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Coronavirus may leave permanent economic ‘scars’: Bank of Canada – Global News

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The second-in-command at the Bank of Canada is warning that economic “scars” from the COVID-19 pandemic could become permanent without concerted effort from all Canadians.

The pandemic remains an important day-to-day concern for governments and policy-makers, but more discussion and preparation for the post-pandemic recovery needs to take place, said senior deputy governor Carolyn Wilkins, who is due to step down as of Dec. 9.

Read more:
U.S. debt from coronavirus pandemic will soon exceed size of entire economy, analysts say

In a webcast speech to the Munk School of Global Affairs and Public Policy on Thursday, Wilkins said the economic recovery will likely be uneven and it must be recognized that some people and jobs will be left behind, despite positive outcomes such as the accelerated transition to digitization as a source of improved competitiveness.

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“In our most recent projection, this adds up to a situation where Canada is likely to exit the pandemic with a lower profile for potential output,” she said.

“That means, in regular people terms, a significantly diminished ability to generate the goods and services and incomes on a sustainable basis and any of those scars could become permanent without deliberate actions from all of us.”


Click to play video 'Coronavirus: Without health, safety of public there is no economy, says Ford'



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Coronavirus: Without health, safety of public there is no economy, says Ford


Coronavirus: Without health, safety of public there is no economy, says Ford

Rising numbers of COVID-19 cases across Canada are concerning and present a downside risk to the bank’s forecasts but positive news about early success in developing a vaccine help offset those concerns, she said.

Canadians should reject the idea that economic goals must come at the cost of social goals, Wilkins said, citing Quebec’s daycare system as an example of a policy that created a “virtuous circle” in which families were helped and more women joined the workforce.

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Canada could also be made more resilient through policies that encourage equity rather than debt financing as a way to foster business creation and growth, she said.

Read more:
Canadian economy grew by 3% in July amid coronavirus: StatsCan

Conventional wisdom is that the economy is a public sector problem, but private sector investment in growth-enhancing initiatives and smart incentives such as green technology are also important for longer term growth, Wilkins said.

“It’s not lost on me that I’m encouraging you and all of us to explore the far side of the moon when right now life still feels pretty difficult here now on earth,” she said.

“The COVID-19 pandemic remains a formidable obstacle to both our health and our economic prosperity and we can’t have one without the other. Governments are acting decisively and monetary policy is complementing these actions by creating the financial conditions that support growth.”


Click to play video 'Statistics Canada release October job numbers'



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Statistics Canada release October job numbers


Statistics Canada release October job numbers

She said the pandemic has damaged the potential for Canada and other countries to generate sustainable economic activity and said sights need to be set higher to help businesses create good jobs and to make high debt loads more manageable.

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Canada’s productivity and competitiveness issues remain, Wilkins said, arguing that the current crisis may present an opportune time to tackle those persistent problems.

She compared the time of recovery from the pandemic to the aftermath of major wars, with both events forcing governments and businesses to adapt and innovate at speeds they previously thought impossible.

© 2020 The Canadian Press

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Canada’s Denis Shapovalov wins Belgrade Open for his second ATP Tour title

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BELGRADE, Serbia – Canada’s Denis Shapovalov is back in the winner’s circle.

The 25-year-old Shapovalov beat Serbia’s Hamad Medjedovic 6-4, 6-4 in the Belgrade Open final on Saturday.

It’s Shapovalov’s second ATP Tour title after winning the Stockholm Open in 2019. He is the first Canadian to win an ATP Tour-level title this season.

His last appearance in a tournament final was in Vienna in 2022.

Shapovalov missed the second half of last season due to injury and spent most of this year regaining his best level of play.

He came through qualifying in Belgrade and dropped just one set on his way to winning the trophy.

Shapovalov’s best results this season were at ATP 500 events in Washington and Basel, where he reached the quarterfinals.

Medjedovic was playing in his first-ever ATP Tour final.

The 21-year-old, who won the Next Gen ATP Finals presented by PIF title last year, ends 2024 holding a 9-8 tour-level record on the season.

This report by The Canadian Press was first published Nov. 9, 2024.

The Canadian Press. All rights reserved.



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Talks to resume in B.C. port dispute in bid to end multi-day lockout

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VANCOUVER – Contract negotiations resume today in Vancouver in a labour dispute that has paralyzed container cargo shipping at British Columbia’s ports since Monday.

The BC Maritime Employers Association and International Longshore and Warehouse Union Local 514 are scheduled to meet for the next three days in mediated talks to try to break a deadlock in negotiations.

The union, which represents more than 700 longshore supervisors at ports, including Vancouver, Prince Rupert and Nanaimo, has been without a contract since March last year.

The latest talks come after employers locked out workers in response to what it said was “strike activity” by union members.

The start of the lockout was then followed by several days of no engagement between the two parties, prompting federal Labour Minister Steven MacKinnon to speak with leaders on both sides, asking them to restart talks.

MacKinnon had said that the talks were “progressing at an insufficient pace, indicating a concerning absence of urgency from the parties involved” — a sentiment echoed by several business groups across Canada.

In a joint letter, more than 100 organizations, including the Canadian Chamber of Commerce, Business Council of Canada and associations representing industries from automotive and fertilizer to retail and mining, urged the government to do whatever it takes to end the work stoppage.

“While we acknowledge efforts to continue with mediation, parties have not been able to come to a negotiated agreement,” the letter says. “So, the federal government must take decisive action, using every tool at its disposal to resolve this dispute and limit the damage caused by this disruption.

“We simply cannot afford to once again put Canadian businesses at risk, which in turn puts Canadian livelihoods at risk.”

In the meantime, the union says it has filed a complaint to the Canada Industrial Relations Board against the employers, alleging the association threatened to pull existing conditions out of the last contract in direct contact with its members.

“The BCMEA is trying to undermine the union by attempting to turn members against its democratically elected leadership and bargaining committee — despite the fact that the BCMEA knows full well we received a 96 per cent mandate to take job action if needed,” union president Frank Morena said in a statement.

The employers have responded by calling the complaint “another meritless claim,” adding the final offer to the union that includes a 19.2 per cent wage increase over a four-year term remains on the table.

“The final offer has been on the table for over a week and represents a fair and balanced proposal for employees, and if accepted would end this dispute,” the employers’ statement says. “The offer does not require any concessions from the union.”

The union says the offer does not address the key issue of staffing requirement at the terminals as the port introduces more automation to cargo loading and unloading, which could potentially require fewer workers to operate than older systems.

The Port of Vancouver is the largest in Canada and has seen a number of labour disruptions, including two instances involving the rail and grain storage sectors earlier this year.

A 13-day strike by another group of workers at the port last year resulted in the disruption of a significant amount of shipping and trade.

This report by The Canadian Press was first published Nov. 9, 2024.

The Canadian Press. All rights reserved.



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The Royal Canadian Legion turns to Amazon for annual poppy campaign boost

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The Royal Canadian Legion says a new partnership with e-commerce giant Amazon is helping boost its veterans’ fund, and will hopefully expand its donor base in the digital world.

Since the Oct. 25 launch of its Amazon.ca storefront, the legion says it has received nearly 10,000 orders for poppies.

Online shoppers can order lapel poppies on Amazon in exchange for donations or buy items such as “We Remember” lawn signs, Remembrance Day pins and other accessories, with all proceeds going to the legion’s Poppy Trust Fund for Canadian veterans and their families.

Nujma Bond, the legion’s national spokesperson, said the organization sees this move as keeping up with modern purchasing habits.

“As the world around us evolves we have been looking at different ways to distribute poppies and to make it easier for people to access them,” she said in an interview.

“This is definitely a way to reach a wider number of Canadians of all ages. And certainly younger Canadians are much more active on the web, on social media in general, so we’re also engaging in that way.”

Al Plume, a member of a legion branch in Trenton, Ont., said the online store can also help with outreach to veterans who are far from home.

“For veterans that are overseas and are away, (or) can’t get to a store they can order them online, it’s Amazon.” Plume said.

Plume spent 35 years in the military with the Royal Engineers, and retired eight years ago. He said making sure veterans are looked after is his passion.

“I’ve seen the struggles that our veterans have had with Veterans Affairs … and that’s why I got involved, with making sure that the people get to them and help the veterans with their paperwork.”

But the message about the Amazon storefront didn’t appear to reach all of the legion’s locations, with volunteers at Branch 179 on Vancouver’s Commercial Drive saying they hadn’t heard about the online push.

Holly Paddon, the branch’s poppy campaign co-ordinator and bartender, said the Amazon partnership never came up in meetings with other legion volunteers and officials.

“I work at the legion, I work with the Vancouver poppy office and I go to the meetings for the Vancouver poppy campaign — which includes all the legions in Vancouver — and not once has this been mentioned,” she said.

Paddon said the initiative is a great idea, but she would like to have known more about it.

The legion also sells a larger collection of items at poppystore.ca.

This report by The Canadian Press was first published Nov. 9, 2024.

The Canadian Press. All rights reserved.



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