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Instead, Trudeau and Peña Nieto ‘agreed to proceed swiftly… to enable the renegotiation’ of the trade deal,’ the White House announced Wednesday
OTTAWA — Canada and the United States have made progress in recent days on a dispute over Canadian lumber exports “but we are not there yet,” Canadian Foreign Minister Chrystia Freeland said on Wednesday. Freeland also said the United States should treat Canada with respect, given that Canada is a major supplier of softwood. U.S. Commerce Secretary Wilbur Ross on Monday announced tariffs on Canadian lumber exports, which U.S. producers complain are unfairly subsidized. The move tri...
Let’s be clear: the new Trump tax “plan” is not a plan at all. At best, the sketch outlined by the White House on Wednesday is an opening gambit in a protracted round of horse-trading that might see some degree of tax reform passed, sometime. At worst, it’s a set of ambitions, a wish, a prayer, a hefty spritz of political pixie dust. Given its advance billing as the most significant tax cut ever, you might have expected Donald Trump himself to validate its historic proportions by actuall...
TORONTO — Sears Canada Inc. is looking to expand its plan to sell organic groceries and build so-called dash buttons to help customers purchase their favourite products from home as the retailer better known for tools and appliances looks to reinvent itself. Executive chairman Brandon Stranzl said Wednesday he expects three to five locations where Sears will give some space to a partner grocer to be finalized by the end of this year, including two in Ontario and one in B.C. “Kind of ...
The dreaded annual performance appraisal and its reviled offspring, forced ranking, may at last be on the threatened species list of management practices. One piece of evidence for this conclusion — one of the largest tech companies in the world, General Electric, has now abandoned them. Annual performance appraisals and forced, or stacked, ranking were long associated with GE and its legendary former CEO, Jack Welch. It’s been more than 10 years since GE moved away from the practice. No...
Once more unto the breach, dear friends. Or as Henry V might have put it were he a Canadian trade negotiator: Once more unto the beech. And spruce. And pine.  I got into column writing in the late 1970s and early 1980s and softwood lumber was a big deal then. Shakes and shingles, too, though to us urban types that sounded more like a medical condition than fodder for a trade dispute. I learned in my early reading on Canada-U.S. forestry disputes that we’ve had them since the EIGHTEEN eigh...
TORONTO — An Ontario facility will start producing French’s ketchup early next month as condiment companies continue to battle for Canadian dollars with displays of national pride. Select Food Products Ltd. will produce all of the company’s ketchup sold in Canada at its North York plant. Previously some French’s ketchup sold in Canada was manufactured in the United States. RelatedFrench ’s Food Company partners with company to bottle all ketchup in CanadaFrench’s ketchup ...
Sure President Donald Trump’s first 100 days have been rocky. But Prime Minister Justin Trudeau’s next 100 days in office could be far worse. After Trump was elected, the Liberals understandably took a wait-and-see approach before worrying too much about what he would do on trade and on taxes, even as the warning signs around them flashed ever brighter. Having waited, they can now clearly see the business end of Trump’s bulldozer, ready to run roughshod over our trade relationships and com...
Ontario Premier Kathleen Wynne says she and her provincial counterparts recognize the need to present a unified response to the new U.S. lumber tariff despite their divergent self-interests. “There are different interests in the east and in the west and we are not necessarily holding hands across the country and singing from the same song sheet,” Wynne said Wednesday in an address to the Ontario Natural Resources Forum in Toronto. “Having said that, there’s a real willingness to find co...
TORONTO — Kit and Ace, the clothing company started by the family of Lululemon founder Chip Wilson, is laying off a number of its head office staff and closing stores in three countries. In a statement, Hold It All Inc., the Vancouver-based holding company which owns the brand, said the layoffs and showroom closures in the U.S., Australia and the U.K. come as the company moves to simplify its business plans and operations. RelatedChip Wilson’s casual apparel chain Kit and Ace hit by more lay...
CALGARY – Concerns over Cenovus Energy Inc.’s massive $17.7 billion deal with ConocoPhillips overshadowed the oilsands producer’s first quarter profit and improving financial results Wednesday. Cenovus president and CEO Brian Ferguson said during an earnings call that he was “absolutely not worried” about a dissident shareholder asking the Ontario Securities Commission to block its deal to acquire ConocoPhillips’ stake in their jointly-owned oilsands venture and natural gas assets in...
When it comes to expanding their English as a Second Language (ESL) business, China is a secondary market to Cloud Nine Education Group Ltd. (CSE: CNI). “We don’t need to be in China to hit our short-term target of one million users,” said Michael Hunter, CEO of Cloud Nine. “It’s a huge opportunity but it certainly isn’t the only opportunity.” Cloud Nine develops and distributes a cloud-hosted, digitally-focused ESL curriculum for schools in Canada and internationally. Founded...
Home Capital Group Inc. plunged the most on record after disclosing that it struck a deal for a $2 billion credit line to counter dwindling deposits, at terms that will leave the alternative mortgage lender unable to meet financial targets. The non-binding agreement with an unnamed counterparty will be secured by a portfolio of mortgage loans originated by Home Trust, the Toronto-based firm said in a statement Wednesday. Home Capital shares dropped as much as 52 per cent in Toronto to the lowest...
Linamar Corp. is a perfect poster child for globalization. Founded by a refugee fleeing Soviet aggression in his native Hungary, the Canadian auto-parts maker has 24,500 employees spread around 12 countries. Its supply chain weaves in and out of dozens of nations — a single part can cross seven borders before finding its final home in a completed vehicle. Going global has paid off handsomely. The $3.75 billion company just posted its 22nd quarter of double-digit earnings growth and investo...
Startup culture is defined by long days and nights. Shoestring budgets, thin staffing and lots of trial and error are hardly ideal conditions for any entrepreneurs, let alone working parents. To address those challenges, a new crop of workspaces are aiming to make it easier to start a business with little ones in tow. Funded in a variety of ways that include bootstrapping entrepreneurs and such corporate behemoths as Google, these spaces all perform vital functions. Some host meetings with a ban...
WASHINGTON — The White House is telling U.S. media that it’s weighing a plan to pull out of NAFTA. The administration has prepared a draft of an executive order to withdraw from the trade accord, Politico reported Wednesday, citing White House officials it didn’t identify. The move is still under internal debate, according to the article. It was published just days after Trump levied a tariff on imports of softwood lumber from Canada, decrying unfair competition. A week ago, the U.S. p...
The White House made its opening bid for what officials called the “biggest tax cut” in U.S. history — with cuts that would benefit businesses, the middle class and certain high-earning individuals — but left unanswered questions about whether the plan would be paid for, or how. A list of goals for the tax overhaul, unveiled by President Donald Trump’s top economic adviser Gary Cohn and Treasury Secretary Steven Mnuchin Wednesday, calls for slashing the federal inco...
Canada Mortgage and Housing Corp. says it sees better housing market conditions than 90 days ago but the federal Crown corporation didn’t see enough improvement in the second quarter to remove its red warning label on the country as a whole. The red tag is the strongest language used by CMHC for what it describes as problematic conditions in the housing market, something it slapped on the overall Canadian market two quarters ago. “While the overall assessment for Canada has not chang...
TORONTO — The Canadian dollar weakened against its U.S. counterpart on Wednesday as oil prices fell and investors turned their attention to U.S. President Donald Trump’s promised announcement on tax cuts. Oil prices fell ahead of data that will shed light on U.S.crude inventories after an industry report indicated a surprise rise in fuel stocks, underscoring the persistence of global oversupply. Canada is a major exporter of oil. U.S. crude prices were down 0.91 per cent a...
TORONTO — Let’s be honest. Concerts are loud. And as a musician, part of pleasing thousands of bass-loving patrons every week means treading a fine line between a memorable show and permanent hearing loss. Thankfully, there are wearable bass technologies that exist which can help to prevent systemic hearing loss in the music industry for not just the musicians, but also fans and the stage crew who regularly attend the events. Bass-emulating technology allows the listener to experience the pr...