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Trudeau willing to boost oil and gas in Africa while Canadian industry suffers – The Post Millennial

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There are some key things that we can agree on when it comes to paying taxes.

We pay to have roads.

We pay to have laws enforced.

Pretty simple stuff, without which society itself isn’t possible.

It’s part of a social contract that represents the basic legitimacy government has to demand our taxes in the first place.

But when those most basic things aren’t delivered, the whole thing starts to break down.

And that’s exactly what’s happening.

You’ve been watching the videos and listening to the coverage. 

You’re seeing radical extremist protesters bragging about sabotaging national infrastructure. 

You’re watching as trains are blocked, people are denied the ability to use the roads and highways to get to work.

You’re even seeing members of the B.C. Legislature being blocked from getting into the building by a rabid mob.

And there’s something you’re not seeing:

You’re not seeing the authorities step in and take action.

In fact, in some cases, the police have stood by and allowed illegal protests to continue, while arresting law-abiding Canadians who try and take down the illegal blockades.

And no, it’s not hyperbole to call the blockades illegal. It’s simply a fact.

There have been court injunctions making clear the protests violate the law, yet the police often stand by and do nothing.

Now, the issue here isn’t frontline police officers, who would certainly want to take action if they could. The issue is the politicians who have tied their hands by giving cover to the protesters, by refusing to stand for the rule of law, and by allowing the flood of foreign money into Canada that has caused this. 

Those politicians are disloyal towards their own country and allowed foreign funded extremists to try and poison the minds of the Canadian people against our own energy industry.

So, as you and I are watching this breakdown of law and order and this inversion of right and wrong, more and more people are asking, “Why the hell are we paying taxes?”

If the roads we pay for can be taken over by radical extremists without consequence, if we are supposed to follow the laws but lawbreakers face no penalty, and if law-abiding people are punished for trying to take down illegal blockades, then regular taxpaying Canadians are being treated like suckers by those in power.

This is a disgrace. 

It’s the total opposite of how things are supposed to be.

If this continues, and given the weakness of the cowardly political class it likely will, then there will be a further breakdown of law and order in this country, and any remaining legitimacy the government has will be justifiably ripped to shreds.

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Victoria is the only property market in Canada still flashing high vulnerability – Financial Post

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Victoria is the only real estate market in the country still showing high vulnerability, but the overall risk of a housing crash in the country remains moderate, according to the Canada Mortgage and Housing Corporation.

“The evidence of overvaluation remains low as housing prices remain close to the levels supported by housing market fundamentals,” Bob Dugan, the CMHC’s chief economist told media as the agency released its latest quarterly report Thursday.

The Canadian Real Estate Association’s home price index rose 0.8 per cent in January compared to December, marking its eighth consecutive monthly gain. The benchmark index is now up 5.5 per cent from last year’s lowest point in May, CREA said in a report last week.

Victoria, capital of British Columbia, “continues to show a high degree of overall vulnerability,” but CMHC added that the imbalances are easing.

“Moderate evidence remains for overvaluation, however, declining inflation-adjusted home prices combined with growing personal disposable income and population have further narrowed the imbalances between observed and fundamental prices in the third quarter of 2019.”

Average Victoria home prices rose 1.4 per cent in January to $858,500, compared to the same period last year, according to the Victoria Real Estate Board.

Vancouver, another major real estate market that has seen sky-high prices in recent years, is also showing signs of easing, amid government tightening.

In Toronto price acceleration and overheating indicators are currently below their critical thresholds, but “market activity continues to rise, displayed by the sales-to-new listings ratio trending towards a sellers’ market and the accompanying stronger price growth,” the CMHC said.

In fact, the risks in the Toronto housing market remained moderate for the second quarter in a row, after being consistently classified as high risk for the previous three years. But Dugan cautioned that overheating and price increases remained a concern to watch for.

Earlier this week, the federal government said it is setting up a new benchmark interest rate for determining if people qualify for an insured mortgage using actual borrowing costs rather than advertised rates. Home buyers will need to qualify at the contract rate or a new benchmark based on 5-year fixed insured mortgage rates, plus 2 percentage points in both cases, the government said Tuesday. Those changes come into effect April 6.

Dugan said the corporation is aware of the possible impact of the federal government’s recent changes to mortgage stress tests and is watching the situation closely.

“It’s something that we’ll obviously monitor,” Dugan said. “The adjusted stress test for mortgages remains an important measure to ensure that Canadians, especially first-time home buyers, take on mortgages that they can afford.”

Markets in Quebec and Atlantic Canada were also considered low-risk, but the report said there was some froth on new construction in Montreal and Moncton.

The risk of a housing crash in the Prairies also remains low, CMHC said. Most markets in the three western provinces saw vacancy rates fall or stay flat, said Dugan, easing the regulator’s concerns about a possible oversupply of new construction.

“The rental market vacancy rates remain below critical thresholds,” Dugan said.

The only market in the west where CMHC kept its moderate risk assessment was Regina, where the vacancy rate for rental apartments is 7.8 per cent, a level which raised the CMHC’s concerns about oversupply.

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Police deliver injunction to demonstrators blocking rail tracks in Saint-Lambert – CTV News

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MONTREAL —
Police have served protesters blocking rail tracks south of Montreal, in St-Lambert, with an injunction demanding they dismantle their barricades.

CN police just before 7 p.m. on Thursday approached the barricades with a box full of paper, delivering copies of the injunction to the protesters. Officers said they would give the protesters time to read it. It was unclear as of Thursday evening if police would move in against them.

Longueuil Police had tweeted just before 7 p.m., warning motorists to stay away from the area to allow the demonstrators to leave. 

The protesters, however, showed no signs of leaving.

Canadian National earlier had obtained the injunction to end the blockade of its railway line in Saint-Lambert that had snarled commuter rail traffic to Mont-St-Hilaire and Via Rail service to Quebec City.

Quebec Premier François Legault had said that the barricade would be dismantled by municipal police on the South Shore when the injunction was issued. Longueuil police had asked for the Surete du Quebec’s assistance to remove the barricades, should officers attempt to intervene.

Early Thursday afternoon the protesters were reluctant to speak to the media, though some locals had engaged with them. “I support you, but it’s enough,” St-Lambert resident David Skitt told the protesters, urging them to get off the tracks. After his conversation, where he expressed his frustration with their methods, he shook hands with one of the demonstrators and left.

Temperatures overnight Thursday were predicted to dip as low as -16 C with a windchill of -22 C, according to Environment Canada. The demonstrators had lit a fire inside of a tent and asked their supporters for wood, supplies and blankets.

The blockade of the railway line by supporters of Wet’suwet’en hereditary chiefs has delayed the planned resumption of Via Rail service between Montreal and Quebec City. Service on the busy corridor was set to resume Thursday, but Via Rail announced that the resumption has been postponed until at least the end of the day Friday. The new blockade gave Via Rail “no other option” to push back the resumption of service, the company said in a statement.

Service between Montreal and Ottawa is scheduled to resume Saturday. Service on the complete Windsor-Quebec City corridor is currently expected to resume Sunday.

On Wednesday, Via Rail announced that it was temporarily laying off some 1,000 employees due to the impact of blockades across the country.

Blockades of railway lines across the country have caused widespread passenger and cargo train delays and cancellations.

The blockades are being set up in solidarity with the hereditary chiefs of Wet’suwet’en First Nation of northern British Columbia, who are opposing the construction of a new pipeline through their territory.

– With reporting by The Canadian Press.

This is a developing story that will be updated.

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Asian shares perk up as investors look beyond Apple virus warning – Aljazeera.com

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Asian shares and United States stock futures edged up cautiously on Wednesday, as investors tried to shake off worries about the coronavirus epidemic and look beyond the short-term hit to corporate earnings.

Chinese blue chip shares erased early declines to trade 0.52 percent higher. Australian shares were up 0.29 percent, while Japan‘s Nikkei stock index rose 0.81 percent.

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MSCI’s broadest index of Asia Pacific shares outside Japan spent much of the morning session bouncing between gains and losses, losing 1.08 percent by midday.

China, the world’s second-largest economy, is still struggling to get its manufacturing sector back online after imposing severe travel restrictions to contain a virus that emerged in the central Chinese province of Hubei late last year.

On Tuesday, Apple Inc announced that it was unlikely to meet its sales guidance because of the virus outbreak, spooking investors and denting stock prices.

But investors are optimistic that officials will roll out more stimulus to support the world’s second-largest economy.

“Apple’s announcement was a bit of a shock, but … what’s more important is that central banks are going to provide quite a bit of stimulus,” Stephen Innes, Asia Pacific market strategist at AxiTrader told Al Jazeera.

“We know there’s going to be a slide in earnings, we know those ramifications,” he said, adding that these were expected short-term outcomes, but earnings could recover in the medium to long term. “Central banks will buttress short-term downside with a lot of liquidity.”

The People’s Bank of China cut the interest rate on its medium-term lending facility on Monday, which is expected to pave the way for a reduction in the country’s benchmark loan prime rate on Thursday, as policymakers try to ease the financial strains caused by the virus.

“Part of the thinking that is supporting markets is the actions that China takes to support its economy,” Michael McCarthy, chief market strategist at CMC Markets in Sydney told Reuters. “Any investor concern around impact on demand globally from the virus will be offset by expectations that global central banks will ride to the rescue.”

US stock futures rose 0.18 percent in Asia on Wednesday but the Treasury curve remained inverted as yields on three-month bills traded above those on 10-year notes, in a sign that some investors remain cautious about the outlook.

A yield curve inverts when short-term yields trade above long-term yields, and is often considered a sign of recession in the next year or two.

In the currency market, the euro languished at a three-year low versus the US dollar as disappointing data from Germany, Europe‘s largest economy, has stoked fears that the eurozone is more vulnerable to external shocks than previously thought.

The euro was quoted at $1.0804, still close to its lowest since April 2017.

Mainland China had 1,749 new confirmed cases of coronavirus infections on Tuesday, the country’s National Health Commission said on Wednesday, down from 1,886 cases a day earlier and the lowest since January 29.

The death toll in China has topped more than 2,000 from the flu-like illness which has already spread to 24 other countries.

In China’s onshore market, the yuan briefly fell to a two-week low of 7.0136 per US dollar as traders continued to ponder the economic impact of the virus and the chance for more monetary easing.

The price of US crude oil rose 0.21 percent to $52.16 a barrel, while Brent crude rose 0.12 percent to $57.87 per barrel as a reduction in supply from Libya offset concerns about weaker Chinese demand for commodities.

Expectations that the Organization of the Petroleum Exporting Countries (OPEC) and allied producers including Russia will cut output further should lend support to prices.

The group, known as OPEC+, will meet in Vienna on March 6.

SOURCE:
Al Jazeera and news agencies

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