Latest news with #Osler
CNBC
24-06-2025
- Business
- CNBC
Many insurance underwriters won't offer coverage to U.S., Israel, U.K.-linked vessels at any price
The conflict in the Middle East has led many insurance underwriters in the maritime shipping market to avoid offering coverage to any U.S., Israel, or U.K.-linked vessels. "Many underwriters are not touching vessels with perceived U.S., U.K. or Israeli links at any price," said David Osler, insurance editor for Lloyd's List. According to insurance broker Marsh McLennan, rates among insurance companies that are offering coverage to vessels are now ranging between 0.25%-0.45% of ship value, up from 0.125% a few weeks ago. These rates were consistent over the previous week, but after the U.S. strikes over the weekend on Iran nuclear sites, Middle East marine war risk rates "hardened significantly," according to Osler. By the end of the day on Monday, pricing had risen to as high as 0.5%, and was even higher for U.S.-affiliated ships. Osler tells CNBC because of the fluidity, underwriters also cut the required notification period from 48 hours to 24 hours. "The certainty we can convey is that we can get insurance. The uncertainty is the pricing," said Marcus Baker, global head of marine, cargo, and logistics at Marsh McLennan. Baker told CNBC he cannot remember a time when the notification period was reduced from 48 hours to 24 hours. Middle East ocean freight rates have also experienced a surge. Among issues that are influencing the insurance market are concerns about Iran blocking and trapping ships, and the level of appetite from China, a big customer of Iranian oil. President Trump said in a social media post on Tuesday that China can keep buying Iranian oil, a signal the U.S. was not intent on maximizing pressure on Iran's economy. "If there was a pullback from China, there would be less call for war risk, so the simple laws of supply and demand suggest it should calm rates," said Osler. Osler said rates should ease off if the current tentative ceasefire holds, based on information he has received from insurance market sources, but the headlines Tuesday indicating Iran and Israel were possibly not as close to de-escalation as the U.S. had hoped are now weighing on the outlook. "This just gets to the heart of the nervousness that we're seeing in the marketplace, because they just, don't know, and things are happening so fast. I mean, in Trump's interview this morning, I don't know what that's going to do, but he's obviously angry," Osler said of President Trump's comments to the press before he left for a NATO summit when he said he was "not happy" with Israel and Iran, after having announced the ceasefire on Monday night. "The developments effectively put the market in wait-and-see mode, with conditions volatile as underwriters come to terms with political developments as they unfold," Osler said. "Inquiries are said to be well down, which indicates that some owners are not prepared to take bookings to the region, given the military situation." Baker said a decision by Iran to shut down the Strait of Hormuz has political and economic aspects, and practical issues for China and India, the largest destinations of Iranian crude, not to mention the reaction from other Middle Eastern nations to consider, incuding Saudi Arabia, Qatar, and Oman. Last Wednesday, the Joint War Committee of Lloyd's of London's war risk underwriters met, where they released a list of designated areas underwriters have the discretion, but not the obligation, to levy additional premiums or APs. This list remains unchanged. In an updated threat circular from British maritime security firm Ambrey released on Tuesday, it wrote, "There is a realistic possibility that the conflict between Israel and Iran will continue/restart, and there may be subsequent U.S. involvement, but the risk of U.S. involvement is assessed to have lowered. However, the Gulf is generally taken to be part of the wider Indian Ocean listed area and links to the listed Red Sea. This means that in practice, shipowners must provide insurers with notification of transits." Baker said it is important to put the rise in rates in context of recent conflict zones and shipping. "Ukraine rates went up to 5% and we're only, we're not even a tenth of those rates yet," he said. "Five percent of around a million dollars, or a million and a half dollars, depending on the size of the ship. It was a very significant increase in the value of grain, which was way less than the value of a cargo of oil and a VLCC [very large crude carrier]. It's just a question of different underlies, different appetites, different risk perceptions, and that will influence where things go," Baker added.
Globe and Mail
20-06-2025
- Business
- Globe and Mail
Competition law reforms promise larger financial penalties and more lawsuits
Breaking Canadian competition laws now carries stiffer financial penalties and an increased risk of class-action lawsuits after long-promised reforms took effect on Friday. The federal government unveiled updates to the Competition Act last June, with amendments that included significantly increasing the ability of businesses, consumers and public interest groups to seek cash compensation over issues that include misleading advertising. Law firm Osler, Hoskin & Harcourt LLP in a report called the changes 'the most dramatic expansion of private enforcement of Canada's competition law in a generation.' The federal government gave companies a year to adapt to the new regime, with the new regulations coming into force on June 20. 'These changes will have significant implications for businesses, as they open the door for increased litigation and class-like actions based on competition law claims,' said Julie Soloway, a partner and co-chair of the competition, antitrust and foreign investment group at law firm Blake, Cassels & Graydon LLP, in an email. Competition watchdog finalizes anti-greenwashing guidelines for businesses Prior to the reforms enacted on Friday, competition regulations limited the ability of individuals and companies to sue companies for damages for criminal acts such as price-fixing or bid-rigging. Having to prove criminal behaviour as part of a lawsuit meant only a handful of cases were every filed and most were settled or withdrawn. The new competition laws allow companies or consumers to win compensation equal to the value of the benefit derived from anti-competitive conduct, with the federal Competition Tribunal presiding over the hearings. 'Businesses now have greater ability and more reason to bring private cases about others' conduct, on top of complaining to the Competition Bureau,' Ms. Soloway said. In cases involving misleading advertising, consumers can claim damages equal to the amount they paid for the products involved in the marketing campaign. 'Any misleading advertising, including greenwashing, and agreements likely to prevent or lessen competition substantially can now be the subject of private applications,' Ms. Soloway said. The Canadian economy features a number of sectors dominated by a few large companies, including telecom, transportation, banking and grocery stores. Under the new competition regime, private litigants such as rival businesses can sue over competition issues, even if the Competition Bureau of Canada, the federal watchdog, gave its stamp of approval. The amendments could expose companies 'to tactical litigation and financial risks before the tribunal in respect of market conduct that the commissioner has declined to investigate or enforce,' a team of lawyers at Osler said in a recent report. Matthew Boswell: Competition is the solution to Canada's productivity crisis The new rules promoting private enforcement of competition laws are part of Commissioner of Competition Matthew Boswell's six-year campaign to increase economic efficiency by giving regulators, private entities and the quasi-judicial Competition Tribunal more power. 'Commissioner Boswell has been provided with long-sought tools, increased resources and a stronger enforcement hand,' the Osler lawyers said. 'With the enhanced role for private parties to contest market conduct, the Competition Bureau's enforcement burden will be reduced, potentially leaving the Commissioner freer to pursue investigations.'
Calgary Herald
12-06-2025
- Business
- Calgary Herald
Don't assume further rate cuts from the Bank of Canada, Poloz warns
Former Bank of Canada governor Stephen Poloz warned markets should not be assuming further rate cuts by the central bank, which will remain primarily focused on the inflation risk caused by tariffs over a weakening economy. Article content 'Inflation has been kind of firming lately, using the core measures the Bank of Canada pays attention to,' said Poloz, now special adviser to Osler, Hoskin & Harcourt LLP, during a webinar on Tuesday. 'And the counter tariffs that the government has put in place will start boosting inflation in the next couple of months.' Article content Article content On June 4, the Bank of Canada decided to hold its policy rate for the second straight time at 2.75 per cent, as it assesses how tariffs are affecting the Canadian economy. Article content Bank of Canada governor Tiff Macklem said it was too early to see the impact of retaliatory tariffs on the published CPI data but expects to see those effects in the coming months. The Government of Canada imposed 25 per cent tariffs on almost $60 billion worth of United States goods in response to U.S. tariffs, although certain exemptions apply. Carney has also signalled further potential retaliatory tariffs. Article content Poloz said the central bank had to learn a hard lesson during the post-pandemic era, when inflation unexpectedly jumped higher than expected. At the time, Macklem said inflation would be 'transitory.' Article content Article content 'The central bank said, 'Don't worry, that's a transitory thing.' Well, transitory turned out to be two years,' said Poloz. 'Having learned that lesson the hard way, I think central banks are going to be much more preoccupied with inflation risks.' Article content Article content The Canadian economy grew by 2.2 per cent in the first quarter of this year, mainly as the result of a rise of exports, as businesses pulled forward their inventory to get ahead of U.S. President Donald Trump's tariff announcements. Macklem said he expects growth in the second quarter to be considerably weaker, while many economists are forecasting a recession this year. Article content The unemployment rate also hit seven per cent in May, as tariff uncertainty continued to slow hiring demand and the manufacturing sector showed significant job losses in the last few months. Article content Article content Poloz said the deterioration in the labour market is a 'recessionary indicator' and he expects further layoffs as the result of tariffs in the coming months. This will be a point of concern for the Bank of Canada but Poloz noted that governments have shown a willingness to use fiscal policy to address the economic damage brought on by tariffs, while the central bank can remain focused on price stability.
Yahoo
11-06-2025
- Business
- Yahoo
Don't assume further rate cuts from the Bank of Canada, Poloz warns
Former Bank of Canada governor Stephen Poloz warned markets should not be assuming further rate cuts by the central bank, which will remain primarily focused on the inflation risk caused by tariffs over a weakening economy. 'Inflation has been kind of firming lately, using the core measures the Bank of Canada pays attention to,' said Poloz, now special adviser to Osler, Hoskin & Harcourt LLP, during a webinar on Tuesday. 'And the counter tariffs that the government has put in place will start boosting inflation in the next couple of months.' Canada's inflation rate came in at 1.7 per cent in April, but measures of core inflation came in at three per cent and above. On June 4, the Bank of Canada decided to hold its policy rate for the second straight time at 2.75 per cent, as it assesses how tariffs are affecting the Canadian economy. Bank of Canada governor Tiff Macklem said it was too early to see the impact of retaliatory tariffs on the published CPI data but expects to see those effects in the coming months. The Government of Canada imposed 25 per cent tariffs on almost $60 billion worth of United States goods in response to U.S. tariffs, although certain exemptions apply. Carney has also signalled further potential retaliatory tariffs. Poloz said the central bank had to learn a hard lesson during the post-pandemic era, when inflation unexpectedly jumped higher than expected. At the time, Macklem said inflation would be 'transitory.' 'The central bank said, 'Don't worry, that's a transitory thing.' Well, transitory turned out to be two years,' said Poloz. 'Having learned that lesson the hard way, I think central banks are going to be much more preoccupied with inflation risks.' The Canadian economy grew by 2.2 per cent in the first quarter of this year, mainly as the result of a rise of exports, as businesses pulled forward their inventory to get ahead of U.S. President Donald Trump's tariff announcements. Macklem said he expects growth in the second quarter to be considerably weaker, while many economists are forecasting a recession this year. The unemployment rate also hit seven per cent in May, as tariff uncertainty continued to slow hiring demand and the manufacturing sector showed significant job losses in the last few months. Poloz said the deterioration in the labour market is a 'recessionary indicator' and he expects further layoffs as the result of tariffs in the coming months. This will be a point of concern for the Bank of Canada but Poloz noted that governments have shown a willingness to use fiscal policy to address the economic damage brought on by tariffs, while the central bank can remain focused on price stability. Poloz said whether Canada's central bank cuts or not will depend on what is causing the economy's slowdown. 'If it's just uncertainty that's causing companies to stop, pull back, then maybe cutting rates helps,' he said. But if tariffs are causing a more permanent structural issue in the Canadian economy, then monetary policy could prove ineffective. 'Cutting rates in that context just boosts demand with no supply to meet it, and can actually cause inflation to go up,' said Poloz. 'Markets should not be assuming these things,' he added. 'You saw the ECB (European Central Bank), they cut rates, but Europe has not retaliated on the tariffs, so they have less inflation risk for them, than we do over here.' In the meantime, uncertainty brought by Trump's trade war will continue, with a pullback on investment set to continue. Poloz said global income could drop by as much as $40 trillion due to Trump's tariff regime over the next few years. On the fiscal policy side, Poloz said the Liberal government is 'off to a promising start' with announcements on internal trade, increased defence spending, legislation on big projects and rhetoric on making Canada 'an energy superpower.' Poloz said he is seeing growing optimism in boardrooms, but added that the West remains understandably skeptical. Prime Minister Mark Carney said his government will present a budget in the fall and has promised to change the way its presented, by splitting operating and capital spending into two separate categories, which has faced criticism that it would complicate transparency on the deficit. David Rosenberg: Surprise job gains in Canada conceal economic rot underneath 'Grinding' rise in unemployment rate means Bank of Canada will start cutting rates again 'When someone presents a budget, they don't get to say we're going to do this and that's going to cause the economy to grow enough that actually it won't cause a deficit,' said Poloz. 'Convention is you say what you're going to do, then of course you cross your fingers and hope it works, it makes the economy bigger, and over time the revenues for the government grow and the deficit goes away.' 'But we all know that some of these things are so critical for economic growth, they're guaranteed to pay off,' he added. • Email: jgowling@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Winnipeg Free Press
27-04-2025
- General
- Winnipeg Free Press
‘Greatest honour' representing Manitoba
Manitoba Sen. Gigi Osler was moved to tears as she described attending the funeral of Pope Francis, who was laid to rest in Vatican City on Saturday at a ceremony attended by hundreds of thousands from across the world. 'It was a very bittersweet, but solemn and beautiful day. He was so deeply loved,' Osler said by phone Sunday, speaking slowly and, at times, overwhelmed with emotion. 'It was truly the greatest honour to be able to represent Manitobans and Canada at the funeral of such an impactful pope who really embodied humility, compassion and love for all of us.' SUPPLIED Manitoba Métis Federation president David Chartrand waits in line at the Vatican to pay his final respects to the pope. Osler was among a delegation of Canadian officials and Indigenous leaders who travelled to pay their final respects to the late pontiff, who died of a stroke and heart failure Aug. 21 at age 88. Osler returned to Canada on Sunday, and said she was 'still processing' the experience when she spoke with the Free Press. Several notable Manitobans were among the mourners, including Manitoba Métis Federation president David Chartrand, Assembly of First Nations Grand Chief Cindy Woodhouse and Phil Fontaine, who is a former head of both the Assembly of Manitoba Chiefs and AFN. Senate speaker Raymonde Gagné, who is also from Manitoba, made the trip, as did Gov. Gen. Mary Simon, Osler said. Osler, who did not have an opportunity to meet Pope Francis before his death, said the roughly 90-minute ceremony reflected the humility that was a trademark of his 12-year papacy. He was buried in a plain wooden casket, and with simplified funeral rights, she said. According to Vatican estimates, some 250,000 people attended the funeral in St. Peter's Square while 150,000 others lined the motorcade route that stretched about six kilometres through downtown Rome. Osler said the pontiff will be remembered for his dedication to building bridges and extending compassion to vulnerable and marginalized people. 'I think Manitobans loved Pope Francis, and not just Catholics,' Osler said, referencing the pope's 2022 visit to Canada, during which he apologized for harms the Catholic Church inflicted through the residential school system. SUPPLIED MMF president David Chartrand met Pope Francis as part of an Indigenous delegation at the Vatican in 2022. About 150,000 Indigenous children were forced to attend residential schools, more than 60 per cent of which were run by the Catholic Church. Francis met with Indigenous people who survived the schools and listened to their stories. 'His recognition of the ongoing trauma was powerful, not just for First Nations, Indigenous and Métis people who experienced abuse. I think, as Manitobans, we need to offer all of our deepest condolences and (recognize) his impact,' Osler said. Chartrand was part of a 50-person Indigenous delegation that went to the Vatican in 2022 and encouraged the pope to come to Canada. Francis demonstrated respect to the group, shaking each person's hand despite concerns over the then-ongoing COVID-19 pandemic. Some of the delegation were moved to tears by the gesture, Chartrand said. When the pope later arrived in Canada, Chartrand remembered feeling 'the healing will truly progress and begin now with his personal attendance,' he said. The Métis president waited in line for more than three hours Friday to view the pope's body and pay his final respects. He attended the funeral service the following day. During Elections Get campaign news, insight, analysis and commentary delivered to your inbox during Canada's 2025 election. 'To me, it was such an honour to be here and to show respect back to him, as he showed to us,' Chartrand said by phone from Rome on Sunday. X Manitoba Sen. Gigi Osler (far right) with a group of Canadian dignitaries and Catholic officials who made the trip to the Vatican for the funeral of Pope Francis. 'I saw people cry, I saw people hug, I saw young and old with their families… To me, he was the pope of hope.' Chartrand carried a rosary in honour of his late mother — a devout Catholic — with him as he walked several kilometres through the press of bodies that formed the crowd, he said. 'Just to be there was priceless. Nobody can replace that. It's something I will cherish forever,' he said. Tyler SearleReporter Tyler Searle is a multimedia producer who writes for the Free Press's city desk. A graduate of Red River College Polytechnic's creative communications program, he wrote for the Stonewall Teulon Tribune, Selkirk Record and Express Weekly News before joining the paper in 2022. Read more about Tyler. Every piece of reporting Tyler produces is reviewed by an editing team before it is posted online or published in print — part of the Free Press's tradition, since 1872, of producing reliable independent journalism. Read more about Free Press's history and mandate, and learn how our newsroom operates. Our newsroom depends on a growing audience of readers to power our journalism. If you are not a paid reader, please consider becoming a subscriber. Our newsroom depends on its audience of readers to power our journalism. Thank you for your support.
