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Canada’s economy contracts by 0.2% in November

Canada’s economy contracted by 0.2 per cent in November, more than expected and the largest monthly contraction since December 2023, Statistics Canada said on Friday. This shrinkage follows a 0.3 per cent increase in October, and was led by a drop in output in mining, quarrying, oil sands extraction and transportation, among others. …

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Provinces warn Ottawa slashing immigration program in half will hurt economy

The federal government has told most provinces and territories they must cut their allotted spaces for economic immigration programs by half this year, triggering concerns about drastic impacts on labour and the economy. The provincial nominee programs (PNPs) are used by all provinces and territories except Quebec and Nunavut. All 11 jurisdictions with …

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Canadians say cost of living was the top news story of 2024: poll – National

The cost of living remained top of mind for many Canadians this year, even though inflation dropped in 2024 and the Bank of Canada lowered its key interest rate several times. That issue was considered the top domestic news story in Canada by 71 per cent of Canadians, according to …

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Canada’s economy grew 1% in the third quarter from higher government, household spending

The Canadian economy grew at an annualized rate of one per cent in the third quarter, boosted by higher household and government spending, Statistics Canada said on Friday. The rate was in line with economists’ expectations but below the Bank of Canada’s quarterly projection of 1.5 per cent. The growth was offset …

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Butter prices soar in Russia amid surging inflation in war economy

Russian President Vladimir Putin says that Russia’s war economy is well balanced to supply both guns and butter, but the price of butter itself is now soaring as surging inflation distorts parts of the economy. The price of a block of butter has risen by 25.7 per cent since December, …

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Port of Montreal dockworkers serve notice for 3-day strike to begin Monday

By Staff The Canadian Press Posted September 27, 2024 10:46 am Updated September 27, 2024 12:24 pm 1 min read Descrease article font size Increase article font size The union representing longshore workers at the Port of Montreal says work at two terminals could come to a standstill next week …

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Ontario’s minimum wage will become 2nd highest in Canada after increase

Descrease article font size Increase article font size Ontario’s minimum wage will increase next month to become the second highest of all the Canadian provinces, the government says. The minimum wage will boost to $17.20 an hour on Oct. 1, up 3.9 per cent from the current rate of $16.55 …

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Ottawa approves $500M bailout to Nova Scotia Power to keep rates in check

Descrease article font size Increase article font size Ottawa has finalized a $500-million bailout to help Nova Scotia Power keep rates from skyrocketing due to delivery delays of Muskrat Falls electricity. Emera, the parent company of Nova Scotia Power, confirmed the deal — first announced Sept. 16 by federal Natural …

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Port of Montreal dockworkers approve strike mandate – Montreal

By Staff The Canadian Press Posted September 26, 2024 9:12 am 1 min read Descrease article font size Increase article font size Dockworkers at the Port of Montreal have approved a strike mandate after more than a year of contract negotiations. Longshore workers voted 97.9 per cent in favour of …

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Homeowners won’t face mortgage stress test if renewing with new lender: OSFI – National

Canada’s banking regulator is easing the burden on homeowners trying to switch their lender when renewing their mortgage by dropping the need to reapply the stress test. The Office of the Superintendent of Financial Institutions (OSFI) confirmed to Global News on Thursday that it’s ending the need for lenders to …

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