Bank of Canada holds interest rate, drops growth forecast for 2019

Bank of Canada holds interest rate, drops growth forecast for 2019
OTTAWA — The Bank of Canada has set aside discussion of interest rate hikes, at least until the economy re-emerges from what it predicts will only be a temporary slowdown. The central bank kept its key interest rate unchanged Wednesday and appeared to be in no hurry to move the benchmark any time soon. Unlike the bank’s recent statements, the announcement made no mention of a need for future increases. The bank also cut its 2019... Read More

Bank of Canada’s Poloz expected to signal longer hiatus on interest rates

Bank of Canada’s Poloz expected to signal longer hiatus on interest rates
OTTAWA — Bank of Canada governor Stephen Poloz will give his updated outlook for the economy Wednesday in an appearance that many expect will send stronger signals the interest rate will be on hold for months. Poloz will release new projections in a quarterly report that follows the economy’s sudden downshift in the final months of 2018. He’s predicted the slowdown, which was mostly caused by a... Read More

Acquisitions, insolvencies cited as drilling company count tumbles by 40%

Acquisitions, insolvencies cited as drilling company count tumbles by 40%
CALGARY — A research report by AltaCorp Capital shows the number of companies actively drilling in Canada has declined by 40 per cent since the oil price crash of late 2014. The analysis cites industry data which shows only 26 drilling contractors have been working so far in 2019, 17 fewer than observed in 2014. It says consolidation is the biggest... Read More

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: CP Rail results CP Rail CEO speaks with investors after releasing first-quarter financial results on Tuesday. Analysts on average expect the railway to report a profit of $3.02 per share for the quarter on revenue of $1.78 billion, according to Thomson Reuters Eikon. Wholesale... Read More

Canola group demands Ottawa ‘consider all available options’ in China seed dispute

Canola group demands Ottawa ‘consider all available options’ in China seed dispute
The Canola Council of Canada is calling on the federal government to “consider all available options” amid a trade dispute with China that has resulted in suspended seed shipments from two exporters. China suspended the licenses of Richardson International Ltd. and Viterra Inc., citing concerns about pests, and Chinese companies stopped buying seed from Canadian producers in recent months. The... Read More

Oil and gas sector applauds new Alberta premier’s many pro-business pledges

Oil and gas sector applauds new Alberta premier’s many pro-business pledges
CALGARY — The Alberta oilpatch is applauding the provincial election win by Jason Kenney and his United Conservatives. The Canadian Association of Petroleum Producers offered congratulations and welcomed the UCP’s commitment to making regulatory, economic and fiscal policy reforms. It says it endorsed UCP election promises to cut the corporate tax rate to eight per cent from 12 per cent,... Read More

Inflation rises 1.9% on higher prices for fresh vegetables, mortgage costs

Inflation rises 1.9% on higher prices for fresh vegetables, mortgage costs
OTTAWA — Canada’s annual inflation was up last month as price pressures strengthened for fresh vegetables, mortgage interest costs and auto insurance. Statistics Canada said Wednesday that the country’s consumer price index increased 1.9 per cent in March, in line with economists’ expectations. It was higher than its readings of 1.5 per cent for February and 1.4 per cent in January, when inflation number was at a 15-month low point.... Read More

Here’s a list March inflation rates for Canadian provinces, territories

Here’s a list March inflation rates for Canadian provinces, territories
OTTAWA — Canada’s national annual inflation rate was 1.9 per cent in March, Statistics Canada says. Here’s what happened in the provinces (previous month in brackets): — Newfoundland and Labrador: 1.2 per cent (0.5) — Prince Edward Island: 1.0 (0.4) — Nova Scotia: 1.3 (1.0) — New Brunswick: 1.6 (0.9) — Quebec: 1.8 (1.3) — Ontario: 1.8 (1.5) — Manitoba: 2.3 (2.0) — Saskatchewan: 1.8 (1.3) — Alberta: 2.3 (1.6) — British Columbia: 2.6 (2.2) The Canadian Press Read More

Statistics Canada reports Manufacturing sales fell 0.2% in February

Statistics Canada reports Manufacturing sales fell 0.2% in February
OTTAWA — Statistics Canada says manufacturing sales fell 0.2 per cent in February to $56.6 billion, hurt by a retreat in the motor vehicle assembly and wood products industries. Economists had expected no change for February, according to Thomson Reuters Eikon. The move lower followed an increase 0.8 per cent in January. Statistics Canada says sales were down in 15 of... Read More

Canadian business sentiment drops from high levels: central bank survey

Canadian business sentiment drops from high levels: central bank survey
OTTAWA — A new Bank of Canada survey says business sentiment has fallen from elevated levels, with companies underlining uncertainty around global trade, the housing sector and the energy industry. The central bank’s measure for business sentiment dropped from its near-record heights last year into negative territory for the first time since the third quarter of 2016. The more-upbeat reading in the previous report was based on a November poll taken... Read More