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Prep Business Report – CP

by ahnationtalk on October 17, 201816 Views

Source: The Canadian Press – Broadcast wire
Oct 17, 2018

Canada’s main stock index posted its best day in six months yesterday, despite a pullback on cannabis stocks ahead of today’s legalization of recreational pot.

Toronto’s S-and-P / T-S-X index gained 170 points, to close at 15,579.

In New York, the Dow Jones industrial average surged 547 points, to 25,798.

And the tech-heavy Nasdaq shot up 214 points to 7,645.

In Tokyo this morning, the Nikkei index rose 291 points, to 22,841.

Hong Kong’s markets were closed today.

And the Canadian dollar is trading overseas this morning at 77.25 cents U-S, down four -100ths of a cent from yesterday’s average value of 77.29.

(World-Markets)

Asian markets rose today as robust U-S corporate earnings and encouraging labour data eased worries about softening global growth.

U-S stocks bounced back from a series of losses, racking up their biggest gain in six months yesterday.

Asian indices followed suit, with Japan’s benchmark Nikkei index up 1.3 per cent and China’s Shanghai Composite rising 0.6 per cent.

Markets in Hong Kong were closed for a holiday. (Associated Press)

(Oil-Prices)

Benchmark U-S crude is up 25 cents this morning to $72.17 U-S a barrel in electronic trading in New York.

The November contract gained 14 cents in trading yesterday to settle at $71.92.

(Cannabis-Legal)

Canadians are waking to a seismic cultural shift as nearly a century of marijuana prohibition ends across the country today.

Recreational cannabis use is now legal.

All provinces and territories will have online sales available for products and accessories, but the number of brick-and-mortar stores offering cannabis products differs between provinces and territories.

Regulations will differ province-to-province as well. (The Canadian Press)

(Canada-Post-Talks)

The Canadian Union of Postal Workers says it has given strike notice to Canada Post that workers could walk off the job as early as next week.

The union representing 50-thousand Canada Post employees says rotating strikes will begin Monday if agreements aren’t reached with the Urban Postal Operations and Rural and Suburban Mail Carriers bargaining units.

The union says it is pushing for improved job security, an end to forced overtime, and better health and safety measures — but that nearly a year of contract talks have stalled.

The looming threat of a work stoppage comes ahead of the busy holiday online-shopping season — and as marijuana sales are now legal in Canada.

The postal service has contracts with several provinces to deliver pot bought online, including Ontario where online sales will be the only source of the product until April. (The Canadian Press)

(Morneau-Surtax-Exemptions)

Federal Finance Minister Bill Morneau says 50 Canadian companies have so far been exempted from paying surtaxes on U-S steel and aluminum imports.

The tariffs have been in place since Ottawa imposed retaliatory tariffs in July.

Morneau provided the figure before a parliamentary committee, where opposition M-Ps criticized his relief plan as too slow in helping Canadian firms affected by the cross-border tariff fight and too onerous for smaller companies to even apply for.

Conservative M-P Dean Allison says the committee has heard from many businesses caught in the crossfire that are worried the financial relief isn’t arriving quickly enough for them to remain viable.

Morneau agreed he would like to see the relief money flow faster, but said there’s a process that must be followed. (The Canadian Press)

(BC-MSP-Elimination)

The British Columbia government is going to eliminate Medical Services Plan premiums and replace them with an employer health tax.

The Employer Health Tax Act, which sets a tax of 1.95 per cent on the payroll of businesses with revenues over half a million dollars, was introduced in the legislature yesterday and would take effect January 1st.

The government says fewer than five per cent of businesses in B-C will pay the full tax.

Critics of the tax say it simply transfers medical premiums to small businesses and municipalities that will have no choice but to pass costs onto consumers. (The Canadian Press)

(Marine-Protected-Areas)

Environmental groups are generally receptive to a federal panel’s recommendations on protecting marine areas off Canada’s coasts — especially when it comes to limiting oil and gas exploration.

In its final report, the panel says Ottawa should adopt standards developed by the International Union for the Conservation of Nature, which prohibits industrial activities in marine protected areas.

It also calls for First Nations to become fully integrated in the development of those areas. (The Canadian Press)

(Uber-IPO)

Uber has reportedly received proposals from American investment banks Morgan Stanley and Goldman Sachs that valued the ride hailing company at as much as 120-billion dollars U-S.

The Wall Street Journal said Uber may launch an initial public offering early next year, citing people familiar with the matter.

Apart from scandals including workplace harassment, Uber faces intensifying competition and sold its Southeast Asian operations to rival Grab in March. (Associated Press)

(Lookahead)

Statistics Canada releases its monthly survey of manufacturing for August.

Realtor Royal LePage releases latest quarterly sales data in Toronto.

Finance Minister Bill Morneau is in Toronto to take part in a conversation about what Canada can do to become more globally competitive and the steps he and the government are taking to make the country a more attractive place to do business.

BlackBerry C-E-O John speaks at the Empire Club in Toronto.

Kinder Morgan Canada will release third-quarter earnings results.

Natural Resources Minister Amarjeet Sohi is in Kitimat, B-C to tour the L-N-G Canada site, and will announce funding for a biomass heating project.

Canopy Growth invites media to meet with marijuana experts and advocates in Vancouver. (The Canadian Press)

(Business Report by The Canadian Press)

(The Canadian Press)

INDEX: BUSINESS

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