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Coronavirus may leave permanent economic ‘scars’: Bank of Canada – Global News

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The second-in-command at the Bank of Canada is warning that economic “scars” from the COVID-19 pandemic could become permanent without concerted effort from all Canadians.

The pandemic remains an important day-to-day concern for governments and policy-makers, but more discussion and preparation for the post-pandemic recovery needs to take place, said senior deputy governor Carolyn Wilkins, who is due to step down as of Dec. 9.

Read more:
U.S. debt from coronavirus pandemic will soon exceed size of entire economy, analysts say

In a webcast speech to the Munk School of Global Affairs and Public Policy on Thursday, Wilkins said the economic recovery will likely be uneven and it must be recognized that some people and jobs will be left behind, despite positive outcomes such as the accelerated transition to digitization as a source of improved competitiveness.

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“In our most recent projection, this adds up to a situation where Canada is likely to exit the pandemic with a lower profile for potential output,” she said.

“That means, in regular people terms, a significantly diminished ability to generate the goods and services and incomes on a sustainable basis and any of those scars could become permanent without deliberate actions from all of us.”






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Coronavirus: Without health, safety of public there is no economy, says Ford


Coronavirus: Without health, safety of public there is no economy, says Ford

Rising numbers of COVID-19 cases across Canada are concerning and present a downside risk to the bank’s forecasts but positive news about early success in developing a vaccine help offset those concerns, she said.

Canadians should reject the idea that economic goals must come at the cost of social goals, Wilkins said, citing Quebec’s daycare system as an example of a policy that created a “virtuous circle” in which families were helped and more women joined the workforce.

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Canada could also be made more resilient through policies that encourage equity rather than debt financing as a way to foster business creation and growth, she said.

Read more:
Canadian economy grew by 3% in July amid coronavirus: StatsCan

Conventional wisdom is that the economy is a public sector problem, but private sector investment in growth-enhancing initiatives and smart incentives such as green technology are also important for longer term growth, Wilkins said.

“It’s not lost on me that I’m encouraging you and all of us to explore the far side of the moon when right now life still feels pretty difficult here now on earth,” she said.

“The COVID-19 pandemic remains a formidable obstacle to both our health and our economic prosperity and we can’t have one without the other. Governments are acting decisively and monetary policy is complementing these actions by creating the financial conditions that support growth.”






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Statistics Canada release October job numbers


Statistics Canada release October job numbers

She said the pandemic has damaged the potential for Canada and other countries to generate sustainable economic activity and said sights need to be set higher to help businesses create good jobs and to make high debt loads more manageable.

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Canada’s productivity and competitiveness issues remain, Wilkins said, arguing that the current crisis may present an opportune time to tackle those persistent problems.

She compared the time of recovery from the pandemic to the aftermath of major wars, with both events forcing governments and businesses to adapt and innovate at speeds they previously thought impossible.

© 2020 The Canadian Press

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A linebacker at West Virginia State is fatally shot on the eve of a game against his old school

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CHARLESTON, W.Va. (AP) — A linebacker at Division II West Virginia State was fatally shot during what the university said Thursday is being investigated by police as a home invasion.

The body of Jyilek Zyiare Harrington, 21, of Charlotte, North Carolina, was found inside an apartment Wednesday night in Charleston, police Lt. Tony Hazelett said in a statement.

Hazelett said several gunshots were fired during a disturbance in a hallway and inside the apartment. The statement said Harrington had multiple gunshot wounds and was pronounced dead at the scene. Police said they had no information on a possible suspect.

West Virginia State said counselors were available to students and faculty on campus.

“Our thoughts and prayers are with Jyilek’s family as they mourn the loss of this incredible young man,” West Virginia State President Ericke S. Cage said in a letter to students and faculty.

Harrington, a senior, had eight total tackles, including a sack, in a 27-24 win at Barton College last week.

“Jyilek truly embodied what it means to be a student-athlete and was a leader not only on campus but in the community,” West Virginia State Vice President of Intercollegiate Athletics Nate Burton said. “Jyilek was a young man that, during Christmas, would create a GoFundMe to help less fortunate families.”

Burton said donations to a fund established by the athletic department in Harrington’s memory will be distributed to an organization in Charlotte to continue his charity work.

West Virginia State’s home opener against Carson-Newman, originally scheduled for Thursday night, has been rescheduled to Friday, and a private vigil involving both teams was set for Thursday night. Harrington previously attended Carson-Newman, where he made seven tackles in six games last season. He began his college career at Division II Erskine College.

“Carson-Newman joins West Virginia State in mourning the untimely passing of former student-athlete Jyilek Harrington,” Carson-Newman Vice President of Athletics Matt Pope said in a statement. “The Harrington family and the Yellow Jackets’ campus community is in our prayers. News like this is sad to hear anytime, but today it feels worse with two teams who knew him coming together to play.”

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AP college football: and

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Hall of Famer Joe Schmidt, who helped Detroit Lions win 2 NFL titles, dies at 92

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DETROIT (AP) — Joe Schmidt, the Hall of Fame linebacker who helped the Detroit Lions win NFL championships in 1953 and 1957 and later coached the team, has died. He was 92.

The Lions said family informed the team Schmidt died Wednesday. A cause of death was not provided.

One of pro football’s first great middle linebackers, Schmidt played his entire NFL career with the Lions from 1953-65. An eight-time All-Pro, he was enshrined into the Pro Football Hall of Fame in 1973 and the college football version in 2000.

“Joe likes to say that at one point in his career, he was 6-3, but he had tackled so many fullbacks that it drove his neck into his shoulders and now he is 6-foot,” said the late Lions owner William Clay Ford, Schmidt’s presenter at his Hall of Fame induction in 1973. “At any rate, he was listed at 6-feet and as I say was marginal for that position. There are, however, qualities that certainly scouts or anybody who is drafting a ballplayer cannot measure.”

Born in Pittsburgh, Schmidt played college football in his hometown at Pitt, beginning his stint there as a fullback and guard before coach Len Casanova switched him to linebacker.

“Pitt provided me with the opportunity to do what I’ve wanted to do, and further myself through my athletic abilities,” Schmidt said. “Everything I have stemmed from that opportunity.”

Schmidt dealt with injuries throughout his college career and was drafted by the Lions in the seventh round in 1953. As defenses evolved in that era, Schmidt’s speed, savvy and tackling ability made him a valuable part of some of the franchise’s greatest teams.

Schmidt was elected to the Pro Bowl 10 straight years from 1955-64, and after his arrival, the Lions won the last two of their three NFL titles in the 1950s.

In a 1957 playoff game at San Francisco, the Lions trailed 27-7 in the third quarter before rallying to win 31-27. That was the NFL’s largest comeback in postseason history until Buffalo rallied from a 32-point deficit to beat Houston in 1993.

“We just decided to go after them, blitz them almost every down,” Schmidt recalled. “We had nothing to lose. When you’re up against it, you let both barrels fly.”

Schmidt became an assistant coach after wrapping up his career as a player. He was Detroit’s head coach from 1967-72, going 43-35-7.

Schmidt was part of the NFL’s All-Time Team revealed in 2019 to celebrate the league’s centennial season. Of course, he’d gone into the Hall of Fame 46 years earlier.

Not bad for an undersized seventh-round draft pick.

“It was a dream of mine to play football,” Schmidt told the Detroit Free Press in 2017. “I had so many people tell me that I was too small. That I couldn’t play. I had so many negative people say negative things about me … that it makes you feel good inside. I said, ‘OK, I’ll prove it to you.’”

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Coastal GasLink fined $590K by B.C. environment office over pipeline build

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VICTORIA – British Columbia’s Environment Assessment Office has fined Coastal GasLink Pipeline Ltd. $590,000 for “deficiencies” in the construction of its pipeline crossing the province.

The office says in a statement that 10 administrative penalties have been levied against the company for non-compliance with requirements of its environmental assessment certificate.

It says the fines come after problems with erosion and sediment control measures were identified by enforcement officers along the pipeline route across northern B.C. in April and May 2023.

The office says that the latest financial penalties reflect its escalation of enforcement due to repeated non-compliance of its requirements.

Four previous penalties have been issued for failing to control erosion and sediment valued at almost $800,000, while a fifth fine of $6,000 was handed out for providing false or misleading information.

The office says it prioritized its inspections along the 670-kilometre route by air and ground as a result of the continued concerns, leading to 59 warnings and 13 stop-work orders along the pipeline that has now been completed.

This report by The Canadian Press was first published Sept. 12, 2024.

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