Economy News

Oil prices rise, pushing up stocks, Canadian dollar

Oil continued its rally on Monday, pushing stocks and the Canadian dollar higher. West Texas Intermediate crude was up 58 cents at $56.32 US a barrel at the close, after trading as low as $54.97 earlier in the day. Brent crude, the most common international contract, was up 10 per cent since the beginning of the year at $63.45 US a barrel. Western Canada Select, a Canadian contract, was at $40.…

  • Stephen Poloz signals new rate cut unlikely
    Stephen Poloz signals new rate cut  … CBC - 16 hours ago

    Bank of Canada Governor Stephen Poloz says he believes the rate cut the bank made in January was "just about right" and that he expects Canada's economy to recover in … More »Stephen Poloz signals new rate cut  …

    Stephen Poloz signals new rate cut unlikely

    Bank of Canada Governor Stephen Poloz says he believes the rate cut the bank made in January was "just about right" and that he expects Canada's economy to recover in the second half of the year. It was a fresh indication, following on his revised assessment of the economy last week, that Poloz is not currently planning …

  • Indonesia's President Joko Widodo delivers a speech during the interactive session of the World Economic Forum on East Asia in Jakarta
    Indonesia's Widodo to investors: … Reuters - 20 hours ago

    President Joko Widodo urged investors on Monday to come to Indonesia, promising "incredible profits" and assuring them that if they run into any problems they can give … More »Indonesia's Widodo to investors: …

    Indonesia's President Joko Widodo delivers a speech during the interactive session of the World Economic Forum on East Asia in Jakarta

    President Joko Widodo urged investors on Monday to come to Indonesia, promising "incredible profits" and assuring them that if they run into any problems they can give him a call. Widodo, who was elected president six months ago amid hopes that he would bring much-needed reform to Asia's fifth-largest economy, has come …

  • Bank of Canada Governor Stephen Poloz arrives at a news conference in Ottawa
    Bank of Canada head sees no need now … Reuters - Sun, 19 Apr, 2015

    Bank of Canada Governor Stephen Poloz, who has described a shock January interest rate cut as "insurance", said in an interview he didn't see the need for more insurance … More »Bank of Canada head sees no need now …

    Bank of Canada Governor Stephen Poloz arrives at a news conference in Ottawa

    Bank of Canada Governor Stephen Poloz, who has described a shock January interest rate cut as "insurance", said in an interview he didn't see the need for more insurance now, the Wall Street Journal reported on its website on Sunday. "We've got the right monetary policy," Poloz told the newspaper. "It gets us home."  …

  • Sipila of the Centre Party has a selfie taken at the party's parliamentary elections reception in Helsinki
    Millionaire businessman wins Finland … Reuters - Sun, 19 Apr, 2015

    By Jussi Rosendahl and Anna Ercanbrack HELSINKI (Reuters) - A millionaire former telecoms executive touted as a technocrat capable of rescuing Finland from economic … More »Millionaire businessman wins Finland …

    Sipila of the Centre Party has a selfie taken at the party's parliamentary elections reception in Helsinki

    By Jussi Rosendahl and Anna Ercanbrack HELSINKI (Reuters) - A millionaire former telecoms executive touted as a technocrat capable of rescuing Finland from economic slump won Sunday's parliamentary election, but he will likely need coalition support from a second-placed euroskeptic party critical of any more Greek bailouts. …

  • A Chinese national flag flutters outside the headquarters of the People's Bank of China in Beijing
    China makes big cut in bank reserve … Reuters - Sun, 19 Apr, 2015

    China's central bank on Sunday cut the amount of cash that banks must hold as reserves, the second industry-wide cut in two months, adding more liquidity to the world's … More »China makes big cut in bank reserve …

    A Chinese national flag flutters outside the headquarters of the People's Bank of China in Beijing

    China's central bank on Sunday cut the amount of cash that banks must hold as reserves, the second industry-wide cut in two months, adding more liquidity to the world's second-biggest economy to help spur bank lending and combat slowing growth. The People's Bank of China (PBOC) lowered the reserve requirement ratio (RRR) …

  • Bangladesh eyes fivefold increase in … Reuters - Sun, 19 Apr, 2015

    By Serajul Quadir DHAKA (Reuters) - Bangladesh aims to raise its exports of readymade garments (RMG) to Canada at least fivefold to $3.5 billion by 2021, the chief of … More »Bangladesh eyes fivefold increase in …

    By Serajul Quadir DHAKA (Reuters) - Bangladesh aims to raise its exports of readymade garments (RMG) to Canada at least fivefold to $3.5 billion by 2021, the chief of the Canada Bangladesh Chamber of Commerce and Industry (CanCham Bangladesh) said on Sunday. Masud Rahman said total Bangladeshi exports to Canada stood …

  • Pigeons fly over a fluttering Greek national flag in Athens
    Euro working group to meet Wednesday, … Reuters - Sun, 19 Apr, 2015

    Euro zone deputy finance ministers will meet midweek ahead of a Eurogroup finance ministers' gathering two days later, a Greek government official told Reuters, as Athens … More »Euro working group to meet Wednesday, …

    Pigeons fly over a fluttering Greek national flag in Athens

    Euro zone deputy finance ministers will meet midweek ahead of a Eurogroup finance ministers' gathering two days later, a Greek government official told Reuters, as Athens and its creditors continue to seek a deal on reforms to unlock aid. "The two sides agreed that there will be a Euro Working Group meeting on Wednesday," …

  • Greek Prime Minister Tsipras talks to Deputy Prime Minister Dragasakis during the first meeting of new cabinet post elections in the parliament building in Athens
    Greece wants EU/IMF deal but impasse … Reuters - Sat, 18 Apr, 2015

    Greece aims for a deal with its creditors over a reforms package but will not retreat from its red lines, the country's deputy prime minister told the Sunday newspaper … More »Greece wants EU/IMF deal but impasse …

    Greek Prime Minister Tsipras talks to Deputy Prime Minister Dragasakis during the first meeting of new cabinet post elections in the parliament building in Athens

    Greece aims for a deal with its creditors over a reforms package but will not retreat from its red lines, the country's deputy prime minister told the Sunday newspaper To Vima, not ruling out a referendum or early polls if talks reach an impasse. Athens is stuck in negotiations with its euro zone partners and the International …

  • Putin takes part in a live broadcast call-in in Moscow
    Putin says ready to work with United … Reuters - Sat, 18 Apr, 2015

    Russia has key interests in common with the United States and needs to work with it on a common agenda, Russian President Vladimir Putin said on Saturday in a television … More »Putin says ready to work with United …

    Putin takes part in a live broadcast call-in in Moscow

    Russia has key interests in common with the United States and needs to work with it on a common agenda, Russian President Vladimir Putin said on Saturday in a television interview. In his comments to the state-run Rossiya channel, Putin appeared to soften his anti-American rhetoric after being highly critical. Relations …

  • Adios, Corolla & Poloz stands pat: BUSINESS … CBC - Fri, 17 Apr, 2015

    One of the biggest news stories this week was word on Wednesday that Toyota would be moving its Corolla production from plants in Ontario to a new one in Mexico. "It's … More »Adios, Corolla & Poloz stands pat: BUSINESS …

    One of the biggest news stories this week was word on Wednesday that Toyota would be moving its Corolla production from plants in Ontario to a new one in Mexico. "It's a terrible day for the team members of Toyota," Unifor president Jerry Dias said.

  • Ontario Finance Minister sees pension … Reuters - Fri, 17 Apr, 2015

    By Andrea Hopkins TORONTO (Reuters) - Ontario Finance Minister Charles Sousa said on Friday he expects all of Canada's major pension funds to be interested in a stake … More »Ontario Finance Minister sees pension …

    By Andrea Hopkins TORONTO (Reuters) - Ontario Finance Minister Charles Sousa said on Friday he expects all of Canada's major pension funds to be interested in a stake of Hydro One as the province prepares to sell off 60 percent of the provincial electricity transmission utility. "It's going to be one of the largest companies …

  • A woman pumps gas at a station in Falls Church
    U.S. consumer prices edge up, supporting … Reuters - Fri, 17 Apr, 2015

    By Lucia Mutikani WASHINGTON (Reuters) - U.S. consumer prices increased for a second straight month in March on rising gasoline and housing costs, a sign of an uptick … More »U.S. consumer prices edge up, supporting …

    A woman pumps gas at a station in Falls Church

    By Lucia Mutikani WASHINGTON (Reuters) - U.S. consumer prices increased for a second straight month in March on rising gasoline and housing costs, a sign of an uptick in inflation that should keep the Federal Reserve on course to start raising interest rates this year. March's broad-based price gains bolster the U.S. …

  • Brazil's Olympic host Rio has phones … Reuters - Fri, 17 Apr, 2015

    By Stephen Eisenhammer and Brad Haynes RIO DE JANEIRO/SAO PAULO (Reuters) - The state government of Rio de Janeiro, which is feverishly preparing for next year's Olympic … More »Brazil's Olympic host Rio has phones …

    By Stephen Eisenhammer and Brad Haynes RIO DE JANEIRO/SAO PAULO (Reuters) - The state government of Rio de Janeiro, which is feverishly preparing for next year's Olympic Games, has failed to pay its phone and Internet bills, triggering a cutoff in service, the phone company responsible said on Friday. Brazilian telecoms …

  • European Union flags flutter outside the EU Commission headquarters in Brussels
    EU to investigate transparency of Internet … Reuters - Fri, 17 Apr, 2015

    By Julia Fioretti BRUSSELS (Reuters) - Internet platforms such as Google, Microsoft and Yahoo! will be the subject of a widespread inquiry by European regulators to … More »EU to investigate transparency of Internet …

    European Union flags flutter outside the EU Commission headquarters in Brussels

    By Julia Fioretti BRUSSELS (Reuters) - Internet platforms such as Google, Microsoft and Yahoo! will be the subject of a widespread inquiry by European regulators to determine whether they are transparent enough in how they display search results. In a draft of the Commission's strategy for creating a digital single market, …

  • Former IMF chief Rodrigo Rato leaves his Madrid office following a search by tax inspectors
    Spanish government seeks distance from … Reuters - Fri, 17 Apr, 2015

    Spain's government on Friday sought to distance itself from a money-laundering investigation into a former heavyweight of the ruling People's Party (PP), Rodrigo Rato, … More »Spanish government seeks distance from …

    Former IMF chief Rodrigo Rato leaves his Madrid office following a search by tax inspectors

    Spain's government on Friday sought to distance itself from a money-laundering investigation into a former heavyweight of the ruling People's Party (PP), Rodrigo Rato, in an election year in which corruption has become a major theme. Customs agents searched the home and office of the former economy minister on Thursday. …

  • A customer approaches a self-checkout at a Target store in Ancaster

    By Leah Schnurr OTTAWA (Reuters) - Canadian retail sales racked up their biggest increase in eight months in February, while inflation unexpectedly rose last month, casting cold water on the likelihood of the central bank cutting interest rates again in the near future. Data from Statistics Canada on Friday showed retail …

  • Canada's inflation rate ticked up to 1.2 per cent in March, higher than February's level, but still on the low end of the range deemed comfortable by the Bank of Canada. Gasoline prices were the main factor driving down the consumer price index, Statistics Canada said Friday. Economists had estimated the inflation rate …