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Global Investors Blindsided by China – Bloomberg Markets and Finance

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BC short-term rental rules take effect May 1 – CityNews Vancouver

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Premier David Eby says that as B.C. inches closer to new short-term rental rules taking effect, 17 communities have decided to opt into the restrictions.

The update comes as the regulations surrounding how many and what kinds of short-term rentals are allowed in B.C. come into effect on May 1.

The BC NDP tabled the legislation in October of last year which, once in effect, aims to return short-term rentals to the long-term rental market.

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As of May 1, the province is requiring short-term rental platforms, like Airbnb and VRBO, to share data and to remove listings without business licenses and registration numbers “quickly.”

It is also limiting short-term rentals to a property owner’s principal residence — plus one additional unit or suite on that property — for municipalities with more than 10,000 people. Municipalities with fewer than 10,000 people, or those designated as resort municipalities, will be able to opt into the legislation.

Those communities that have opted in, like the resort municipality of Tofino, will see the new laws come into effect on Nov. 1. Some other communities that have agreed to the new rules are Kent, Gabriola Island, Bowen Island, Osoyoos, and Pemberton.

The province says through regulations, the fines for hosts breaking municipal by-law rules will increase to $3,000 from $1,000, per infraction, per day.

“Short-term rentals themselves are not the problem,” Eby said in the update Thursday. “What has been the problem is inadequate oversight over this sector. And a group of people who have … said I’d like to actually buy up a whole bunch of homes that would otherwise be rented by people, or what other otherwise be purchased by families looking for a place to live, and I’d like to operate a private hotel chain through Airbnb or VRBO.”

“To give you a sense of the scale of the problem we face in British Columbia with this kind of activity [from] this small group of individuals, we have 19,000 entire homes in our province that are available year-round on short-term rental platforms,” he continued.

“And I can tell you that there are 19,000 families and individuals that are looking for a place to live, to buy, to rent right now, that are in competition with people that are looking to operate homes as hotels.”

Data from McGill University released in 2023 showed that the top 10 per cent of hosts in B.C. earn nearly half of all revenue created.

Eby added that, starting Thursday, a portal will be available for people to report operators for going against the new rules, and also giving hosts a platform to check their requirements of operation.

“These rules balance the need for long-term homes, including people and tourism and hospitality industry where the need to accommodate guests. As the premier mentioned, people are seeing long-term homes open up for rent, and more short-term rentals are being listed for sale or becoming long-term homes for families and individuals,” Housing Minister Ravi Kahlon said.

The province reiterated Thursday that short-term rentals are still “welcomed” in B.C., as long as they operate within provincial and local rules.

“We encourage people to continue to explore beautiful British Columbia and stay in legal short-term rental accommodations. We want guests, hosts, local governments, and platforms to know what to expect May 1,” Kahlon added.

Short-term rentals create big economic impacts: Airbnb

In a statement Thursday, Airbnb claimed a newly released economic analysis shows it generated more than $2.5 billion “in economic impact across BC in 2023,” and supported more than 25,000 jobs in the province.

“The analysis shows that for every $100 spent on an Airbnb stay, guests spent an additional $229 on other goods and services such as local businesses, restaurants, attractions, shops, and more,” the short-term rental agency said.

Airbnb believes the new “strict” short-term rental laws are “putting at risk billions in tourism spending and economic benefits.”

“BC’s new short-term rental law is going to significantly impact the province’s tourism sector, just as peak tourism season arrives – taking extra income away from residents, limiting accommodation options for guests, and potentially putting at risk billions in tourism spending and economic impact,” said Nathan Rotman, Airbnb Canada policy lead in the statement.

“At a time when BC is facing record deficits and economic growth is slowing, these new rules hurt resident hosts, tourists, communities and the economy as a whole.”

Airbnb is also contributing to tax revenue in the province, the agency claimed, explaining, “British Columbian Hosts on the platform generated approximately $93 million in taxes in 2023, bringing much-needed tax revenue for a province that’s projected to face a record high $7.9 billion deficit.”

You can watch CityNews 24/7 live or listen live to CityNews 1130 to keep up to date with this story. You can also subscribe to breaking news alerts sent directly to your inbox.

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'It's disgusting:' Doug Ford lashes out at oil companies over double-digit gas price hike – CityNews Toronto

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Premier Doug Ford lashed out at the gas companies for the double-digit overnight increase in the price of gas across the GTA, calling it unacceptable and disgusting.

Speaking at an unrelated announcement in Oakville, Ont., on Thursday, Ford took a moment to vent on behalf of “16 million people” across the province.

“You go out last night and you’re sitting there for 20 minutes in the lineup to get gas. It’s unacceptable,” said Ford. “Everywhere I was going it was a $1.59. You wake up this morning and it’s $1.80. It’s absolutely disgusting.”

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Prices at the pumps surged 14 cents overnight to 178.9 cents/litre at most GTA stations. Analysts attribute the increase to the annual changeover from winter gas to summer gas.

“That is why prices are going up so significantly all at once is essentially we’re seeing discounts on winter gasoline to get rid of it but now that we’ve made the jump, summer gasoline inventories are much lower and thus a much higher price,” Patrick De Haan, the head of petroleum analysis at Gas Buddy tells CityNews.

That explanation, Ford said, was simply a way for the gas companies to gouge people.

“It’s absolutely disgusting what the oil companies are doing,” said an agitated Ford as he questioned whether the gas companies are waiting for the tanks to drain at gas stations before filling them up with the new summer formulation. “Or are you using the old gas and charging the higher cost.”

“I have my opinion that it’s not physically possible to drain every single gas station to put the fresh stuff in. So either you’re putting the fresh stuff in last month or you’re gouging the people right now.”

Ford went on to say that after consulting with some friends in the United States, he found that gas prices were trending around $3.80 per gallon. “Folks, let’s do the math – it’s a $1.80 (a litre) that’s $7.20 (a US gallon).”

Mike Eppel, 680 News Radio Toronto Senior Business Editor, says it also comes down to a refining capacity issue in this country.

“So there’s lots of oil, that’s not the issue – oil supplies are high. It’s the refining capacity. We haven’t had a refinery built in eastern Canada since whenever – you can’t get a pipeline built. And anytime there is any disruption in the system, up goes the price for gas.”

Ford did not limit his anger on rising gas prices to just the oil companies, closing his rant by taking a shot at the federal government’s carbon tax, which took effect on April 1 and pushed gas prices up three cents a litre.

“This goes back to the federal government sticking their hands in the people’s pockets, they don’t care that we have some of the highest prices in North America on the carbon tax, they jack it up 17.5 per cent,” explained Ford. “And then of course the oil companies thought they’d hop on board, no one’s going to notice, because if I remember … just a few months ago I remember filling up for $1.30 to $1.34. Did the barrel of oil go up 30 per cent? The answer is no. So where is the 30 per cent.”

While the price of gas is expected to fall by four cents/litre on Friday, prices will continue to fluctuate with no real relief in sight until June or July.

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Google fires 28 employees who protested $1.2B contract with Israeli – National Post

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Google has fired 28 employees after a number of staffers protested the company’s cloud contract with the Israeli government.

The workers were terminated after staging protests inside Google’s offices in New York and Sunnyvale, California, per CNN.

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In a statement, Google’s parent company Alphabet said that “physically impeding other employees’ work and preventing them from accessing our facilities is a clear violation of our policies, and completely unacceptable behavior.”

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The protests were organized by the No Tech For Apartheid campaign and protesters held signs that read “No More Genocide For Profit” and “We Stand with Palestinian, Arab and Muslim Googlers.”

The company said it would continue to investigate and take action as needed, reports The Guardian.

The protesters say that Project Nimbus, a $1.2 billion contract granted to Google and Amazon.com in 2021, provides cloud services to the Israeli government and aids in the creation of military applications.

A form letter on the campaign’s website demands that Amazon CEO Andy Jassy, Amazon Web Services CEO Adam Selipsky, Google CEO Sundar Pichai and Google Cloud CEO Thomas Kurian “end all ties with Israeli apartheid and cut the Project Nimbus contract.”

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Google says the Nimbus contract “is not directed at highly sensitive, classified, or military workloads relevant to weapons or intelligence services.” It added that Google Cloud “supports numerous governments around the world, including the Israeli government.”

“We have been very clear that the Nimbus contract is for workloads running on our commercial cloud by Israeli government ministries, who agree to comply with our Terms of Service and Acceptable Use Policy.”

The No Tech for Apartheid campaign called the firings a “flagrant act of retaliation” and a “clear indication that Google values its $1.2 billion contract with the genocidal Israeli government and military more than its own workers.”

The campaign added that some of the individuals fired did not directly participate in the protests.

Despite what its critics allege, Israel has attempted to warn and shield civilians as the IDF hunts the Hamas terrorists who hid themselves among Gaza’s civilian population and infrastructure after the group’s October 7 attack. As well, critics who call Israel an apartheid state ignore the freedoms enjoyed by the democratic country’s Arab citizens, who play major roles in business, the judiciary and even the Knesset.

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