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The epic mistake about manufacturing that’s cost Americans millions of jobs

Looking back, there were two kinds of people who lived in America in 2016: people who believed Donald Trump, and people who believed data.<p>Trump claimed on the campaign trail that globalization had destroyed US manufacturing—and in the process, the American economy—by letting China and other …

Economics

Bitcoin Is Likely to 'Totally Collapse and Be Forgotten,' Nobel Prize-Winning Economist Says

Robert Shiller predicted the housing bubble AND the tech wreck.<p>Robert Shiller, the Nobel Prize-winning Yale economist who predicted the housing …

Cryptocurrency

Poloz ready to stop ‘playing defence’ as Canada’s economy rebounds

Stephen Poloz has a new swagger these days.<p>The Bank of Canada Governor is watching 2017 come to a close, satisfied that the economy is finally emerging from years of false starts and surprise jolts to reach what he calls a "sweet spot." Job growth is strong, companies are running flat-out and …

The looming oil price shock that could trigger the next global recession

Revenge, it is said, is a dish best served cold. When Mohammed bin Salman (MBS) rounded up more than a hundred of Saudi Arabia‘s richest businessmen, …

Oil

Canada to take hard line on Trump’s protectionist demands as NAFTA talks resume

Canada will give no ground on the Trump administration's protectionist demands when the renegotiation of the North American free-trade agreement resumes this week in Mexico City, but will try to quickly reach deals on easier issues in hopes of showing goodwill, sources familiar with Ottawa's …

The most compelling criticism of Trump tax plan

The GOP tax plan has been criticized on two grounds. First, it disproportionately benefits the rich at a time when income inequality is an economic, political and social concern. Second, the concept of a debt-creating tax plan is unwise and counterproductive.<p>It is the second that has drawn robust …

Economics

Loonie Signals FX-Market Reversal as Link With Crude Is Revived

Canadian dollar bulls, on their back foot for much of the past two months, may be about to catch a break from the rebound in oil.<p>With West Texas …

Thinking the unthinkable on NAFTA has C$ traders doomsday prepping

Lurking around the NAFTA negotiations that resume Wednesday is a small yet unnerving possibility: The US$1 trillion trade pact unravels completely, …

Business (Canada)

Canadian Indebtedness to Limit Rate-Hike Path, Economists Say

Bank of Canada Governor Stephen Poloz could pause monetary tightening this year over concerns about the impact of higher interest rates for consumers …

Canada's finance minister says economy can grow with strong currency | News Home | Reuters

NEW YORK (Reuters) - The Canadian economy can continue to be successful even with a strong currency and higher interest rates, Canadian Finance Minister Bill Morneau said on Tuesday.<p>Canada's Finance Minister Bill Morneau arrives for a news conference in Ottawa, Ontario, Canada, July 18, 2017. …

Canada

Why the loonie took a sudden dive Wednesday

The Canadian dollar suddenly fell about half a cent, slipping below 81 cents (U.S.) against the U.S. dollar, after the release of the monetary policy statement from the Federal Reserve on Wednesday suggested that U.S. interest rates are heading higher.<p>As the Canadian dollar fell, the U.S. dollar …

Business (Canada)

Where RBC sees the Canadian dollar heading next

The strong Canadian dollar has been weighing heavily on U.S. dollar assets held by Canadian investors, but is the pain nearly over?<p>Here's one way to look at the issue: The S&P 500 is at a record high in U.S. dollar terms, but if you hold an S&P 500 index fund priced in U.S. dollars, then your …

Business (Canada)

Pension Fund Dumps Stocks Because ‘There Is No President In The U.S.’

Trump's response to Charlottesville was a "breaking point," Varma CEO says.<p>Does the United States even have a president anymore?<p>A $53-billion public …

Stock Markets

Quebec's comeback

Long seen as an economic laggard, Quebec is in the midst of a mini-boom. Unemployment is falling, companies are investing and the government's fiscal house is in order. But does its new-found status as economic star have sticking power? Nicolas Van Praet reports<p>A clutch of Quebec Inc. executives …

Canada

Ottawa posts small surplus for first quarter

The federal government ran a small surplus of $16-million in June, which kept federal finances just barely in the black over the first quarter of the fiscal year.<p>Finance Canada's monthly tracking report of Ottawa's bottom line showed an $83-million surplus over the April to June period, compared to …

Canada

Bank of England Is Vindicated as Growth Deteriorates

It's better to be right than to appear consistent.<p>The Bank of England has taken some stick for inconsistent messages on interest rates. Well, it's better to be right than to appear consistent. The bank's decision this month, to hold fire on an increase, looks better by the day.<p>Revised numbers on …

Moody’s warns Canadian consumers over record household-debt levels

Unprecedented household-debt levels will give Canadians a rude awakening on their unpaid credit-card bills if another economic downturn materializes in the coming years, according to a new report issued on Wednesday.<p>Moody's Investors Service it will be closely watching Alberta and Saskatchewan for …

Interest Rates

Wall Street banks warn market downturn is coming

HSBC Holdings Plc, Citigroup Inc. and Morgan Stanley see mounting evidence that global markets are in the last stage of their rallies before a downturn in the business cycle.<p>Analysts at the Wall Street behemoths cite signals including the breakdown of long-standing relationships between stocks, …

Politics Briefing newsletter: B.C. Premier John Horgan confident softwood deal is close

<b>Good morning,</b><p>B.C. Premier John Horgan wrapped up a trip to Washington by striking an optimistic tone that a deal to resolve the <b>softwood lumber dispute</b> could be close at hand. Mr. Horgan spent two days in the U.S. capital to press his province's interest, following the Trump administration's …

Canada

U.S. trade protectionism the biggest threat to Canadian economy: Poloz

The spectre of U.S. trade protectionism is "the number one threat" to Canada's economic well-being over the next several years, Bank of Canada Governor Stephen Poloz told a Senate committee in Ottawa on Thursday.<p>In response to a question at a hearing of the standing Senate committee on banking, …

Business (Canada)

PIMCO: Here are 3 difficult transitions the world will undergo in 2017

In "Cyclical Outlook: Into the Unknown," Joachim Fels and Andrew Balls identified "three difficult transitions" the world will undergo — namely a shift from monetary to fiscal policy, a shift from globalization to deglobalization, and a currency regime transition in China — and offered their …

The ‘only adult in the room’: Mark Carney prepares his own Brexit after referendum debacle

Bank of England Governor Mark Carney has been the only “adult in the room” since the U.K. vote to quit the European Union, according to former BOE …

Vancouver’s skyline to rise amid an office-tower building boom

The $240-million Credit Suisse/SwissReal tower in the heart of downtown Vancouver will be completed in less than a year, but so far, only one tenant has signed up to move in.<p>The tenant has committed for a 10th of the 370,000 square feet – leaving a state of emptiness that is unusual for an office …

Credit Suisse

Pain in oil sector can be felt all over Canada’s economy, executives say

The results of this quarter's C-Suite survey underline the centrality of resources to the Canadian economy. While some people are inclined to view the drop in commodity prices, especially oil, as something affecting one region and one sector of the economy, executives told us the negative …

PAUL KRUGMAN: What's going on in China right now scares me

<i>The following interview with Paul Krugman, American economist and op-ed columnist for The New York Times, was conducted by Birgit Haas and Daniel Tost</i> <i>of Business Insider Deutschland.</i><p><b>Krugman:</b> God knows, right? I tell myself that, once actually in office, Trump might realize that he needs to listen …

What an inverted yield curve says about Canada’s economy

The yield on the five-year Canadian government bond briefly slid below the level for shorter-term debt Tuesday – an inversion that signals deepening concerns about the economy and the likelihood of further rate cuts by the Bank of Canada.<p><b>What is an inverted yield curve?</b><p>Simply put, the yield curve …

Economics

Why Saudi Arabia Won't Cut Its Oil Production

Anyone who wonders why Saudi Arabia has refused to reduce its oil production to drive the price back up can find an answer in the global climate change accord agreed to by 195 nations in Paris last month.<p>The parties committed themselves to reducing the consumption of hydrocarbon fuels in the second …

Oil