supporting vertical or indoor farming initiatives announced could stabilize food prices, said Agriculture Canada spokesperson James Watson.
"Vertical and greenhouse production show potential for increasing food security [particularly in remote areas of Canada], decreasing transportation costs and increased health for Canadians."
Agriculture Canada is working with others to optimize these farming systems so they can complement traditional ones, he said.
#BankOfCanada; #SteadyInterestRate; #StableGlobalEconomy
Ottawa, Dec 4 (Canadian-Media): Bank of Canada is one of the only central banks that navigated the trade wars without cutting interest rates this year, owing to stable global economy leaving Canada with the highest policy rate among advanced economies, media reports said.
Bank of Canada/Twitter
“Future interest rate decisions will be guided by the Bank’s continuing assessment of the adverse impact of trade conflicts against the sources of resilience in the Canadian economy,” policy makers led by Governor Stephen Poloz said in the statement.
On global outlook, policy makers said financial markets are being supported by easing measures by other central banks, and while trade uncertainty persists, the Bank of Canada noted commodity prices and the currency have been stable.
The Bank of Canada said that the current consistency of core inflation around 2 percent with an economy operating near capacity, the expected acceleration of inflation in the coming months would only be temporary due to year over year movements in gasoline prices.
#Calgary; #Alberta; #PipelineExpansionConstruction; #TransMountainCorp
Calgary (AB), Dec 3 (Canadian-Media): The official start of pipeline expansion construction would be done on Tuesday by Trans Mountain president and CEO Ian Anderson, federal Natural Resources Minister Seamus O'Regan, provincial Energy Minister Sonya Savage, as well as representatives from local governments and the Enoch Cree Nation at an event near Acheson, Alta., west of Edmonton, media reports said.
Trans Mountain Pipeline/Twitter
After the approval of $7.4-billion expansion for the second time earlier this year by federal Liberal government, the Crown corporation that owns the project has restarted some work at the pipeline's terminals.
The Federal Court of Appeal is currently reviewing an appeal by Indigenous groups of that second approval.
Premier Jason Kenney has called on Prime Minister Justin Trudeau frequently to push ahead with construction on the project, and blamed the federal Liberals for delays. The two are set to meet in Ottawa next week.
Reportedly about 4,200 workers would be employed by Trans Mountain along the pipeline corridor by the end of the year.
890,000 barrels of oil per day, tripling its capacity, will be carried by the pipeline expansion from Alberta to the B.C. coast once completed.
The project is expected to be finished by mid-2022
#StatisticsCanada; #Ottawa; #Canada'sCurrentAccountDeficitWidened
Ottawa, Dec 3 (Canadian-Media): Third quarter of Canada's current account deficit (on a seasonally adjusted basis) widened by $3.1 billion to $9.9 billion , following the second quarter's reduction of $10.1 billion, with overall deficit on trade in goods and services rising by $2.4 billion, Statistics Canada's reports said.
Formed in 1971 and with its headquarters in Ottawa, Statistics Canada is the Canadian government agency aimed to produce and provide relevant statistics to enable Canadians to help better understand Canada, its population, resources, economy, society, and culture. Minister of Innovation, Science and Economic Development, currently Navdeep Bains, is responsible for Statistics Canada.
Non-residents' increased holdings of their assets in Canada by $47.0 billion and inflow of funds from abroad to finance the current account transactions in currency and deposits during the third quarter accounted for deficit in the financial account (unadjusted for seasonal variation).
The third quarter witnessed a net inflow of funds in the economy of $1.5 billion portfolio investment as against the moderation of strong investments in corporate bonds by significant declines in holdings of government bonds on both sides of the ledger.
Meanwhile, net outflow of funds totalling $1.6 billion was generated by direct investment activity. During the third quarter both Canadian direct investment abroad and foreign direct investment in Canada slowed on lower mergers and acquisitions activity in the third quarter.
#Calgary; #Enbridge; EnbridgeLine3pipeline
Calgary, Dec 1 (Canadian-Media): A significant milestone had been reached when Canadian portion of Calgary-based Enbridge's Line 3 pipeline started its commercial operation Sunday from Alberta to Manitoba, media reports said.
The largest project in Enbridge history, The Line 3 replacement, cost top $9 billion, of which the Canadian portion is about $5.3 billion.
On the U.S. side of the border, the Line 3 project is still working its way through regulators.
Upon full completion of Line 3, the pipe will have oil export capacity of 760,000 barrels per day (bpd).
Finishing the Canadian portion of the pipeline is a case for "cautious optimism," said Kevin Birn, an analyst with IHS Markit in Calgary.
"Despite [pipeline projects] taking multitudes longer than anybody anticipated...You're kind of seeing a potential pathway out of [the] current ... constraints in western Canada."
Although at times challenging, Leo Golden, the vice president in charge of the Line 3 replacement project said, "we have achieved something that we are all very proud of in terms of putting this in service."
He predicted that besides being safe and reliant, new line would require less maintenance.
"It is incredibly important," he said of the project. "It is bringing into service over 1,000 kilometres of new pipeline that is improving the safety of our operating facilities across the Prairies."
#TeamstersCanada; #CNRail; #TentativeDealReached; #ToEndWeeklongStrike
Ottawa, Nov 26 (Canadian-Media): An announcement was made by François Laporte, president of Teamsters Canada that a tentative deal had been reached between Teamsters Canada and CN Rail to end a weeklong strike to renew the collective agreement for more than 3,000 railway workers, media reports said.
CN Rail/Facebook (top) & Teamsters Canada/Twitter (bottom)
Teamsters Canada and CN's normal operations will resume on Tuesday across Canada.
The railway workers had raised worries about long hours, fatigue and what they considered dangerous working conditions. CN suggested said the union's claim should revolves around worker compensation.
A number of affected industries and provincial governments had put a lot of pressure on federal government to help end the strike.
On Monday hundreds of Quebec farmers marched through Montreal streets alongside a convoy of tractors to dump heaps of corn at the steps of Trudeau's riding office and called on Ottawa to resolve the week-long strike.
#Calgary; #Alberta; #CrucialOilPatchIssues; #Bill C-69; #Bill C-48; #LossOfEmplyment; #ToReviveCanada'sEconomy
Calgary (Alberta), Nov 22 (Canadian-Media): Seamus O'Regan, appointed as the new natural resources minister arrived in Alberta Thursday night to solve the top crucial issues for the oilpatch, media reports said.
There are 50,000 fewer people working in oil and gas than there were five years ago, before the price of oil collapsed in 2014.
This had caused a decline in investment in oil and gas production in Canada from about $80 billion in 2014 to about $40 billion in 2018 and 2019.
Newfoundland and Labrador MP Seamus O'Regan was handed over the toughest portfolio by Canada's Prime Minister Justin Trudeau on Wednesday, when the new cabinet was announced, to solve two pieces of legislation (Bill C-69) and (Bill C-48) which have been widely protested due to the fear that oil-based economy in Alberta would be phased out
Jim Carr, the federal government's new special representative for the Prairies, also said on Thursday that probe into these two pieces of legislation could be fruitful.
Lori Williams, a political scientist at Mount Royal University in Calgary said the minister's visit soon after being sworn into cabinet signals that
"Alberta is a priority, that the oil industry is a priority and that the government wants to continue to strike that very delicate balance between energy and the environment,"
O'Regan also said on Thursday, he'll be returning to Alberta again next week yo meet people in a variety of roles related to the oilpatch.
#Quebec,#CNRailStrike, #EmergencyShortageOfPropane; #RationingPropaneInQuebec
Montreal (Quebec), Nov 21 (Canadian-Media): The looming Canadian National (CN) Railway strike has posed a threat to Quebec's regular supply of propane as the a vast majority of it is transported by rail from Sarnia, Ontario, media reports said.
In the wake of Quebec's emergency shortage of propane, Quebec Premier François Legault was concerned about the growing threat of heating systems of hospitals and elderly residences across the province shutting down if CN rail strike is not resolved.
Around 3,200 unionized CN workers went on strike early Tuesday with their demands for improved working conditions.
Legault said he's been in touch with Trudeau's office while other members of his government have reached out to federal Transport Minister Marc Garneau to support back-to-work legislation and added,
"The strike cannot last," Legault said statement to journalists in Quebec City.
"Ideally, we hope for an agreement between the union and CN. But we can't rule out the need for a special bill in Ottawa."
He said the province is trying to find enough trucks to transport additional propane by road and added rationing scheme was put in place and hospitals and elderly residences as well as farmers will be prioritized in the rationing scheme.
Many farmers had been hit hard by the early snow and were relying on propane to dry out harvested grain.
#Canada; #CNRailStrike; LossToCanadianEconomy; #IndustrialFacilitiesShutDown
Ottawa, Nov 20 (Canadian-Media): Canadian Prime Minister Justin Trudeau had been urged by industry leaders and other leaders from a variety of sectors, such as agriculture and manufacturing to end Canadian National (CN) Rail strike pointing to the loss of Canadian economy as some industrial facilities have already shut down because of the work stoppage, media reports said.
CN is a true backbone of the economy transporting more than C$250 billion worth of goods annually for a wide range of business sectors across a rail network of approximately 20,000 route-miles spanning Canada and mid-America.
As a result of the unsuccessful negotiations on a new contract for workers, who have been without a contract since July 23, about 3,200 conductors, train persons and yard workers had walked off the job on Tuesday.
Unable to store more than a few days' worth of their products, most chemical production facilities had to halt production so soon. Farmers who've already experienced a challenging year because of weather ranging from excess moisture to drought had also been hit by commodity prices.
The timing of the strike couldn't be worse, said Dave Bishop, coming during the tail end of the harvest when farmers are trying to sell their crops.
The oil industry is closely watching the situation at CN Rail, since 60 per cent of crude-by-rail exports in Canada are transported by the Montreal-based company.
"If they get this thing settled within the next five to seven days, the impact should be pretty minimal," said Martin King, a senior commodities analyst with RBN Energy.
"If it starts dragging on beyond a week or 10 days, you'll start to notice more of an impact," he said.
Crude oil shipments were on the rise by CN Rail leading up to the work stoppage. The data in this chart includes the shipment of all petroleum products. Image credit: Martin King/RBN Energy
The most impact of the strike would be felt in Western Canada, said Barry Prentice, a transportation economist at the University of Manitoba, considering its resource base such as mining, agriculture and oil.
About $250 billion worth of goods are carried annually by the company.
About 20 percent of CN Rail's total revenue is accounted for by Petroleum and chemicals, followed by grain and fertilizer with 16 percent and forest products with 13 percent.
Conservative Leader Andrew Scheer had also urged Trudeau to immediately recall Parliament to enact emergency legislation to end CN rail strike.
#Parliamentary Budget Officer; #SlowEconomy&DeeperFederalBudgetPredicted
Ottawa, Nov 14 (Canadian-Media): A warning was issued by the Parliamentary Budget Officer (PBO), which provides independent, authoritative and non-partisan financial and economic analysis, waned rougher economy and a deeper federal deficit, with no certainty on how much deeper, media reports said.
PBO predicted the economic slowing because of an ongoing trade dispute between the world's two biggest economies — the United States and China — and increasing protectionism around the world.
This will deepen the annual deficit by $1.6 billion creating a deficit of $21.1 billion when the current fiscal year wraps up in March 2020, and $23.3 billion in the ensuing 12-month period. The office expects the deficit will shrink to $11.1 billion in 2024-2025.
The worsened shortfall is the result, the budget office says, of lower tax revenues and higher operating expenses for the federal government than had been expected with the unlikelihood of the budget being balanced by the 2024-2025 fiscal year.
The PBO report suggests warns that any new spending or changes in tax revenues could mean the ratio doesn't decline as the government hopes. It also notes that the government hasn't set any date for when it hopes to get back to balance.
The party's 2019 platform forecast a deficit next fiscal year of almost $27.4 billion and $23.7 billion the year after, relying on the PBO's forecasts from June.
The updated forecast wouldn't shift the Liberals' deficit projections too much in 2020-2021, but the PBO's new numbers would add $4 billion to the deficit the year after — making it closer to $27.3 billion.