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The Latest: Spain's govt seeks last state of emergency span – Yahoo Canada Finance

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The Latest: Tokyo issues alert amid fear of 2nd virus wave

The Latest on the coronavirus pandemic. COVID-19 causes mild or moderate symptoms for most people. For some, especially older adults and people with existing health problems, it can cause more severe illness or death.

TOP OF THE HOUR:

— Tokyo governor issues alert after new cases rise again

— Greece to test workers on voluntary basis ahead of tourist season

— Portugal sees promising signs for tourism recovery

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TOKYO — The governor of Tokyo has issued a coronavirus alert for the Japanese capital amid worries of a resurgence of infections only a week after a state of emergency ended.

Governor Yuriko Koike issued a “Tokyo alert” on Tuesday after 34 new cases were confirmed in the city, where confirmed infections had slowed to a few per day in late May.

Koike said: “The alert is to precisely inform the people of the status of infections and to advise caution.”

Lighting on Tokyo’s Rainbow Bridge will be changed from rainbow-colored to red as a sign of alert. However, the alert does not mean restrictions that just got eased will be reimposed immediately.

Experts say the rise in new cases reflects the increased movement of people since mid-May and could increase further.

Koike said: “I want to remind everyone once again that we are fighting against an unknown virus as we still don’t have any vaccines or treatment for it.”

Under the second phase of a three-part plan for resuming business activity, Tokyo’s theatres , fitness gyms and other commercial facilities reopened. Night clubs, karaoke parlours and other highest-risk establishments are still closed. shut observing shutdown requests.

Kitakyushu in southern Japan is also experiencing what local officials say is a second wave of infections. New cases exceeding 110 in the last 10 days following a three-week hiatus.

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ATHENS — Greece’s Health Ministry says it will carry out coronavirus antibody tests on public health and support workers across Greece this month as part of its efforts to monitor the course of the nation’s outbreak.

The Health Ministry said Tuesday that the testing will be carried out on a voluntary basis.. The plan was announced as Greece prepares to reopen to foreign tourists starting June 15.

Early and strictly enforced lockdown measures helped keep Greece’s infection rates comparatively low, and officials hope that will help entice summer visitors.

The government is racing to reopen international access to its resorts and to augment health care resources on the Greek islands and in mainland cities popular with vacationers.

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LISBON, Portugal — Portugal’s economy minister says the outlook for the country’s crucial tourism sector is brightening.

Some low-cost flights have resumed from Zurich and Luxembourg to Faro, in Portugal’s southern Algarve region, which is one of western Europe’s main vacation destinations.

Flights to Faro from Amsterdam are set to restart this week. Ryanair and Jet2 expect to operate flights to Faro starting July 1.

Economy Minister Pedro Siza Vieira said Portugal is in “advanced discussions” with Germany to establish a so-called “air corridor,” which could allow tourists who test negative for the coronavirus to fly to an area with a low infection rate, such as the Algarve.

The Portuguese government also has started talks with the British Foreign Office about creating an air corridor.

Siza Vieira told a parliamentary committee on Tuesday: “I and businesses in the (tourism) sector are less pessimistic than we were a month ago.”

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MADRID — The Spanish government is seeking to extend the state of emergency it imposed over the coronavirus until June 21, when most remaining restrictions on movement and business will be lifted.

New confirmed virus cases and deaths in Spain are at the lowest point since before the government ordered nationwide lockdown in mid-March.

The decree the Spanish Cabinet passed on Tuesday to prolong the state of emergency still needs to be approved by the lower house of parliament. Spain’s ruling left-wing coalition has secured enough support from smaller opposition parties for the measure to be approved on Wednesday.

Government spokeswoman María Jesús Montero says the extension will be the last one. But she warned that all precautions should be applied in advancing toward the post-lockdown phase the government calls the “new normality.”

For the first time since early March, Spain didn’t register any new deaths from COVID-19 on Monday. The official death toll stands at 27,127, and a total of 240,000 infections have been confirmed by laboratory tests.

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LONDON — An analysis of the disproportionate effect the coronavirus outbreak in the U.K. appears to be having on members of ethnic minority groups has found that those of Bangladeshi ethnicity had around twice the risk of dying with the virus than white British people.

The report by Public Health England found that black people were most likely to be diagnosed and that coronavirus-related death rates were highest among people from black and Asian ethnic groups.

Health Secretary Matt Hancock said: “This pandemic has exposed huge disparities in the health of our nation.”

The Public Health England analysis did not adjust for conditions such as obesity or for occupations when calculating the risk to various ethnic groups. There are a number of other findings in the report, including the fact that working age men are twice as likely to die than working age women.

Hancock says further analysis will be taken over the coming weeks and months to flesh out the early findings.

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MOSCOW — Russian President Vladimir Putin has instructed his government to take quick steps to repair economic damage from the coronavirus pandemic.

Prime Minister Mikhail Mishustin reported to Putin on Tuesday that the Cabinet’s plan contains measures designed to stimulate economic growth, raise incomes and reduce unemployment. It envisages spending 5 trillion rubles (about $73 billion) until December 2021.

A partial economic shutdown that Putin ordered in late March to stem the country’s outbreak badly hurt an economy already battered by a sharp drop in oil prices.

The Russian leader says the nation is now past the peak of contagion, allowing regional officials to gradually ease the restrictions. However, some experts warned that a daily increase of about 9,000 confirmed cases makes a quick lifting of the lockdown dangerous.

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LONDON — A leading epidemiologist said the coronavirus outbreak in the U.K. is unlikely to worsen during the summer but that the outlook from September was “very unclear.”

Professor Neil Ferguson from Imperial College London said he expects levels of coronavirus transmissions and cases to “remain relatively flat between now and September, short of very big policy changes or behaviour changes in the community.”

He told a committee of lawmakers in the House of Lords on Tuesday that the “real uncertainty” will be in September.

Ferguson resigned from his position as a government adviser last month after revelations that he broke social-distancing rules.

Ferguson leads a team which modeled the spread and impact of the coronavirus. The team’s data was instrumental in prompting Prime Minister Boris Johnson to impose the lockdown on March 23.

The lockdown is being eased across the U.K., most quickly in England, raising concerns among many health officials of a potential second spike in infections.

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LJUBLJANA, Slovenia — Health authorities in Slovenia say the first primary school pupil has tested positive for the coronavirus since children started returning to school two weeks ago.

A school in the city of Maribor said Tuesday that the 3rd-grader’s 17 classmates and teacher have been placed under a two-week quarantine.

Health authorities say the child with the virus likely acquired the virus from within the family and that contact tracing is underway.

The official STA news agency says it’s the first confirmed virus case since April 30 in Slovenia’s second-largest city.

Slovenia has declared an end to its outbreak and started easing anti-virus restrictions in mid-May.

The small European Union nation has reported 1,475 confirmed cases and 109 deaths since early March.

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JOHANNESBURG — South Africa’s total confirmed coronavirus cases have jumped to more than 35,000 while the province anchored by Cape Town remains a worrying hot spot with more than 23,000.

South Africa has the most confirmed virus cases of any nation in Africa. The Africa Centers for Disease Control and Prevention says the total number across the continent is now above 152,000.

South Africa took another step in easing lockdown restrictions on Monday with alcohol sales allowed again. Authorities have warned that the rate of new cases is expected to quicken.

South Africa has seen cases double roughly every 12 days while cases in the Western Cape have been doubling every nine days.

A major test lies ahead this weekend as places of worship are allowed to operate with a limit of 50 people, despite warnings from some religious leaders about the risk of spreading the virus.

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MOSCOW — The two main Russian Orthodox cathedrals in Moscow have reopened their doors as officials take more steps to ease the country’s coronavirus lockdown.

The Christ the Savior Cathedral and the Epiphany Cathedral at Yelokhovo welcomed parishioners again on Tuesday.

The move was co-ordinated with federal and city officials. Church-goers are supposed to wear medical masks and maintain a proper distance from others during services.

Other churches in the Russian capital are scheduled to reopen on Saturday. Moscow churches have been closed to parishioners since April 13.

Russian officials say that the nation is now past the peak of contagion, making it safe to gradually ease lockdown measures. Some experts warn that with new confirmed cases increasing by about 9,000 daily, lifting restrictions quickly is dangerous.

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JOHANNESBURG — Africa’s coronavirus cases have surpassed 150,000 while the World Health Organization says the continent of 1.3 billion people is still the region least affected.

Concerns remain high as some of Africa’s 54 countries struggle with when to reopen schools and parts of their economies.

Rwanda, the first nation in sub-Saharan Africa to impose a lockdown, this week slowed the easing of it after reporting its first COVID-19 death.

More than 4,300 deaths have been confirmed across the continent as local transmission of the virus increases and testing materials and medical equipment remain in short supply in many places.

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Britain’s statistics agency says the number of coronavirus-related deaths in the U.K. up to the week ending May 22 was 48,106.

The updated figures from the Office for National Statistics come after it recorded a weekly 2,589 deaths involving the coronavirus in England and Wales. Although that was the lowest in the past seven weeks, the virus still accounted for 21.1% of all deaths.

The daily figures provided by the government have COVID-related deaths at just above 39,000. Those figures are based on initial cause of death assessments whereas those from the statistics agency are collated from death registrations, which can take a few weeks to be issued.

The agency also said there were 2,348 more deaths in England and Wales during the week than the five-year average. Excess deaths are widely considered to be the best gauge of the virus’s impact as they provide a clear guide over historical periods and include all-cause mortality.

Statistician Nick Stripe said there have been just under 62,000 excess deaths across the U.K.

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BERLIN — Berlin’s top health official says she is appalled by a weekend gathering in support of the city’s shuttered clubs that brought up to 1,500 people together and which organizers ended because participants weren’t keeping to distancing rules.

The demonstrators gathered on a city canal Sunday in 300 to 400 small boats and on the banks, with loud music. The city’s health minister, Dilek Kalayci, said Tuesday she understands nightclubs’ financial difficulties but noted that aid is available and said the weekend event was “grossly negligent” while the pandemic continues. She said “this is not the time for parties.”

Germany started easing its coronavirus restrictions in late April and is continuing to do so despite some concern over local outbreaks linked to slaughterhouses, a church service and a restaurant.

In the latest case, at least 68 people tested positive in the central city of Goettingen after private family parties.

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HARARE, Zimbabwe — State media say Zimbabwe has confirmed its first coronavirus cases in prisons, with four inmates and two guards testing positive.

The Herald newspaper says authorities declared the prisons in Plumtree, which borders Botswana, and in Beitbridge, which borders South Africa, as “no-go areas.” Authorities also have suspended movement out of prisons countrywide, resulting in some prisoners failing to attend court hearings.

Zimbabwe’s cases more than doubled in the past week to over 200, with most new infections at centres where people crossing the border are quarantined. Most are returning from Botswana and South Africa, which host millions of Zimbabweans who fled economic turmoil in recent years.

South Africa has more than 34,000 virus cases, the most in Africa. Zimbabwe’s health ministry says the returnees pose the biggest virus threat. Those arrested for illegal border crossings are put into the prisons in Plumtree and Beitbridge. Zimbabwe earlier released more than 4,000 prisoners to ease overcrowding in facilities where health systems are weak. About 18,000 people are still behind bars.

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LAHORE, Pakistan — A leaked government document reveals authorities ignored experts who wanted a monthlong lockdown in Pakistan’s Punjab province and who estimated 670,000 might have been infected in the provincial capital of Lahore.

After media published the experts’ report Tuesday, residents criticized the government for easing the restrictions last month instead of heeding the recommendation.

The report was based on a sample survey done in Lahore, which had 245 deaths through May 15. Since then, Punjab has reported nearly 200 more fatalities related to COVID-19.

The document surfaced hours before Prime Minister Imran Khan relaxed more coronavirus restrictions implemented in March, saying Pakistanis must learn how to live with the virus since lockdowns don’t treat the disease.

Pakistan has registered 1,621 fatalities amid 76,398 cases.

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SINGAPORE — Singapore has reopened 75% of its economy as part of a three-phase controlled approach to end a virus lockdown in place since early April.

Finance, electronics manufacturing and logistics are among sectors that resumed operations after a two-month closure with strict safety requirements. Schools will also reopen in stages this month. But most retail shops, personal services, dining in at restaurants and social gatherings are still banned.

“It feels like it has come back to where it should be. Like you know, people start to see people again, and working again. It feels good,” said Firman Hanif, who works in a security firm.

The affluent city-state has more than 35,000 cases, one of the highest in Asia. More than 90 per cent of cases involved foreign workers living in crowded dormitories. The government says it will only lift further restrictions if infections remain low.

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SEOUL, South Korea — South Korea has reported 38 new cases of COVID-19, all but one in the densely populated Seoul metropolitan area.

The figures released by the Korea Centers for Disease Control and Prevention on Tuesday brought national totals to 11,541 cases and 272 deaths.

Hundreds of cases have been linked to workplaces, including call centres and a massive warehouse operated by local e-commerce giant Coupang, which officials say failed to properly enforce preventive measures. At least two dozen cases have been linked to churches near capital Seoul, including a death of a follower in his 70s.

Incheon, a port city west of Seoul, banned gatherings at more at some 4,200 churches and other religious facilities. Gyeonggi province, which surrounds the capital, issued an administrative order to shut down warehouses, funeral homes and wedding halls.

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BEIJING — China is reporting five new cases of the coronavirus, all brought by Chinese citizens from outside the country.

No new deaths were reported on Tuesday, while 73 people remain in treatment for COVID-19 and 373 are under monitoring and isolation for showing signs of the virus or having tested positive for it without showing symptoms. China has recorded a total of 4,634 deaths among 83,022 cases of the disease.

China further re-opened schools this week and much of the economy is back on a regular footing following the virus outbreak that was first detected late last year in the central Chinese city of Wuhan.

On Monday, China’s foreign ministry again defended the country’s handling of the outbreak against charges of incompetence from the Trump administration focusing on its failure to prevent people leaving Wuhan earlier than Jan. 23 when the city was put on lockdown.

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Follow AP news coverage of the coronavirus pandemic at https://apnews.com/VirusOutbreak and https://apnews.com/UnderstandingtheOutbreak

The Associated Press

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William Watson: My hunch is the economy will bounce back quickly when this ‘Great Compression’ ends – Financial Post

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George Santayana meet Milan Kundera. Santayana (1863-1952) was the Spanish-born American philosopher most famous for saying: those who cannot remember the past are condemned to repeat it. Kundera (1929-) is a Czech-born French writer whose best-known work, “The Unbearable Lightness of Being,” holds that individual experience is “light” because it is not repeated. So its capacity to teach is limited. Which thinker, I wonder, is the best guide to the COVID economy?

The economists Robert Hall of Stanford University and Marianna Kudlyak of the San Francisco Federal Reserve Bank have recently discovered a remarkable regularity about the 11 postwar U.S. recessions: however high the unemployment rate rises it pretty much always declines at the rate of 0.85 percentage points per year.

In 2020, that is terrible news. As they write, with the unemployment rate about “nine percentage points above normal … it would take 11 years (nine divided by 0.85) to work off the pandemic’s bulge of unemployment as it currently stands.” (Granted, that was before the rate fell 2.2 points from May to June alone.)

The saving grace is that the current recession is like no other in American — or Canadian — history

We only just completed a long labour market recovery from the crash of 2008 (though we did complete it, with unemployment rates hitting long-term lows). No one wants another 10-year slog back to full employment. As three economists from the C.D. Howe Institute show elsewhere on this page, if the recovery does turn out to be slow, then in terms of accumulated lost output the current downturn will at least rival and may even “blow past” the other big recessions of recent memory (1982 and 1990).

The saving grace is that the current recession is like no other in American — or Canadian — history. (Take that, Santayana!) In fact it’s not so much a recession, with economic activity ebbing for reasons that often seem mysterious, as it is a compression. The Great Compression, you might call it. For reasons everyone understands though not everyone agrees with, the government hammered the economy shut for a couple of months by either literally outlawing many normal economic interactions or at least strongly discouraging them.

Will the recovery from such an unprecedented shutdown follow the pattern of previous recoveries (i.e., slow but inevitable) or will it go more quickly? My hunch is that when the compression does end the economy will bounce back relatively quickly. Hall and Kudlyak at least hold out that possibility, pointing to data showing that the overwhelming majority of today’s unemployed “anticipate being recalled to jobs from which they have been temporarily laid off, within the coming six months.” In the best-case scenario, these workers “return to their existing jobs rapidly without sacrificing their job-specific human capital” or going through the normal try-it-and-quit, try-it-and-quit search for a job that finally fits.

The last few data points from the U.S. are encouraging in this regard, with unemployment claims falling and employment and growth expectations rising faster than forecast.

What could go wrong? A second wave of the virus, obviously — though future lockdowns will be more targeted and therefore less costly economically.

Beyond that, there are three main problems.

First, the lucky among us have been working and earning as usual but spending less, either because things we like to spend on simply haven’t been available or because we fear our jobs are at risk, too. That creates a classic Keynesian problem of underconsumption. But figuring ways to encourage consumption shouldn’t be a problem for our tax policy people. Over the years they’ve devised all sorts of gimmicks to encourage this or that. Egging on ordinary consumption would be a novel challenge for them but one they can overcome. And it doesn’t require building new transportation systems or massive new solar arrays.

Second, we’ve got a structural problem: no one wants to fly, stay at hotels, ride the subway, dine out or go to movies or shows until doing so is safe again. There’s no Keynesian solution for that. The people in the affected industries either have to figure out ways to make it safe or find something else to do, whether for a time or for good. Travel agents, good with phones, could become contact-tracers. Pilots could operate heavy equipment. Chefs, projectionists, actors, salespeople and countless others? Jobs building infrastructure likely won’t help.

Our third big problem is government getting in the way. Relief money phases out too slowly. Infrastructure programs — probably the wrong answer anyway — take too long to come on line (they always do!). “Stimulus packages” get devoured by rent-seekers and the government’s pet projects.

With a leadership vacuum at the top the U.S. seems likely to have a ramshackle, unplanned recovery. But its first shoots are bright green and very promising. My bet is we in Canada take a much more scientific, planned and deliberate approach and, as a result, recovery takes a lot longer — especially if, looking down our noses at southern-state infection rates, we keep the border closed into the fall.

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Stocks slide from one-month high on economy jitters – BNN

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European stocks dropped from a one-month high as officials warned the economy will take longer to recover and Germany reported weaker-than-expected industrial data. U.S. futures slid and the dollar advanced.

All but one of the 19 industry groups in the Stoxx Europe 600 Index fell, with real estate and technology shares bearing the brunt of the selling. Bayer AG lost 5.5 per cent after its plan for handling future Roundup cancer claims hit a snag. Treasuries edged higher alongside most European bonds.

In Asia, Chinese stocks powered ahead for a sixth day, although at a slower pace. Iron ore futures jumped and the offshore yuan briefly strengthened through the 7 per dollar level for the first time since March.

Investors are catching their breath after a ferocious rally that pushed the Nasdaq Composite to a record high. While recent reports show that global economy could be past the worst of the slump, it’s a long road back to pre-crisis levels.

The European Commission gave its starkest warning yet about the impact of the pandemic, with the divergences between richer and poorer countries opening up even further than projected two months ago. Officials now forecast a contraction of 8.7 per cent in the euro area this year, a full percentage point deeper than previously predicted.

Here are some key events coming up:

  • The EIA crude oil inventory report comes Wednesday.
  • All eyes will be on the U.S. weekly jobless claims report on Thursday.
  • Singapore holds its general election on Friday.
  • Rate decisions in Australia and Malaysia Tuesday.

These are the main moves in markets:

Stocks

  • Futures on the S&P 500 Index declined one per cent as of 10:45 a.m. London time.
  • The Stoxx Europe 600 Index sank 1.1 per cent.
  • The MSCI Asia Pacific Index declined 0.7 per cent.
  • The MSCI Emerging Market Index sank 0.7 per cent.

Currencies

  • The Bloomberg Dollar Spot Index jumped 0.5 per cent.
  • The euro decreased 0.4 per cent to US$1.1266.
  • The British pound fell 0.2 per cent to US$1.2469.
  • The onshore yuan weakened 0.1 per cent to 7.025 per dollar.
  • The Japanese yen weakened 0.4 per cent to 107.73 per dollar.

Bonds

  • The yield on 10-year Treasuries declined one basis point to 0.67 per cent.
  • The yield on two-year Treasuries climbed less than one basis point to 0.16 per cent.
  • Germany’s 10-year yield declined one basis point to -0.44 per cent.
  • Britain’s 10-year yield fell one basis point to 0.192 per cent.
  • Japan’s 10-year yield increased one basis point to 0.046 per cent.

Commodities

  • West Texas Intermediate crude sank 1.5 per cent to US$40.04 a barrel.
  • Brent crude fell 1.2 per cent to US$42.60 a barrel.
  • Gold weakened 0.5 per cent to US$1,776.29 an ounce.

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Feds prepare to release snapshot of Canada’s economic health amid coronavirus – Globalnews.ca

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Opposition parties have laid out their demands for the federal Liberal government as Ottawa prepares to update Canadians on the country’s finances after four months of COVID-19 — and where it expects the economy to head for the rest of the year.

Wednesday’s fiscal snapshot will be the first public assessment of the country’s economic and financial situation since the pandemic started in earnest in March, forcing provinces into lockdown and the Liberal government to start doling out billions in aid in lieu of a federal budget.

Read more:
Conservative MP urges Trudeau government to increase auditor general funding

The snapshot is expected to give an idea of how the government sees the rest of the fiscal year playing out, including figures for a potential deficit.

But the Conservatives and NDP made clear Sunday that they want more than just numbers: they want action. That includes additions, changes and expansions to federal COVID-19 support programs along with more accountability and transparency.

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Yet while the Conservatives also called for the Liberals to produce a plan to get government spending under control, the NDP warned against any premature efforts to cut federal assistance.

Conservative finance critic Pierre Poilievre on Sunday blasted the Liberals’ handling of the economy while small business critic James Cumming underscored the importance of accurate fiscal projections and planning from the government for Canadian business.






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Canada’s economic “snapshot” – Parliamentary Budget Officer weighs in


Canada’s economic “snapshot” – Parliamentary Budget Officer weighs in

“What business needs as they start to open up is some level of certainty,” Cumming said during a news conference on Parliament Hill.

“They need to understand what the government’s finances are to understand how long these programs are going to last to assist them and when they will be starting to phase out. And a lot of that has a lot to do with the financial health of the government.”

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Federal figures last week showed direct government spending on COVID-19 supports at just over $174 billion, which included another increase to the budget for the Canada Emergency Response Benefit. That is now expected to cost $80 billion as eligibility increased to 24 from 16 weeks.

–At the same time, Statistics Canada last week reported that the Canadian economy shrank 11.6 per cent in April — the largest monthly drop on record. That follows a 7.5 contraction in gross domestic product in March. Both are expected to hit Ottawa’s bottom line through lost tax revenue.

Read more:
Canada reports 219 new coronavirus infections as two-thirds of overall cases recover

Parliamentary budget officer Yves Giroux has previously predicted that the increased spending and lost revenue could combine to see the federal deficit top $250 million this year.–With COVID-19 in retreat across most of the country — at least for the moment — Poilievre said it was time for the Liberals to produce a plan to start getting what he described as Ottawa’s “fiscal mess” under control.

That includes weaning Canadians off the CERB and getting them back to work by phasing out the $2,000-per-month benefit based on how much they earn rather than simply cutting off anyone who earns more than $1,000 in a month.

“The government is punishing Canadians for working,” Poilievre said. “We think that people on it should be rewarded when they make the courageous decision to go back to work and make a wage.”

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Poilievre, who also demanded more money for the federal auditor general’s office to better scrutinize government spending during the pandemic, dismissed suggestions that Ottawa needs to keep the taps wide open to stimulate the economy as it starts to reopen.






2:16
Growing questions about Canada’s economic health


Growing questions about Canada’s economic health

He instead took aim at various Liberal policies and regulations around natural-resource development, particularly in Alberta and Saskatchewan, as having stunted economic growth and prosperity in Canada.

“Removing these government obstacles is the way you unleash growth and create a cornucopia of opportunity for our workers and businesses that will generate the wealth,” he said. “More deficit spending does not create jobs and growth.”

Bloc Quebecois Leader Yves-Francois Blanchet also called last week for the CERB to be phased out to encourage Canadians to return to work. He made an exception for seasonal workers in the arts, hospitality and agricultural industries who will not earn a full income until next summer.

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Yet NDP finance critic Peter Julian warned against any early cut to COVID-19 benefits and support and instead repeated longstanding calls from his party for the federal government to crack down on tax havens and tax wealthy Canadians and businesses to pay for the federal aid.






0:45
Liberals to release Canadian economic, fiscal ‘snapshot’ on July 8


Liberals to release Canadian economic, fiscal ‘snapshot’ on July 8

“There’s been a call for … dealing with the economic and financial fallout of the pandemic through cutting services,” Julian said in an interview.

“We actually believe that now is the time to handle the pandemic from the revenue side. We believe in tackling the tax haven problem, which is more acute in Canada than any other country. And to put in place a wealth tax.”

The NDP is also pressing for the Liberals to ease the criteria for businesses to access the federal wage subsidy, which covers up to 75 per cent of employees’ salaries, to encourage more hiring. And it wants the government to provide promised support for Canadians living with disabilities.

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READ MORE: Ottawa’s coronavirus deficit will take ‘many, many years’ to pay down, economist says

While the fiscal update will be presented in the House of Commons on Wednesday, Julian said the report itself will not require a vote. However, he suggested NDP support for future legislative proposals from the government could be contingent on the Liberals accepting the NDP’s requests.

The Liberals have leaned heavily on the NDP since being elected to a minority government in October. That included securing NDP support for several confidence motions in the winter and spring that, if defeated, could have triggered a federal election.

© 2020 The Canadian Press

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