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Trudeau urged to boost Canada’s post-COVID economy by investing in nature – Cowichan Valley Citizen

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By Carl Meyer, Local Journalism Initiative Reporter. National Observer

Federal Environment Minister Jonathan Wilkinson says the government remains “fully committed” to preserving a quarter of natural land and ocean habitat by 2025, following a call from hundreds of groups to ensure conservation is at the heart of any post-pandemic recovery.

In an open letter published July 13 to Prime Minister Justin Trudeau, 235 environmental organizations, including about 50 B.C.-based groups, said they “stand ready to provide staff, research and resource support” to help Canada devise a strategy to achieve its biodiversity and climate targets.

The letter argues that government investments in forests, wetlands, grasslands, oceans, lakes and rivers can create jobs and help boost Canada’s economic recovery as it works to build capacity following the initial wave of COVID-19.

“Over the next six to 18 months, we urge the government to support investments in a variety of economic recovery solutions that support climate and biodiversity outcomes,” reads the letter, signed by Nature Canada, the Canadian Parks and Wilderness Society, the David Suzuki Foundation and others.

“Over the longer term, expert advice should be sought by relevant departments on how to structure programs and investments in order to achieve the transformative relationship between society and nature that is needed to ensure a healthy and sustainable future for Canadians.”

Canada set a target to conserve at least 17 per cent of land and freshwater, and 10 per cent of marine areas, by this year, as part of the Convention on Biological Diversity. According to federal government figures, by the end of 2019 it had reached this goal for marine areas, but not for land and freshwater.

Those figures show that Canada conserved 13.8 per cent of its marine territory, and 12.1 per cent of land and freshwater by the end of 2019. The proportion of conserved land and water varies widely across the country, with British Columbia conserving the most, at 19.5 per cent.

Last year, dozens of scientists warned the Trudeau government it was not on pace to meet its conservation goals. During the federal election campaign, Prime Minister Justin Trudeau promised to increase the amount of land, freshwater and marine areas conserved to 25 per cent by 2025.

The goals under the convention say the original target should be achieved “by 2020,” but Trudeau said during the campaign that the government was “on track” to its 17 per cent goal “by the end of next year.”

In July, Canada also joined the Global Ocean Alliance, which has as its goal the protection of 30 per cent of the oceans by 2030. Meanwhile, Fisheries Minister Bernadette Jordan said Canada will work toward a new biodiversity target under the Convention on Biological Diversity, next year in 2021.

Harry Crosby, president of North Vancouver-based BC Nature, a federation of more than 50 naturalist clubs across the province, said in an interview that he was “encouraged by the promises and the concern which the federal government is showing” on the issue of biodiversity and land protection, but wanted to see more details.

“Our concern is that there needs to be a coherent policy developed,” Crosby said. “It’s great to talk about spending money on biodiversity, but our concern is looking at the difference between the general policy statements and the practice, what’s actually happening on the ground.”

Wilkinson’s press secretary Moira Kelly said the government’s priority remains COVID-19, but “climate change and biodiversity loss still present a threat to our economic and physical well-being.”

“We remain fully committed to preserving 25 per cent of Canada’s land and oceans by 2025 and ensuring that nature-based climate solutions are embedded in our plans to fight climate change,” Kelly said.

“We are always open to hearing innovative and green ways to grow our economy while protecting the environment, and will consider these recommendations with interest.”

The letter points out that biodiversity loss is accelerating worldwide, and Canada has a responsibility, as a country with a large land mass containing many ecosystems, “for the welfare of planetary diversity.”

Out of 80,000 species in Canada, there is only enough information to assess the health of 30,000 — of which a fifth are imperiled, they said.

Natural landscapes are key to storing up to 20 per cent of carbon pollution over the next 30 years, according to the Intergovernmental Panel on Climate Change, a fact that is key to avoiding the more severe effects of the climate crisis.

In Canada, human disruption is leading to habitat loss, which is putting its Paris climate target at risk, the letter said.

In addition to BC Nature, officially the Federation of British Columbia Naturalists, there are 47 other B.C.-based organizations that have put their names to the letter, including West Coast Environmental Law, Wildsight and the Great Blue Heron Nature Reserve Society.

Carl Meyer / Local Journalism Initiative / Canada’s National Observer

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China’s Li Sees Economy Returning to ‘Proper’ Range Next Year – Yahoo Canada Finance

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The Canadian Press

Best Buy reports 3Q results that exceed Wall Street views

NEW YORK — Best Buy Co. reported fiscal third-quarter results that blew through analysts’ expectations as the nation’s largest consumer electronics retailer enjoyed surging demand for items like home theatre and appliances that help people learn, cook, work and connect in their homes during the pandemic.
The Richfield, Minnesota-based retailer, said that third-quarter profits rose 33% while sales were up 21%. Sales at stores opened at least a year rose 23%, while online sales in the U.S. surged 174%.
Still, shares fell 5% in Tuesday morning trading as Best Buy warned that sales could slow down during the current quarter as the number of virus cases surge.
“As we start the fourth quarter, the demand for the products and services we sell remains at elevated levels, but similar to last quarter, it continues to be difficult for us to predict how sustainable these trends will be,” Matthew Bilunas, Best Buy’s chief financial officer, told analysts during the call. “In fact, we are seeing COVID cases surge throughout the U.S. and Canada at a time of significant holiday volume through our stores, online and supply chain. “
Bilunas also noted other factors such as potential government stimulus, the risk of continued high employment and the availability of inventory like computers to match customer demand.
Best Buy joins big box stores like Walmart, Target, Home Depot and Lowe’s in reporting strong fiscal results. Unlike mall-based stores and other businesses that sell non-essentials, big box retailers were allowed to stay open during the lockdown in the spring and have all seen their dominance increase as consumers focus on necessities and home-related activities.
Before the pandemic, Best Buy had expanded its services to such options as at-home consulting and same-day delivery. It also sped up its online shipping. But the pandemic has forced Best Buy to adjust its operations and launch new shopping experiences that provide more convenience and safety for customers.
Early fall, Best Buy began using 250 of its stores as fast-shipping hubs for online orders. It’s now adding 90 more locations during the holiday period. It says its goal is to have all 340 stores ship more than 70% of its ship-from-store units during the holiday quarter. It’s also testing new store formats as it transforms locations to fulfilment hubs.
For example, in four Minneapolis locations, Best Buy reduced its square footage for shopping to 15,000 square feet from an average of 27,000. The product assortment on the sales floor will still include the primary categories these locations featured before the remodel, but instead the focus will be on the most popular items, the retailer said. The remodels will result in increased space for staging product for in-store pickup and to help ship-from-store transactions, as well as provide the ability to stage inventory for items that may not be on the sales floor.
Best Buy reported fiscal third-quarter profit of $391 million, or $1.48 per share, compared with $293 million, or $1.10 per share, in the year-ago period. Earnings, adjusted for restructuring costs and amortization costs, were $2.06 per share.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.76 per share.
The consumer electronics retailer posted revenue of $11.85 billion in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $11.02 billion.
Shares fell $6.69 to $1150 in late morning trading. Shares have increased 39% since the beginning of the year, while the S&P 500 index has increased 11%. The stock has increased 69% in the last 12 months.
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Elements of this story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BBY at https://www.zacks.com/ap/BBY

Anne D’Innocenzio, The Associated Press

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German economy grew by 8.5% in third quarter, but recession fears grow – The Guardian

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BERLIN (Reuters) – Germany’s gross domestic product grew by a record 8.5% in the third quarter as Europe’s largest economy partly recovered from an unprecedented plunge caused by the first wave of the COVID-19 pandemic in spring, the statistics office said on Tuesday.

The stronger-than expected rebound was mainly driven by higher household spending and soaring exports, the office said.

“This enabled the German economy to make up for a large part of the massive decline in gross domestic product caused by the coronavirus pandemic in the second quarter of 2020,” it added.

The reading marked an upward revision to an earlier flash estimate of 8.2% growth, and followed a 9.8% plunge in the second quarter.

The outlook is clouded by a second wave of coronavirus infections and a partial lockdown to slow the spread of the disease. Restaurants, bars, hotels and entertainment venues have been closed since Nov. 2, but shops and schools remain open.

Chancellor Angela Merkel and regional state premiers are planning to extend the “lockdown-light” on Wednesday until Dec. 20, according to a draft prepared for their meeting.

A contraction in the service sector is expected to weigh heavily on gross domestic product in the fourth quarter, while lockdown measures in other countries are likely to hit export-oriented manufacturers as well.

DIW economist Claus Michelsen said a decline in economic output was therefore on the cards, with initial estimates indicating a GDP drop of around 1% in the final quarter.

“Germany and many important trading partners are likely to slide back into recession,” Michelsen said.

(Reporting by Michael Nienaber and Rene Wagner; Editing by Riham Alkousaa and EKevin Liffey)

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No-deal Brexit would be worse for the UK economy than Covid-19, says Bank of England governor – CNN

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“I think the long-term effects … would be larger than the long-term effects of Covid,” Bailey said Monday in response to a question from a lawmaker on what would happen if the UK government does not complete a deal before the December 31 deadline.
“It takes a much longer period of time for what I call the real side of the economy to adjust to the change in openness and to the change in profile in trade,” Bailey added in testimony before parliament’s Treasury committee.
The United Kingdom left the European Union in January. But the £670 billion ($895 billion) trade relationship has been largely unaffected so far because of a transition period that expires at the end of this year. Negotiators have been trying to hammer out a deal that will allow for tariff-free trade to continue. But progress has been slow, and chief EU negotiator Michel Barnier warned on Monday that “fundamental differences” still need to be resolved.
UK business groups are pushing Prime Minister Boris Johnson to secure a deal, saying that many companies have been stretched to the breaking point by the coronavirus and another round of lockdowns. Without an EU deal, UK-based firms face hefty tariffs, quotas and other barriers to doing business with the country’s biggest export market starting on January 1.
The Bank of England forecast earlier this month that the UK economy will shrink by 11% in 2020. Economists are worried about “scarring” caused by coronavirus, but Bailey said on Monday that he was optimistic about the economy’s ability to recover relatively quickly from the pandemic.
A change in the terms of trade with the European Union would produce more lasting upheaval, he suggested, comparing that outcome with modeling the central bank did decades ago showing it would have taken the UK economy between 30 and 40 years to adjust if policymakers had decided to drop the British pound and switch to the euro.
The UK government and the Bank of England have unleashed hundreds of billions of pounds worth of stimulus to help cushion the blow to business and workers from the pandemic.
Earlier this month, the central bank said it would increase its purchases of UK government bonds by £150 billion ($195 billion) to £875 billion ($1.1 trillion), and finance minister Rishi Sunak extended a furlough program through March 2021. The government will pay 80% of the wages of employees of businesses forced to close, capped at £2,500 ($3,270) per month.
Sunak said on Sunday that the economic situation in the country presents “a very difficult picture.”
“The economy is experiencing significant stress,” he told the BBC. “We’ve seen that particularly in the labor market, with people’s jobs. We know that three quarters of a million people have tragically already lost their jobs with forecasts of more to come. Borrowing … is at record peacetime levels and more stress to come.”
Sunak will deliver an update on the economic situation on Wednesday and sketch out his plans for borrowing and spending after the pandemic.

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