Connect with us

News

Canada’s economy expanded in August, new GDP numbers show

Published

 on

The Canadian economy continued along the path of modest growth in August, posting 0.1 per cent growth in real gross domestic product.

In a report Friday, Statistics Canada said growth in services-producing industries was offset by a decline in good-producing industries.

The report said retail activity rebounded after falling to its December 2021 level in July.

Wholesale trade, agriculture, and the public sector all grew in August as well.

Genius Dog 336 x 280 - Animated

Meanwhile, the construction sector contracted for the fifth consecutive month. The report noted that while residential construction was down for the fourth time in five months, activity in August was still eight per cent above the February 2020 pre-pandemic level.

Manufacturing and mining, quarrying and oil and gas extraction also contracted in August.

Statistics Canada said its preliminary estimates suggest real GDP grew by 0.1 per cent in September.

An initial estimate for third-quarter GDP also indicates an annualized growth rate of 1.6 per cent for the July-to-September period, down from an annual pace of 3.3 per cent in the second quarter.

The latest data comes as worries of an impending recession grow in response to rapidly rising interest rates this year.

The Bank of Canada has been hiking interest rates since March in response to decades-high inflation. The central bank maintains that the economy is overheated, meaning demand is outpacing supply.

Higher borrowing costs are expected to slow spending by consumers and businesses and therefore bring down the pace of price growth.

According to its latest monetary policy report, the Bank of Canada is forecasting the economy will stall toward the end of the year and into the beginning of 2023.

“Though today’s data release was encouraging, the overarching narrative of a decelerating Canadian economy hasn’t changed,” TD Bank economist James Orlando said. “Given high inflation and the lagged impact of higher interest rates, we are seeing the effect of this in the goods sector and expect to see the same in the service side going forward.”

Source link

Continue Reading

News

Conservatives are ‘fearmongering’ over assault-style gun ban: public safety minister

Published

 on

OTTAWA — Public Safety Minister Marco Mendicino accuses the Conservatives of “whipping up fear” that the Liberal government is outlawing ordinary long guns and hunting rifles.

In an interview, Mendicino says the government only wants to reinforce a regulatory ban on assault-style firearms like the AR-15 by enshrining a definition in legislation, and it is prepared to work with MPs to get it right.

He insists the government has no intention whatsoever of going after everyday long guns and hunting rifles, calling the notion “Conservative fearmongering.”

In May 2020, the Liberal government announced a ban through order-in-council on over 1,500 models and variants of what it considers assault-style firearms, such as the AR-15 and the Ruger Mini-14.

Genius Dog 336 x 280 - Animated

The Liberals recently proposed including an evergreen definition of a prohibited assault-style firearm in gun-control legislation being studied by a House of Commons committee.

The Conservatives claim the government’s amendment amounts to the most significant hunting rifle ban in the history of Canada.

This report by The Canadian Press was first published Nov. 28, 2022.

 

The Canadian Press

Continue Reading

News

Joly seeks reprimand of Russian ambassador as embassy tweets against LGBTQ community

Published

 on

OTTAWA — Foreign Affairs Minister Mélanie Joly has asked her department to summon Russia’s ambassador over social media postings against LGBTQ people.

In recent days, Russia’s embassy in Ottawa has posted on Twitter and Telegram that the West is imposing on Russia’s family values, and arguing that families can only involve a man, a woman and children.

The embassy has posted images of a crossed-out rainbow flag and Orthodox icons of Adam and Eve.

The tweets came as Russia expanded a ban on exposing children to so-called homosexual propaganda, meaning authorities can now prosecute Russians for doing things they argue might entice adults to be gay or transgender.

Genius Dog 336 x 280 - Animated

Joly’s office says the posts amount to “hateful propaganda” that must be called out and “an attack on the Canadian values of acceptance and tolerance.”

If Global Affairs Canada follows Joly’s request, it will be the third time the department has summoned ambassador Oleg Stepanov this year.

This report by The Canadian Press was first published Nov. 28, 2022.

 

The Canadian Press

Continue Reading

News

Work hard and never give up, Michelle O’Bonsawin says during Supreme Court welcome

Published

 on

OTTAWA — The newest member of the Supreme Court of Canada says her journey has not been an easy one, but it has been meaningful and rewarding.

Members of the legal community and Michelle O’Bonsawin’s fellow judges welcomed her to the bench in a ceremony today.

O’Bonsawin, who replaced the retiring Michael Moldaver on Sept. 1, is a bilingual Franco-Ontarian and an Abenaki member of the Odanak First Nation.

O’Bonsawin says she is a big believer that if a person has a goal, works hard and never gives up, they can achieve their dreams.

Genius Dog 336 x 280 - Animated

She adds that while she has made mistakes and fallen down, those missteps have been her teacher.

Richard Wagner, the chief justice of Canada, praises O’Bonsawin’s generosity and volunteer activities, noting she shares his passion for open courts, access to justice and education.

This report by The Canadian Press was first published Nov. 28, 2022.

 

The Canadian Press

Continue Reading

Trending