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Canada extends 3 COVID-19 supports for businesses until June – Global News

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The Canadian federal government announced Wednesday it will extend multiple critical COVID-19 emergency benefits aimed at helping businesses during the pandemic.

Prime Minister Justin Trudeau said the Canada Emergency Wage Subsidy and the Canada Emergency Rent Subsidy Canada, as well as the Lockdown Support programs, will maintain their current rates until June 5, 2021.

“Times are hard,” he said. “We’re here to provide you with the support you will need to make it through this crisis, as long as it lasts.”

Read more:
Feds audit landlords who received coronavirus rent aid as new program faces scrutiny

The extension means the maximum wage subsidy rate for employees still on payroll will remain at 75 per cent. For the rent subsidy program, the rate will remain at 65 per cent. The Lockdown Support program will remain at 15 per cent.

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This will provide “hard-hit businesses with rent support of up to 90 per cent,” Finance Minister and Deputy Prime Minister Chrystia Freeland added.

She said the trio of programs are being extended because the economy is still struggling even with encouraging signs of a recovery on the horizon.

“Even if we have seen encouraging signs of a recovery, including higher growth forecast in the fourth quarter of 2020, we are not yet at the end of it,” she said in French.


Click to play video 'Calgary landlord offers tenants rent relief with new ‘COVID clause’ in leases'



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Calgary landlord offers tenants rent relief with new ‘COVID clause’ in leases


Calgary landlord offers tenants rent relief with new ‘COVID clause’ in leases – Dec 15, 2020

Ottawa has paid out more than $66 billion in wage subsidies and $1.6 billion in rent subsidies, according to official data.

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Freeland said the cost of extending these programs were already set out in estimates published back in November.

“Our approach is very cautious,” she said. “We had already anticipated in the forecast that it might be necessary to do what we announced today.”

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Canadian small businesses seeking overhaul to government relief programs

Extending the rent program to June will cost an additional $2.1 billion, Freeland said. For the wage subsidy program, the additional cost would come at an approximate $13.9 billion.

“I would add, these are programs that depend, in fact, on the situation Canadian businesses face. The level of assistance will depend on business revenues,” she continued in French.

“So we will spend less if the economy is stronger and we will spend more if the economy is weaker and if businesses need further assistance.”

— with a file from Reuters

© 2021 Global News, a division of Corus Entertainment Inc.

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Citigroup lawyer says another bank made bigger payment error than Revlon

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NEW YORK (Reuters) – A lawyer for Citigroup Inc told a U.S. judge on Friday he was aware of another large bank that recently made a bigger payment error than Citigroup made last August when it sent $894 million of its own money to Revlon Inc lenders.

Neal Katyal, the lawyer, made the disclosure at a hearing in Manhattan federal court, where Citigroup urged U.S. District Judge Jesse Furman to extend a freeze on $504 million that it has been unable to recoup from the Revlon lenders.

Katyal did not identify the bank, the size of the payment error, or whether the error was fixed.

Citigroup is appealing Furman’s Feb. 16 decision that 10 asset managers, whose clients include Revlon lenders, could keep its mistaken payments.

Furman accepted the asset managers’ argument that Citigroup, as Revlon’s loan agent, paid what they were owed, and they had no reason to think a sophisticated bank would blunder so badly.

Citigroup has said the lenders received a “windfall,” and Furman’s decision could steer banks away from doing wire transfers in a “finders, keepers” marketplace.

Katyal is a partner at Hogan Lovells and former Acting U.S. Solicitor General. Citigroup hired him for its appeal.

 

(Reporting by Jonathan Stempel in New York; editing by Diane Craft)

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Canada aims to raise safety along notorious “Highway of Tears” with cell phone service

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By Moira Warburton

VANCOUVER (Reuters) – Canadian authorities will help fund mobile phone service to increase safety along a remote stretch of highway in British Columbia known as the “Highway of Tears” for the number of women who have gone missing on the route, most of them indigenous.

Indigenous groups recommended the move in 2006 in a report on disappearances and murders of women along the highway between the cities of Prince Rupert and Prince George, roughly 800 km (500 miles) north of Vancouver.

The recommendation was endorsed by a provincial government-mandated commission several years later.

The Royal Canadian Mounted Police are investigating 13 cases of murdered women and five who disappeared on or near the Highway of Tears, although no new cases have been added since 2007. Advocates believe the number of homicides and missing is significantly higher.

Lisa Beare, British Columbia’s minister of citizens’ services, called the project “a critical milestone in helping prevent future tragedies along this route.”

Cell phone plans in Canada are among the most expensive in the world, according to government data, and the cost and lack of coverage in rural areas was a top issue in the last election.

The provincial and federal governments will contribute C$4.5 million towards the C$11.6 million ($9.24 million) cost for Rogers Communications to install 12 cell phone towers, the British Columbia government said on Wednesday.

Lorraine Whitman, president of the Native Women’s Association of Canada, applauded the plan but said it was only one step in making the area safer for indigenous women.

“This truly is a blessing for the women,” she said. “But not all women have a phone. These towers are being put up, but it makes no use to the person that has no cell phone.”

($1 = 1.2558 Canadian dollars)

 

(Reporting by Moira Warburton in Vancouver; Editing by Sonya Hepinstall)

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Canadian fertilizer producer Nutrien to cut greenhouse gas emissions 30% by 2030

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By Rod Nickel and Rithika Krishna

(Reuters) –Canada‘s Nutrien Ltd, the world’s largest fertilizer producer by capacity, said on Thursday it aimed to cut greenhouse gas emissions by at least 30% by 2030, in a plan costing the company up to $700 million.

Agricultural companies, including Mosaic and Corteva, have set carbon emissions targets as climate-conscious investors push firms to become more environmentally friendly.

Nutrien plans to spend $500 million to $700 million to meet the carbon emissions target, which includes cutting emissions from nitrogen production by 1 million tonnes of carbon dioxide equivalent annually by the end of 2023.

“We’re in a really unique spot to address two big societal challenges – food security, and in a way that reduces our environmental footprint,” said Mark Thompson, Nutrien’s chief corporate development and strategy officer, in an interview.

Synthetic fertilizers account for 12% of global emissions from agriculture, according to a 2016 United Nations Food and Agriculture Organization report.

Nutrien’s target includes Scope 1 and 2 emissions, which reflect direct operations and electricity use. Nutrien is addressing Scope 3 emissions – those related to on-farm activity – with a program that encourages growers to adopt sustainable practices that generate monetary credits.

The Saskatoon, Saskatchewan-based company plans to deploy wind and solar energy at four potash plants by the end of 2025, replacing electricity generated by coal and natural gas.

It also plans to expand its sequestration of carbon emissions from nitrogen fertilizer production and to invest in technology to capture nitrous oxide gas from its facilities.

Nutrien estimates that its carbon credit program could directly amount to $10 to $20 per acre for farmers, and it expects to benefit financially itself as well.

“If we can provide agronomic value and the value of the carbon credit over time, we’ll have customer loyalty – we anticipate that we’ll be a preferred supplier,” Thompson said.

(Reporting by Rithika Krishna in Bengaluru and Rod Nickel in Winnipeg; Editing by Sriraj Kalluvila and Steve Orlofsky)

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