Connect with us

Anglais

Fall economic statement sets target of 50 per cent export growth by 2025

Published

on

[ad_1]

Finance Minister Bill Morneau’s Fall Economic Statement puts more money where the Trudeau government’s mouth is on its trade diversification strategy, in an attempt to nudge more businesses into pursuing export markets beyond the United States.

A new export diversification strategy allocates $1.1 billion over the next six fiscal years, starting in 2018-19, to improve infrastructure and provide more resources and services for exporters.

The goal is to boost Canada’s overseas exports by 50 per cent by 2025, particularly in sectors that have demonstrated potential in certain parts of the world.

For example, when Morneau and International Trade Diversification Minister Jim Carr were in Beijing earlier this month, they set a goal of doubling Canada’s agrifood exports to China by 2025, and growing farm exports globally to $75 billion annually by that same year.

Wednesday’s economic statement noted that agriculture makes up more than six per cent of Canada’s gross domestic product. The government is allocating $25 million over the next five years to « enhance federal capacity to address situations where Canadian agricultural producers may be prevented from selling goods in international markets. »

The Liberal government’s trade agenda touts the economic growth potential of opening up new markets for Canadian goods and services. While Canada has negotiated preferential trade deals with every G7 country, its exports of non-energy goods — which represent about two-thirds of total export volumes — have remained largely unchanged over the last decade.

The economic statement notes that 99 per cent of Canada’s oil is exported to the U.S., creating a « near-total reliance » on the U.S. market. Canada will face pipeline transportation constraints until the TransMountain pipeline extension, now owned by the federal government, is built.

A recent analysis of import and export data for the first months following the implementation of the Comprehensive Economic and Trade Agreement (CETA) with the European Union found that Canadian exports weren’t significantly up, or weren’t growing as fast as EU exports to Canada, under the terms of the new deal.

Finance Minister Bill Morneau’s fall economic statement accelerates funding for marine port, rail and highway infrastructure to make it easier for non-energy goods to reach markets beyond the United States. (Sean Kilpatrick/The Canadian Press)

Canada’s share of goods exported to emerging economies (developing countries) is also lower than the share claimed by the countries it wants to compete with internationally. The Department of Finance attributes this to a reliance on the U.S. market — but given the protectionist measures implemented by Donald Trump’s administration, too much focus on American customers is risky.

Morneau’s statement Wednesday announced that, out of the $597 million collected so far through Canada’s recent retaliatory tariffs (introduced in response to U.S. steel and aluminum tariffs), $250 million will be put into an existing strategic innovation fund to pay for new investments in the sector.

New transportation infrastructure funding

While relying on the American market has drawbacks, taking advantage of new market opportunities presented by American trade policy decisions can be equally difficult. Take soybeans, for example: retaliatory tariffs put in place by the world’s biggest soybean buyer, China, have all but shut U.S. farmers out of a key market as other countries have moved in. But Canadian soybean exporters were prevented by limited rail transport and port capacity from moving significantly more of their crop to Asia.

Morneau’s fall economic statement takes nearly $774 million from infrastructure spending announced in the 2016 budget — intended to be spent over ten years — and moves it up to fund investments in marine ports, rail infrastructure and highways over the next five years.

An additional $13.6 million over the next three years will be spent to improve rail passenger and freight data, to help Canadian supply chains operate more predictably and efficiently.

The Canadian Trade Commissioner Service will get $184 million over the next five years, boosting its ability to provide advice and services in areas like digital technology, e-commerce and intellectual property.

Its Can Export program, which helps Canadian businesses find new markets, will be tripled in size. Its technology accelerator program, which has helped Canadian firms raise capital in Boston, Philadelphia, New York City and Silicon Valley, will receive an additional $17 million to expand to Delhi, Hong Kong and Tokyo.

Other measures in the update meant to help Canadian exporters include:

  • An expansion of a program to help small and medium-sized businesses in the steel, aluminum and manufacturing sectors explore new export markets created by recent trade deals with the EU and Pacific Rim trading partners. A $50 million investment was announced last June, and this economic statement provides $100 million more over six years.
  • $13.5 million for a ‘mentors’ program for « high-potential exporting firms. »
  • $10 million for partnerships with other levels of governments and business organizations to help small- and medium-sized businesses compete internationally.

No clear amounts for dairy compensation

Anyone hoping to find specifics about compensation for Canada’s supply-managed agriculture sectors in Wednesday’s statement came away disappointed.

The Comprehensive and Progressive Trans-Pacific Partnership will take effect on Dec.30, opening up new slices of Canada’s protected dairy, egg and poultry markets to foreign competition. This market access was a concession Canadian negotiators deemed necessary in order for Canada to receive other benefits from the new deal.

At the time the original Trans-Pacific Partnership was negotiated, the former Conservative government proposed a large compensation package for these industries, worth up to several billion dollars. The Trudeau government has not yet committed to any specific measures, but has formed two working groups to discuss the future of these industries generally, and compensation specifically.

A table included in Wednesday’s documents includes a line for « non-announced measures » — which could include whatever the federal cabinet eventually settles on as a compensation package — but it’s not known what percentage of these figures could be spent on compensation.

Scant progress on interprovincial trade barriers

Morneau’s statement also re-tells an old story about how the Canadian economy would be more competitive if internal trade barriers were reduced between jurisdictions in Canada.

Canada has had an internal trade agreement in place since July 1, 2017. Public procurement was opened up across provinces, and discriminatory treatment of businesses from other jurisdictions is now not allowed. A new dispute resolution process is also being implemented.

Premiers like Manitoba Premier Brian Pallister, Nova Scotia Premier Stephen McNeil and Ontario Premier Doug Ford last met as a group in July. They’ll meet Prime Minister Justin Trudeau on Dec. 7 for talks focused on economic and trade issues. (Andrew Vaughan/Canadian Press)

But it’s not clear how many regulatory barriers have been addressed in the months since.

It’s an issue Canada’s premiers have been wrestling with for years. The next meeting of Canada’s First Ministers, scheduled for Dec. 7, will revisit the subject again.

Wednesday’s statement includes a list of 23 items in a « work plan, » prioritized in four categories: goods transportation (including trucking), food inspection, construction services and alcohol liberalization.

While the federal government participates in the federal-provincial committee on internal trade, most of these action items fall under provincial jurisdiction. The federal government has addressed just two of them: by eliminating restrictions on organic labelling for aquaculture products and by repealing inspection requirements for some agricultural products.

Wednesday’s statement announced some new funding for the National Research Council to make access to national building codes free — to help small businesses and to provide a boost to the construction sector. Ottawa is working with provinces and territories to encourage them to adopt the national codes, so the industry isn’t dealing with different rules across Canadian provinces.

[ad_2]

Source link

قالب وردپرس

Anglais

‘Business as usual’ for Dorel Industries after terminating go-private deal

Published

on

By

MONTREAL — Dorel Industries Inc. says it will continue to pursue its business strategy going forward after terminating an agreement to go private after discussions with shareholders.

« Moving ahead. Business as usual, » a spokesman for the company said in an email on Monday.

A group led by Cerberus Capital Management had previously agreed to buy outstanding shares of Dorel for $16 apiece, except for shares owned by the family that controls the company’s multiple-voting shares.

But Dorel chief executive Martin Schwartz said the Montreal-based maker of car seats, strollers, bicycles and home furniture pulled the plug on a deal on the eve of Tuesday’s special meeting after reviewing votes from shareholders.

“Independent shareholders have clearly expressed their confidence in Dorel’s future and the greater potential for Dorel as a public entity, » he said in a news release.

Dorel’s board of directors, with Martin Schwartz, Alan Schwartz, Jeffrey Schwartz and Jeff Segel recused, unanimously approved the deal’s termination upon the recommendation of a special committee.

The transaction required approval by two-thirds of the votes cast, and more than 50 per cent of the votes cast by non-family shareholders.

Schwartz said enhancing shareholder value remains a top priority while it stays focused on growing its brands, which include Schwinn and Mongoose bikes, Safety 1st-brand car seats and DHP Furniture.

Dorel said the move to end the go-private deal was mutual, despite the funds’ increased purchase price offer earlier this year.

It said there is no break fee applicable in this case.

Montreal-based investment firm Letko, Brosseau & Associates Inc. and San Diego’s Brandes Investment Partners LP, which together control more than 19 per cent of Dorel’s outstanding class B subordinate shares voiced their opposition to the amended offer, which was increased from the initial Nov. 2 offer of $14.50 per share.

« We believe that several minority shareholders shared our opinion, » said Letko vice-president Stephane Lebrun, during a phone interview.

« We are confident of the long-term potential of the company and we have confidence in the managers in place.”

Continue Reading

Anglais

Pandemic funds helping Montreal businesses build for a better tomorrow

Published

on

By

Many entrepreneurs have had to tap into government loans during the pandemic, at first just to survive, but now some are using the money to better prepare their businesses for the post-COVID future.

One of those businesses is Del Friscos, a popular family restaurant in Dollard-des-Ormeaux that, like many Montreal-area restaurants, has had to adapt from a sit-down establishment to one that takes orders online for takeout or delivery.

“It was hard going from totally in-house seating,” said Del Friscos co-owner Terry Konstas. “We didn’t have an in-house delivery system, which we quickly added. There were so many of our employees that were laid off that wanted to work so we adapted to a delivery system and added platforms like Uber and DoorDash.”

Helping them through the transition were emergency grants and low-interest loans from the federal and provincial governments, some of which are directly administered by PME MTL, a non-profit business-development organization established to assist the island’s small and medium-sized businesses.

Konstas said he had never even heard of PME MTL until a customer told him about them and when he got in touch, he discovered there were many government programs available to help his business get through the downturn and build for the future. “They’ve been very helpful right from day one,” said Konstas.

“We used some of the funds to catch up on our suppliers and our rents, the part that wasn’t covered from the federal side, and we used some of it for our new virtual concepts,” he said, referring to a virtual kitchen model which the restaurant has since adopted.

The virtual kitchen lets them create completely different menu items from the casual American Italian dishes that Del Friscos is known for and market them under different restaurant brand names. Under the Prasinó Soup & Salad banner, they sell healthy Greek options and their Stallone’s Sub Shop brand offers hearty sandwiches, yet the food from both is created in the same Del Friscos kitchen.

Continue Reading

Anglais

Downtown Montreal office, retail vacancies continue to rise

Published

on

By

Some of downtown Montreal’s key economic indicators are heading in the wrong direction.

Office and retail vacancies in the city’s central core continued to climb in the fourth quarter of 2020, according to a quarterly report released Thursday by the Urban Development Institute of Quebec and the Montréal Centre-Ville merchants association. The report, whose first edition was published in October, aims to paint a socio-economic picture of the downtown area.

The survey also found office space available for sublet had increased during the fourth quarter, which may foreshadow even more vacancies when leases expire. On the residential front, condo sales fell as new listings soared — a sign that the downtown area may be losing some of its appeal to homeowners.

“It’s impossible not to be preoccupied by the rapid increase in office vacancies,” Jean-Marc Fournier, the former Quebec politician who now heads the UDI, said Thursday in an interview.

Still, with COVID-19 vaccinations set to accelerate in the coming months, “the economic picture is bound to improve,” he said. “People will start returning downtown. It’s much too early to say the office market is going to disappear.”

Public health measures implemented since the start of the pandemic almost a year ago — such as caps on office capacity — have deprived downtown Montreal of more than 500,000 workers and students. A mere 4,163 university and CEGEP students attended in-person classes in the second quarter, the most recent period for which figures are available. Border closures and travel restrictions have also brought tourism to a standstill, hurting hotels and thousands of local businesses.

Seventy per cent of downtown workers carried out their professional activities at home more than three days a week during the fourth quarter, the report said, citing an online survey of 1,000 Montreal-area residents conducted last month.

Continue Reading

Chat

Sex2 semaines ago

Dix films avec des scènes de sexe non simulées qui ont fait polémique

Sex2 semaines ago

Sexe et cannabis : mélange miraculeux ou poison pour le couple ?

Sex2 semaines ago

Chantage émotionnel, dénigrement, harcèlement sexuel : Une jeune scientifique écrit aux comités nationaux d’éthique

Sex2 semaines ago

10 films sur le sexe et le plaisir pour oublier la distanciation sociale

Sex2 semaines ago

Les meilleurs sextoys pour le clitoris

Sex2 semaines ago

Dua Lipa, la reine du melting-pop qui allège le quotidien confiné de ses millions de fans

Sex2 semaines ago

Une série d’ici primée à l’étrange

Technologie3 semaines ago

TELUS adopte une nouvelle promesse de marque

Technologie3 semaines ago

La tech agricole Farmers Edge entre en Bourse à 18 fois ses revenus

Technologie3 semaines ago

NEC Canada accueille Combat Networks en tant que revendeur officiel de UNIVERGE® BLUE CLOUD SERVICES

Technologie3 semaines ago

La relance économique sera verte dans le Bas-Saint-Laurent

Technologie3 semaines ago

Ottawa injecte 2,75 milliards $ pour électrifier la flotte d’autobus au pays

Technologie3 semaines ago

L’entreprise montréalaise Native Touch fait l’acquisition du studio Candy Banners

Actualités3 semaines ago

Lionbridge conclut la vente de sa division d’intelligence artificielle (IA) à TELUS International

Actualités3 semaines ago

Le rôle stratégique et essentiel des métaux rares pour la santé

Actualités3 semaines ago

«Crypto-art» : l’œuvre numérique de la chanteuse Grimes vendue 6 millions de dollars

Actualités3 semaines ago

Un rapport révèle des inégalités pour les femmes de couleur dans les postes de direction canadiens qui font écho au secteur de la technologie

Actualités3 semaines ago

La demande de main-d’œuvre des startups canadiennes montre des signes de reprise au quatrième trimestre: rapport

Actualités3 semaines ago

En attendant la fibre optique

Affaires4 semaines ago

L’Alberta demande à Ottawa d’investir des milliards dans la capture du carbone

Anglais2 années ago

Body found after downtown Lethbridge apartment building fire, police investigating – Lethbridge

Styles De Vie2 années ago

Salon du chocolat 2018: les 5 temps forts

Anglais2 années ago

This B.C. woman’s recipe is one of the most popular of all time — and the story behind it is bananas

Santé Et Nutrition2 années ago

Gluten-Free Muffins

Anglais2 années ago

27 CP Rail cars derail near Lake Louise, Alta.

Anglais2 années ago

Man facing eviction from family home on Toronto Islands gets reprieve — for now

Santé Et Nutrition2 années ago

We Try Kin Euphorics and How to REALLY Get the Glow | Healthyish

Anglais2 années ago

Ontario’s Tories hope Ryan Gosling video will keep supporters from breaking up with the party

Anglais2 années ago

A photo taken on Toronto’s Corso Italia 49 years ago became a family legend. No one saw it — until now

Anglais3 années ago

Condo developer Thomas Liu — who collected millions but hasn’t built anything — loses court fight with Town of Ajax

Styles De Vie3 années ago

Renaud Capuçon, rédacteur en chef du Figaroscope

Anglais2 années ago

This couple shares a 335-square-foot micro condo on Queen St. — and loves it

Mode2 années ago

Paris : chez Cécile Roederer co-fondatrice de Smallable

Anglais2 années ago

Ontario Tories argue Trudeau’s carbon plan is ‘unconstitutional’

Styles De Vie2 années ago

Ford Ranger Raptor, le pick-up roule des mécaniques

Affaires2 années ago

Le Forex devient de plus en plus accessible aux débutants

Anglais2 années ago

100 years later, Montreal’s Black Watch regiment returns to Wallers, France

Technologie2 années ago

YouTube recommande de la pornographie juvénile, allègue un internaute

Anglais2 années ago

Trudeau government would reject Jason Kenney, taxpayers group in carbon tax court fight

Anglais2 années ago

Province’s push for private funding, additional stops puts Scarborough subway at risk of delays

Trending