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In The News is a roundup of The Canadian Press articles designed to start the day. This is what’s on our editors’ radar for the morning of December 2nd. . .
What we are in Canada about. . .
Statistics Canada is set for its latest jobs report this morning.
November’s Labour Force Survey will provide a snapshot of the state of the labour market and unemployment last month.
Forecasters were stunned when the economy added 108,000 jobs in October.
RBC says it expects the economy to create 5,000 jobs in November, while the unemployment rate rose to 5. 3 percent from 5. 2 percent last month.
The Bank of Canada will pay attention to the jobs report as it prepares for its next interest resolution on Wednesday.
Central Bank Governor Tiff Macklem called Canada’s unemployment rate unsustainable and said it contributes to peak inflation.
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Also this. . .
Public Safety Minister Marco Mendicino said the government is preparing to consult with the public about the possible creation of a registry of foreign agents to prevent interference in Canadian affairs.
Liberals need to hear from experts and the general public, adding members of affected communities, about whether they stick to the leadership of key allies, adding the United States and Australia, in building a registry.
The Government recognizes that foreign governments and organizations attempt to influence Canadian policies, public servants and democratic processes visually and lawfully, for example, through diplomatic channels.
But some states have interaction in the interference to further foreign policy objectives.
Public Safety Canada says that, as part of those efforts, they can employ Americans to act on their behalf without disclosing their ties to the foreign state.
Requiring those other people to officially register with the government they seek to influence can make those transactions more transparent, with the option of fines or even prison sentences for noncompliance.
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And that too. . .
A new report from the Center for Future Work found that the expansion of corporate profits this year into the pre-pandemic era has been concentrated in a small number of sectors where customer costs have also risen faster.
The economist and of the report, Jim Stanford, analyzed the profits of the 52 industries tracked through Statistics Canada and found that just under a third of those sectors were to blame for the overall accumulation of corporate profits. Combined after-tax earnings in the 15 most successful sectors increased 89% over the past 12 months compared to the four quarters prior to the pandemic.
Meanwhile, gains in the other 37 sectors tracked through Statistics Canada fell during the same period. Across all sectors, profits increased by only about 30%.
After-tax corporate profits in 2022 so far account for 17. 4 per cent of Canada’s GDP, the constant percentage in history, Stanford said.
The oil and fuels sector is at the top of the list of benefits with a profit increase of $38 billion, or more than 1,000%, since 2019. Other highly benefited sectors include mining, which experienced a profit increase of almost 700%. , banking, real estate, construction products, motor vehicle dealerships, grocery retailers, and food manufacturing.
In fact, the report says the gigantic increases in value of eight express products sold or manufactured through those sectors account for more than a portion of headline inflation over the past year, according to data from Statistics Canada.
Those 8 commodities were home heating oil, household herbal gas, gasoline, loan interest, groceries, home maintenance, automobiles, and insurance, and together Stanford calculated that they accounted for 3. 51 percentage emissions of October’s headline inflation rate of 6. 9%. This is despite the fact that those 8 products constitute less than 30% of the w8 of the CPI basket measured through Statistics Canada.
Stanford argues that this knowledge demonstrates that EM corporate profits are the main cause of inflation, as those 8 products account for more than a fraction of the cumulative percentage point in the most recent inflation figures.
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What we’re seeing in the U. S. :
WASHINGTON — When the U. S. government is in the U. S. The U. S. economy releases the November jobs report on Friday may imply whether hiring and wage expansion is slowing, a trend the Federal Reserve sees as important in its fight against peak inflation.
In a well-attended speech on Wednesday, Fed Chairman Jerome Powell said a physically powerful hard work market was a key driving force of emerging prices, especially in service industries, ranging from restaurants and fitness to entertainment and puppy care.
Powell said the Fed would like to see slower task expansion and more modest wage gains in the coming months. The burden of goods such as used cars, furniture and appliances, Powell noted, is falling, and home prices will likely slow to the maximum next year. This leaves the acceleration of value in much of the vast sector of the economy as the most likely maximum source of persistent inflationary pressures. These spikes in value, the Fed chairman said, largely reflect emerging wages.
“We want wages to come down sharply, but they want them to get to a point consistent with 2% inflation over time,” he said.
For now, however, paychecks are springing up at an annual rate of about 5%, one of the fastest in decades, and about 1. 5% faster than the Federal Reserve would prefer. maximum of four decades.
Employment expansion slowed this year from a monthly average of 540,000 from January to March to 289,000 in the 3 months to October. But that speed is still strong, much more than the Fed would like. Only about 100,000 additional jobs a month to keep pace with population expansion.
Any hiring above that point means demand for staff exceeds the source and the hard job market is hot, said David Wilcox, a former Fed economist who is now at Bloomberg Economics and the Peterson Institute for International Economics.
Economists surveyed through knowledge provider FactSet predicted that employers created 200,000 jobs last month. This would be the lowest level overall since December 2020, but still constitutes a false gain. The unemployment rate is expected to remain at 3. 7%, near a half-century low.
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What we look at in the rest of the world. . .
Former NBA star Jeremy Lin, who plays for a Chinese team, has been fined 10,000 yuan for “inappropriate comments” on social media about pregame quarantine facilities, the Chinese league said Friday, as the government tries to prevent protests opposed to some of the games. The strictest antivirus controls in the world.
Also on Friday, more cities eased restrictions, allowing malls, supermarkets and other businesses to reopen after last weekend’s protests in Shanghai and other spaces where some crowds called for President Xi Jinping’s resignation. Urumqi, in the northwest, from a fatal fire that sparked protests, announced the reopening of supermarkets and other businesses.
Lin, a former Toronto Raptors player who now plays for the Loong Lions Basketball Club, made “inappropriate comments about the quarantine hotel facilities” where the team stayed Wednesday before a game, the China Basketball Association said. “It has adverse effects on the league and the party area. “
The ruling Communist Party is trying to weigh denouncing the human burden and disrupting its “zero COVID” plan, which has confined millions of people to their homes. Protesters were arrested and photos and videos of the events were removed from Chinese social media. Police deployed in Shanghai, Beijing and other cities to prevent further protests.
ABC gave no main points about Lin’s comments and there are no signs of them on his account on the popular Sina Weibo platform.
Shanghai newspaper The Paper reported that Lin had posted a video complaining about amenities at hotels in Zhuji city, south of Shanghai in Zhejiang province, ahead of next week’s matches.
“Can this be a weight room?” Lin said. ” What kind of waste is a short-term imposed through regulations?
On Friday there were no signs of protests.
The government has reported 34,980 infections detected in the last 24 hours, adding 30,702 symptoms.
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On this day in 1969. . .
Vancouver and Buffalo have franchises in the National Hockey League.
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In entertainment. . .
Experimental theatre director Marie Brassard says winning this year’s Siminovitch Prize is a signal to follow her instincts.
The Montreal artist won the $100,000 Canadian theater honor on Thursday for making the jury’s “theatrical poetry. “
“I’ve always tried to be as true as possible to my instincts and desires, and be as relaxed as possible, and share that freedom with the other people I work with,” Brassard said in an interview before the announcement. .
“So to be identified for running in that context is a very nice thing for me. “
Brassard is for his paintings that he pushes the barriers of what theater can be, combining the physical and the digital.
He uses light, sound and video to take the audience to new places: dreamscapes, non-secular planes and liminal spaces at the edge of reality.
“Mary’s painting is dreamlike, aerial and immediate, visceral and forceful. He stands out for his long and patient pictorial elaboration, for his deep listening and for bringing out the interior of his collaborators,” said Guillermo Verdecchia, president of the jury.
Brassard, the $75,000 you’ll get with Siminovitch will give you more time for this long and patient process.
In addition to his cup, his selected protégé, Philippe Boutin, will receive $25,000.
The Siminovitch Prize runs over a three-year cycle, identifying professionals in the select fields of design, directing and dramaturgy.
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Did you see that?
TORONTO — The crew of a Pivot Airlines that had been held in the Dominican Republic since April landed in Toronto and were reunited with loved ones.
Chief Executive Eric Edmondson said late Thursday that the team had shown “incredible courage and endurance during the ordeal” that saw them detained for nearly eight months.
He said it took a heavy toll on their lives and those of their families.
The team arrested in the Caribbean country on the fifth of April after two hundred kilograms of cocaine were found in the plane’s avionics bay and the Punta Cana police were informed.
The two pilots, two flight attendants and a part-time engineer were jailed and released on bail after surrendering their passports pending further investigation.
Following the discovery of cocaine, the Air Line Pilots Association, the Canadian Union of Public Employees and Unifor said their members had been arbitrarily detained, threatened and prosecuted despite following Transport Canada protocols and foreign laws.
“Their unwavering commitment to public protection and the rule of law is a testament to the professionalism of all Canadian crews,” Edmondson said.
“Pivot Airlines is incredibly grateful to everyone who advocated on behalf of our crew, CUPE, ALPA, Unifor, Senator David Wells and our government partners. “
The Dominican Republic’s National Drug Control Directorate said April 6 that it discovered “eight black packages” in the avionics bay of a Toronto-bound personal jet from Punta Cana International Airport.
He said the package contained 25 smaller packages containing cocaine.
Management said at the time that nine Canadians, one Dominican and one Indian were under investigation.
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This Canadian Press report was first published on December 2, 2022.
The Canadian Press