Equipment dealer blames farm trade wars as plans for aggressive growth stall

Equipment dealer blames farm trade wars as plans for aggressive growth stall
CALGARY — Canada’s largest agriculture equipment dealer says it is scrapping its aggressive growth strategy in part because of farmer pessimism it blames on unsolved international trade disputes. Rocky Mountain Dealerships Inc. cited the federal government’s inability to solve trade battles with China, India and Saudi Arabia as it reported second-quarter financial results that fell well short of analyst expectations.... Read More

Bank of Canada unlikely to follow any Fed interest rate cut: experts

Bank of Canada unlikely to follow any Fed interest rate cut: experts
The U.S. Federal Reserve is widely expected to cut its interest rate Wednesday for the first time in over a decade — a big step, though one unlikely to pull Canada’s central bank out of its holding pattern any time soon. The Bank of Canada sent signals earlier this month that the Canadian economy is very much on its own path and, at least in the short term, has no reason... Read More

Trade, jobs, economic value at Prince Rupert, B.C., port climbing

Trade, jobs, economic value at Prince Rupert, B.C., port climbing
PRINCE RUPERT, B.C. — An economic impact study for Prince Rupert’s port shows a 40 per cent increase in volume over two years resulting in another 1,000 jobs associated with moving cargo thorough northern British Columbia. The study analysed numerous factors based on the 26.7 million tonnes shipped through the port and determined the number of jobs grew from 5,200 in 2016... Read More

US home prices climbed just 2.4% from a year ago

US home prices climbed just 2.4% from a year ago
WASHINGTON — U.S home prices rose at a slower pace in May, a sign that many would-be buyers are finding properties unaffordable. The S&P CoreLogic Case-Shiller 20-city home price index increased 2.4% in May from a year earlier, according to a Tuesday report. Price growth decelerated slightly from the 2.5% year-over-year gain in April. “Thwarted by climbing prices for years,... Read More

Liberal government runs $1.4B budgetary deficit in first two months of 2019-20

Liberal government runs $1.4B budgetary deficit in first two months of 2019-20
OTTAWA — A new preliminary estimate says the federal government posted a budgetary deficit of $1.4 billion through the first two months of the current fiscal year. The Finance Department’s numbers show the combined shortfall for April and May 2019 came after government spending and public debt charges expanded at a pace about three times higher than revenues. The report says expenses during those two months jumped up 13.5... Read More

Drilling forecast goes from bad to worse after slow start to summer deployments

Drilling forecast goes from bad to worse after slow start to summer deployments
CALGARY — The Canadian oilfield services sector is expected to continue to suffer as it enters the summer drilling season despite recent developments such as the approval of the Trans Mountain pipeline expansion and the election of a conservative government in Alberta. In a report that forecasts flat second-quarter financial results in the industry, RBC Dominion Securities analysts say they’ve cut their 2019... Read More

IMF sees weaker global economy but upgrades U.S. forecast; Canada unchanged

IMF sees weaker global economy but upgrades U.S. forecast; Canada unchanged
WASHINGTON — The International Monetary Fund is downgrading its outlook for world economic growth because of simmering international trade tensions, although its assessment of the Canadian economy is unchanged. The fund kept its forecast for Canadian economic growth at 1.5 per cent for this year and 1.9 per cent for 2020. At the same time, the fund is also boosting its forecast for U.S.... Read More

B.C. posts $1.5B surplus as tax revenue increases and real estate market cools

B.C. posts $1.5B surplus as tax revenue increases and real estate market cools
VICTORIA — The British Columbia government ended its fiscal year in an operating surplus of $1.5 billion with the collection of more revenue from taxation and less money from a softening real estate market. The 2018-19 public accounts released today by Finance Minister Carole James show that the province has eliminated its operating debt for the first time in 40 years. The... Read More

Powell says financial crisis accelerated economic changes

Powell says financial crisis accelerated economic changes
WASHINGTON — Federal Reserve Chairman Jerome Powell said Tuesday that the 2008 financial crisis accelerated major changes in the U.S. and global economies, leading to slower growth, lower inflation and lower interest rates. Delivering remarks to a Paris economic conference, Powell said that since the depths of the Great Recession in 2008 and early 2009, growth and inflation in the... Read More

Lower gas prices slow annual inflation rate to Bank of Canada’s 2% bull’s-eye

Lower gas prices slow annual inflation rate to Bank of Canada’s 2% bull’s-eye
OTTAWA — Canada’s price picture softened to two per cent last month following a sharp drop in gasoline prices compared to a year ago. The annual inflation number for June hit the Bank of Canada’s ideal target as it came down from 2.4 per cent in May, Statistics Canada said Wednesday in a new report. It marked the first move lower after... Read More