OTTAWA (Reuters) – Shrugging off a recent surge in inflation as temporary, the Bank of Canada held its key overnight interest rate at 1 percent on Wednesday, as expected, and insisted it could just as easily cut rates as raise them.
In the statement that accompanied the rate decision, the bank, however, did omit language it had used in its June rate statement that said the downside risks to its inflation outlook remain important, an acknowledgement that overall inflation hit 2.3 percent in May and that core inflation was also higher than expected.
OTTAWA, July 9 (Reuters) – Two more provinces, Saskatchewan
and New Brunswick, signed up on Wednesday for a plan to create a
national securities regulator in Canada, joining Ontario,
British Columbia and the federal government in a project
designed to end a patchwork of local regulation.
At a signing ceremony in Ottawa, federal Finance Minister
Joe Oliver called on Canada’s other six provinces and three
territories to take part in the plan, which he called an
important nation-building project. “Canada has a problem,” he
said, with 13 provincial and territorial regulators instead of
one common one.
OTTAWA, July 7 (Reuters) – Fewer Canadian firms expect to
have difficulty meeting a surge in demand than did in the first
quarter, the Bank of Canada said on Monday in a sign that
pressures on production capacity are lessening rather than
The central bank’s quarterly Business Outlook Survey said
overall business sentiment was little changed in the second
quarter, with expectations for sales growth remaining positive
and continued indications that business export sentiment is
OTTAWA, July 3 (Reuters) – A resurgence in Canadian exports
after they were hampered by plant maintenance helped cut the
country’s trade gap to C$152 million ($143 million) in May from
C$961 million in April, despite record imports, Statistics
Canada said on Thursday.
Exports rose by 3.5 percent to the second highest level ever
at a seasonally adjusted C$44.17 billion, exceeded only in July
2008, with volumes up 4.2 percent. Analysts, however, were
divided on the impact of the trade upturn on Canada’s
still-tepid economic growth.
OTTAWA, July 2 (Reuters) – Australia, this year’s G20 chair,
sees little consensus among the Group of 20 leading economies to
take major new steps on climate change, senior official Heather
Scott said on Wednesday.
Scott, the personal representative or G20 sherpa of
Australian Prime Minister Tony Abbott, is helping shape the
agenda for November’s G20 summit in Brisbane, and spoke of the
importance of finding agreement across the group.
OTTAWA, June 30 (Reuters) – Justin Trudeau’s Liberals picked
up another seat in the Canadian House of Commons on Monday, but
more importantly added to their claim to be the main alternative
to Prime Minister Stephen Harper’s Conservatives ahead of the
2015 general election.
Four vacant House seats were filled in Monday’s elections.
The Conservatives held on to two in their stronghold of the
western province of Alberta and the Liberals held one
Toronto-area seat, but seized another Toronto district from
their rivals on the left, the New Democratic Party (NDP).
OTTAWA, June 30 (Reuters) – Lower oil and gas output caused
Canada’s economic growth to come in lower than expected at 0.1
percent in April, according to Statistics Canada data on Monday,
extending a tepid performance that economists said could
reinforce central bank caution.
It matched March’s rise and undershot market expectations of
0.2 percent growth. However, taken to a second decimal point,
growth was actually 0.14 percent. Excluding oil and gas
extraction, it was a more respectable 0.19 percent.
OTTAWA/TORONTO, June 27 (Reuters) – Wal-Mart Stores Inc
violated Quebec’s labor code when it closed a store in
the province that had become one of the first in Canada to
successfully unionize, the Supreme Court of Canada ruled on
The ruling was a rebuke to the world’s largest retailer,
though its impact on unionization efforts at other Quebec and
Canadian stores may be limited. The decision took issue with the
timing of the 2005 closure, but it did not address the company’s
right to shut operations.
OTTAWA, June 26 (Reuters) – Aboriginal peoples in the
province of British Columbia can stake a broad claim to their
traditional territories due to a landmark victory at the Supreme
Court of Canada, a decision that natural resource companies had
warned would create investor uncertainty.
Thursday’s ruling marked the first time the Supreme Court
has recognized aboriginal title to a specific piece of land, and
is expected to have predominant application in resource-rich
Pacific Coast province, where there are unresolved land claims.
OTTAWA, June 20 (Reuters) – Restaurants operated by
McDonald’s Corp and others in Canada will face tough
restrictions on bringing in temporary foreign workers under
reforms announced by the government on Friday to address an
outcry over perceived abuses of the system.
Employment Minister Jason Kenney introduced the changes
after news reports said that foreign workers had displaced
Canadians working at some McDonald’s outlets. The subsequent
backlash had spurred the government to suspend a program under
which restaurants could bring in any number of temporary foreign