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What you can do in Ottawa and Gatineau starting Friday – CBC.ca

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Starting Friday, Ontario will enter Step 3 of its reopening plan ahead of schedule, arguably the province’s most ambitious step toward reopening since the pandemic’s third wave subsided.

The move will see a number of indoor venues open their doors, while restrictions on gathering sizes in many places will be increased.

Meanwhile, the entire province of Quebec has been in the lowest alert level of the province’s colour-coded system for the past two weeks.

While COVID-19 restrictions continue to loosen in both provinces, there are differences in the rules depending on which side of the border you’re on.

Here is a guide to the rules affecting Ottawa and Gatineau, as of Friday.

Gatherings inside/outside at private residences

In Ottawa, a maximum of 25 people will be allowed to get together inside private homes for parties and other occasions when the province enters Step 3. For backyards and balconies, gathering limits increase to a maximum of 100 people from different households.

In Gatineau, people are allowed to have up to 10 people, or all the occupants from three different households, at private indoor gatherings. A maximum of 20 people are allowed to gather outdoors.

The Quebec government recommends people who are not fully vaccinated wear a mask when they are within one metre of others. 

(Leah Hansen/CBC News)

Restaurants, bars and nightclubs

Starting Friday, indoor dining and drinking at restaurants and bars will be allowed in Ottawa for the first time in several months. The province has set no limit on the number of people allowed per table or in the restaurant, as long as physical distancing can be maintained between different groups. Restaurants can offer buffet service. 

Nightclubs with dance floors can also reopen with capacity limits indoors set at 25 per cent capacity to a maximum of 250 people. The province says patrons are exempt from physical distancing requirements when dancing, but that face coverings must be worn.

In Gatineau, a maximum of 10 people, or the occupants from three different households, can sit at the same table inside restaurants and bars.

At bars and breweries, customers must remain seated at their tables, except when they are going to the washroom, which means no mingling. Dancing and singing, including karaoke, isn’t permitted at the moment. 

Another major difference is that alcohol sales must stop at midnight in Gatineau, whereas in Ottawa and the rest of Ontario, establishments can serve alcohol until 2 a.m. as per normal.

Gyms, sport and fitness facilities

People looking to work out, play sports or attend fitness classes indoors in Ottawa will be able to do so as of Friday. Indoor capacity at sport and fitness facilities like gyms will be capped at 50 per cent.

For the first time in months, spectators will be permitted at indoor sports and recreational facilities, with capacity limited to 50 per cent to a maximum of 1,000 people. Spectator limits at outdoor facilities with fixed seating will be 75 per cent of their usual capacity to a maximum of 15,000 people. At outdoor events without fixed seating, the capacity will be 75 per cent to a maximum of 5,000 people.

Gyms in Ottawa can reopen on Friday when Ontario moves to Step 3 of its COVID-19 reopening plan. (AP)

In Gatineau, people can already work out inside a gym and do other training activities at fitness centres either individually or in pairs. Lessons may be provided to individuals and to groups of no more than 25 people, while maintaining physical distance. 

Fifty players are now allowed for outdoor sports and recreational activities in Quebec, including guided lessons and training. This number excludes any officials, staff or volunteers. Organized games and matches as well as leagues, competitions and tournaments are also permitted, with 50 spectators allowed to watch the same match or game.

For indoor sports, the limit is 25 players and 25 spectators. 

(Leah Hansen/CBC News)

Cinemas

Movie theatres in Ottawa will be able to reopen with a maximum capacity of 50 per cent inside each auditorium with a cap of 1,000 people within the entire building. All moviegoers will be required to wear masks when they aren’t sitting down.

Quebec allows a maximum of 250 people inside each auditorium, or up to 3,500 people if the room can be divided into areas of 250 people each. People from different households must have an empty seat between them and face coverings are also required.

Starting Friday, cinemas in Ottawa can operate at a maximum capacity of 50 per cent inside each auditorium and a cap of 1,000 people within the entire building. (CBC/Evan Mitsui)

Live performances and large events

Ottawa’s performing arts venues, including concert venues like the National Arts Centre and theatres, are limited to 50 per cent capacity, with a cap of 1,000 people indoors.

Outdoor concert venues and theatres can host audiences at 75 per cent capacity or 15,000 people outdoors for events with fixed seating. For unseated events, spectators permitted at a maximum capacity of 75 per cent or 5,000 people.

In Gatineau, auditoriums and indoor stadiums with assigned seating are allowed to present shows and sporting events before an audience of up to 3,500 people. Spectators must be subdivided into sections with a cap of 250 people and one seat must remain empty between people from different households. 

Masks are mandatory in indoor events, but may be removed once seated.

Outdoor events are allowed to start admitting up to 3,500 attendees while enforcing physical distancing between people from different households and with no separate sections. 

Festivals and major outdoor events where spectators are standing or sitting with no assigned seating can be held, subject to compliance with specific health measures.

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Credit Suisse top energy stock picks include two Canadian companies – The Globe and Mail

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Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow

Like Scotiabank Monday, Credit Suisse analyst Manav Gupta thinks now is the time to add energy stocks.

Mr. Gupta also provided a list of top picks which includes two Canadian stocks,

“We continue to believe that in a post Russia-Ukraine conflict world, we are short of crude oil, refined products and natural gas. We estimate global oil market was undersupplied by ~1.5MMb/d in 2Q 22 and will remain undersupplied by ~0.8MMb/d in 2H 22 and this will continue to support higher prices in the near-term. While IEA still believes markets will be somewhat balanced in 2022/2023, in our opinion, IEA is overestimating supply growth from certain regions (including OPEC) and still underestimating total global demand… World is short of refining capacity and we expect US refiners will likely be one of the biggest beneficiaries of that as European peers struggle to source replacement of Russian barrels … Our favorite names… also highlight investment cases for our favorite names. Integrated oil – XOM, CVX, SU [Suncor Energy Inc.] and CVE [Cenovus Energy Inc.]. Upstream – COP, OVV and CHK. Midstream – LNG, PAA and TRGP. Refiners – VLO, MPC, DINO, PSX and VTNR.”

***

Wells Fargo strategist Chris Haverland details what I think is the biggest short term equity market risk – earnings downgrades,

“After growing by 9% in the first quarter of 2022, S&P 500 Index earnings are expected to have grown by 5.7% in the second quarter of 2022 … It would be the slowest quarter for growth since the fourth quarter of 2020… The energy, industrials, and materials sectors should lead the way with energy earnings expected to growth by a remarkable 205%. Excluding the energy sector, overall S&P 500 Index earnings are expected to contract by 2%… Forward guidance will be key as many companies continue to deal with rising input prices, a tight labour market and continued global supply chain constraints.”

“WF on Q2 earnings” – (research excerpt) Twitter

***

The longer-term outlook for copper stocks is bright because of electrification, but it would be hard to tell that as miners and the commodity price continue to fall. The RBC research team discussed the trend,

“The North American Base Metals have almost fully caught up to the copper price and are now down 6% year-to-date (copper -11.7% ytd) but are still outperforming the broader market (S&P 500 -18.7% ytd, TSX -9.4% ytd). The North American Base Metals stocks are trading at an 18% discount to NAV, above trough levels around a 40% discount but near the historical avg. discount of 22% (see page 6). While the volatility could continue, we believe this pull back creates an opportunity to add high quality names which stand to benefit from the positive copper fundamentals in the coming years.

***

Diversion: “9 Invasive Plants You Should Rip to Shreds” – Gizmodo

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Price cap on Russian oil could shake up the market – CNN

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A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link.

London (CNN Business)Europe and the United States have barred the import of Russian oil to cut off a crucial revenue source for the Kremlin. But the plan to pile pain on President Vladimir Putin, forcing him to reconsider his war in Ukraine, hasn’t worked.

Russia’s government is making just as much money from energy exports as it was before the invasion. Meanwhile, inflation is surging globally, adding to political pressure on heads of state such as US President Joe Biden, British Prime Minister Boris Johnson and French President Emmanuel Macron.
That’s forcing leaders from top economies who have gathered in Germany for a G7 meeting to consider a new route: slapping price caps on Russian crude.
“The goal here is to starve Russia, starve Putin of his main source of cash and force down the price of Russian oil to help blunt the impact of Putin’s war at the pump,” a senior US administration official told CNN.
Why it’s needed: European customers have pared imports from Russia even before the bloc’s partial embargo takes effect. But an uptick in exports to Asia has helped make up for a large chunk of those losses. China — taking advantage of huge price discounts — imported 2 million barrels of Russian oil per day last month for the first time. India’s imports also spiked, hovering near 900,000 barrels per day in May.
Russian oil export revenues increased by $1.7 billion in May to about $20 billion, according to the International Energy Agency. That’s well above the 2021 average of roughly $15 billion.
The United States could punish countries that continue to do business with Russia. But that would cause further chaos in oil markets, something leaders are desperate to avoid as gasoline prices remain close to record highs.
If China and India had to find replacements for Russian crude, the price of oil could easily top $200 per barrel, Darwei Kung, portfolio manager for commodities at DWS, told me. It’s currently trading above $112 per barrel.
With price caps, barrels of Russian oil could theoretically still make their way onto the global market, thereby avoiding a further supply crunch — but Moscow wouldn’t be able to keep raking in hefty profits.
The Biden administration has been lobbying for this option in recent days, and German officials have indicated an openness to discussing it. But key details remain murky.
What’s missing: How, when and by how much the price of Russian oil could be capped remains to be seen. Officials said the precise mechanism for accomplishing the cap was still being worked out. It would also need broad international support to be effective.
One method could be barring companies based in G7 countries from providing insurance for oil cargoes if buyers paid above a certain price.
Still, Kung warned that adding complexity to energy markets could heighten friction and make transactions more difficult, driving prices higher than they would be otherwise.
“The more complicated the system is, the more likely there are challenges for it,” Kung said. “[The] market system works because in a way it’s very simple. It’s very efficient.”

Stocks rise as investors dial down Fed angst

The stock market has been driven this year by what investors think the Federal Reserve will do next, and whether they believe the central bank will be able to get inflation under control quickly.
As the second quarter comes to a close, some optimism is creeping through. The S&P 500 rallied sharply on Friday, notching its biggest one-day percentage gain in more than two years and snapping a three-week losing streak. The index is up again in premarket trading on Monday.
The jump followed the release of the University of Michigan’s final consumer sentiment reading for June, which dropped to a record low.
But there was a smidgen of good news. Long-run expectations for inflation fell back from a mid-month reading of 3.3% to 3.1%, a slight improvement.
Federal Reserve Chair Jerome Powell had said the initial June reading was “eye-catching.”
That could mean the Fed doesn’t need to raise interest rates by another three-quarters of a percentage point at its next meeting. A half percentage point hike would still be aggressive, but wouldn’t be quite as seismic.
Much will hinge on upcoming data, however. The Fed’s favorite measure of inflation arrives on Thursday. If it’s higher than economists predict, that could once again shake up the calculus.

What overturning Roe v. Wade means for the economy

The US Supreme Court’s decision to overturn Roe v. Wade is sending political shockwaves across the country as politicians and activists plot their next steps and protesters take to the streets.
That may not seem like a story for journalists who cover the economy and markets. But ending the constitutional right to abortion will have economic consequences, my CNN Business colleague Anneken Tappe reports.
Families that aren’t prepared to raise a child could face financial hardship, while mothers compelled to give birth could struggle to access higher education or move up the socioeconomic ladder. This would affect the labor force and economic output, and could increase the need for government support, according to economists.
“This decision will cause immediate economic pain in 26 states where abortion bans are most likely and where people already face lower wages, less worker power and limited access to health care,” Heidi Shierholz, president of the progressive Economic Policy Institute, said in a statement released Friday. “The fall of Roe will be an additional economic barricade.”
The sentiment has been echoed by Treasury Secretary Janet Yellen. In testimony before the Senate, she said that restricting women’s reproductive rights would have “very damaging effects on the economy.”
“Roe v. Wade and access to reproductive health care, including abortion, helped lead to increased labor force participation,” Yellen said. “It enabled many women to finish school. That increased their earning potential. It allowed women to plan and balance their families and careers.”

Up next

Nike (NKE) reports results after US markets close.
Also today: Durable goods orders for May post at 8:30 a.m. ET.
Coming tomorrow: Investors will comb through US consumer confidence data for June for signs inflation could cause Americans to spend less.

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Review: Cadillac is making a comeback and the all-electric Lyriq SUV is set to play a key role – The Globe and Mail

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The new Cadillac Lyriq SUV.Petrina Gentile/The Globe and Mail

As many auto manufactures have struggled during the past few years between the pandemic and a chip shortage, Cadillac is seeing success.

“Cadillac in Canada has been on a roll for the last few years. 2020 was the best year in our history from a sales perspective, said Shane Peever, managing director of Cadillac Canada during the recent test-drive event for the all-electric Lyriq compact SUV in Park City, Utah. “And then we did it again in 2021″ for back-to-back sales records.

In 2020, Cadillac sold 12,066 vehicles in Canada; in 2021, that rose to 12,743. And momentum appears to be building thanks to its first all-electric vehicle. In fact, if you want a 2023 Lyriq, you’re out of luck – it’s already sold out. More than 3,300 have been preordered in Canada, with production to begin in August. Cadillac is now accepting orders for the 2024 models with dual electric motors, 500 horsepower and all-wheel-drive. No other pricing or feature details are available.

Our test vehicle was a rear-wheel-drive Lyriq with a 12-module, 100 kilowatt-hour battery pack and a one-motor system that produces 340 horsepower and 325 lb-ft of torque, and has an estimated range of 502 kilometres. It rides on GM’s new Ultium battery architecture – it’s the same battery technology used in the GMC Hummer EV and all GM EVs moving forward. It’s less expensive, more powerful and uses less cobalt than the batteries found in the Chevrolet Bolt.

The Lyriq rides on GM’s new Ultium battery architecture – the same battery technology used in the GMC Hummer EV and all GM EVs moving forward.Petrina Gentile/The Globe and Mail

With 457 kilometres of range to start, I travelled along highways, twisty mountain roads and through quaint little villages. The Lyriq felt smooth, composed and responsive. In sharp corners, it was surprisingly well-balanced. The default setting for the one-pedal felt overly sensitive and somewhat jarring, slowing down the vehicle abruptly and making my driving partner nauseous. Thankfully, you could turn off the system easily using an icon on the massive 33-inch curved LED display. Cadillac’s so-called “Regen on Demand” system, accessed via a paddle shifter on the left side of the steering wheel, also improves efficiency by allowing the driver to adjust the regenerative braking level and control how quickly the vehicle slows down or comes to a complete stop. The pressure-sensitive paddle was a bit finicky at first, but once you got the hang of it, it created a more engaging drive and added an extra eight kilometres of range.

After several hours and nearly 120 kilometres, the range dropped 145 kilometres – not bad considering we blasted the air conditioning in the blazing 27-degree heat, turned on the ventilated front seats, pumped up the tunes on the AKG 19-speaker audio system, and drove it like a gas-powered vehicle.

When stopped, the Lyriq garnered attention and compliments constantly from pedestrians, cyclists and other drivers. No surprise – it looks sharp. Designers faced challenges creating a new, memorable brand identity for Cadillac now that it has no engine. “For so long, the car’s design and face were defined by that big grille and the patterns and shapes that went into it. Now, everybody is rethinking, how do you have a clean brand identity that still feels unique in the marketplace,” said Tristan Murphy, interior design manager of the Cadillac Lyriq.

For Murphy, the solution was simple – it was in the lighting. “What really separates the Lyriq [from the competition] is the whole light-up animation. We took lighting to a whole other level where it’s not just about lighting the road and being functional, but being part of a beautiful walk-up sequence,” said Murphy. It’s stunning to witness – walk up to the vehicle with key fob in hand and the front lights come to life, starting with Cadillac’s trademark centre crest and working outward to the slim, vertical LED headlamps before ending with the rear taillights. The lighting theme also extends inside with 26 customizable colour choices to alter the mood in the cabin.

Removing the engine eliminated other constraints for designers, too. With no transmission tunnel, for example, it opened up the floor plan and allowed for smart storage solutions including a spot to store your purse, within arm’s reach. The bin is lined elegantly in juniper blue; the pattern is repeated above in a jewelrylike drawer perfect for hiding smaller items like cellphones or wallets. Intricate laser-etched patterns on the dark-ash wood highlight the craftsmanship and attention to detail in the cabin.

Removing the engine opened up the floor plan and allowed for smart storage solutions, including a spot to store your purse within arm’s reach and a jewelrylike drawer perfect for hiding smaller items like cellphones or wallets.Petrina Gentile/The Globe and Mail

The Lyriq will be built at GM’s Spring Hill manufacturing facility in Tennessee and delivery for Canadian customers is expected later this summer.

Tech specs

2023 Cadillac Lyriq

  • Base price: $69,898 (including Destination and Freight Charges)
  • Motors: one motor (2023); dual electric motors (to come for 2024)
  • Battery Pack: 100.4 kilowatt hours (rear-wheel drive); not announced (all-wheel drive)
  • Charging capability: Level 2 (240-volt) 6-10 hours; DC fast-charger, 122 kilometres in 10 minutes
  • Horsepower/torque (lb-ft): 340/324 (rear-wheel drive); 500/not announced (all-wheel drive)
  • Claimed Range: 502 km (rear-wheel drive); not announced (all-wheel drive)
  • Alternatives: Tesla Model Y, Audi Q4 e-tron, Jaguar I-Pace, Genesis GV60

Looks

Even though the Lyriq is electric, it still looks like a Cadillac. The new face is dramatic and bold with striking lighting details at the front and rear. I’m not a fan of the flush door handles, which make opening the door a two-step process – push the electronic button on the handle and grab the shark fin accent a few inches above.

Even though the Lyriq is electric, it still looks like a Cadillac.Petrina Gentile/The Globe and Mail

Interior

In true Cadillac fashion, the cabin is upscale with a massive curved 33-inch LED display to access many items from the audio and navigation systems to the glove box compartment and ambient lighting choices. Many functions can also be controlled using a rotary dial on the centre control, but I prefer using the touch screen or better yet, Google’s personal assistant – it’s fast and works well.

The cabin is upscale with a massive curved 33-inch LED display to access many items from the audio and navigation systems to the glove box compartment and ambient lighting choices.Petrina Gentile/The Globe and Mail

Performance

The Lyriq is more engaging to drive than many competitors. Climbing up mountains was effortless and along sweeping roads it was sure footed. The ride was also whisper quiet with little road or wind noise in the cabin. The 2024 all-wheel-drive model is expected to tow up to 3,500 pounds.

Technology

The Lyriq is loaded-to-the-nines with safety technology and driving aids such as adaptive cruise control, advanced parking assist and Super Cruise, GM’s semi-autonomous hands-free driver assistance system. It also has Google with Google Maps and a personal voice assistant, wireless Apple Car Play and Android Auto, a built-in WiFi hot spot, and over-the-air software update capabilities.

Cargo

Many competitors have front trunks, but the Lyriq doesn’t. No biggie – the rear cargo is large with 793 litres of space. The rear seats fold down with the touch of two buttons in the cargo area. Drop the seats and the cargo expands to 1,723 litres.

With the rear seats folded down in the Cadillac Lyriq, there is 1,723 litres of space.Petrina Gentile/The Globe and Mail

The Verdict

Cadillac is making a comeback and the Lyriq will certainly help thanks to innovative design cues, long driving range and posh, tech-friendly interior.

Petrina Gentile/The Globe and Mail

The writer was a guest of the auto maker. Content was not subject to approval.

Shopping for a new car? Check out the new Globe Drive Build and Price Tool to see the latest discounts, rebates and rates on new cars, trucks and SUVs. Click here to get your price.

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