By Daniel Dale Washington Bureau Chief Sun., Sept. 30, 2018 WASHINGTON—Canada and the U.S. have agreed on a new North American Free Trade Agreement, two Canadian officials said late Sunday, concluding an acrimonious 13-month negotiation that had hindered the Canadian economy and damaged relations between the two countries. They have not yet released the details on which the deal will ultimately be judged. The news that they have struck any kind of deal, though, means Prime Minister Justin Trudeau has achieved a long-sought goal: convincing U.S. President Donald Trump to preserve a trade accord Trump has repeatedly threatened to terminate. The news of an agreement is likely to be greeted with relief by businesses across the continent, whose planning decisions have been complicated by the uncertainty. Bank of Canada Governor Stephen Poloz said in April that trade uncertainty was the top factor slowing business investment in Canada. The deal will include … [Read more...] about Canada, U.S. reach NAFTA deal
Canada overseas investments limited
Canada has blocked Chinese state-owned CCCC's acquisition of construction firm Aecon Group, citing on Thursday national security concerns in a decision widely expected to create a rift between Ottawa and Beijing. China Communications Construction Company Limited (CCCC), one of the world's largest engineering and construction groups, had reached a deal last October to buy Aecon for Can$1.5 billion (US$1.2 billion). The purchase was to be made through CCCC's overseas investment and financing arm CCCC International Holding Limited, also known as CCCI. But after a national security review of the purchase under the Investment Canada Act, Prime Minister Justin Trudeau's government blocked the deal. "As is always the case, we listened to the advice of our national security agencies" throughout the review process, Innovation, Science and Economic Development Minister Navdeep Bains said in a statement. "Based on their findings, in order to protect national security, we ordered CCCI not to … [Read more...] about News Canada blocks China purchase of construction firm Aecon
By Gillian Steward Columnist Mon., April 16, 2018 In the end Justin Trudeau didn’t have much choice. He couldn’t be seen to look weak when it comes to asserting federal authority in the dispute between Alberta and B.C. over the future of a trans-provincial pipeline that would ship diluted bitumen from the oilsands to the West Coast for export to Asia. That would have opened a Pandora’s Box of problems with provincial governments across the country. And he couldn’t throw Alberta premier Rachel Notley under the bus after she bought into his climate change policies at great political cost to her NDP government. Besides, if she and the NDP lose the next provincial election, Trudeau will have much bigger problems to contend with in the person of UCP leader Jason Kenney, who has pledged to repeal the Notley/Trudeau carbon tax and limits on oilsands greenhouse gas emissions. Article Continued Below So when Trudeau invited the bickering … [Read more...] about Trudeau bets he and Notley can push the pipeline through B.C.
Shanghai/Singapore. When China closed its local cryptocurrency exchanges late last year, an underground ecosystem of bitcoin "mules" and peer-to-peer platforms sprung up to allow bitcoin trading to thrive, away from regulators' watchful eyes. Li, a Canada-based Chinese banker in his 20s, is one of these underground traders. He buys cryptocurrencies in other markets and sells them at a premium to investors in China, who cannot otherwise get them. At the height of the frenzied demand for bitcoins in January, when prices of the digital currency were hovering close to $20,000 after a 20-fold jump during 2017, Li and other traders were able to sell bitcoins in China for 30 to 40 percent more than they cost elsewhere. But in a matter of months, the premium for bitcoins in China has fallen to around 7 percent or less as a flood of bitcoin mules, who physically carry cash across borders for the trades, has swamped the arbitrage business. Cryptocurrency funds and individual computer-assisted … [Read more...] about Asia’s Cryptocurrency Arbitrage Boom Fizzles, but Profits Persist
By Geordon Omand The Canadian Press Fri., Feb. 23, 2018 OTTAWA—Canada’s appalling record on Indigenous health is undermining its efforts to be a global health leader. That’s according to research published this week in one of the world’s oldest and most prestigious medical journals, which calls on Prime Minister Justin Trudeau to start backing up his lofty rhetoric with concrete action. The Lancet, a peer-reviewed journal founded nearly two centuries ago in the United Kingdom, is showcasing the Canadian medical system for the first time in a series of articles and commentary authored by a collection of scholars and public figures across Canada. Read more: New federal ministry aims to improve quality of life for Indigenous people in Canada Article Continued Below Prescription for a healthier population: spend more on social services Is Canadian health care choosing wisely? The glaring contrast between Indigenous and non-Indigenous … [Read more...] about The Lancet derides Canada for contrast between Indigenous and non-Indigenous health outcomes