The Andrew Furey campaign finally released two policy positions on Monday: one on appointing an economic recovery adviser and another on preventing amateur sports organizations from being sued if players contract COVID-19.
The Furey campaign announced on Monday morning they would introduce protections for amateur sports organizations from lawsuits should any player contract COVID-19 while playing an amateur sport. Furey says such organizations will be protected from any liability, assuming they follow the appropriate health measures outlined by public health officials.
“As we see other jurisdictions take this step, we hope that the federal government will see this as a national issue and take appropriate action,” Furey stated in a news release.
“Taking this step will allow local organizations, and their many volunteers, to get back to play without fear of liability, as long as they follow the guidelines to do so safely.”
Furey’s opponent in the Liberal leadership race, John Abbott, says Furey needs to get his priorities in order.
“My primary concern is putting measures in place to prevent children from getting COVID-19, whether it be while playing sports, attending school, playing with friends and acquaintances, or anywhere else,” Abbott stated in a news release.
“To say that protecting sports organizations from being sued is his top priority among his first policy statements is baffling, and alarming. I would have expected better from a doctor, parent and leadership hopeful.”
In another Monday announcement, the Furey campaign says the plan to get the economy of the province back up and running after the COVID-19 pandemic will be led by a chief economic recovery officer. The position would function similarly to the chief medical officer of health, but instead of being focused on public health, the person would focus on economic recovery, Furey stated.
The economic officer would advise the premier and “a group of non-partisan experts with diverse business backgrounds” on the economic recovery plan, he stated.
“The team will have a clear mandate to develop ideas to address economic growth, job creation, diversification, debt management and strengthening our fiscal position, allowing the Department of Finance to focus on the day-to-day running of the province,” a release from the Furey campaign stated.
The Abbott campaign says it would have a different approach in the first 100 days on the job.
“In my first week as premier, I will create a volunteer, multi-sectoral economic task force comprised of business leaders from throughout the province to speed our economic recovery,” Abbott stated.
“The task force will report to me and to an all-party committee on the economy in real-time and provide advice on the actions needed to speed recovery and get people back to work.”
The next Liberal leader and 14th premier of the province will be announced on Aug. 4.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
OTTAWA – Canada’s inflation rate fell to two per cent last month, finally hitting the Bank of Canada’s target after a tumultuous battle with skyrocketing price growth.
The annual inflation rate fell from 2.5 per cent in July to reach the lowest level since February 2021.
Statistics Canada’s consumer price index report on Tuesday attributed the slowdown in part to lower gasoline prices.
Clothing and footwear prices also decreased on a month-over-month basis, marking the first decline in the month of August since 1971 as retailers offered larger discounts to entice shoppers amid slowing demand.
The Bank of Canada’s preferred core measures of inflation, which strip out volatility in prices, also edged down in August.
The marked slowdown in price growth last month was steeper than the 2.1 per cent annual increase forecasters were expecting ahead of Tuesday’s release and will likely spark speculation of a larger interest rate cut next month from the Bank of Canada.
“Inflation remains unthreatening and the Bank of Canada should now focus on trying to stimulate the economy and halting the upward climb in the unemployment rate,” wrote CIBC senior economist Andrew Grantham.
Benjamin Reitzes, managing director of Canadian rates and macro strategist at BMO, said Tuesday’s figures “tilt the scales” slightly in favour of more aggressive cuts, though he noted the Bank of Canada will have one more inflation reading before its October rate announcement.
“If we get another big downside surprise, calls for a 50 basis-point cut will only grow louder,” wrote Reitzes in a client note.
The central bank began rapidly hiking interest rates in March 2022 in response to runaway inflation, which peaked at a whopping 8.1 per cent that summer.
The central bank increased its key lending rate to five per cent and held it at that level until June 2024, when it delivered its first rate cut in four years.
A combination of recovered global supply chains and high interest rates have helped cool price growth in Canada and around the world.
Bank of Canada governor Tiff Macklem recently signalled that the central bank is ready to increase the size of its interest rate cuts, if inflation or the economy slow by more than expected.
Its key lending rate currently stands at 4.25 per cent.
CIBC is forecasting the central bank will cut its key rate by two percentage points between now and the middle of next year.
The U.S. Federal Reserve is also expected on Wednesday to deliver its first interest rate cut in four years.
This report by The Canadian Press was first published Sept. 17, 2024.
FREDERICTON – New Brunswick‘s finance minister says the province recorded a surplus of $500.8 million for the fiscal year that ended in March.
Ernie Steeves says the amount — more than 10 times higher than the province’s original $40.3-million budget projection for the 2023-24 fiscal year — was largely the result of a strong economy and population growth.
The report of a big surplus comes as the province prepares for an election campaign, which will officially start on Thursday and end with a vote on Oct. 21.
Steeves says growth of the surplus was fed by revenue from the Harmonized Sales Tax and federal money, especially for health-care funding.
Progressive Conservative Premier Blaine Higgs has promised to reduce the HST by two percentage points to 13 per cent if the party is elected to govern next month.
Meanwhile, the province’s net debt, according to the audited consolidated financial statements, has dropped from $12.3 billion in 2022-23 to $11.8 billion in the most recent fiscal year.
Liberal critic René Legacy says having a stronger balance sheet does not eliminate issues in health care, housing and education.
This report by The Canadian Press was first published Sept. 16, 2024.
