Title: Storm clouds over Canadian economy
Post by: Anonymous on November 19, 2019, 06:51:31 AM
Post by: Anonymous on November 19, 2019, 06:51:31 AM
By Mark Bonokoski of Sun News Media
The bad news for Canada's economy is only getting worse.
CN Rail confirmed our faltering economy — aided by Donald Trump's trade war with China and China's hard-nosed approach to Canadian exports over the house arrest of a top Huawei executive at the behest of the U.S. — has begun cutting back freight volumes and laying off upwards of 1,600 workers.
This was seen coming, of course, when CN'S chief financial officer, Jean-jacques Ruest, put out a public warning in September that some of his company's rails were a little dodgy.
"One in five Canadian jobs is dependent directly on trade," he told CTV. "And we have a problem of a collapse of market access with the rest of the world, and with the United States."
But where was this found in the election campaign as Canadian exports of canola, beef and pork were being terminated by China as two Canadians, Michael Kovrig and Michael Spavor, continued to languish in its jails on trumped-up charges because of the Huawei executive's house arrest in Vancouver?
"One in five Canadian jobs is dependent directly on trade. And we have a problem of a collapse of market access with the rest of the world, and with the United States." John moore, former federal industry minister
Title: Re: Storm clouds over Canadian economy
Post by: Anonymous on November 19, 2019, 07:32:01 AM
Post by: Anonymous on November 19, 2019, 07:32:01 AM
CN is a bellweather of the economy. This isn't good.Quote from: "seoulbro"
By Mark Bonokoski of Sun News Media
The bad news for Canada's economy is only getting worse.
CN Rail confirmed our faltering economy — aided by Donald Trump's trade war with China and China's hard-nosed approach to Canadian exports over the house arrest of a top Huawei executive at the behest of the U.S. — has begun cutting back freight volumes and laying off upwards of 1,600 workers.
This was seen coming, of course, when CN'S chief financial officer, Jean-jacques Ruest, put out a public warning in September that some of his company's rails were a little dodgy.
"One in five Canadian jobs is dependent directly on trade," he told CTV. "And we have a problem of a collapse of market access with the rest of the world, and with the United States."
But where was this found in the election campaign as Canadian exports of canola, beef and pork were being terminated by China as two Canadians, Michael Kovrig and Michael Spavor, continued to languish in its jails on trumped-up charges because of the Huawei executive's house arrest in Vancouver?
"One in five Canadian jobs is dependent directly on trade. And we have a problem of a collapse of market access with the rest of the world, and with the United States." John moore, former federal industry minister
I heard CN's conductors and engineers were in a strike position, but I didn't know their business is slowing..
IHJ works for CP, he should know more about this.
Title: Re: Storm clouds over Canadian economy
Post by: Anonymous on November 19, 2019, 10:06:08 AM
Post by: Anonymous on November 19, 2019, 10:06:08 AM
Title: Re: Storm clouds over Canadian economy
Post by: Anonymous on November 19, 2019, 01:42:09 PM
Post by: Anonymous on November 19, 2019, 01:42:09 PM
Title: Re: Storm clouds over Canadian economy
Post by: Anonymous on November 19, 2019, 03:08:34 PM
Post by: Anonymous on November 19, 2019, 03:08:34 PM
Title: Re: Storm clouds over Canadian economy
Post by: Anonymous on November 19, 2019, 08:51:54 PM
Post by: Anonymous on November 19, 2019, 08:51:54 PM
I wonder if the federal government will force them back to work.Quote from: "Fashionista"
He needs the support of the ultra prog parties, so not a chance.
Title: Re: Storm clouds over Canadian economy
Post by: Anonymous on November 19, 2019, 09:54:48 PM
Post by: Anonymous on November 19, 2019, 09:54:48 PM
A lengthy CN strike could hit country hard, with no remedy available from Parliament
Commodities could sit at source, manufacturing could slow for lack of incoming fuel and prairie provinces could end up at a standstill
Title: Re: Storm clouds over Canadian economy
Post by: Anonymous on November 19, 2019, 10:27:23 PM
Post by: Anonymous on November 19, 2019, 10:27:23 PM
I wonder if the federal government will force them back to work.Quote from: "Fashionista"
He needs the support of the ultra prog parties, so not a chance.
Than I hope they company and the union reach a settlement.
Title: Re: Storm clouds over Canadian economy
Post by: Anonymous on November 19, 2019, 11:42:47 PM
Post by: Anonymous on November 19, 2019, 11:42:47 PM
A long strike is bad news.Quote from: "Herman"https://business.financialpost.com/transportation/rail/a-lengthy-cn-strike-could-hit-country-hard-with-no-remedy-available-from-parliament?utm_term=Autofeed&utm_medium=Social&utm_source=Facebook&fbclid=IwAR1FhjF46nataTqV9-oVSMVdOIWNyCpSjlhmIpa0F2nTZw6zByWsQM6bJUw#Echobox=1574202865
A lengthy CN strike could hit country hard, with no remedy available from Parliament
Commodities could sit at source, manufacturing could slow for lack of incoming fuel and prairie provinces could end up at a standstill
One in five Canadian jobs is dependent on international trade and a lot more still on interprovincial trade. This is the first big test of this new minority parliament. I want to think that Trudeau will put the nation's economic interests ahead of selfish political considerations, but it's Trudeau we are talking about. Like Fash said, our hope lies in a settlement.
Title: Re: Storm clouds over Canadian economy
Post by: Anonymous on November 20, 2019, 07:18:42 AM
Post by: Anonymous on November 20, 2019, 07:18:42 AM
Half the crops still in the field, other half can't make it to market, says farmer
Title: Re: Storm clouds over Canadian economy
Post by: Anonymous on November 20, 2019, 12:17:51 PM
Post by: Anonymous on November 20, 2019, 12:17:51 PM
This is what Herman was saying.Quote from: "Fashionista"CN Rail strike and bad weather causing 'toughest year ever' for B.C. grain farmers
Half the crops still in the field, other half can't make it to market, says farmerhttps://www.cbc.ca/news/canada/british-columbia/cn-rail-strike-and-bad-weather-causing-toughest-year-ever-for-b-c-grain-farmers-1.5365460
Same here too.
Title: Re: Storm clouds over Canadian economy
Post by: Anonymous on November 20, 2019, 08:10:21 PM
Post by: Anonymous on November 20, 2019, 08:10:21 PM
This is what Herman was saying.Quote from: "Fashionista"CN Rail strike and bad weather causing 'toughest year ever' for B.C. grain farmers
Half the crops still in the field, other half can't make it to market, says farmerhttps://www.cbc.ca/news/canada/british-columbia/cn-rail-strike-and-bad-weather-causing-toughest-year-ever-for-b-c-grain-farmers-1.5365460
Same here too.
We've had too much rain and snow in Alberta.
Title: Re: Storm clouds over Canadian economy
Post by: Anonymous on November 20, 2019, 09:37:56 PM
Post by: Anonymous on November 20, 2019, 09:37:56 PM
Title: Re: Storm clouds over Canadian economy
Post by: Anonymous on November 20, 2019, 11:06:06 PM
Post by: Anonymous on November 20, 2019, 11:06:06 PM
Another reason Justine won't order CN back to work: it hurts the West the most.Quote from: "Herman"(//%3C/s%3E%3CURL%20url=%22https://scontent.fyyc2-1.fna.fbcdn.net/v/t1.0-9/s960x960/75550448_2596312897250786_284603207550763008_o.jpg?_nc_cat=101&_nc_ohc=_A0OjuJzUygAQktY8V-WAYrn6nwWoMXmbjmwIwHstRupciNASNsCHUgVg&_nc_ht=scontent.fyyc2-1.fna&oh=5bb7f984bd5d66f2b995c442b9a658c5&oe=5E4843BE%22%3E%3CLINK_TEXT%20text=%22https://scontent.fyyc2-1.fna.fbcdn.net/%20...%20e=5E4843BE%22%3Ehttps://scontent.fyyc2-1.fna.fbcdn.net/v/t1.0-9/s960x960/75550448_2596312897250786_284603207550763008_o.jpg?_nc_cat=101&_nc_ohc=_A0OjuJzUygAQktY8V-WAYrn6nwWoMXmbjmwIwHstRupciNASNsCHUgVg&_nc_ht=scontent.fyyc2-1.fna&oh=5bb7f984bd5d66f2b995c442b9a658c5&oe=5E4843BE%3C/LINK_TEXT%3E%3C/URL%3E%3Ce%3E)
A prolonged strike could push us into recession this quarter. Growth is expected to fall anyway.
Title: Re: Storm clouds over Canadian economy
Post by: Anonymous on November 21, 2019, 09:15:06 PM
Post by: Anonymous on November 21, 2019, 09:15:06 PM
Title: Re: Storm clouds over Canadian economy
Post by: Anonymous on November 21, 2019, 11:05:29 PM
Post by: Anonymous on November 21, 2019, 11:05:29 PM
Quebec doesn't want Alberta's petroleum products, but because of the CN strike they have five days left of propane. I hope they have blizzards and record cold.Quote from: "Herman"
I laughed at that.
Title: Re: Storm clouds over Canadian economy
Post by: Anonymous on November 22, 2019, 07:17:42 AM
Post by: Anonymous on November 22, 2019, 07:17:42 AM
Quebec doesn't want Alberta's petroleum products, but because of the CN strike they have five days left of propane. I hope they have blizzards and record cold.Quote from: "Herman"
I read that this morning..
Now that Quebec wants Ottawa to intervene, they are more likely to do that.
Title: Re: Storm clouds over Canadian economy
Post by: Anonymous on November 22, 2019, 08:16:36 AM
Post by: Anonymous on November 22, 2019, 08:16:36 AM
Quebec doesn't want Alberta's petroleum products, but because of the CN strike they have five days left of propane. I hope they have blizzards and record cold.Quote from: "Herman"
I read that this morning..
Now that Quebec wants Ottawa to intervene, they are more likely to do that.
Bingo!
Title: Re: Storm clouds over Canadian economy
Post by: Anonymous on November 22, 2019, 09:57:07 AM
Post by: Anonymous on November 22, 2019, 09:57:07 AM
Quebec doesn't want Alberta's petroleum products, but because of the CN strike they have five days left of propane. I hope they have blizzards and record cold.Quote from: "Herman"
Justice.
Title: Re: Storm clouds over Canadian economy
Post by: Anonymous on November 26, 2019, 11:49:03 AM
Post by: Anonymous on November 26, 2019, 11:49:03 AM
MONTREAL — Teamsters Canada says it has reached a tentative agreement with Canadian National Railway Co. to renew the collective agreement for over 3,000 conductors, trainpersons and yard workers.
The union said normal operations at CN will resume Wednesday at 6 a.m. local time across Canada.
This terrific news.
Title: Re: Storm clouds over Canadian economy
Post by: Anonymous on November 26, 2019, 01:55:17 PM
Post by: Anonymous on November 26, 2019, 01:55:17 PM
Title: Re: Storm clouds over Canadian economy
Post by: Anonymous on November 26, 2019, 05:21:02 PM
Post by: Anonymous on November 26, 2019, 05:21:02 PM
Teamsters say they have reached a tentative deal with CN, work set to resume
MONTREAL — Teamsters Canada says it has reached a tentative agreement with Canadian National Railway Co. to renew the collective agreement for over 3,000 conductors, trainpersons and yard workers.
The union said normal operations at CN will resume Wednesday at 6 a.m. local time across Canada.https://www.msn.com/en-ca/news/canada/teamsters-say-they-have-reached-a-tentative-deal-with-cn-work-set-to-resume/ar-BBXm11h?li=AAggNb9&ocid=mailsignout
This terrific news.
Title: Re: Storm clouds over Canadian economy
Post by: Anonymous on January 03, 2020, 09:46:42 PM
Post by: Anonymous on January 03, 2020, 09:46:42 PM
Personal insolvencies become more common when interest rates rise. In Canada, people are filing for insolvency at a higher rate than usual. According to The Toronto Star, experts are saying that we haven't had this many instances since the financial crisis in 2008-09.
"If a household is living paycheque to paycheque and there's a significant rise in interest rates, more of them will be pushed over the edge." According to BDO, the number of Canadians living paycheque to paycheque is 50 percent.
He also noted, "People aren't saving. They don't have any savings. So when there's a crisis, they put it on credit, and they end up getting into trouble."
"They usually understand what's caused the problems. But nobody plans to lose their job, or to get divorced."
Bolduc also thinks that a higher number of self employed Canadians is a contributing factor in the growing amount of insolvencies.
This is cause for concern. But, it is to be expected in a country with such high consumer debt and few good paying jobs.
Title: Re: Storm clouds over Canadian economy
Post by: Anonymous on January 03, 2020, 10:28:19 PM
Post by: Anonymous on January 03, 2020, 10:28:19 PM
Insolvencies in Canada now as high as during the financial crisis: ReportQuote from: "seoulbro"
Personal insolvencies become more common when interest rates rise. In Canada, people are filing for insolvency at a higher rate than usual. According to The Toronto Star, experts are saying that we haven't had this many instances since the financial crisis in 2008-09.
"If a household is living paycheque to paycheque and there's a significant rise in interest rates, more of them will be pushed over the edge." According to BDO, the number of Canadians living paycheque to paycheque is 50 percent.
He also noted, "People aren't saving. They don't have any savings. So when there's a crisis, they put it on credit, and they end up getting into trouble."
"They usually understand what's caused the problems. But nobody plans to lose their job, or to get divorced."
Bolduc also thinks that a higher number of self employed Canadians is a contributing factor in the growing amount of insolvencies.https://www.thepostmillennial.com/insolvencies-in-canada-now-as-high-as-during-the-financial-crisis-report/
This is cause for concern. But, it is to be expected in a country with such high consumer debt and few good paying jobs.
I know so many people who are living well beyond their means.