Connect with us

Economy

Best to stagger restart of Canadian economy: UW professor – KitchenerToday.com

Published

 on


It’s tough to think of a world post COVID-19, let alone how and when the Canadian economy will open up.

Moving too quickly could put us right back at square one, so a University of Waterloo professor says the most prudent approach would be to have more of a soft opening of certain sectors.

“We identify businesses or sectors of the economy that could be safely reopened, where workers can remain safe,” Craig Janes, Director of UW’s School of Public Health and Health Systems tells The Mike Farwell Show on 570 NEWS.

“We’ll probably have to think about opening schools and daycares if we do that, because you can’t send workers back to work if their children don’t have any place to go.”

He says there needs to be a lot of thought into how schools and daycares reopen, so they’re safe when the time comes.

“Those are going to be some complicated decisions that will have to be made at that point,” Janes says.

He says aggressive amounts of testing and follow up will have to be in place beforehand, so they can be “more surgical” in their approach to prevent and mitigate more spread of the virus.

“If there’s someone whose infected, we can intervene immediately, we can get them isolated,” he said.

Janes goes on to say any decision-making will also have to go along with the COVID-19 situation in the United States.

“We’re very interconnected with the United States,” he said, “They have a lot of people moving back and forth, even with travel restrictions.”

“We’re always going to be a potential for reintroducing infections from the south.”

Let’s block ads! (Why?)



Source link

Continue Reading

Economy

U.S., Mexico, Canada to hold ‘robust’ talks on trade deal

Published

 on

The United States, Mexico and Canada will next week hold their first formal talks on their continental trade deal, with particular focus on labor and environmental obligations, the U.S. government said on Friday.

Trade ministers from the three nations are set to meet virtually on Monday and Tuesday to discuss the U.S.-Mexico-Canada (USMCA) deal, which took effect in July 2020.

“The ministers will receive updates about work already underway to advance cooperation … and will hold robust discussions about USMCA’s landmark labor and environmental obligations,” the office of U.S. Trade Representative Katherine Tai said in a statement.

The United States is also reviewing tariffs which may be leading to inflation in the country, economic adviser Cecilia Rouse told reporters at the White House on Friday, a move that could affect hundreds of billions of dollars in trade.

The United States, testing provisions in the new deal aimed at strengthening Mexican unions, this week asked Mexico to investigate alleged abuses at a General Motors Co factory.

(Reporting by David Ljunggren; Editing by Hugh Lawson and Jonathan Oatis)

Continue Reading

Economy

The Toronto Stock Exchange rises 0.15% to 19,135.81

Published

 on

Toronto Stock Exchange

* The Toronto Stock Exchange’s TSX rises 0.15 percent to 19,135.81

* Leading the index were Canadian Tire Corporation Ltd <CTCa.TO​>, up 10.6%, WSP Global Inc​, up 9.2%, and Sunopta Inc​, higher by 7.5%.

* Lagging shares were Turquoise Hill Resources Ltd​​, down 18.5%, AcuityAds Holdings Inc​, down 17.0%, and Pan American Silver Corp​, lower by 10.3%.

* On the TSX 125 issues rose and 97 fell as a 1.3-to-1 ratio favored advancers. There were 12 new highs and 2 new lows, with total volume of 239.1 million shares.

* The most heavily traded shares by volume were Enbridge Inc, Manulife Financial Corp and Suncor Energy Inc.

* The TSX’s energy group fell 2.80 points, or 2.2%, while the financials sector climbed 4.42 points, or 1.3%.

* West Texas Intermediate crude futures fell 3.47%, or $2.29, to $63.79 a barrel. Brent crude  fell 3.32%, or $2.3, to $67.02 [O/R]

* The TSX is up 9.8% for the year.

This summary was machine generated May 13 at 21:03 GMT.

Continue Reading

Economy

Rising Canadian Dollar could hit export outlook, affect monetary policy

Published

 on

If the buoyant Canadian dollar continues to rise it could create headwinds for exports and business investment as well as affecting monetary policy, Bank of Canada Governor Tiff Macklem said on Thursday.

The currency has jumped about 4% since the central bank updated its projections in April, driven by surging commodity prices. Canada is a major exporter of energy, lumber, minerals and agricultural products. It hit a six-year high on Wednesday.

“We’ve highlighted that a stronger dollar does create some risk,” Macklem told reporters after a speech to university students in his most detailed comments yet about the potential drawbacks of a more muscular currency.

“If it moves a lot further, that could have a material impact on our outlook and it is something we have to take into account in our setting of monetary policy.”

Further gains could drag down export projections. “If we’re less competitive, our export profile is weaker, that also probably means that our investment profile will be weaker,” he said.

The Canadian dollar was trading 0.4% lower at 1.2180 to the greenback, or 82.10 U.S. cents, pressured by a sharp decline in oil prices.

Macklem earlier said that some of the monetary policy tools the bank is using to address the COVID-19 pandemic, such as quantitative easing (QE), could widen wealth inequality and that it was looking closely at the issue.

While the QE program has stimulated demand and helped create jobs, it was is boosting wealth by inflating the value of assets that “aren’t distributed evenly across society”, he said.

The bank had been buying C$4 billion ($3.3 billion) of government bonds a week but last month cut that to C$3 billion, becoming the first major central bank to trim a pandemic-era money-printing stimulus program.

It also signaled it could start lifting interest rates in late 2022, as it hiked the outlook for the Canadian economy.

Macklem reiterated Thursday that the benchmark rate would stay at its current record low 0.25% until inflation was sustainably at the 2% target. The bank, he added, would continue to use monetary policy tools to support a “complete recovery.”

(Additional reporting by Fergal Smith in Toronto; Editing by Steve Orlofsky and John Stonestreet)

Continue Reading

Trending