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Trudeau government ready to usher in new privacy legislation – CTV News

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OTTAWA —
The Trudeau government is poised to introduce legislation aimed at better safeguarding the privacy of Canadians in the digital era.

The bill, to be tabled as early as this week, would be a step toward realizing commitments set out in the mandate letter of Innovation Minister Navdeep Bains.

It would also flesh out the 10 principles — from control over data to meaningful penalties for misuse of information — that make up the federal digital charter.

The plan for a legislative overhaul follows repeated calls from federal privacy commissioner Daniel Therrien to modernize Canada’s aging privacy laws.

The Liberals have signalled their intention on the parliamentary notice paper to introduce a bill that would create the Consumer Privacy Protection Act and the Personal Information and Data Protection Tribunal Act.

It is not immediately clear how the new legislation would mesh with existing federal privacy laws.

The Privacy Act covers government agencies and federally regulated industries such as banks and airlines. The Personal Information Protection and Electronic Documents Act applies to private-sector organizations.

Therrien says Canada’s information-protection laws lag behind many others around the globe.

He has pressed for new authority to issue binding orders to companies and to levy fines for non-compliance with privacy legislation. Therrien also wants powers to inspect the information-handling practices of organizations.

John Power, a spokesman for Bains, said last month that Canadians are understandably anxious about how their data is being used in an increasingly digital world, adding the government was moving to strengthen the private-sector privacy law.

“Our government will ensure respect for the privacy of Canadians, support responsible innovation and enhance reasonable enforcement powers,” he said.

“We expect to have more to say on this soon.”

Prime Minister Justin Trudeau has asked Bains to work with other ministers to advance the digital charter and beef up the privacy commissioner’s powers with the overall goal of establishing a new set of online rights.

They are to include:

  • the ability to withdraw, remove and erase basic personal data from a platform, such as Facebook or Twitter;
  • knowledge of how personal data is being used, including through a national advertising registry;
  • the ability to review and challenge the amount of personal data that a company or government has collected;
  • a means of informing people when personal data is breached, with appropriate compensation;
  • and the ability to be free from online discrimination including bias and harassment.

Rachel Rappaport, a spokeswoman for Justice Minister David Lametti, said last month the government is committed to reviewing the Privacy Act to ensure it keeps pace with the effects of technological change and evolving Canadian values.

The government has already solicited the views of experts and interested parties, and it plans to consult the broader public soon, she said.

This report by The Canadian Press was first published Nov. 16, 2020.

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Dow Average tops 30000, S&P 500 jumps to record – BNN

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The Dow Jones Industrial Average topped 30,000 for the first time and investors piled into risk assets as a series of market-friendly developments unleashed animal spirits on Wall Street.

The S&P 500 Index hit a record, spurred by the formal start of President-elect Joe Biden’s transition, news that all but removed the threat of a contested transfer of power. Investors also woke up with a clear sense of what Biden’s Treasury Department will have in policy preferences after he nominated Janet Yellen to the post. A third promising vaccine candidate added to the euphoria, boosting bets that the economy can soar next year.

The rotation into risk assets was widespread. Small caps in the Russell 2000 added another 1.9 per cent, pushing its November rally past 20 per cent. Tesla Inc. tacked on another 6.4 per cent and is now worth US$500 billion. Carnival Corp. jumped 11 per cent, Planet Fitness Inc. rose 8 per cent and MGM Resorts International added 9 per cent. Four stocks rose for every one that fell in the S&P 500, while only three Dow companies dropped. Bitcoin rose to a three-year high, topping US$19,000 as it closed in on a record.

The record runs come in the face of more troubling news on the virus front, with cases rising and more states enacting restrictions ahead of the Thanksgiving holiday. Wednesday will also bring a flood of economic indicators, from jobless claims to readings on consumer confidence and personal income. Trading volumes have been elevated in what is normally a calm week. More than 12 billion shares changed hands yesterday, up 75 per cent from the Monday before last year’s holiday.

“There’s nothing else to buy. People have this excess cash and they’re buying into the market and they’re chasing it,” Gene Goldman, chief investment officer at Cetera Financial Group, said. “People are ignoring the short term and just jumping in and buying. All the short terms news is being ignored for long term optimism.”

Energy companies in the S&P 500 surged 4 per cent on the back of oil’s advance past US$45 for the first time since March. The dollar weakened versus major peers and Treasuries slipped. Gold fell toward US$1,800 an ounce.

The digital currency climbs above US$19,000 for the first time since December 2017

As the S&P 500 pushes its November surge past 11 per cent, a growing chorus is saying the rally can persist. Even after the latest advance, four of the 11 S&P 500 groups remain at least 8 per cent below when the index set a record on Feb. 19. Expectation is mounting that as investors grow confident the vaccine will spark an economic boom, cash will continue flooding into the likes of banks, utilities and energy companies that have underperformed.

“Everybody’s just ecstatic with the vaccine news,” said Jerry Braakman, chief investment officer of First American Trust, in Santa Ana, California, which manages around US$2 billion. “We had to slug through the election results, there’s a sense of relief that we didn’t decay into anarchy. That was definitely holding back the economy. We know how well stock markets do with recovery and its vision ahead. That’s normally the best time for markets.”

The rotation has been on display all month. Energy shares have surged almost 40 per cent, while financial firms have rallied about 20 per cent. Treasury yields have advanced and gold has stumbled.

“Even though we’ve seen this pretty sharp rotation into cyclical stocks, we think this could go on for much longer given how unbalanced many investors’ portfolios are when it comes to growth and value,” said Bill Callahan, investment strategist at Schroders. “Prior to the vaccine announcement the market wasn’t sure how long we would be in this state of economic limbo, but with the vaccine announcement it really doesn’t matter if the vaccine is distributed in the second quarter or third quarter next year, there is a light at the end of the tunnel.”

Here are some key events coming up:

  • Minutes of the most recent Federal Open Market Committee meeting are due Wednesday.
  • U.S. jobless claims, GDP and personal spending data come Wednesday.
  • U.K. expected on Wednesday to deliver the government’s spending plans for next year.
  • Thursday sees a policy decision and briefing from the Bank of Korea.
  • U.S. celebrates the Thanksgiving holiday on Thursday.
  • The week ends with Black Friday, the traditional start of the U.S. holiday shopping season.

These are the main moves in markets:

Stocks

  • The S&P 500 Index rose 1.6 per cent as of 4 p.m. New York time.
  • The Dow average added 1.5 per cent to 30,045.
  • The Stoxx Europe 600 Index rose 0.9 per cent.
  • The MSCI Asia Pacific Index rose 0.9 per cent.
  • The MSCI Emerging Market Index was little changed.

Currencies

  • The Bloomberg Dollar Spot Index fell 0.4 per cent.
  • The euro climbed 0.4 per cent to US$1.1890.
  • The British pound gained 0.3 per cent to US$1.3358.
  • The Japanese yen was little changed at 104.54 per dollar.

Bonds

  • The yield on 10-year Treasuries jumped two basis points to 0.88 per cent.
  • The yield on two-year Treasuries increased less than one basis point to 0.16 per cent.
  • Germany’s 10-year yield gained three basis points to -0.56 per cent.
  • Japan’s 10-year yield climbed one basis point to 0.025 per cent.

Commodities

  • West Texas Intermediate crude surged 4.2 per cent to US$44.84 a barrel.
  • Brent crude climbed 3.9 per cent to US$47.87 a barrel.
  • Gold futures weakened 1.8 per cent to US$1,811 an ounce.

–With assistance from Todd White.

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1 Dividend King Stock That Will Rule Through a Market Crash – The Motley Fool Canada

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Crashes or corrections are normal occurrences in the stock market. After a rally, new drivers will cause turbulence and lead to a meltdown. The coronavirus outbreak is the latest event that hinders a bull run. However, the market still declines with or without a pandemic.

No one gets advance notice of the date, nature, and magnitude of the next dip. Income investors understand that a crash is inevitable. Panic is not their reaction, but it presents a challenge. You must pick a dividend stock that will endure or rule through a market crash. When a meltdown comes, your income stream will continue.

The TSX is back to pre-coronavirus levels

Investing in the stock market is like riding a roller coaster. Risks are unpleasant and ever-present. But historically, there are longer up moments than down periods. For instance, the S&P/TSX Composite Index has almost recovered entirely from its COVID low. Canada’s primary stock market is down by only 0.26% year to date.

The TSX sunk to a low of 11,228.50 on March 23, 2020. It breached the 17,000 level for the first time in nine months on November 20, 2020. The climb was steep, but it doesn’t mean the rally can sustain.

The clear and present danger

COVID-19 remains a clear and present danger. Due to its second wave, the country could return to lockdowns. Four provinces reported single-day highs last weekend. Prime Minister Justin Trudeau and public health officials urge Canadians to stay home to control the rise in cases.

Market volatility might heighten again in the last week of November, and the situation could deteriorate in December. If Canadians will not take greater care and follow health protocols, the new modelling of the federal government suggests there could be up to 20,000 daily cases next month.

Another crash could wipe out the gains of the TSX. Countries pin their hopes on a working COVID-19 vaccine. While there are two reported promising vaccines, returning to normalcy will not be instant.

Dividend king to own

A dividend king that stands out during a market crash is Enbridge (TSX:ENB)(NYSE:ENB). Investing in this energy stock is not 100% safe, although its regulated business can mitigate the risks and nip your worries in the bud.

Whether you’re chasing after dividend safety, a recurring income stream, or doubling your money in eight-and-a-half years, Enbridge is the dividend stock for you. The $77.58 billion energy infrastructure company pays a generous 8.46% dividend.

Enbridge generates revenues and derives 98% of its earnings from regulated businesses. Likewise, the majority of contracts with investment-grade customers are long term. The stock belongs to the highly volatile energy industry, but it transports, not produces, oil and distributes natural gas.

Prepare if you must

The next COVID-induced market crash could be worse than in March. Prepare if you must and initiate a position in Enbridge. Over the last 20 years, the total return is 728.38%. The company also raised dividends by 10% for three consecutive years. Take comfort in the low-risk business model. In a worst-case scenario, resiliency wins it for Enbridge investors.

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Fool contributor Christopher Liew has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Enbridge.

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Families of 737 Max crash victims say plane is still unsafe, demand public inquiry – Canada News – Castanet.net

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Families of Canadians killed in the Boeing 737 Max crash say the plane remains unsafe and should stay grounded, despite being cleared for takeoff by regulators in the United States.

Paul Njoroge, whose wife, three children and died in the March 2019 crash of Ethiopian Airlines Flight 302, told the House of Commons transport committee Tuesday the aircraft is still “unstable.”

He and Chris Moore, whose daughter was among the 18 Canadian citizens who lost their lives, are calling for an independent inquiry into Transport Canada’s validation of Boeing’s best-selling airplane.

Moore says Canadians deserve to know why Transport Canada did not take action even after issuing a letter of concern before the crash about the Max plane’s anti-stall system, which safety regulators have said U.S. authorities failed to properly review.

Transport Canada said last week its recertification standards for the Max 8 diverge from those of U.S. regulators, including added procedures on the flight deck and differences in pilot training.

The Max planes have been grounded since March 2019 after the deadly crashes of a Lion Air flight near Jakarta in October 2018 and the Ethiopian Airlines flight less than five months later.

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