Five things to watch for in the Canadian business world in the coming week

Five things to watch for in the Canadian business world in the coming week
TORONTO — Five things to watch for in the Canadian business world in the coming week: Big business convention The International Economic Forum of the Americas’ Toronto Global Forum kicks off Monday, featuring business leaders and government representatives including RBC chief David McKay, BlackBerry CEO John Chen and Foreign Affairs Minister Chrystia Freeland. Runs through Dec. 12. CMHC report Canada Mortgage... Read More

First ministers’ meeting likely to be most fractious, least productive for PM

First ministers’ meeting likely to be most fractious, least productive for PM
MONTREAL — Manitoba’s Brian Pallister is warning that nothing will be accomplished at today’s first ministers’ meeting if premiers insist on expanding the agenda to discuss a laundry list of issues. “That’s the trick isn’t it? When you’ve got a few hours to discuss things and there are many things,” Pallister said on his way into a meeting of first... Read More

2019 marks beginning of CPP enhancements to be rolled out over seven years

2019 marks beginning of CPP enhancements to be rolled out over seven years
TORONTO — The biggest change to the country’s pension plans in more than a decade will take place in the new year, but the effects will be felt differently depending on which generation you belong to. Beginning in early 2019, the Canada Pension Plan and Quebec Pension Plan will phase in enhanced benefits over the next seven years to provide more financial... Read More

Survey: US services firms grew in November

Survey: US services firms grew in November
WASHINGTON — U.S. services firms grew at a slightly stronger pace in November, a sign that the recent stock market sell-offs have yet to dampen enthusiasm among consumers. The Institute for Supply Management, which is composed of purchasing managers, reported Thursday that its services index rose to 60.7 last month, up from 60.3 in October. Readings above 50 point to... Read More

Canadian trade deficit grew in October as oil prices weighed on exports

Canadian trade deficit grew in October as oil prices weighed on exports
OTTAWA — Falling oil prices took a bite out of exports in October as Canada’s merchandise trade deficit increased to roughly $1.2 billion in October compared with $891 million in September, Statistics Canada said Thursday. Economists had expected a deficit of $700 million, according to Thomson Reuters Eikon. “October’s surprise disappointment in the trade deficit adds to weakness from the... Read More

Greater Toronto home sales drop nearly 15% in November, prices still climb

Greater Toronto home sales drop nearly 15% in November, prices still climb
TORONTO — The number of homes sold across the Greater Toronto Area pulled back sharply in November, compared with a year ago, but prices continued to see moderate growth, suggesting that Canada’s largest city remains a seller’s market. The Toronto Real Estate Board said Wednesday there were 6,251 residential transactions recorded last month through its Multiple Listing Service (MLS) system, down 14.7 per cent versus a... Read More

Bank of Canada expected to hold benchmark interest rate as economic clouds gather

Bank of Canada expected to hold benchmark interest rate as economic clouds gather
OTTAWA — The Bank of Canada is widely expected to leave its benchmark interest rate unchanged at 1.75 per cent today after a 25-basis-point increase at its last setting in October. This morning’s announcement comes in the wake of a move by the Alberta government to curtail oil production in the province after Jan. 1 to try to clear a crude storage glut that has driven western... Read More

Economic chill dulls Chinese appetite for some luxury brands

Economic chill dulls Chinese appetite for some luxury brands
BEIJING — The designer boutiques of Manhattan and Paris are feeling the chill of a Chinese economic slowdown that has hammered automakers and other industries. It’s a rude awakening for such designer brands as Louis Vuitton and Burberry that increasingly rely on Chinese customers who spend $90 billion a year on jewelry, clothes and other high-end goods. The industry already... Read More

Teck sells 30 per cent stake in Quebrada Blanca Phase 2 to Sumitomo for US$1.2B

Teck sells 30 per cent stake in Quebrada Blanca Phase 2 to Sumitomo for US$1.2B
VANCOUVER — Teck Resources Ltd. has sold a 30 per cent stake in its Quebrada Blanca Phase 2 project to Sumitomo Metal Mining Co. Ltd. and Sumitomo Corp. for US$1.2 billion. The Vancouver-based miner also says that its board has approved the project for full construction with first production expected in the second half of 2021. Quebrada Blanca Phase 2 is a... Read More

France suspends fuel tax, but protesters vow to fight on

France suspends fuel tax, but protesters vow to fight on
PARIS — The French government’s decision to suspend fuel tax and utility hikes Tuesday did little to appease protesters, who called the move a “first step” and vowed to fight on after large-scale rioting in Paris last weekend. In a major U-turn for the government, Prime Minister Edouard Philippe announced in a live televised address that the planned increases, which... Read More