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CORONAVIRUS LIVE UPDATES: Business, economy and market news from the pandemic response – Financial Post

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The COVID-19 pandemic is having a major impact on business, markets and the economy. For continuous updates, follow along with The Financial Post’s James McLeod @jamespmcleod as he live blogs here. For more general COVID-19 updates, the National Post has a liveblog going for all news about the pandemic. For business-specific tips, announcements and information that should be added to this liveblog, please email jmcleod@postmedia.com.

11:20 a.m. — No new money for business today: Prime Minister Justin Trudeau’s media availability today was mostly reiterating the details of the $27 billion in direct stimulus tied to COVID-19. When he was asked about what he’s doing for small businesses hit by disruptions relating to the pandemic, Trudeau emphasized what’s already being done.

“We have made credit a lot easier to access for businesses of all sizes,” he said.

Trudeau also said the government is moving as quickly as possible, but it will take a bit of time to get financial assistance out to Canadians.

11:15 a.m. — Trudeau open to using war measures to produce supplies: Prime Minister Justin Trudeau was asked about the U.S. move to enact the Defence Production Act, allowing the government to direct companies to make essential products. Trudeau didn’t offer any specifics, but he said he’s open to a similar move in Canada.

Trudeau said the government is already engaged with industry when it comes to manufacturing essential supplies and equipment to fight the pandemic.

11:11 a.m. — U.S. border shuttingshortly: Prime Minister Justin Trudeau said he’s still working out the details of the Canada-U.S. border shutdown, and Trudeau said he expects the border to be shut down overnight between Friday and Saturday.

The border will remain open for trade and essential travel, but all non-essential border crossing will be blocked. Trudeau has repeatedly said that Canadians trying to come home will always be able to get through.

10:25 a.m. — More GDP forecasts: Global credit rating service Fitch Ratings Inc. published research from chief economist Brian Coulton suggesting that the world is already in recession and global GDP could be US$850 billion lower than previously forecast. According to the Fitch report, Chinese GDP is likely to fall by 5 per cent in the first quarter of 2020.

Meanwhile, the Institute of International Finance said that it is now forecasting global economic growth at 0.4 per cent for 2020.

10:05 a.m. — Trudeau to speak at 11 o’clock: It’s strange that we’re starting to get into a crisis rhythm, but just as a programming note, we’re expecting the usual cadence of government announcements.

Prime Minister Justin Trudeau to speak at 11 a.m. outside Rideau Cottage, as he has been doing regularly through this crisis. Afterwards, Deputy Prime Minister Chrystia Freeland is scheduled to lead a news conference at noon, along with other government ministers.

I’ll be liveblogging relevant business and economic details. Hopefully Trudeau remembers his coat today.

9:55 a.m. — More red at market opening: Yesterday was a bad day for the markets, and today is looking like a rough start too. In the opening minutes of trading in Toronto, the TSX/S&P composite is down 164 points, or 1.4 per cent.

The Dow Jones Industrial Average is down more than 500 points, or 2.88 per cent. The Nasdaq is also down, but only by about half a percentage point so far.

9:37 a.m. — SNC-Lavalin also has a pandemic response: The Montreal based engineering and project management company issued a news release to say that they’re also working through the COVID-19 pandemic.

“A robust business resilience program and a dedicated Executive-level global crisis management team and regional counterparts have been activated. We are taking appropriate action to protect our staff and business operations by following the latest health and safety measures,” president and CEO Ian Edwards said.

9:25 a.m. — Gig economy workers struggling: One of the notable aspects of the current crisis is that we have a bunch of new economic structures that never existed before, and we don’t know how they’ll respond to a severe downturn.

Financial Post reporter Vanmala Subramaniam has a great piece on the freelancers and gig workers whose lives are upended by social distancing. This isn’t a small problem. Vanmala reports that in 2016, Statistics Canada reported there are 1.7 million Canadians that rely on the gig economy.

9:17 a.m. — Oil markets in rough shape: We’re still a few minutes away from markets opening, but watching the price on oil will be really important in the weeks and months ahead. I posted this story in yesterday’s liveblog, but I’m going to repost this piece by Gabriel Freidman about the situation in Western Canada.

With oil prices at historic lows, many Alberta producers are below break-even on production.

From Gabe’s story: “Canadian crude dropped as low as $7.36, and West Texas Intermediate fetched $21.48, both below the break-even point for nearly all Canadian producers.”

9:00 a.m. — Posthaste: Financial Post editor Pamela Heaven has this morning’s Posthaste roundup of news to watch for today. Check it out here.

8:55 a.m. — Betting on stocks: A news release from SportsBetting.ag says that without any sports to bet on, gamblers are looking at the stock market instead. They aren’t actually investing though; they’re just betting on what the end-of-month prices will be.

“Like the market, stock price odds are extremely volatile,” said SportsBetting.ag head linesman, Robert Cooper. “Our traders are constantly monitoring the market movement, as well as the betting action that comes in in order to adjust odds accordingly.”

At the risk of editorializing, it seems like it’d be simpler to just buy stocks if you want to bet on the market.

8:25 a.m. — Fiscal stimulus underwhelming: Financial Post columnist Kevin Carmichael is one of the smartest writers in Canada when it comes to big-picture economic issues. So just go read his assessment on the Liberal government’s stimulus response announced yesterday. It’s worth your time.

The short version is that the $27 billion in direct aid, plus $55 billion in tax deferrals is underwhelming, in the face of a crisis without precedent. Scroll down to the next item in this liveblog to appreciate the scale of the crisis.

8:20 a.m. — U.S. economy forecasts to shrink 14 per cent: The scale of the COVID-19 crisis can be overwhelming, but sometimes you see a statistic or detail that really hits you. Financial Post reporter Victor Ferreira has an article about JP Morgan Chase analysis which suggests that the U.S. economy will shrink by a staggering 14 per cent.

Believe it or not, it could actually be worse: The same report indicates China’s GDP growth will decline by 40 per cent in the first quarter of 2020.

Read Victor’s full report, because it has a lot of other good statistics and details. And keep in mind the scale of this situation while you’re digesting the rest of the news today.

March 19, 2020

Good morning! Today is the first day of spring, and the eighth day since the World Health Organization declared COVID-19 as a global pandemic. As the world continues to grapple with the drastic measures required to respond, the economy and markets are also in massive upheaval. The Financial Post is working to bring you the best, up-to-date information about how the pandemic is impacting Canadian business and the economy.  Keep refreshing this page to stay up to date on the latest COVID-19 business news as it happens.

• Email: jmcleod@nationalpost.com | Twitter:

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A timeline of events in the bread price-fixing scandal

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Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.

Here’s a timeline of key events in the bread price-fixing case.

Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.

Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.

Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.

Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).

Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.

June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.

Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”

Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.

July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.

Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 250 points, U.S. stock markets also higher

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TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.

The S&P/TSX composite index was up 254.62 points at 23,847.22.

In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.

The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.

The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.

The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Construction wraps on indoor supervised site for people who inhale drugs in Vancouver

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VANCOUVER – Supervised injection sites are saving the lives of drug users everyday, but the same support is not being offered to people who inhale illicit drugs, the head of the BC Centre for Excellence in HIV/AIDS says.

Dr. Julio Montaner said the construction of Vancouver’s first indoor supervised site for people who inhale drugs comes as the percentage of people who die from smoking drugs continues to climb.

The location in the Downtown Eastside at the Hope to Health Research and Innovation Centre was unveiled Wednesday after construction was complete, and Montaner said people could start using the specialized rooms in a matter of weeks after final approvals from the city and federal government.

“If we don’t create mechanisms for these individuals to be able to use safely and engage with the medical system, and generate points of entry into the medical system, we will never be able to solve the problem,” he said.

“Now, I’m not here to tell you that we will fix it tomorrow, but denying it or ignoring it, or throw it under the bus, or under the carpet is no way to fix it, so we need to take proactive action.”

Nearly two-thirds of overdose deaths in British Columbia in 2023 came after smoking illicit drugs, yet only 40 per cent of supervised consumption sites in the province offer a safe place to smoke, often outdoors, in a tent.

The centre has been running a supervised injection site for years which sees more than a thousand people monthly and last month resuscitated five people who were overdosing.

The new facilities offer indoor, individual, negative-pressure rooms that allow fresh air to circulate and can clear out smoke in 30 to 60 seconds while users are monitored by trained nurses.

Advocates calling for more supervised inhalation sites have previously said the rules for setting up sites are overly complicated at a time when the province is facing an overdose crisis.

More than 15,000 people have died of overdoses since the public health emergency was declared in B.C. in April 2016.

Kate Salters, a senior researcher at the centre, said they worked with mechanical and chemical engineers to make sure the site is up to code and abidies by the highest standard of occupational health and safety.

“This is just another tool in our tool box to make sure that we’re offering life-saving services to those who are using drugs,” she said.

Montaner acknowledged the process to get the site up and running took “an inordinate amount of time,” but said the centre worked hard to follow all regulations.

“We feel that doing this right, with appropriate scientific background, in a medically supervised environment, etc, etc, allows us to derive the data that ultimately will be sufficiently convincing for not just our leaders, but also the leaders across the country and across the world, to embrace the strategies that we are trying to develop.” he said.

Montaner said building the facility was possible thanks to a single $4-million donation from a longtime supporter.

Construction finished with less than a week before the launch of the next provincial election campaign and within a year of the next federal election.

Montaner said he is concerned about “some of the things that have been said publicly by some of the political leaders in the province and in the country.”

“We want to bring awareness to the people that this is a serious undertaking. This is a very massive investment, and we need to protect it for the benefit of people who are unfortunately drug dependent.” he said.

This report by The Canadian Press was first published Sept. 18, 2024.

The Canadian Press. All rights reserved.

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