Canada, U.S. to negotiate Beaufort Sea boundary dispute

MONTREAL – The heat is rising for Quebec Premier François Legault as opposition parties demand answers about his government’s investment in the planned Northvolt battery factory near Montreal.

Opposition leaders at the Quebec legislature on Tuesday called on the government to be more transparent about its agreement with the Swedish manufacturer for the $7-billion project.

The demands come following news that Northvolt is laying off 1,600 employees in Sweden, totalling one-fifth of its workforce.

A total of $710 million in provincial public funds have already been committed to the project, including a $240-million loan to help Northvolt buy the land about 30 kilometres east of Montreal to build its plant.

Economy Minister Christine Fréchette told reporters this afternoon that the Northvolt layoffs don’t affect the project in Quebec, which she said remains a priority for the company.

The Parti Québécois on Monday requested an emergency debate in the legislature on the issue, but the Speaker rejected the request this afternoon.

This report by The Canadian Press was first published Sept. 24, 2024.

The Canadian Press. All rights reserved.

TORONTO – Former Toronto Raptors star Vince Carter will have his No. 15 retired by the NBA team this season, a person with knowledge of the situation has told The Canadian Press.

The 47-year-old Hall of Famer is expected to have his jersey retired in Toronto on Nov. 2 and will become the first Raptor to receive the honour.

The source confirmed the details of the jersey retirement on condition of anonymity because it hasn’t been officially announced yet.

Carter was the Raptors’ first superstar and is credited for raising the profile of the team and igniting enthusiasm for basketball across Canada.

But the decision to retire his jersey is polarizing, with some fans and local media members still smarting from his acrimonious departure from the team in December 2004. Carter was traded to the New Jersey (now Brooklyn) Nets for a meagre return early in the 2004-05 season amid claims that he “quit” on the team.

Carter averaged 23.4 points, 5.2 rebounds, 3.9 assists and 1.3 steals over 403 games with the Raptors.

During his time in Toronto, the athletic Carter was perhaps best known for his highlight-reel dunking ability. He won the NBA’s slam dunk contest in 2000 with a memorable performance, clinching the title with a 360-degree windmill jam.

He was an eight-time NBA all-star (2000-07), but even when his explosiveness left him, he managed to find a niche as a veteran role player. Carter played 22 seasons, retiring after the 2019-20 season while with the Atlanta Hawks, and is the only NBA player to suit up for action in four different decades.

Carter made his debut with the Raptors in 1998 after being traded to Toronto at that year’s draft after being selected fifth overall by Golden State.

He also played with Dallas, Memphis, Orlando, Sacramento and Phoenix. Carter finished with averages of 16.7 points, 4.3 rebounds, 3,1 assists and one steal over 1,541 regular-season NBA games.

Carter will enter the Basketball Hall of Fame next month and will have his number retired by the Nets in January.

This report by The Canadian Press was first published Sept. 24, 2024.

The Canadian Press. All rights reserved.

OTTAWA – Bank of Canada governor Tiff Macklem says he is pleased that inflation has fallen to two per cent, but the central bank now has to “stick the landing” and keep price growth centred around the target.

That’s according to prepared remarks the governor delivered in Toronto on Tuesday at an event hosted by the Institute of International Finance and the Canadian Bankers Association.

“It has been a long journey. Now we want to keep inflation close to the centre of the one to three per cent inflation-control band,” Macklem said.

The governor said it’s reasonable to expect more interest rate cuts, given the progress made on inflation. He said the pace and timing of cuts will depend on the central bank’s evaluation of the economic data.

Statistics Canada reported last week that the annual inflation rate fell to two per cent in August, the lowest level in more than three years.

The central bank now wants to see its core measures of inflation as well as shelter price growth cool further, the governor said.

The Bank of Canada has cut its key interest rate three times so far, bringing it to 4.25 per cent.

Some economists are bracing for potentially larger interest rate cuts now that inflation is back at the two per cent target.

CIBC is forecasting the central bank will lower its policy rate by another two percentage points by the middle of next year. Its forecast includes two half-percentage point rate cuts to get there.

The Bank of Canada’s next interest rate announcement is scheduled for Oct. 23.

The governor also said in his speech that the Bank of Canada is scaling back its work on a central bank digital currency, noting there is not a “compelling case” for one right now in Canada.

This report by The Canadian Press was first published Sept. 24, 2024.

The Canadian Press. All rights reserved.