CANADA-VANCOUVER-TRADE DEFICIT-RECORD HIGH
06 Jun 2025, 07:15 GMT+10
(250606) -- VANCOUVER, June 6, 2025 (Xinhua) -- This photo taken at the Port of Vancouver shows cargo containers stacked at the Centerm container terminal, Vancouver, Canada, June 5, 2025.
Canada's merchandise trade dropped in April with the trade deficit hitting a record high, Statistics Canada said Thursday.
Exports dropped 10.8 percent while imports fell 3.5 percent. As a result, Canada's merchandise trade deficit with the world widened to 7.1 billion Canadian dollars (5.2 billion U.S. dollars) in April. This was the largest deficit on record, said the national statistical agency. (Photo by Liang Sen/Xinhua)
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CBC
2 hours ago
- CBC
Can Mark Carney move fast and not break things?
It's easy to move fast if you're not worried about breaking things. The greater challenge is moving fast while fixing, improving and building things. On the day, two months ago, that his new cabinet was appointed, Carney boasted that it was "among the fastest" swearings-in after an election and that the return of Parliament would be "one of the most rapid" in Canadian history. The government, he said, was "starting as we aim to go on." "Our government will deliver its mandate for change with urgency and determination," he said. "We've been elected to do a job. We intend to do it quickly and forcefully." That followed from Carney's earlier insistence that Canada needed "big changes" and that responding to the threat posed by Donald Trump would require doing "things that we haven't imagined before, at speeds we didn't think possible." On a number of fronts, Carney's government is moving quickly toward those goals. The government's first major legislation — Bill C-5, the One Canadian Economy Act, which allows for the expedited approval of large infrastructure projects — was tabled in the House of Commons just 19 days after the cabinet was sworn in. Twenty days after that the bill had passed both the House and Senate — a breathtakingly quick passage for legislation of such potential significance. A few days after that bill was tabled, Carney announced the federal government would significantly accelerate its plan to spend more on national defence. During the campaign, the Liberals promised to exceed the NATO target of two per cent of GDP "before" 2030. In June, Carney said the government would hit that mark in the current fiscal year. WATCH | What critics are saying about Carney's 'move fast' approach: Prime Minister Mark Carney's need for speed 16 days ago With the defence budget now slated to rapidly grow — and with Carney having promised to impose new discipline on overall federal spending — the prime minister has given ministers until the end of the summer to complete a federal program review aimed at finding billions of dollars in cuts or savings. Federal departments have also been given 60 days to identify federal regulations that can be eliminated. Meanwhile, Carney has appointed a new clerk of the Privy Council and seemingly given him a mandate to make government itself move faster. "Our internal processes have become quite complicated. When that happens, there is always the risk that following the process is so time-consuming that everything slows down — at a time when we need to speed up because the world is moving as fast as it is," Michael Sabia wrote in a note to public servants soon after his appointment. "Windows of opportunity open and close. The world waits for no one." The case for moving fast Beyond the world's general state of impatience, there are a number of reasons why Carney might want or need to move fast. The first and most obvious — the overarching challenge that Carney has framed his government within — is the economic and political crisis posed by Donald Trump. And to that one could add a housing crisis and a climate crisis. As a newly elected prime minister — and one whose initial actions seem to be impressing a sizable number of voters — Carney will likely never have more political capital than he has right now. But having fallen short of winning a majority in the House, he also can't be sure of exactly how much time he'll have before facing voters again. Moving fast might also be one way to demonstrate change — both in substance and style. The Trudeau Liberals came to office promising a more active government, but also a more consultative government — a reaction to the idea that the previous Conservative government had been too heavy handed. And while Justin Trudeau has an incautious streak, his government could be methodical and tentative. The government was also dogged by criticism that its ambitions exceeded its execution. And by the end of Trudeau's time in office, there was a new desire for action — particularly on housing. Even without the crisis posed by Trump, Carney might have come to office with a need to get things built and improve state capacity. WATCH | First Nations leaders meet with PM: Chiefs voice unhappiness with Carney's First Nations summit | Power & Politics 8 days ago The Power Panel discusses Prime Minister Mark Carney's summit on the new major projects law with First Nations leaders. Some chiefs are calling it a 'disaster.' "Focus, change, action" is apparently something of a mantra in Carney's office. Purportedly a demanding boss, Carney comes to the job having spent significant time working in both the private sector and in and around government (the latter of which may have left him with a view about how governments work and how they don't). But for the sake of both making the case for active government and rebutting the populist challenge, Liberals — and progressives in general — might also have a special interest in wanting to see government moving and acting as quickly and efficiently as possible. In the American context, consider the regrets expressed by some of former president Joe Biden's advisers and the calls for an " abundance agenda." The challenges of moving fast While officials in Ottawa are scrambling this summer to complete a spending review and stand up a new major projects office, there might be at least one noticeable gap in the government's rush to action. If there was one way for the government to show that it was making a tangible difference in the lives of Canadians, it would be by attacking the housing crisis. And during the campaign Carney promised his government would help build new homes at "a pace not seen since the Second World War." But while the government has been demonstrably busy negotiating with Washington and pushing C-5, tangible movement on housing is so far less obvious. There are also signs of potential danger ahead. Policy analysts and public sector unions are already expressing concern about the potential consequences of the program review — and how quickly the government is moving to find cuts. However necessary it might be to increase spending on national defence or other areas, and whatever the public's general desire for greater fiscal discipline in Ottawa, the results of this spending review could expose some painful trade-offs — or at least compel Carney and his cabinet to defend some significant sacrifices. C-5 may have also shown that there are real risks governments run when they try to move fast — at least when the rights of Indigenous Peoples are involved. The sheer speed of the bill's passage seemed to feed suspicions. "I think the main issue I'm hearing about this bill is that it's being rammed through without consultation or first nations' free, prior and informed consent," Cindy Woodhouse Nepinak, national chief of the Assembly of First Nations, told a House of Commons committee in June. The summits convened with First Nations leaders since C-5 received royal assent might have helped to address some concerns — and much will really depend on how the government makes use of C-5. But the lesson of C-5's initial reception might be that moving fast requires even greater effort than moving slow.
CBC
2 hours ago
- CBC
Door-to-door salespeople are finding success amid skepticism of online scams
If you get an unexpected knock on the door, it's probably somebody trying to sell you something. Canada is one of the top ranking countries in the world for door-to-door sales, also known as direct selling, with more than one million independent sales consultants. That's how Brendan Quinlan primarily finds work for his pest removal business, Insight Pest Solutions. He says when his sales representatives reach out directly to potential clients, it can give him a competitive edge over larger companies with massive marketing budgets. "We're only going to be one of a handful of people that physically come to their door to talk to them about a service," he told CBC Radio's Cost of Living. Quinlan says talking to someone face-to-face lets them fact-check his sales pitch in real-time, letting him directly respond to questions. "Most people, when we knock on their door, their phone's in their hands. So they're going online to check out and to ensure what you are saying is true," Quinlan said. That accountability may have an advantage over other kinds of marketing today, as stories of bad actors scamming Canadians out of hundreds of thousands of dollars aren't hard to find. WATCH | Canadians lost millions in bank impersonation scams Canadians have lost millions to bank impersonation scams | Hanomansing Tonight 17 days ago Popular schemes have involved landscaping, fundraisers, distressed family members and cryptocurrencies. Scammers often target their victims using email, text, or social media, which spreads distrust of marketing by phone and online advertising. Door-to-door sales may seem old-fashioned — but those in the industry say it's survived, and maybe even continues to thrive because it helps build sellers' interpersonal skills and can foster trust between themselves and their clients. Opening the door to connection Nicole Rourke, a marketing professor at St. Clair College in Windsor, Ont., says humans innately want to connect, and gestures like handshakes and eye contact are important for building a rapport before giving anyone their money. "I think that there is a need for people to really want to feel like they can trust somebody and face-to-face is the best way to establish that trust," Rourke said. She says trust is particularly important when it comes to expensive purchases. "It's much harder to say no to somebody in-person. It's easier to abandon your shopping cart online, ignore emails and social media posts than it is to ignore somebody that's standing right at your doorstep," Rourke said. In Ontario, Quebec and Alberta, it's illegal to sell home heating and cooling equipment unsolicited in most cases due to aggressive and misleading business practices. Some jurisdictions require door-to-door salespeople to be licensed and follow other restrictions. Face-to-face advantage Owen Chilvers is currently a Dalhousie University student, he owns and operates Halifax Student Painters, which employs around 450 sales associates this summer. As soon as he arrives at a property, he'll ask the owner questions about the house — things like the decks, vinyl sidings and trims — to get a sense of what the people's needs might be before making offers. "You never know when the iron's about to strike, so you just gotta keep pursuing forward, no matter what. And a lot of people don't have the motivation," he said. Even then, he stresses it's important not to be pushy or try to sell someone something they don't need; he knows that door-to-door sales reps are sometimes seen as intimidating or known for using high-pressure sales tactics. Quinlan's employees are seasonal, and during the summer months he typically hires university students for work. He says door-to-door sales are better suited to their lifestyles and energy levels than older adults. He says many of his employees are studying business and look at the job as an opportunity to sharpen skills that will give them a competitive advantage in their careers. "Our program is focused on training [students on] how to communicate effectively, meta-verbal communication, eye contact, pitch and tone; all of that good stuff," Quinlan said. Since door-to-door businesses often work on a commission-based sales model, Quinlan argues the sink-or-swim environment is good training for a young person hoping to become an entrepreneur. Rourke added that it also helps develop practical social skills — like handling rejection, a tough lesson that's important for anyone aspiring to have a career in sales. WATCH | A bleak job market for Gen Z How did the Gen Z job market get so bleak? 1 month ago According to a 2022 report from Direct Sellers Association of Canada, an industry advocacy group, more people were interested in working in direct sales that year compared to 2021. Students, women and people aged 18-44 were most likely to show interest in the work. "More students are willing to try this. And I think part of that is, jobs for young people are harder to come by and it's challenged people to think outside the box," Quinlan said. Aside from the pandemic, Canada's youth are currently experiencing the highest levels of unemployment since May 2009, during the financial crisis. According to Statistics Canada, the unemployment rate for returning students aged 15 to 24 was 20.1 per cent in May. Building a future Chilvers set a goal to spend over 1,000 hours painting his clients' homes this season. He says sometimes he works 10-hour days and that the job is "not for the weak." "You have got to have a positive mindset going to every single door to be able to get the results you want," he said. He says a lot of his doorknockers quit because they found the job too tough or weren't seeing the money straight away. But the first-year commerce student says he wants to continue his entrepreneurial path and own a business in the future. Chilvers is unsure what field he wants to enter but he says he's dreaming big — and hopes his door-to-door experience helped him gain invaluable experience.
Winnipeg Free Press
3 hours ago
- Winnipeg Free Press
Warpath to profitability?
Opinion The defence industry is often overlooked by investors. It's perceived as boring compared with technology or worse, it's just an unethical way to put profit in the portfolio. Since the February 2022 invasion of Ukraine by Russia, however, the defence industry has drawn significant investor interest. Notably, the perception has changed. That includes some of those who might have felt investing in defence was distasteful; they now see it as a needed buttress against rising authoritarianism. Of course, another shift is financial — based on the forecast injection of hundreds of billions of dollars in additional spending by NATO members. Pexels NATO members (including Canada) are forecast to invest hundreds of billions of dollars in additional annual spending in defence in the years to come. Canada alone is expected to increase military spending about $70 billion annually to meet its most recent defence commitment of five per cent of gross domestic product. The big question for many intrigued investors is whether they've already missed the warship. 'Our view is that type of information gets incorporated into market prices really quickly,' says Ben Felix, chief investment officer with PWL Capital in Ottawa. 'The implication of that is by the time you read about it in a Free Press article, any advantage that you may have got by investing in that theme is already gone.' That said, the defence industry landscape and recent performance are still of interest to inquisitive investors who might consider putting their money to work when prices pull back periodically. For the time being, however, many defence company share prices have hit lofty heights, including a handful of Canadian firms such as satellite technology company MDA Space Ltd. Its share price is up more than 50 per cent year to date. As well, aerospace company Bombardier's share price 'has almost doubled in recent months, so obviously, all of the talk that has been going on is certainly helping,' says Brian Donovan, New Brunswick-based president of provider of valuation models for investors. 'It tells you that there is an interest shift into this space.' StockCalc tracks performance of thousands of North American equities, including about eight Canadian firms with defence industry revenues. One even has a footprint in Winnipeg: Magellan Aerospace Corp., which makes components for military aircraft. Its share price is up more than 80 per cent YTD. If those gains sound lofty, consider some firms listed in the United States and Europe. Notably, artificial intelligence firm Palantir is up 106 per cent this year. Even more impressive, its share price is up nearly 1,600 per cent over the last five years. A key driver is its defence contracts with the U.S. and partnerships with other technology and manufacturing companies involved in defence. That includes L3 Harris Technology, which, like Palantir, operates in many industries. Its drone technology business is a big defence revenue driver. (That said, its share price growth YTD is much less than other defence stocks.) In Europe, the most notable defence growth story is manufacturing conglomerate Rheinmetall AG. Among the many defence technologies it manufactures are Challenger and Leopard tanks. Its share price is up about 200 per cent YTD, and more than 2,000 per cent in the last five years. The big driver is Germany planning to spend more than a trillion dollars on defence in the next five years. That investors are now turning onto the defence sector is understandable (given the headlines) and somewhat ironic at the same time because it has not been a lacklustre industry for long-term performance. Publicly traded companies involved in the U.S. defence industry have collectively provided returns on an annual basis that have outpaced the S&P 500, says Scott Sacknoff, manager of the SPADE Defense Index in Washington, D.C. 'There is a long history of defence outperforming.' And it very well could continue to outperform, given the U.S. defence budget is expected to surpass US$1 trillion annually for the first time in history, he adds. If anyone has deep knowledge of the defence sector, it's Sacknoff. The SPADE Index, which he manages, consists of leading U.S.-based defence companies and has outperformed the S&P 500 by roughly more than 1,000 basis points (or 100 percentage points) over the last 25 years. Yet until Russian President Vladimir Putin decided to invade Ukraine in 2022, defence was a profitable but sleepy market corner. The explosion in defence spending has changed that, leading to greater investment and even a rush of new investment products, notably exchange-traded funds (ETFs). Prior to 2022, investors largely had three ETFs to choose from, including one of the longest running: Invesco Aerospace & Defense ETF. For investors looking for exposure, the Invesco product is worth a look. Since launching in 2005, it has had steady growth. Investment data firm Morningstar data shows US$10,000 invested in 2005 would be worth nearly US$120,000 today. In turn, the ETF has Morningstar's highest rating. Sacknoff notes the ETF's performance is driven by the underlying SPADE index, which uses a modified market cap weighting to address the downsides of passive investing that lead to over-concentration in overvalued stocks. 'In simplest terms, this involves ensuring that large companies aren't too large, and small companies aren't too small.' He adds the index's annualized return over 15 years is 17 per cent. 'You have never lost money in any product tracking our index if you invested and held onto it for at least three years.' Yet one might ask, would that still hold true today? 'The big question is whether earnings and revenues will catch up to the high valuations,' Sacknoff says. Only time will tell. Yet not all companies on the index are surging in price, including Lockheed Martin, manufacturer of the F-35 fighter that Canada and other NATO countries have contracts to buy. Its share price is actually down slightly this year. Wednesdays A weekly dispatch from the head of the Free Press newsroom. What's more, U.S. President Donald Trump's scattershot economic policy is likely to lead to downside market volatility, presenting buying opportunities for defence companies. Yet their long-term tailwind is likely not going away soon. For the time being, however, this high-flying sector seems more of a minefield than a warpath to profitability. Joel Schlesinger is a Winnipeg-based freelance journalist joelschles@
