CanadianInvestor – Canadian Investor

Amid medical-supplies scramble, pandemic highlights new perils to free trade

March 31, 2020 CanadianInvestor

WASHINGTON — “America First” rhetoric and disdain for free trade are old news in the Donald Trump era, but with countries in a life-or-death scramble to stockpile gowns, gloves, masks and ventilators, protectionism these days isn’t such a dirty word. Even an ardent free trader like Prime Minister Justin Trudeau let slip an interesting — and vaguely isolationist — turn of phrase Tuesday as he laid out Canada’s... Read More

Suddenly strapped for cash: Financial advisers on dealing with COVID-19 fallout

March 31, 2020 CanadianInvestor

TORONTO — Credit counsellor Pamela George is hearing from Canadians who feel lost amid the financial strife of COVID-19. After the Ottawa-based adviser began offering free phone consultations last month, the stories began to flow in. Some told her they hadn’t established emergency funds for the unexpected, and now they’re worried simple necessities could sap their regular savings accounts. “I’m seeing so much... Read More

TSX ends worst first quarter in at least a decade despite energy-induced gains

March 31, 2020 CanadianInvestor

TORONTO — Canada’s main stock index capped its worst first quarter since at least the financial crisis more than a decade ago on the upswing caused by a sharp rise in the energy sector. The S&P/TSX composite index closed up 340.25 points or 2.6 per cent to 13,378.75. In New York, the Dow Jones industrial average lost 410.32 points to 21,917.16. The S&P 500... Read More

Liberals delay release of wage subsidy details

March 31, 2020 CanadianInvestor

OTTAWA — Canadian businesses desperate for details about the federal government’s promised wage subsidy program will have to wait a little longer for answers. On Monday, Prime Minister Justin Trudeau said his finance minister would lay out the details of the program during a briefing on Tuesday. That never happened and now Finance Minister Bill Morneau says he and Small Business Minister... Read More

World hungry for Canadian grain amid pandemic, with shipments abroad rising

March 31, 2020 CanadianInvestor

Canadian grain is in high demand as shippers try to feed a growing appetite from mills and governments seeking to shore up staple reserves amid the COVID-19 pandemic. The Chamber of Marine Commerce says grain shipments at the Port of Thunder Bay in Ontario doubled year over year in March, with vessels loading 200,000 tonnes last week and higher volumes... Read More

Energy sector leads rally in Toronto, U.S. markets also trade higher

March 31, 2020 CanadianInvestor

TORONTO — The energy sector led a broad-based rally in Toronto as Canada’s main stock index surged higher in late-morning trading, while U.S. stock markets posted more modest gains. The S&P/TSX composite index up 431.51 points at 13,470.01. In New York, the Dow Jones industrial average was up 91.92 points at 22,419.40. The S&P 500 index was up 7.55 points... Read More

RBC expects home sales to dive 30%, prices to decline because of outbreak

March 31, 2020 CanadianInvestor

TORONTO — RBC says it expects Canada’s housing market will see a significant pullback this year because of both the physical distancing restrictions and economic uncertainty caused by the coronavirus outbreak, but that it could rebound next year. Bank analyst Robert Hogue says in a report that this year’s home resales could dive by 30 per cent to a 20-year low as the market will “slow to a... Read More

Restaurant price growth will be slower than expected this year: report

March 31, 2020 CanadianInvestor

Restaurant costs for 2020 will be much lower than initially forecast as consumers spend more of their dining-out budgets at grocery stores instead, according to an updated food price report that predicts annual restaurant sales will be slashed in half. “It all comes down to … the result of people having to change the way they buy and consume food,” said Simon Somogyi,... Read More

Statistics Canada says economy growth in January slowed to 0.1 per cent

March 31, 2020 CanadianInvestor

OTTAWA — Statistics Canada says economic growth slowed in January in a snapshot of the economy before the COVID-19 outbreak hit home. The agency says real gross domestic product grew 0.1 per cent in the first month of 2020 compared with an advance of 0.3 per cent in December. The result for January matched the expectations of economists, according to... Read More

TC Energy says it is going ahead with US$8-billion Keystone XL project

March 31, 2020 CanadianInvestor

CALGARY — TC Energy Corp. gave the go ahead for construction of its US$8-billion Keystone XL Pipeline project on Tuesday, with a helping hand from the Alberta government. The company said Alberta has agreed to invest approximately US$1.1 billion as equity in the project, which substantially covers planned construction costs through the end of 2020. The remaining US$6.9 billion is... Read More