Investment

Federal government focuses on targeted investment – Sault Star

Published

4 years ago

October 6, 2020

The Sault Ste. Marie Chamber of Commerce held a virtual town hall meeting to focus on the country’s recovery, renewal and rejuvination of the economy following COVID-19.

Canada’s minister of Middle Class Prosperity Mona Fortier speaks during Question Period in the House of Commons on Parliament Hill in Ottawa, on December 9, 2019. She spoke to remembers of the Greater Sudbury Chamber of Commerce on Tuesday during a virtual town hall.

BLAIR GABLE / REUTERS

The Canadian government is focused to target investment for the middle class that will benefit the economy, the environment and protect the health of its residents, says Minister of Middle Class Prosperity and Associate Minister of Finance.

Mona Fortier and Sault MP Terry Sheehan met virtually with chamber of commerce members Tuesday to outline the federal government’s plan to recover, renew and rejuvenate the economy from the COVID-19 pandemic.

Fortier said the Liberal government will follow the four main pillars outlined in September’s Throne Speech to fight the pandemic, support Canadians, build a stronger economy and promote the country’s diversity.

“Your region has set an example of how to the flatten the curve but we can’t let our guard down,” Fortier told about two-dozen virtual participants.

For business, the plan will include breaking down inter provincial trade barriers that will allow businesses a ‘quick win’ to relaunch their businesses and get the economy moving, she said.

Breaking down inter provincial trade barriers is something the federal government has repeatedly heard from provincial premiers, Fortier said, and vows to work together to do so.

“Since March the Prime Minister has had nine meetings with the premiers to work together and this is one of the common priorities,” she said.

Regulatory barriers have already been removed for things like personal protective equipment which help with Canada’s response to the pandemic. She agrees more needs to be done, including reducing the red tape for those entering the skilled trade to allow them to move between provinces for employment.

Sheehan said the same issue has been discussed at the International Trade Committee meetings, of which he is a member.

“We need all governments, at all levels to keep working together and we need to keep the momentum up,” he said.

Sheehan wants to see more Red Seals created that will allow tradesperson to be recognized for their skills across the country, recognizing a standard of excellence with their trade.

It was also pointed out that while the oil and gas industry is particularly important to the western provinces, Ontario, including Sault Ste. Marie and Northern Ontario, have a role to play by supplying parts and equipment for that industry.

Fortier was also asked her views about a Buy Canada procurement policy.

“That’s exactly where we are going,” she said. “Businesses are stronger when we work together and innovate.”

Fortier said that Industry Minister Navdeep Bains is focusing on a made-in-Canada approach.

Such a procurement policy has recently helped Sault Ste. Marie based China Steel who was awarded a contract to supply product for Canada’s military armoured vehicles.

China Steel, an industrial fabricator and machine shop, was awarded a $1 million sub contract to manufacture components for Canada’s new armoured vehicle fleet.

For Sault Ste. Marie and many parts of Northern Ontario, tourism was also sharply hit during the pandemic.

The minister was asked how Canada will be marketed as a safe travel destination as the pandemic ends.

“That’s difficult to answer with the uncertainty we have now,” Fortier said. “We are trying to support business and non-profits.”

Border restrictions are in place to help prevent the spread of COVID-19 and the decisions have not been taken lightly, she said, adding that the border closure is under constant evaluation.

The federal government has established a number of emergency response programs also geared to help the tourist industry and support for that sector has been extended until next year, she said.

“We recognize that we have four seasons and support needed may vary from one season to another,” Sheehan said. “We understand the critical need is there.”

Fortier’s participation in the town hall meeting is the second in a series of similar events she is participating in to discuss how to build back a better economy following the pandemic.

She said working with chambers of commerce have helped the federal government better understand business needs and how best businesses can be supported through programs.

“In the long-term, as we look to recovery, we are determined to build back better by addressing the gaps in our social systems, strengthening the middle class, supporting those working hard to join it, generating clean growth and creating jobs,” Fortier said.

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Economy

Energy stocks help lift S&P/TSX composite, U.S. stock markets also up

Published

1 day ago

September 17, 2024

Anne Joseph

TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.

The S&P/TSX composite index was up 34.91 points at 23,736.98.

In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.

The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.

The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.

The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.

This report by The Canadian Press was first published Sept. 17, 2024.

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

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Economy

S&P/TSX gains almost 100 points, U.S. markets also higher ahead of rate decision

Published

5 days ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets climbed to their best week of the year.

“It’s been almost a complete opposite or retracement of what we saw last week,” said Philip Petursson, chief investment strategist at IG Wealth Management.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

While last week saw a “healthy” pullback on weaker economic data, this week investors appeared to be buying the dip and hoping the central bank “comes to the rescue,” said Petursson.

Next week, the U.S. Federal Reserve is widely expected to cut its key interest rate for the first time in several years after it significantly hiked it to fight inflation.

But the magnitude of that first cut has been the subject of debate, and the market appears split on whether the cut will be a quarter of a percentage point or a larger half-point reduction.

Petursson thinks it’s clear the smaller cut is coming. Economic data recently hasn’t been great, but it hasn’t been that bad either, he said — and inflation may have come down significantly, but it’s not defeated just yet.

“I think they’re going to be very steady,” he said, with one small cut at each of their three decisions scheduled for the rest of 2024, and more into 2025.

“I don’t think there’s a sense of urgency on the part of the Fed that they have to do something immediately.

A larger cut could also send the wrong message to the markets, added Petursson: that the Fed made a mistake in waiting this long to cut, or that it’s seeing concerning signs in the economy.

It would also be “counter to what they’ve signaled,” he said.

More important than the cut — other than the new tone it sets — will be what Fed chair Jerome Powell has to say, according to Petursson.

“That’s going to be more important than the size of the cut itself,” he said.

In Canada, where the central bank has already cut three times, Petursson expects two more before the year is through.

“Here, the labour situation is worse than what we see in the United States,” he said.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

— With files from The Associated Press

This report by The Canadian Press was first published Sept. 13, 2024.

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

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Economy

S&P/TSX composite down more than 200 points, U.S. stock markets also fall

Published

2 weeks ago

September 6, 2024

Anne Joseph

TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.

The S&P/TSX composite index was down 239.24 points at 22,749.04.

In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.

The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.

The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.

The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.

This report by The Canadian Press was first published Sept. 6, 2024.

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

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