Canada’s Trans Mountain pipeline no longer profitable: Watchdog | Oil and Gas News

Canada’s Trans Mountain pipeline no longer profitable: Watchdog |  Oil and Gas News

Canada’s contentious Trans Mountain pipeline is no longer profitable, a parliamentary budget watchdog has found, as the expansion project on the country’s west coast has faced years of delays, skyrocketing costs, and opposition from local communities. In a report on Wednesday, the Office of the Parliamentary Budget Officer said the Canadian government’s 2018 decision “to … Read more

Canada inflation rises to near 40-year high

Canada inflation rises to near 40-year high

The Bank of Canada raised interest rates to 1.5% from 1.0% this month and said it was ready to act “more forcefully” if needed to tame inflation. David Kawai | Bloomberg via Getty Images Canadian consumer prices increased in May at rates not seen since January 1983, surging past analyst forecasts, largely driven by pricey … Read more

Russia may cut off gas completely, Europe must act now, IEA warns | Russia-Ukraine war News

Russia may cut off gas completely, Europe must act now, IEA warns |  Russia-Ukraine war News

Head of IEA says Europe needs ‘contingency plans’ as Russia may further reduce gas deliveries amid its war in Ukraine. Russia may cut off gas to Europe entirely as it seeks to bolster its political leverage during the Ukraine crisis, the head of the International Energy Agency (IEA) said, adding Europe needed to prepare now. … Read more

Higher rates but less inflation panic: What CIBC’s Benjamin Tal is predicting for stocks, home prices and the economy

Higher rates but less inflation panic: What CIBC’s Benjamin Tal is predicting for stocks, home prices and the economy

Benjamin Tal, deputy chief economist at CIBC Capital Markets, in Toronto on June 7, 2019.Tijana Martin/The Globe and Mail Mounting fears of a recession have gripped equity markets, with the S&P/TSX Composite Index now firmly in correction territory. The S&P/TSX is down 13 per cent from its record closing high of 22,087, reached on March … Read more

Freeland defends budget after Scotiabank accuses feds of ‘doing nothing’ on inflation – National

Freeland defends budget after Scotiabank accuses feds of ‘doing nothing’ on inflation – National

A cut in planned government spending could help tame rampant inflation and reduce pressure on the Bank of Canada to hike interest rates, according to a report from Scotiabank. The report from the bank’s chief economist Jean-Francois Perrault and modeling director René Lalonde claims that Canadian fiscal policymakers are “doing nothing of any significance to … Read more

Bitcoin drops below US$ 20,000 for the first time since 2020 – National

Bitcoin drops below US$ 20,000 for the first time since 2020 – National

The price of bitcoin fell below $20,000 for the first time since late 2020 on Saturday, in a fresh sign that the selloff in cryptocurrencies is deepening. Bitcoin, the most popular cryptocurrency, fell below the psychologically important threshold, dropping as much as 9% to less than $19,000, according to CoinDesk. The last time bitcoin was … Read more

Inflation will not fall to 2% target for two years, Fed’s Mester says

Inflation will not fall to 2% target for two years, Fed’s Mester says

Cleveland Fed President Loretta Mester takes part in a panel convened to speak about the health of the US economy in New York November 18, 2015. lucas jackson | Reuters Cleveland Federal Reserve Bank President Loretta Mester said it will take two years for inflation to fall to the central bank’s 2% target, adding that … Read more

Rampant inflation means Bank of Canada must raise rates above 3%: economist – National

Rampant inflation means Bank of Canada must raise rates above 3%: economist – National

Rampant inflation in the Canadian economy means the Bank of Canada will have to raise rates above three per cent to bring things back under control, suggests one economist. Don Drummond, an economist and fellow with Queen’s University, spoke with The West Block‘s Mercedes Stephenson and said while the Bank has been clearly signaling an … Read more

Bitcoin drops below $20,000 as crypto plunge continues | Crypto News

Bitcoin drops below ,000 as crypto plunge continues |  Crypto News

A spate of cryptocurrency meltdowns have erased tens of billions of dollars of investors’ assets and sparked urgent calls to regulate the freewheeling industry. The price of Bitcoin fell below $20,000 for the first time since late 2020 in a new sign the selloff in cryptocurrencies is deepening. Bitcoin, the most popular cryptocurrency, fell below … Read more

Gold is doing ‘spectacular job’ but price drop to $1,800 not ruled out, here’s why

Gold is doing ‘spectacular job’ but price drop to ,800 not ruled out, here’s why

(Kitco News) Gold surprised this week with its resilience and steadiness after an oversized 75-basis-point hike from the Federal Reserve and massive volatility across many markets. But analysts don’t see a major rally developing in gold in the short-term, and they are not even ruling out a move back to $1,800. The precious metal’s reaction … Read more