Oil Tanker Moratorium Act will harm Canada's economy and reputation abroad - Canadanewsmedia
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Oil Tanker Moratorium Act will harm Canada's economy and reputation abroad

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Robert Lewis-Manning, president, Chamber of Delivery

Dennis Darby, president and CEO, Canadian Producers & Exporters

Tim McMillan, president and CEO, Canadian Affiliation of Petroleum Producers

Whereas the Canadian economic system is slowing to a halt, the federal authorities is advancing a ban on tanker visitors on a good portion of the West Coast that can stop Canada from exporting our responsibly produced vitality merchandise. At a time when Canada desperately wants marine entry to achieve new rising markets in Asia – and to keep away from dropping thousands and thousands of {dollars} per day on the sale of our oil – Invoice C-48, the Oil Tanker Moratorium Act, is an irresponsible measure for the Canadian economic system.

For many years, Canada’s West Coast has been a buying and selling gateway for industrial marine transport. It has offered entry to international markets for our nation’s most precious sources and merchandise. Beneath worldwide regulation, Canada can’t block the harmless passage of ships in any of our waters. So paradoxically, whereas Invoice C-48 will solely block the export of Canadian-produced petroleum merchandise, it gained’t cease overseas vessels carrying the identical merchandise from travelling by means of the identical waters.

Environmental safety is a precedence, not only for Canadians and Indigenous communities, however for the industries that function inside our borders. The oil and pure fuel sector, and the worldwide delivery neighborhood, are dedicated to steady innovation and enchancment in security. It’s the rationale behind Canada’s world-class security organizations such because the industry-funded Western Canada Marine Response Corp. and Japanese Canada Response Corp., and the federal authorities’s personal Oceans Safety Plan.

The worldwide delivery neighborhood has already taken its personal motion, with agency commitments to security and bettering tanker design. As well as, higher coverage alternate options to Invoice C-48 that handle marine security exist already. The Worldwide Maritime Group (IMO) has efficiently established significantly delicate sea areas (PSSAs) within the Nice Barrier Reef and Coral Sea in Australia, in addition to the archipelago of the Galapagos Islands. These create a framework to higher perceive and handle dangers, and to allow delivery of all sorts in these waters.

A PSSA off of Canada’s West Coast would mix the protecting measures of the IMO and Canada’s marine security requirements comparable to ship routing, reporting necessities and areas to be averted. PSSAs are supported by science and will be tailored relying on the setting, leveraging initiatives already in place comparable to Marine Protected Space Community planning and pro-active vessel administration.

Invoice C-48 might be economically dangerous to Canada and constrain the export of Canadian crude and different petroleum merchandise. Oil and pure fuel is the most important supply of capital funding in Canada and since 2014, funding has dropped by 50 per cent. This has results all through Canada’s economic system. Between 2014 and 2017, 60,000 fewer folks have been employed within the exploration and manufacturing, oil and fuel companies, and oil sands development work forces throughout Canada. With falling funding in 2019, extra jobs are in danger. As well as, the Financial institution of Canada has acknowledged that economy-wide, the slowdown within the fourth quarter of 2018 was sharper and broader than beforehand anticipated and the economic system might be even weaker within the first half of 2019 than initially projected.

Moreover, the invoice is a barrier to Indigenous financial alternative and self-determination and thereby works in opposition to the federal government’s personal acknowledged purpose of reconciliation. Useful resource improvement is a vital alternative for Indigenous communities to develop their economies, construct companies and create jobs – all of that are steps towards attaining financial reconciliation. Invoice C-48 ignores the financial realities of many Indigenous communities.

A number of Indigenous communities throughout the Lax Kw’alaams First Nation of northern British Columbia have already filed authorized motion in opposition to Invoice C-48. As nicely, teams such because the Eagle Spirit Chiefs Council, the Indian Useful resource Council and the Nationwide Coalition of Chiefs have all expressed considerations.

When making selections about our ecological future, the federal government wants to think about the very best pursuits of all the nation. Motion must be evidence-based and rooted in science, not political motivation.

Invoice C-48 is presently into consideration by the Senate. If handed, it places our international fame in danger and impacts the livelihoods of the half-million Canadians instantly and not directly employed by the vitality {industry}. Invoice C-48 must be stopped.

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EU incoming economy chief calls for less restrictive budget policies

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By Gavin Jones

ROME (Reuters) – The European Union needs looser budgetary policies and an overhaul of its fiscal rulebook, the bloc’s designated economics commissioner said in an article published on Sunday.

Writing in Italian financial daily Il Sole 24 Ore, Paolo Gentiloni said that while the EU’s deficit and debt rules must not be ignored, they needed to be “reviewed and updated”.

“It’s time for countries which have fiscal space to use it, in an overall context of less restrictive budgetary policies,” Gentiloni, due to replace Pierre Moscovici as economic and financial affairs commissioner on Nov. 1, said.

The former Italian prime minister warned that with the EU economy slowing, “the risks of a prolonged period of low growth must not be overlooked” and the task of stimulating the economy “cannot be left to monetary policy alone”.

Gentiloni will have an important role in scrutinizing Italy’s draft 2020 budget which was submitted to the Commission last week.

The budget plan raises next year’s structural deficit — which excludes the effect of GDP growth fluctuations — by 0.1% of gross domestic product, reversing a previous commitment by Rome to lower it by 0.6%.

EU Commission Vice President Valdis Dombrovskis told Reuters on Friday that Brussels would ask Italy for “clarifications” over its budget intentions.

However, even though the budget seems to flout EU rules, many analysts expect the Commission to take a lenient approach and avoid a prolonged dispute with Rome like the one that broke out last year when Italy had a less EU-friendly government.

Gentiloni, who comes from the pro-Europe Democratic Party which now governs with the anti-establishment 5-Star Movement, said it was crucial that the budget plan comes from a government that has a constructive approach toward the EU.

Among what he termed new instruments needed help growth and stability, Gentiloni cited an EU-wide unemployment insurance scheme, without going into details.

(Reporting by Gavin Jones; Editing by Canada News Media)

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Economy

Lebanese continue protests, demand government to fix economy

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Tens of thousands of demonstrators have gathered in Lebanon‘s streets on Sunday for a fourth day of anti-government protests that have led to the resignation of a Christian party from the government.

Demonstrators, who have been on the streets since Thursday, have pledged to continue marching despite the resignations late on Saturday of four government members from the key political party, Lebanese Forces.

Labour Minister Camille Abousleiman, one of the four to quit the government, told Al Jazeera shortly after the decision that they had “lost faith in the government’s ability to effect change and address the problem”.

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Lebanese citizens have been suffering from tax hikes and dire economic conditions in the heavily indebted country.

Lebanon’s public debt stands at around $86bn – more than 150 percent of gross domestic product, according to the finance ministry.

The grievances and anger at the government’s lack of solutions erupted into protests on Thursday, sparked by hikes in taxes including a proposed $0.2 tax on calls via messaging apps such as WhatsApp.

Such calls are the main method of communication for many Lebanese and, despite the government’s swift abandonment of the tax, the demonstrations quickly swelled into the largest in years.

“It is day four and protesters are back on the street. It’s not just in the capital Beirut, but across the country. The message they [protesters] are giving is of defiance and that they will continue to demand the resignation of the government,” said Al Jazeera’s Zeina Khodr, reporting from Beirut.

“While there are tens of thousands on the street protesting, there are still people who are backing the political parties, so it is not going to be easy to bring a change. These people out there want a nationalist leader whose loyalty is to Lebanon and not a political party.”

In an attempt to appease demonstrators, Lebanon’s finance minister, following a meeting with Prime Minister Saad Hariri, announced that they had agreed on a final budget that did not include any additional taxes or fees.

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“We want everybody to join us on Sunday and also Monday to topple the government,” one protester said.

On Friday, Hariri gave a 72-hour deadline to his partners in government to agree on a solution to the country’s economic woes without imposing new taxes.

Hezbollah chief Hassan Nasrallah, whose movement is part of the government, warned on Saturday that a change in government would only worsen the situation.

The army on Saturday called on protesters to “express themselves peacefully without harming public and private property”.

What is the solution to Lebanon’s economic and political crisis?

On Saturday evening, thousands were packed for a third straight night into the Riyadh al-Solh square in central Beirut, despite security forces having used tear gas and water cannon to disperse similar crowds a day before.

Amnesty International said the security forces’ reaction was excessive, pointing out that the vast majority of protesters were peaceful.

“The intention was clearly to prevent protesters gathering – in a clear violation of the right to peaceful assembly,” it said.

Small groups of protesters have also damaged shop fronts and blocked roads by burning tyres and other obstacles.

The Internal Security Forces said 70 arrests were made on Friday on accusations of theft and arson.

But all of those held at the main police barracks were released on Saturday, the National News Agency (NNA) said.

SOURCE:
Al Jazeera and news agencies

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Finance Officials Focus on Economy

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The IMF managing director, Kristalina Georgieva, said the threat from trade wars was a chief point of discussion for finance officials.

She said the IMF has estimated that the tariffs already imposed or threatened could shave 0.8% off global growth by the end of next year. Much of that stems from the fallout on business confidence.

In trade wars, “everybody loses,” she said. “Policymakers ought to take very seriously their obligations to international cooperation in trade.”

The World Bank’s president, David Malpass, said this week’s finance discussions had focused on how to address multiple challenges.

“Growth is slowing, investment is sluggish, manufacturing activity is soft and trade is weakening,” he said. “Climate change and fragility are making poor countries more vulnerable.”

He said the World Bank was committed to helping to address these challenges to provide a better life for the 700 million people in the world living in extreme poverty.

The IMF, in an updated economic outlook, projected the global economy would expand by 3% this year, the weakest in a decade, and said 90 percent of the world was experiencing a downshift in growth. But the IMF forecast growth will accelerate slightly to 3.4% in 2020, still below the 3.6% rate in 2018.

Jubilee USA, a religious organization fighting global poverty, said in a statement that while the IMF outlined a number of serious threats, the recommendations for dealing with them fell short.

“Risky investing, trade tensions and developing countries borrowing too much are serious concerns for financial stability,” said Eric LeCompte, the group’s executive director.

While Trump’s trade policies were a prime topic of discussion at the meetings, finance officials for the most part avoided direct criticism of the American president.

Christine Lagarde, who dealt with the Trump administration during her last three years as head of the IMF, was a bit more direct in an interview to be broadcast Sunday on CBS’s “60 Minutes.”

Asked about Trump’s trade war with China, she said it would give the world’s economy “a big haircut” and should be resolved by having all parties “sit down like big men, many men in those rooms and put everything on the table, and try to deal bit by bit, piece by piece, so that we have certainty.”

On Trump’s frequent Twitter attacks on Federal Reserve Chairman Jerome Powell, Lagarde said central bankers need to be independent to do their jobs well.

“Market stability should not be the subject of a tweet here or a tweet there. It requires consideration, thinking, quiet and measured and rational decisions,” she said.

Lagarde is scheduled to take over on Nov. 1 as the head of the European Central Bank, which manages monetary policy for the 19 countries who use the euro currency.

(KR)

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