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Shadow Banks Show Signs of Recovery as India Economy Rebounds – Yahoo Canada Finance

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The Canadian Press

In Georgia, Loeffler again refuses to say Trump lost

ATLANTA — Sen. Kelly Loeffler repeatedly refused Sunday to acknowledge that President Donald Trump lost reelection in November, as she debated her Democratic opponent, Rev. Raphael Warnock, ahead of twin Georgia runoff elections that will determine which party controls the Senate.Asked specifically about President-elect Joe Biden’s victory in Georgia and whether she agreed with Trump’s unfounded accusations of widespread voter fraud, Loeffler sidestepped the matter.Although Trump has lost round after round of court challenges in Georgia and other battleground states, and Georgia’s results were certified last month, Loeffler described Trump as merely pursuing “every legal recourse.”She alleged, without any supporting details, irregularities in the November elections, prompting Warnock to chide her for “casting doubt” on a legitimate election in an effort to appease Trump and his supporters.“The people have spoken on the presidential election, and they’re waiting on their senator to be focused on them, not the person in the White House,” he said.The exchange came as a top election official in the state accused Trump and his allies of spreading falsehoods and leading Republicans said they worried that unfounded attacks on the election system could depress turnout in the Jan. 5 runoffs.But Loeffler steered clear of any criticism of Trump, even as she tacitly acknowledged his defeat. Her victory is necessary to prevent a leftward march under complete Democratic control in Washington, she said.“Everything is at stake in this election, the future of our country,” she said, warning of a range of liberal and progressive policies that could never become law if Trump was in the Oval Office.More than a dozen times Loeffler blasted “radical liberal Raphael Warnock” and hammered the pastor as a socialist who would ensure everything from a government takeover of the U.S. healthcare system to the seizure of Americans’ guns. Warnock, who is not a socialist, countered by blasting Loeffler as a self-interested, uber-wealthy politician who “lied not only on me, but on Jesus” by highlighting and, he said, misrepresenting excerpts of his sermons.The battle between Loeffler and Warnock and a second runoff between Republican Sen. David Perdue with Democrat Jon Ossoff will determine which party controls the Senate at the outset of Biden’s presidency. Republicans need one seat for a majority. Democrats need a sweep to make Vice-President-elect Kamala Harris the tie-breaking vote.The debate came a day after Trump campaigned in Georgia alongside the two senators. The president repeated his baseless claims that Biden’s victory in Georgia and nationally were due to fraud.Georgia officials are on the cusp of completing a third count of about 5 million presidential ballots in the state, with Biden already having been officially certified as the winner despite Trump’s protests.Gabriel Sterling, a top deputy to Georgia’s Republican secretary of state, said on NBC’s “Meet the Press” earlier Sunday that Trump and those echoing him are undermining democracy with deliberate falsehoods.“At this point, it’s a game of whack-a-mole” Sterling said. “They are stoking anger and fear among his supporters. And hell, I voted for him.”Meanwhile, Gov. Brian Kemp and Lt. Gov. Geoff Duncan, both Republicans, said they opposed Trump’s entreaty for a special legislative session ostensibly to select Republican electors over the Democratic slate already certified for Biden.”The mountains of misinformation are not helping the process; they are only hurting it,” Duncan said.While Loeffler dodged inquiries about Trump’s defeat, Warnock avoided saying whether he’d support expanding the Supreme Court, a priority for some progressives. He said he was more interested in coronavirus pandemic relief, but never answered explicitly whether he was opposed to adding justices.On COVID, the rivals confirmed their confidence in a vaccine and said they’d take it. But they drew contrasts on another economic aid package. Warnock highlighted Loeffler’s criticisms earlier this year of some congressional aid. Loeffler blamed Democratic leaders for Congress’ failure to pass a new round of assistance this fall.The runoffs, necessary because none of the candidates received a majority of votes in November, have put Georgia squarely in the national political spotlight. Both major parties and activist groups are plowing tens of millions of dollars into the state, along with a flood of field workers and volunteers from around the country.Vice-President Mike Pence campaigned in the state last week, as former President Barack Obama headlined a virtual rally for Democrats. Biden, the first Democratic presidential candidate to win Georgia since 1992, has promised to visit before the runoff, acknowledging that the outcome will shape the legislative reach of his presidency.Before the prime time matchup, Ossoff debated an empty podium, blistering Perdue as a “coward” for skipping the debate.Ossoff suggested Perdue, whose prolific stock trading has drawn attention during the pandemic, declined to debate because he didn’t want to “incriminate himself” over his personal financial activities that the challenger summed up as “cartoonish abuse of power.”“It shows an astonishing arrogance and sense of entitlement for Georgia’s senior U.S. senator to believe he shouldn’t have to debate at a moment like this in our history,” Ossoff said.Perdue’s campaign manager responded with an email statement that said Ossoff “lost a debate against himself.” The statement did not address any details of Ossoff’s attacks on the senator. Another Perdue aide followed up with a statement emphasizing that “the bipartisan Senate Ethics Committee, DOJ and the SEC … independently cleared Sen. Perdue of any and all wrongdoing.”The Associated Press and other media have reported details of key trades Perdue made after members of Congress began receiving classified briefings about COVID-19 but while Perdue and other officials were downplaying its dangers in public. Perdue’s trades also involved companies whose business activities fall under jurisdiction of some of the senator’s committees.Ossoff brushed aside a moderator’s reminder that authorities have not found any legal wrongdoing on Perdue’s part. “His blatant abuse of his power and privilege to enrich himself is disgraceful,” Ossoff said. “He can’t defend the indefensible. … The standard for our elected officials must be higher than merely evading prosecution.”Jeff Amy And Bill Barrow, The Associated Press

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Economy

Canada’s unemployment rate holds steady at 6.5% in October, economy adds 15,000 jobs

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OTTAWA – Canada’s unemployment rate held steady at 6.5 per cent last month as hiring remained weak across the economy.

Statistics Canada’s labour force survey on Friday said employment rose by a modest 15,000 jobs in October.

Business, building and support services saw the largest gain in employment.

Meanwhile, finance, insurance, real estate, rental and leasing experienced the largest decline.

Many economists see weakness in the job market continuing in the short term, before the Bank of Canada’s interest rate cuts spark a rebound in economic growth next year.

Despite ongoing softness in the labour market, however, strong wage growth has raged on in Canada. Average hourly wages in October grew 4.9 per cent from a year ago, reaching $35.76.

Friday’s report also shed some light on the financial health of households.

According to the agency, 28.8 per cent of Canadians aged 15 or older were living in a household that had difficulty meeting financial needs – like food and housing – in the previous four weeks.

That was down from 33.1 per cent in October 2023 and 35.5 per cent in October 2022, but still above the 20.4 per cent figure recorded in October 2020.

People living in a rented home were more likely to report difficulty meeting financial needs, with nearly four in 10 reporting that was the case.

That compares with just under a quarter of those living in an owned home by a household member.

Immigrants were also more likely to report facing financial strain last month, with about four out of 10 immigrants who landed in the last year doing so.

That compares with about three in 10 more established immigrants and one in four of people born in Canada.

This report by The Canadian Press was first published Nov. 8, 2024.

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Health-care spending expected to outpace economy and reach $372 billion in 2024: CIHI

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The Canadian Institute for Health Information says health-care spending in Canada is projected to reach a new high in 2024.

The annual report released Thursday says total health spending is expected to hit $372 billion, or $9,054 per Canadian.

CIHI’s national analysis predicts expenditures will rise by 5.7 per cent in 2024, compared to 4.5 per cent in 2023 and 1.7 per cent in 2022.

This year’s health spending is estimated to represent 12.4 per cent of Canada’s gross domestic product. Excluding two years of the pandemic, it would be the highest ratio in the country’s history.

While it’s not unusual for health expenditures to outpace economic growth, the report says this could be the case for the next several years due to Canada’s growing population and its aging demographic.

Canada’s per capita spending on health care in 2022 was among the highest in the world, but still less than countries such as the United States and Sweden.

The report notes that the Canadian dental and pharmacare plans could push health-care spending even further as more people who previously couldn’t afford these services start using them.

This report by The Canadian Press was first published Nov. 7, 2024.

Canadian Press health coverage receives support through a partnership with the Canadian Medical Association. CP is solely responsible for this content.

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Trump’s victory sparks concerns over ripple effect on Canadian economy

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As Canadians wake up to news that Donald Trump will return to the White House, the president-elect’s protectionist stance is casting a spotlight on what effect his second term will have on Canada-U.S. economic ties.

Some Canadian business leaders have expressed worry over Trump’s promise to introduce a universal 10 per cent tariff on all American imports.

A Canadian Chamber of Commerce report released last month suggested those tariffs would shrink the Canadian economy, resulting in around $30 billion per year in economic costs.

More than 77 per cent of Canadian exports go to the U.S.

Canada’s manufacturing sector faces the biggest risk should Trump push forward on imposing broad tariffs, said Canadian Manufacturers and Exporters president and CEO Dennis Darby. He said the sector is the “most trade-exposed” within Canada.

“It’s in the U.S.’s best interest, it’s in our best interest, but most importantly for consumers across North America, that we’re able to trade goods, materials, ingredients, as we have under the trade agreements,” Darby said in an interview.

“It’s a more complex or complicated outcome than it would have been with the Democrats, but we’ve had to deal with this before and we’re going to do our best to deal with it again.”

American economists have also warned Trump’s plan could cause inflation and possibly a recession, which could have ripple effects in Canada.

It’s consumers who will ultimately feel the burden of any inflationary effect caused by broad tariffs, said Darby.

“A tariff tends to raise costs, and it ultimately raises prices, so that’s something that we have to be prepared for,” he said.

“It could tilt production mandates. A tariff makes goods more expensive, but on the same token, it also will make inputs for the U.S. more expensive.”

A report last month by TD economist Marc Ercolao said research shows a full-scale implementation of Trump’s tariff plan could lead to a near-five per cent reduction in Canadian export volumes to the U.S. by early-2027, relative to current baseline forecasts.

Retaliation by Canada would also increase costs for domestic producers, and push import volumes lower in the process.

“Slowing import activity mitigates some of the negative net trade impact on total GDP enough to avoid a technical recession, but still produces a period of extended stagnation through 2025 and 2026,” Ercolao said.

Since the Canada-United States-Mexico Agreement came into effect in 2020, trade between Canada and the U.S. has surged by 46 per cent, according to the Toronto Region Board of Trade.

With that deal is up for review in 2026, Canadian Chamber of Commerce president and CEO Candace Laing said the Canadian government “must collaborate effectively with the Trump administration to preserve and strengthen our bilateral economic partnership.”

“With an impressive $3.6 billion in daily trade, Canada and the United States are each other’s closest international partners. The secure and efficient flow of goods and people across our border … remains essential for the economies of both countries,” she said in a statement.

“By resisting tariffs and trade barriers that will only raise prices and hurt consumers in both countries, Canada and the United States can strengthen resilient cross-border supply chains that enhance our shared economic security.”

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

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