Bank of Canada governor Tiff Macklem says he expects 2024 to be a transition year as higher interest rates slow down the economy, making way for lower inflation. In his final speech of the year, the governor laid out his expectations for a softer economy next year and offered criteria for the central bank to start discussing rate … Read more
For a third straight time, the U.S. Federal Reserve kept its key interest rate unchanged Wednesday, as it signalled its expectations to make a series of quarter-point cuts to the benchmark interest rate next year. Those envisioned rate cuts — which wouldn’t likely begin until the second half of 2024 — suggest officials think high borrowing rates … Read more
The federal government’s decision to back a UN resolution calling for a ceasefire in the Israel-Gaza conflict without certain conditions has prompted a mix of reactions from Liberal MPs. Some say they hope it will bring about peace. Others say it amounts to Canada abandoning Israel while it’s at war with extremists. Some Liberal MPs take issue … Read more
After negotiators worked through the night, a new deal has been reached at COP28 which could signal the world’s desire to move away from fossil fuels over the next few decades in an effort to address climate change. Representatives from nearly 200 countries gathered in a public meeting in Dubai to support the new deal, one day … Read more
Health Minister Mark Holland signalled Tuesday the government is unlikely to meet the end-of-the-year deadline imposed by the NDP for passing pharmacare legislation — a condition of the supply-and-confidence agreement that was struck to keep the Liberals in power until 2025. Holland said talks are ongoing with NDP MP Don Davies, the party’s health critic, … Read more
All major industry players need to sign on to the grocery code of conduct in order for it to be successful, said Metro Inc. president and CEO Eric La Flèche. La Flèche told MPs Monday at a House of Commons agriculture committee meeting on stabilizing food prices that Metro is willing to sign the code of … Read more
The federal government’s proposed new bill to set drinking water standards in First Nations is being met with mixed reactions. Indigenous Services Minister Patty Hajdu introduced Bill C-61 on Monday in the House of Commons. The proposed law is intended to protect fresh water sources, create minimum national drinking water and wastewater standards in First Nations, and … Read more
The recent surge in newcomers is adding to inflation through housing demand, a senior Bank of Canada official said Thursday, warning rental and home prices could continue to rise without a boost to housing supply. In a speech in Windsor, Ont., deputy governor Toni Gravelle acknowledged many of the benefits coming from this rise in immigration, … Read more
The federal government says it has hammered out the final details with Visa and Mastercard to lower credit card transaction fees for merchants, but small business advocates say the deal doesn’t go nearly far enough. The deal concerns what is called an interchange fee, also known as a “swipe fee,” which sets aside a percentage … Read more
Canada’s newest premier says that in an ideal world, Ottawa would provide his territory with a blanket exemption from the carbon tax. “I mean, ideally, a complete exemption for the territory is what we would hope for,” said R.J. Simpson, chosen this week as premier of the Northwest Territories, in an interview Sunday on Rosemary Barton … Read more
