The myth about electric vehicles. Plus, Air Canada is no longer the most shorted security on the TSX, and head-turning big-bank GIC rates

The myth about electric vehicles.  Plus, Air Canada is no longer the most shorted security on the TSX, and head-turning big-bank GIC rates

The most jarring statistic of this week came from Morgan Stanley energy analyst Martijn Rats, who noted that while 72 per cent of new cars in Norway are electric vehicles, oil consumption in the country hasn’t changed. This data point underscores the extent to which electric vehicles are not a panacea for climate change, and … Read more

Ghana plans to buy oil with gold instead of dollars | Business and Economy News

Ghana plans to buy oil with gold instead of dollars |  Business and Economy News

The move is aimed at tackling dwindling forex reserves amidst rising inflation and a weakening local currency. Ghana’s government is working on a new policy to buy oil products with gold rather than US dollar reserves, Vice President Mahamudu Bawumia has said on Facebook. The move, announced on Thursday, is meant to tackle dwindling foreign … Read more

Sending a package through Canada Post this holiday season? Get ready to pay more – National

Sending a package through Canada Post this holiday season?  Get ready to pay more – National

Canada Post is upping surcharges on domestic packages to nearly 40 per cent as the price of living remains steep across the country. On Nov. 28, the postal operator will raise the surcharge to 39.5 per cent for domestic services in what Canada Post says is to make up for increased fuel prices. The fuel … Read more

Effect of interest rate hikes on Canadian economy will be ‘more powerful’ than people think, Poloz says

Effect of interest rate hikes on Canadian economy will be ‘more powerful’ than people think, Poloz says

Former Bank of Canada governor Stephen Poloz delivers a keynote address to a business conference in Ottawa, on Nov. 24.Adrian Wyld/The Canadian Press The full effects of interest rate hikes have yet to be felt – and will be “even more powerful” than many anticipate, said former Bank of Canada governor Stephen Poloz Thursday in … Read more

Lifting pandemic stimulus sooner would’ve limited inflation: Bank of Canada’s Macklem – National

Lifting pandemic stimulus sooner would’ve limited inflation: Bank of Canada’s Macklem – National

The Bank of Canada and the federal government could have taken their foot off the gas sooner when stimulating the economy during the COVID-19 pandemic, Governor Tiff Macklem said Wednesday, but he added that knowledge is only clear now with the benefit of hindsight. Macklem and Senior Deputy Governor Carolyn Rogers spoke to the House … Read more

Interest rates need to keep rising to fight inflation, Tiff Macklem tells MPs

Interest rates need to keep rising to fight inflation, Tiff Macklem tells MPs

Bank of Canada Governor Tiff Macklem waits to appear before the House of Commons finance committee in Ottawa on Nov. 23.Adrian Wyld/The Canadian Press Parliamentarians questioned Bank of Canada Governor Tiff Macklem about inflation and historic financial losses at the central bank on Wednesday, with top opposition politicians looking to frame the bank’s continuing dilemmas … Read more

Smith announces financial relief measures for Albertans during televised address

Smith announces financial relief measures for Albertans during televised address

Many Albertans will receive financial relief from the provincial government amid the ongoing inflation and affordability crisis, Premier Danielle Smith announced on Tuesday night. During a televised address, Smith revealed her government plans to provide a $600 payment over the next six months for each child under 18 in families with lower incomes. The threshold … Read more

Bill Ackman doubts the Fed can tame inflation, says higher prices ahead

Bill Ackman doubts the Fed can tame inflation, says higher prices ahead

Billionaire hedge fund manager Bill Ackman is skeptical of the Federal Reserve’s ability to bring down inflation, seeing structurally higher prices lingering. “Long-term interest rates are meaningfully below where they’re going to go and we think that is, of course, a risk for equities,” Ackman said on a quarterly investor call for Pershing Square Holdings … Read more

A look at how Canada compares to other countries amid high inflation – National

A look at how Canada compares to other countries amid high inflation – National

Decades-high inflation has Canadians worried about the rising cost of living, but as gloomy as things may seem, Canada appears to be faring better than many other major economies. Its national inflation rate is still lower than that of the United States, the European Union and the United Kingdom—whose year-over-year inflation rose to an eye-popping … Read more

‘Extremely challenging’ year for NB fireplace, firewood suppliers as demand heats up – New Brunswick

‘Extremely challenging’ year for NB fireplace, firewood suppliers as demand heats up – New Brunswick

Maritime Fireplaces owner Pat Bourque says record-high heating oil prices have more customers buying wood stoves and fireplaces to heat their homes. “Not just in our area, but even in the rest of the country, there’s been a huge demand. So our supply has been limited as far as getting wood stoves from our manufacturers,” … Read more