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So my guess is that Trudeau will throw copious amounts of tax dollars into the questionable Newfoundland oil project to prop up his pal and Liberal cronies with contracts there, while continuing to spite the West’s struggling oil industry because they are Tories.
The only good news is that Western Canada’s oil sector is not a sunset industry. Its prospects may be lousy in the short term, but not in the medium to long term. Oil will continue to dominate the world’s energy mix for several more decades to come, according to the International Energy Agency. This means prices will increase again and some analysts predict that they will likely jump upwards of 115 per cent from where they are by the end of the year. Alberta is also blessed with brilliant entrepreneurs, innovators and an enviable work ethic.
Yet a recent Statistics Canada report blames the federal government’s damaging energy policies for contributing to the 35 per cent decline in oil and gas investment over the past five years and massive job losses. It forecasts that investment could shrink by another 40 per cent this year and another 220,000 jobs could be lost.
If that happens, then all bets are off in terms of national unity.
This weekend, when I read about the merger, I recalled the promise of the past. It’s been 34 years since Li Ka Shing was welcomed and feted in Calgary for investing, and believing, in Canada. Oh how times have changed.
Potential COVID-19 exposure identified at six locations in the Halifax area – HalifaxToday.ca
NOVA SCOTIA HEALTH
Nova Scotia Health Public Health is advising of potential exposure to COVID-19 at various locations across Halifax. In addition to media releases, all potential exposure notifications are now listed here.
Anyone who visited the following locations on the specified date and time to immediately visit covid-self-assessment.novascotia.ca/ to book a COVID-19 test, regardless of whether or not they have COVID-19 symptoms. People who book testing because they were at a site of potential exposure to COVID-19 are required to self-isolate before their test and while waiting for test results. You can also call 811 if you don’t have online access or if you have other symptoms that concern you.
- Stillwell (1672 Barrington St, Halifax) on Nov. 20 between 6 p.m. and 12:30 a.m. It is anticipated that anyone exposed to the virus at this location on the named date may develop symptoms up to, and including, Dec. 4.
- Bearly’s House of Blues and Ribs (1269 Barrington St, Halifax) on Nov. 20 between 8:30 p.m. and 2 a.m. It is anticipated that anyone exposed to the virus at this location on the named date may develop symptoms up to, and including, Dec. 4.
- Highwayman (1673 Barrington St, Halifax) on Nov. 21 between 7:30 p.m. and 12 a.m. It is anticipated that anyone exposed to the virus at this location on the named date may develop symptoms up to, and including, Dec. 5.
- Gahan House (5239 Sackville St, Halifax) on Nov. 21 between 2:30 p.m. and 4:30 p.m. It is anticipated that anyone exposed to the virus at this location on the named date may develop symptoms up to, and including, Dec. 5.
- Princess Nails (1475 Bedford Highway, Bedford) on Nov. 21 between 4 p.m. and 6:30 p.m. It is anticipated anyone exposed to the virus at this location on the above date may develop symptoms up to, and including, Dec. 5.
- Boston Pizza Dartmouth Crossing (111 Shubie Dr, Dartmouth) on Nov. 20 between 6:30 p.m. and 8:30 p.m. and Nov. 22 between 1:30 p.m. and 3:30 p.m. It is anticipated that anyone exposed to the virus at this location on the named date may develop symptoms up to, and including, Dec. 6.
Do not go directly to a COVID-19 assessment centre without being directed to do so.
Currently, anyone travelling to Nova Scotia from outside of the Atlantic Provinces is expected to self-isolate alone for 14 days after arriving. If a person travelling for non-essential reasons enters Nova Scotia from outside Atlantic Canada, then everyone in the home where they are self-isolating will have to self-isolate as well.
When Nova Scotia Health Public Health makes a public notification it is not in any way a reflection on the behaviour or activities of those named in the notification.
All Nova Scotians are advised to continue monitoring for COVID-19 symptoms and are urged to follow Public Health guidelines on how to access care. Up to date information about COVID-19 is available at novascotia.ca/coronavirus
Macklem says bond-buying program about lowering rates, not financing feds – BNN
OTTAWA – Canada’s top central banker gave MPs a detailed defence of the Bank of Canada’s buying spree of government debt Thursday, saying it is aimed at lowering borrowing costs across the country.
The Bank of Canada has launched an unprecedented bond-buying program that effectively lowers borrowing costs for the federal government as its racks up a historic deficit.
It now holds just under one-third of federal debt, with the bank believing it can scale up those purchases before throwing a wrench into credit markets.
But the purchases have put Bank of Canada governor Tiff Macklem in a political hot seat, with Conservatives on Parliament Hill warning the central bank about appearing too cosy with the governing Liberals.
During an appearance at the House of Commons finance committee Thursday, Macklem said the bank isn’t financing the federal government, but is reducing the cost to borrow for households and businesses.
He said the central bank will stop buying government bonds once the recovery is well underway, which is likely to happen before inflation gets back to the Bank of Canada’s two per cent comfort zone.
“Our actions by lowering interest rates and by buying government bonds are lowering the cost of financing the government. In fact, they’re lowering the cost of borrowing for everybody,” Macklem said.
“We’re not financing the government.”
The bond-buying program is the central bank’s first foray into what’s known as quantitative easing, which is a way for central banks to pump more money into the economy.
The central bank started the program as it dropped its trendsetting policy rate to 0.25 per cent to drive down interest rates. The purchasing program was designed to drive down rates even more on things like mortgages.
What the bank has done is buy up government bonds to spur demand and time lower interest rates, particularly for borrowers using terms of between three and 10 years like homeowners, homebuyers and businesses.
The bank’s balance sheet has swelled since March and now holds about $344 billion in government debt, or roughly 30 per cent of federal debt, after purchasing about $163 billion in bonds.
Macklem said central banks generally can hold between 50 and 70 per cent of debt before it begins to impair credit markets.
The bank has taken its foot off the gas recently for its purchasing program as the market conditions have improved, allowing it to reduce its total minimum weekly purchases to $4 billion.
Conservative finance critic Pierre Poilievre argued the purchases were inflating financial assets, and enriching the mostly affluent people who own them to push up inflation.
“Inflationary costs are borne disproportionately by the poor and the disadvantaged,” Poilievre said. “So you’re effectively transferring an enormous sum of wealth to those who have financial assets, while diluting the wages of working-class people.”
Pressed by Conservatives on the committee for a date when the buying will come to end, Macklem said the uncertain path of the pandemic prevents him from being able to circle a day on the calendar.
Macklem says bond-buying program about lowering rates – BNN
“We’re not financing the government.”
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