Bank of Canada Governor Stephen Poloz
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/ Financial PostOTTAWA — The Canadian economy is still trying to catch up to its potential, with low commodity prices and weak global demand keeping growth subdued and providing few incentives for the Bank of Canada to adjust interest rates.Governor Stephen Poloz, along with other members of the policy counsel, acknowledged as much on Wednesday by keeping the bank’s trendsetting-lending rate at 0.5 per cent — unchanged since July 2015 — with annual growth likely stuck at 1.1 per cent this year, but expected to pick up speed in 2017 and 2018.“Looking through the choppiness of recent data, the profile for growth in Canada is now lower than projected in July’s Monetary Policy report,” the central bank said in its quarterly Monetary Policy Report. “This is due, in large part, to slower near-term housing resale activity and a lower trajectory …
NEW YORK, Oct. 19, 2016 /PRNewswire/ —
Although the development of the Canadian economy is strong, with robust economic integration with the United States, the e-commerce market is still lagging well-behind other developed nations in the world. This can be attributed to customers and their concerns around security, as well as lack of clarity around shipping purchases and returns, which is driving Canadian consumers to physical shops as opposed to online shopping.
Online retailing has high potential compared to conventional channels, and is expected to grow at a CAGR of 14% over the forecast period
Growing internet penetration will act as a catalyst for the emerging online shopping market
Electrical and electronics was the largest product group, with total sales of CAD3.8 billion, or 42.9% of total online retail sales in 2015
There will a need for a well-integrated multichannel retailing strategy
“Consumer Attitudes and Online Retail Dynamics in Canada, 2015-2020” …
Oct 18 Canadian businesses lag their
global counterparts in using the Chinese renminbi, even after
the launch last year of North America’s first yuan trading hub,
according to an HSBC survey released on Tuesday.The bank said usage of the Chinese currency by Canadian
companies doing business with mainland China rose to 7 percent
of those surveyed from 3 percent in 2015.This was below the global average of 24 percent and suggests
Canadian companies may be missing an opportunity to increase
sales to the world’s second-largest economy, it said.
Using the local currency “can improve relationships or
attract new buyers to a company’s products. And clearly
businesses in other markets are adjusting,” Linda Seymour, head
of commercial banking for HSBC Bank Canada, said in a statement.Canadian businesses are lagging in using the Chinese
currency despite the 2015 launch of North America’s first yuan
hub in Toronto, which enables the processing of yuan payments
By Philip Blenkinsop
LUXEMBOURG EU governments failed on Tuesday to approve a free trade agreement with Canada, as continued opposition from French-speaking southern Belgium threatened the entire deal.Almost all 28 EU governments, whose ministers were meeting in Luxembourg, now back the Comprehensive Economic and Trade Agreement (CETA), which would be the bloc’s first trade accord with a G7 country. Failure to strike a deal with such a like-minded country would call into question the EU’s ability to forge others, and offer a pointer to the difficulties Britain might face in seeking a new trade relationship with the EU after …
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By Nia Williams
CALGARY, Alberta (Reuters) – Some five months after the wildfires that devastated Fort McMurray were extinguished, anger over red tape and the slow pace of insurance payouts and permit issuance is flaring in the remote northern Canadian city.
More than 1,900 structures were destroyed by the wildfire last May, which forced the evacuation of about 90,000 residents and shut in more than a million barrels per day of crude output from the area around Canada’s oil capital in the province of Alberta.
Around 80,000 people have returned, according to Red Cross estimates, but most of those who came back to …
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A Canadian-style free trade deal is the most likely template for a future pact between post-Brexit Britain and the EU, Spain’s foreign minister has said.
Speaking at a meeting of EU foreign ministers in Luxembourg on Monday, Jose Manuel Garcia-Margallo said: “Forget the Norwegian model, forget the Swiss model because of the condition for the freedom of movement of people, and forget a Turkish-style customs union.
“If the British insist on having the option to restrain the free movement of European workers to the United Kingdom, the only solution is the Canadian one.”
The Ceta (Comprehensive Economic and Trade Agreement) …
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Story highlightsThe campaign is the brainchild of a creative agencyThe video has inspired people a hashtagSo, in an effort to cheer us up, Canada did the most Canadian thing: It made us a video telling us how great we are. Dreamed up by Garden North America, a creative agency in Toronto, the campaign is called “Let’s Tell America It’s Great.” And it’s just that: Canadians who are sweeter than maple syrup telling us how we’re more awesome than apple pie. “As their closest friends and neighbours, we thought it was important for us to do something to cut through the …
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Two weeks ago I posted three YouTube videos about legislative threats to Canadian freedom of speech. I singled out Canada’s Federal Bill C-16, which adds legal protection for “gender identity” and “gender expression” to the Canadian Human Rights Act and the Criminal code.I noted that the policy statements surrounding similar legislation — most particularly those on the Ontario Human Rights Commission website — were dangerously vague and ill-formulated. I also indicated my refusal to apply what are now known as “preferred” pronouns to people who do not fit easily into traditional gender categories (although I am willing to call someone “ …
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Canada will fight U.S. softwood lumber tariffs in front of the World Trade Organization if a negotiated settlement can’t be reached, Trade Minister Chrystia Freeland says.A tariff standstill expired last week and opened the door for U.S. industry to begin proceedings to add charges to Canadian lumber. The last softwood pact expired in 2015 and Canadian exports have since increased.
Ms. Freeland, speaking Monday in the House of Commons, said the Canadian government is now taking a “two-track approach” – pursuing a negotiated deal while preparing for any WTO fight.“We understand the way to get a great …
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(Adds portfolio manager quotes and details on fertilizer
producers and updates prices)* TSX closes up 11.53 points, or 0.08 percent, at 14,596.52* Five of the TSX’s 10 main groups end higherBy Fergal SmithTORONTO, Oct 17 Canada’s main stock index edged
higher on Monday, led by gains for the materials group as gold
rose, while lower oil prices weighed on the shares of energy
companies.The materials group, which includes precious and base metals
miners and fertilizer companies, added 0.9 percent.Teck Resources Ltd rose 3.7 percent to C$25.56,
while Barrick Gold Corp was up 1.3 percent at C$20.86.
Spot gold firmed 0.4 percent as the U.S. dollar
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