OTTAWA (Reuters) – Canadian Finance Minister Joe Oliver insisted on Monday that the government would balance next year’s budget despite falling oil prices and said the country’s economy would outperform most of its rivals.
Oliver, who says the oil price plunge will not overly harm the economy, is under pressure from opposition legislators who say his reassurances lack credibility. Crude prices have sunk by more than half from their peak last June.
OTTAWA, Jan 23 (Reuters) – Lower gasoline costs pulled down
the Canadian annual inflation rate in December to a nine-month
low, Statistics Canada said on Friday, two days after the Bank
of Canada cut interest rates due to slumping oil prices.
The annualized rate in December dropped to 1.5 percent from
2.0 percent in November, which is the midpoint of the Bank of
Canada’s 1 to 3 percent target range. The rate of inflation -
the lowest since the 1.5 percent recorded in March 2014 -
matched market expectations.
LONDON, Ontario (Reuters) – A stunning rate cut by the Bank of Canada may be the just the thing Canadian Prime Minister Stephen Harper needs to preserve a promised budget surplus as he heads into an election campaign dominated by plunging oil prices and faltering economy.
The central bank’s move to cut overnight interest rates to 0.75 percent from 1 percent – the first rate move since September 2010 – could stimulate Canada’s plodding economy and lower the government’s debt costs just enough to preserve Harper’s long-promised budget surplus.
LONDON, Ontario, Jan 20 (Reuters) – Canadian opposition
leader Justin Trudeau, who polls indicate could win power in the
election set for later this year, accused Prime Minister Stephen
Harper on Tuesday of mismanaging the economy as oil prices
Trudeau’s Liberals aim to oust the governing Conservatives,
who took power in early 2006 and who have long campaigned on
their ability to manage the economy. They are looking for a rare
fourth consecutive victory in October’s election.
OTTAWA, Jan 15 (Reuters) – Canada has quietly postponed a
summit with the leaders of the United States and Mexico amid
tensions over the construction of TransCanada Corp’s
Keystone XL pipeline and other issues, sources indicated on
Canadian Prime Minister Stephen Harper had been due to host
U.S. President Barack Obama and Mexican President Enrique Pena
Nieto for the annual meeting of the so-called Three Amigos, and
a date had tentatively been set for late February, said two
sources familiar with the plans.
WASHINGTON/OTTAWA, Jan 14 (Reuters) – Canada is committed to
taking outmoded tank cars off the rails years earlier than U.S.
officials envision, sources familiar with negotiations say,
leaving the trading partners at an impasse as they try to
harmonize oil train safety measures.
In the wake of the 2013 Lac-Megantic disaster, in which 47
people died after an oil train derailed and blew up in Canada,
both nations agreed to retire older versions of the tank car
model involved in that tragedy, the DOT-111.
OTTAWA (Reuters) – The five nations that make up the world’s leading intelligence-sharing network will meet in London next month to confer on strategies to fight terrorism in the wake of the Paris attacks, Canada said on Tuesday.
Public Safety Minister Steven Blaney said the so-called Five Eyes – the United States, Australia, Canada, Britain and New Zealand – had scheduled a meeting for Jan 22.
OTTAWA, Jan 12 (Reuters) – Canadian police seeking to break
up what they describe as a “terrorist” cell have made the third
in a series of arrests in the case, a police official said on
The Royal Canadian Mounted Police (RCMP) said Suliman
Mohamed, 21, was charged on Monday with “participation in the
activity of a terrorist group.”
OTTAWA, Jan 9 (Reuters) – Canada’s job market continued to
gently cool off in December, shedding 4,300 positions after a
loss of 10,700 jobs in November, while the hot housing market
showed signs of decline.
Statistics Canada said on Friday that the unemployment rate
had remained unchanged at 6.6 percent.
OTTAWA, Jan 7 (Reuters) – The retreat of oil prices helped
push Canada’s trade deficit to near a two-year high in November,
signaling the challenges that cheaper crude pose for the
Statistics Canada reported on Wednesday that the November
deficit jumped to C$644 million ($546 million) from a deficit of
C$327 million in October, much higher than the C$300 million
shortfall forecast by analysts.