Economy
On December 27, 2022, South Korea released its Indo-Pacific Strategy exactly one month after Canada’s Indo-Pacific Strategy. Seoul and Ottawa have been keen in promoting their respective nations as strategically important and economically relevant in the Indo-Pacific. Toward this end, the two countries have found it mutually beneficial to boost Canada-South Korea ties over the past year. Several recent high-level visits between Canadian and South Korean officials, including Prime Minister Justin Trudeau’s visit to Seoul in late May 2023—the first visit by a Canadian leader in nine years—indicate the political determination of both countries to diversify and strengthen relationships among like-minded partners.
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Read MoreDavid Bahnsen and Tim Busch discuss the state of inflation, the reality of Fed policy on the hospitality industry, and more.
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Read MoreParliament should consider an excess profits tax on grocers, the Commons agriculture committee said yesterday. Grocers testifying at committee hearings denied profiteering on food inflation.
“Despite the range of inflationary pressures, some large firms in certain sectors have reported record earnings, leading some to question whether firms may be contributing to inflation by driving up prices,” said a committee report Grocery Affordability: Examining Rising Food Costs In Canada. “The committee heard from several economists on this topic but their opinions varied.”
“The committee recommends that if the Competition Bureau finds evidence in its upcoming market study that large grocery chains are generating excess profits on food items, the Government of Canada should consider introducing a windfall profits tax on large, price-setting corporations to disincentivize excess hikes in their profit margins for these items,” wrote MPs.
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Read MoreCanadian households owe more debt relative to their income than they did in the fourth quarter of 2022 amid soaring mortgage interest payments, Statistics Canada data released Wednesday shows.
According to the federal agency, household debt as a ratio to disposable income rose to 184.5 per cent in the first quarter of 2023, up from 181.7 per cent in the fourth quarter of 2022. That means for every dollar of disposable income, the average household owes about $1.85 in credit market debt, which includes consumer credit and mortgage and non-mortgage loans.
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Read MoreHealth insurer stocks dropped sharply on Wednesday after UnitedHealth Group (UNH.N) said costs were on the rise for the largest U.S. healthcare provider by market value due to an increase in surgeries among older adults.
Shares of industry bellwether UnitedHealth fell 7.3% to $455.11, wiping out roughly $42 billion from the company’s market capitalization in the current trading session.
Medicare-focused insurer Humana Inc (HUM.N) fell 14%, and a broader index of managed care providers (.SPLRCHMO) lost 8%, hitting a 17-month low in Wednesday’s trading.
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Read MoreAlberta Premier Danielle Smith says she’s prepared to form a coalition with allied premiers over Ottawa’s plans to further regulate and stymie the energy sector.
The Trudeau government plans to impose an emissions cap on Canada’s oil and gas sector and to introduce regulations for a net-zero power grid by 2035.
“I prefer collaboration as the first option,” Smith said of Ottawa on Tuesday, after speaking at the opening day of the annual Global Energy Show in Calgary.
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Read MoreDeputy Prime Minister Chrystia Freeland made a surprising announcement on Wednesday, pledging to halt Canada’s activity with the China-led Asian Infrastructure Investment Bank (AIIB) after a prominent member alleged the entity was under the influence of the Chinese Communist Party (CCP).
According to the Globe and Mail, Canada’s involvement at the AIIB – where Freeland sits as Canada’s Governor – will be placed under review pending further notice.
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Read MoreAhmed Hussen became Minister of Housing and Diversity and Inclusion of Canada in Oct. 2021, but Canada’s housing crisis has only worsened since – and housing analysts believe Hussen’s policies are to blame.
According to the owner of Toronto-based Butler Mortgage, the plain and simple explanation is Hussein’s inept and working in the wrong government post.
“Hussen is incompetent and he believes he’s there to do theatre. He should resign,” Ron Butler told True North. “There’s been absolutely zero progress made by him.”
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Read MoreIt’s an old idea whose time may have come.
After years of fits and starts, a memorandum of understanding between the Alberta, Saskatchewan and Manitoba governments has been reached to explore the feasibility of building a deep water harbour at Port Nelson on the Hudson Bay to export natural resources such as potash and liquified natural gas.
Premier Danielle Smith confirmed the agreement in Calgary on Monday, which had reportedly been reached with Transportation and Economic Corridors Minister Devin Dreeshen and his cohorts in Saskatchewan and Manitoba prior to the election, which is awaiting final approval.
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