Economy

German Economy Minister Seeks Aid for Companies Facing Energy Pain – BNN Bloomberg

Published

2 years ago

September 22, 2022

(Bloomberg) — German Economy Minister Robert Habeck urged lawmakers on Thursday to back a massive rescue package for companies struggling with soaring power costs, a call likely to add to tensions in the three-party government over how to shore up the energy sector.

The Greens party member said Europe’s biggest economy should be able to stump up help for businesses in the same way it came up with a 100 billion-euro ($98 billion) special territorial defense fund earlier this year.

“We are in a situation where companies need our support, in order to protect Germany’s economic fabric, or rather to defend it,” Habeck told parliament on Thursday.

Habeck’s demand comes a day after the government unveiled the nationalization of Uniper SE, amid a growing rift within Chancellor Olaf Scholz’s coalition about how to finance rescue packages for Germany’s biggest gas supplier and other utilities suffering from soaring prices. The Greens favor new debt or higher taxes, while Finance Minister Christian Lindner, who heads the business-friendly Free Democrats, has ruled out these options.

Read more: Germany Nationalizes Gas Giant in Step to Avert Energy Collapse

A compromise could be a special fund similar to the defense package, which was created in spring in reaction to Russia’s invasion of Ukraine and which is not part of the regular budget. It would see state bank KfW give government-backed loans to energy companies.

The government could tap funds from the existing economic stabilization fund (WSF), first set up in the financial crisis of 2008 and later used in the Covid pandemic. One-third has already been used but 67 billion euros remain. The budget committee is expected to pass a modification to laws later on Thursday enabling the fund to be repurposed to secure the liquidity of German energy companies.

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

11 hours 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 also climbed higher.

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

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 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.

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

Statistics Canada reports wholesale sales higher in July

Published

18 hours ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

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

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

2 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

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

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

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