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Inflation in Canada: Finance ministers meet

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TORONTO – The two big spending pressures on the federal government right now are health care and the global transition to a clean economy, Deputy Prime Minister and Finance Minister Chrystia Freeland said Friday.
After hosting an in-person meeting with the provincial and territorial finance ministers, Freeland said U.S. President Joe Biden’s Inflation Reduction Act, which includes electric-vehicle incentives that favour manufacturers in Canada and Mexico as well as the U.S., has changed the playing field when it comes to the global competition for capital.

“I cannot emphasize too strongly how much I believe that we need to seize the moment and build the clean economy of the 21st century,” Freeland said during a news conference held at the University of Toronto’s Munk School of Global Affairs and Public Policy.

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“This is a huge economic opportunity.”

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Canada needs to invest in the transition in order to potentially have an outsized share in the economy of the future, she said, or it risks being left behind.

This year in particular will be an important year for attracting capital to Canada, she said, calling for the provinces and territories to chip in.

“This is a truly historic, once-in-a-generation economic moment and it will take a team Canada effort to seize it.”

At the same time, Freeland spoke of the need for fiscal restraint amid economic uncertainty.

“We know that one of the most important things the federal government can do to help Canadians today is to be mindful of our responsibility not to pour fuel on the fire of inflation,” she said.

Freeland said these two major spending pressures, which were among the topics prioritized at Friday’s meeting, come at a time of a global economic slowdown which poses restraint on government spending.

Prime Minister Justin Trudeau is set to meet with the premiers Feb. 7 to discuss a long-awaited deal on health-care spending. The provinces have been asking for increases to the health transfer to the tune of billions of dollars.

Freeland said it’s clear that the federal government needs to invest in health care and reiterated the government’s commitment to doing so but would not say whether she thinks the amount the provinces are asking for in increased health transfers is feasible.

“It’s time to see the numbers,” Quebec Finance Minister Eric Girard said Friday afternoon, in anticipation of the Feb. 7 meeting.

The meeting of the finance ministers comes at a tense time for many Canadian consumers, with inflation still running hot and interest rates much higher than they were a year ago.

The ministers also spoke with Bank of Canada governor Tiff Macklem Friday and discussed the economic outlook for Canada and the world, said Freeland.

“We’re very aware of the uncertainty in the global economy right now,” said Freeland. “Inflation is high and interest rates are high.”

“Things are tough for a lot of Canadians and a lot of Canadian families today and at the federal level, this is a time of real fiscal constraint.”

The Bank of Canada raised its key interest rate again last week, bringing it to 4.5 per cent, but signalled it’s taking a pause to let the impact of its aggressive hiking cycle sink in.

The economy is showing signs of slowing, but inflation was still high at 6.3 per cent in December, with food prices in particular remaining elevated year over year.

Interest rates have put a damper on the housing market, sending prices and sales downward for months on end even as the cost of renting went up in 2022.

Meanwhile, the labour market has remained strong, with the unemployment rate nearing record lows in December at five per cent.

This report by The Canadian Press was first published Feb. 3, 2023.

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Flames re-sign defenceman Ilya Solovyov, centre Cole Schwindt

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CALGARY – The Calgary Flames have re-signed defenceman Ilya Solovyov and centre Cole Schwindt, the NHL club announced Wednesday.

Solovyov signed a two-year deal which is a two-way contract in year one and a one-way deal in year two and carries an average annual value of US$775,000 at the NHL level.

Schwindt signed a one-year, two-way contract with an average annual value of $800,000 at the NHL level.

The 24-year-old Solovyov, from Mogilev, Belarus, made his NHL debut last season and had three assists in 10 games for the Flames. He also had five goals and 10 assists in 51 games with the American Hockey League’s Calgary Wranglers and added one goal in six Calder Cup playoff games.

Schwindt, from Kitchener, Ont., made his Flames debut last season and appeared in four games with the club.

The 23-year-old also had 14 goals and 22 assists in 66 regular-season games with the Wranglers and added a team-leading four goals, including one game-winning goal, in the playoffs.

Schwindt was selected by Florida in the third round, 81st overall, at the 2019 NHL draft. He came to Calgary in July 2022 along with forward Jonathan Huberdeau and defenceman MacKenzie Weegar in the trade that sent star forward Matthew Tkachuk to the Panthers.

This report by The Canadian Press was first published Sept. 18, 2024.

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Oman holds on to edge Nepal with one ball to spare in cricket thriller

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KING CITY, Ont. – Oman scored 10 runs in the final over to edge Nepal by one wicket with just one ball remaining in ICC Cricket World Cup League 2 play Wednesday.

Kaleemullah, the No. 11 batsman who goes by one name, hit a four with the penultimate ball as Oman finished at 223 for nine. Nepal had scored 220 for nine in its 50 overs.

Kaleemullah and No. 9 batsman Shakeel Ahmed each scored five in the final over off Sompal Kami. They finished with six and 17 runs, respectively.

Opener Latinder Singh led Oman with 41 runs.

Nepal’s Gulsan Jha was named man of the match after scoring 53 runs and recording a career-best five-wicket haul. The 18-year-old slammed five sixes and three-fours in his 35-ball knock, scoring 23 runs in the 46th over alone when he hit six, six, four, two, four and one off Aqib Ilyas.

Captain Rohit Paudel led Nepal with 60 runs.

The 19th-ranked Canadians, who opened the triangular series Monday with a 103-run win over No. 17 Nepal, face No. 16 Oman on Friday, Nepal on Sunday and Oman again on Sept. 26. All the games are at the Maple Leaf Cricket Ground.

The eight World League 2 teams each play 36 one-day internationals spread across nine triangular series through December 2026. The top four sides will go through to a World Cup qualifier that will decide the last four berths in the expanded 14-team Cricket World Cup in South Africa, Zimbabwe and Namibia.

Canada (5-4) stands second in the World League 2 table. The 14th-ranked Dutch top the table at 6-2.

Oman (2-2 with one no-result) stands sixth, ahead of Nepal (1-5).

Canada won all four matches in its opening tri-series in February-March, sweeping No. 11 Scotland and the 20th-ranked host Emirates. But the Canadians lost four in a row to the 18th-ranked U.S. and host Netherlands in August.

Canada which debuted in the T20 World Cup this summer in the U.S. and West Indies, is looking to get back to the showcase 50-over Cricket World Cup for the first time since 2011 after failing to qualify for the last three editions. The Canadian men also played in the 1979, 2003 and 2007 tournaments, exiting after the group stage in all four tournament appearances.

The Canadian men regained their one-day international status for the first time in almost a decade by finishing in the top four of the ICC Cricket World Cup Qualifier Playoff in April 2023 in Bermuda.

This report by The Canadian Press was first published Sept. 18, 2024

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Vancouver Canucks will miss Demko, Joshua, others to start training camp

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PENTICTON, B.C. – Rick Tocchet has already warned his Vancouver Canucks players — the looming NHL season won’t be easy.

The team made strides last year, the head coach said Wednesday ahead of training camp. The bar has been raised for this year’s campaign.

“To get to the next plateau, there are higher expectations and it’s going to be hard. We know that,” Tocchet said in Penticton, B.C., where the team will open its camp on Thursday.

“So that’s the next level. It starts day one (on Thursday). My thing is don’t waste a rep out there.”

The Canucks finished atop the Pacific Division with a 50-23-9 record last season, then ousted the Nashville Predators from the playoffs in a gritty, six-game first-round series. Vancouver then fell to the Edmonton Oilers in a seven-game second-round set.

Last fall, Jim Rutherford, the Canucks president of hockey operations, said everything would have to go right for the team to make a playoff push. That doesn’t change this season, he said, despite last year’s success.

“The challenges will be greater, certainly. But I believe the team that we started with last year, we have just as good a team to start the season this year and probably better,” he said.

“As long as the team builds off what they did last year, stick to what the coaches tell them, stick to the system, stick together in good times and bad times, this team has a chance to do pretty well.”

Some key players will be missing as Vancouver’s training camp begins, however.

Canucks general manager Patrik Allvin announced Wednesday that star goalie Thatcher Demko will not be on the ice when the team begins it’s pre-season preparation.

Allvin did not disclose the reason for Demko’s absence, but said the 28-year-old American has been making progress.

“He’s been in working extremely hard and he seems to be in a great mindset,” the GM said.

Demko missed several weeks of the regular season and much of Vancouver’s playoff run last spring with a knee injury.

The six-foot-four, 192-pound goalie has a career 213-116-81 regular-season record with a .912 save percentage, a 2.79 goals-against average and eight shutouts across seven seasons with the Canucks.

Allvin also announced that veteran centre Teddy Blueger and defensive prospect Cole McWard will also miss the start of training camp after each had “minor lower-body surgery.”

Vancouver previously announced winger Dakota Joshua won’t be present for the start of camp as he recovers from surgery for testicular cancer.

Tocchet said he’ll have no problem filling the holes, and plans to switch his lines up a lot in Penticton.

“Nothing’s set in stone,” he said. “I think it’s important that you have different puzzles at different times.”

The coach added that he expects standout centre Elias Pettersson to begin on a line with Canucks newcomer Jake DeBrusk.

Vancouver inked DeBrusk, a former Boston Bruins forward, to a seven-year, US$38.5 million deal when the NHL’s free agent market opened on July 1.

The glare on Pettersson is expected to be bright once again as he enters the first year of a new eight-year, $92.8 million contract. The 25-year-old Swede struggled at times last season and put 89 points (34 goals, 55 assists) in 82 games.

Rutherford said he was impressed with how Pettersson looked when he returned to Vancouver ahead of camp.

“He seems to be a guy that’s more relaxed and more comfortable. And for obvious reasons,” said the president of hockey ops. “This is a guy that I believe has worked really hard this summer. He’s done everything he can to play as a top-line player. … The expectation for him is to be one of the top players on our team.”

A number of Canucks hit milestones last season, including Quinn Hughes, who led all NHL defencemen in scoring with 92 points and won the Norris Trophy as the league’s top blue liner.

Several players could once again have career-best years for Vancouver, Tocchet said, but they’ll need to be consistent and not allow frustration to creep in when things go wrong.

“You’ve just got to drive yourself every day when you have a great year,” the coach said. “You’ve got to keep creating that environment where they can achieve those goals, whatever they are. And the main goal is winning. That’s really what it comes down to.”

This report by The Canadian Press was first published Sept. 18, 2024.

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