IMF cuts forecast for 2019 growth in Canada, world

The International Monetary Fund has cut its forecast for world economic growth this year, citing heightened trade tensions and rising U.S. interest rates. The IMF said Monday that it expects global growth this year of 3.5 per cent, down from 3.7 per cent in 2018 and from the 3.7 per cent it had forecast for […]

European stocks, banks gain after Brexit deal defeat while U.K. shares lag

British shares lagged Europe slightly on Wednesday after Prime Minister Theresa May’s resounding defeat in a parliamentary vote on her Brexit deal, but in the face of continuing political uncertainty investors focused on results and M&A news. A defeat had largely been priced in already, though its magnitude came as a surprise. Analysts and investors […]

Coal-fired plants shutting down, despite Trump’s promises

More U.S. coal-fired power plants were shut in President Donald Trump’s first two years than were retired in the whole of Barack Obama’s first term, despite the Republican administration’s efforts to prop up the industry to keep a campaign promise to coal-mining states. In total, more than 23,400 megawatts (MW) of coal-fired generation were shut […]

Canada’s economy expands by 0.3% in October, beating expectations

Canada’s economy grew by 0.3 per cent in October, better than economists had been expecting and reversing a 0.1 per cent contraction the previous month. Statistics Canada reported Friday that most sectors of the economy expanded, by 0.3 for the month in both the goods-producing industries and the service sector. The only three subsectors of the economy […]

Premier wants new oil refinery built in province

The Alberta government is issuing a request for expressions of interest from the private sector to build a refinery in the province that would use oil extracted here. Premier Rachel Notley said Tuesday that a new refinery is one way to reduce the oil price differential that is battering the Alberta treasury. “Let’s stop the talk and start […]

Nissan’s ex-chairman charged after accusation of underreporting pay

Tokyo prosecutors have charged Nissan, former chairman Carlos Ghosn and another executive for allegedly underreporting income. The charges imposed Monday involve allegations Ghosn’s pay was underreported by about $44 million US over five years. The prosecutors said earlier that the allegations were behind Ghosn’s Nov. 19 arrest. The arrest of an industry icon admired both in […]

6 things to know about Canada’s oil-price gap, from gluts to the differential

The Alberta government has ordered a mandatory cut to crude oil production next year to deal with historically low prices being paid for Canadian oil. Here are six things to know about Canada’s resource: Light or heavy Each type of oil around the world has its own price. New-York-traded West Texas Intermediate (WTI), delivered at […]

Workers at Oshawa assembly plant suspend work as GM announces closure

Thousands of General Motors assembly plant workers in Oshawa, Ont., halted production this morning before hearing the devastating news that the automaker plans to close the facility in 2019. It’s not clear how many of the 2,500 employees will lose their jobs as part of a global restructuring move to lower carbon emissions and prepare for a […]

Fall economic statement sets target of 50 per cent export growth by 2025

Finance Minister Bill Morneau’s Fall Economic Statement puts more money where the Trudeau government’s mouth is on its trade diversification strategy, in an attempt to nudge more businesses into pursuing export markets beyond the United States. A new export diversification strategy allocates $1.1 billion over the next six fiscal years, starting in 2018-19, to improve […]