Economy

France Avoid S&P Credit Downgrade But Concerns Persist

By Iron Will / June 2, 2023 /

France managed to avoid a fresh credit downgrade from a leading rating agency on Friday, despite mounting concern over the country’s surging national debt.

Leading ratings agency Fitch in April lowered its rating on France’s debt, which is approaching three trillion euros ($3.2 trillion).

It pointed to the country’s hung parliament and public protests as risks to plans by President Emmanuel Macron to cut government spending.

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Same Service Costs 33% More

By Iron Will / June 1, 2023 /

Passengers should not expect quicker airport screening with a 33 percent increase in mandatory security fees, says the National Airlines Council. Fees intended to cover security costs represent an annual profit for the Government of Canada, figures show.

“I wish I could say these increases in fees would lead to better service for both the airlines and passengers,” said Jeff Morrison, CEO of the Airlines Council. “I cannot say that. For example, with the increase in the air security charge, that is money that goes into general revenue.”

Cabinet in its omnibus budget bill C-47 raised the Air Travelers Security Charge retroactive to May 1 from $15 to $20 on round trip domestic flights, $13 to $17 on U.S. flights and from $26 to $34 on overseas flights. “All that funding goes into general revenue,” CEO Morrison told the Senate national finance committee.

“Will it lead to better service, better improvements?” asked Morrison. “I wish I could say yes. Airlines wish we could say yes but given that, we don’t suspect that’s the case. Unfortunately I don’t believe so.”

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SUNNY WAYS: Greek company plans out largest solar power expansion in Alberta’s history

By Iron Will / June 1, 2023 /

A Greek conglomerate is making its first foray into Alberta’s deregulated power market with what it hopes will become the province’s largest solar panel farm — five of them, in fact.

Athens-based MYTILINEOS Energy and Metals announced Thursday it’s entered into a purchase agreement with Calgary-based Westbridge Renewable Energy Corp. to buy its portfolio of Alberta solar projects for $1.7 billion.

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Bud Light and Target take combined loss of US$31 billion in market value

By Iron Will / June 1, 2023 /

The hole just keeps getting deeper for Bud Light’s parent company, Anheuser-Busch InBev (ABI) and US retail giant Target with their combined market value plummeting by almost US$31 billion as consumers boycott both brands.

ABI saw a market loss of US$18 billion after an ill-advised marketing partnership with transgender influencer Dylan Mulvaney that rolled out on April 1. (Not a joke.)

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These young Canadians are banging down the government’s door asking for climate jobs

By Iron Will / June 1, 2023 /

Manvi Bhalla wants to spend her life working on climate change.

The PhD student at the University of British Columbia has a summer internship with the Northern Health agency assessing the health risks posed by climate change in northern B.C.

She’s grateful for the opportunity and the living wage she’ll be earning, “but this is a summer-term job,” Bhalla, 25, told What On Earth. “I want this to be a long-term job.”

To make her point, Bhalla and a group of her peers recently delivered manila envelopes with mock job applications to the Delta, B.C., constituency office of Carla Qualtrough, the federal minister of employment, disability inclusion and workforce development.

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MPs Hold 667 Roll Call Votes

By Iron Will / May 31, 2023 /

abinet’s budget bill last night cleared the Commons finance committee after 29 days and 667 roll call votes in a month-long Conservative filibuster. MPs protested the omnibus bill introduced or amended 51 different Acts of Parliament.

The finance committee in a final clause-by-clause review of Bill C-47 the Budget Implementation Act voted until midnight Monday, then resumed at 9:04 am Eastern yesterday and remained in continuous session with brief breaks to attend the washroom and Question Period. The committee finished its work on the bill at 7:31 pm.

“It’s been a long couple of days,” said Conservative MP Philip Lawrence (Northumberland-Peterborough South, Ont.). “We’re in a bit of a low trust environment,” he added.

“I think we’re good but I do like my coffee,” said Liberal MP Peter Fonseca (Mississauga East-Cooksville, Ont.), chair of the finance committee.

Clerks attended the committee in shifts to conduct roll call votes on 681 clauses. Conservative MPs asked that several clauses be slowly read into the record:

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Fed Deal Is A Deal Says Singh

By Iron Will / May 31, 2023 /

Allegations that cabinet ignored misconduct by foreign agents will not alter New Democrats’ pledge to support the Prime Minister until 2025, NDP leader Jagmeet Singh yesterday told reporters. Withdrawing support and triggering a snap election made no sense, said Singh.

“I don’t see how it’s logical if the goal is to protect our democracy to then trigger an election when we are worried about foreign interference,” said Singh. “That doesn’t seem logical.”

“Do you worry about your own credibility?” asked a reporter. “We are forcing this government to deliver,” replied Singh. “There is not a threat here. There is a straight-up agreement where we have forced this government to do a number of things.”

New Democrats in 2022 reached a Supply And Confidence Agreement with cabinet that included a “no surprises” pledge to support key Liberal bills in the minority Parliament until 2025 in exchange for legislation like pharmacare. “I am going into this with eyes wide open,” Singh said at the time.

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Toronto mayoral by-election undemocratic and unfair in many key ways

By Iron Will / May 31, 2023 /

OTTAWA – Today, with Toronto’s mayoral by-election voting day coming up on June 26th, and advance voting starting June 8th, Democracy Watch called on all candidates to make key disclosures of information voters have a right to know before they vote, and to pledge to resign if they break any of their election promises, and to pledge to make key changes to make Toronto’s elections actually democratic and fair.

“Toronto’s mayoral election is undemocratic and unfair because candidates are allowed to mislead voters with false election promises and statements, the system favours wealthy candidates who have wealthy supporters as donating huge amounts of money to your own campaign or third-party advertising blitz is allowed, and voters are denied the right to know, before they vote, who is bankrolling and fundraising and campaigning for candidates,” said Duff Conacher, Co-founder of Democracy Watch. “Voters are also forced to choose only one out of a dizzying number of candidates instead of being allowed to rank them and have the candidate who is supported the most by the most voters win.”

“Voters and the media should be asking key questions of all the candidates before advanced voting begins so that voters have key information they need to make an informed vote,” said Conacher.

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Tesla’s Musk Hails China’s ‘Vitality’ During Beijing Visit

By Iron Will / May 31, 2023 /

Elon Musk praised China’s “vitality and promise” on Wednesday, Beijing said, during a trip to the Chinese capital in which he has met multiple government officials and reportedly declared he will expand his business there.

The mercurial tycoon, one of the world’s richest men, is on his first trip to China in more than three years.

He met commerce minister Wang Wentao on Wednesday, praising “the vitality and potential of China’s development”, according to a ministry readout.

Musk “expressed full confidence in the China market, and was willing to continue deepening mutually beneficial cooperation”, a readout of the meeting said.

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Federal Judge Handling SEC Vs Ripple Case Might Disappoint Cryptocurrency Industry By Nica Osorio @nicaIBTimes 05/31/23 AT 5:34 AM EDT Share on Facebook Share on Twitter Share on LinkedIn Share on Reddit Share on Flipboard

By Iron Will / May 31, 2023 /

KEY POINTS
Top lawyer Jeremy Hogan said “it is like the judge will not even address the issue” of whether XRP token is a security
He also talked about the importance of the judge’s rule on the “secondary market sales” of XRP in the ongoing case
His concern was echoed by another lawyer who cited the judge’s ruling on the parties’ Daubert motion in a post
While Ripple CEO Brad Garlinghouse predicted that the verdict on the cryptocurrency solutions provider’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) could be out in weeks’ time and not in months, a top lawyer has noted that U.S. Federal Judge Analiza Torres might disappoint the border cryptocurrency industry since she may not rule on the issue of whether XRP token is a security.

“The problem is that it is likely the judge will not even address the issue — since it’s not explicitly raised by the plaintiff,” Attorney Jeremy Hogan of Hogan & Hogan said in a tweet.

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