Economy follows Trudeau on travels to financial forum in Switzerland

SAINT ANDREWS, N.B. -- Prime Minister Justin Trudeau will trade the snowy hillsides of a seaside New Brunswick town this morning for the snowcapped Alps of Switzerland, with the national and global economy following him across the Atlantic Ocean.

See Full Article

Trudeau will fly Tuesday to Davos for the World Economic Forum that brings together the world's most powerful and influential political and business leaders, celebrities and activists.

"We're going to talk about how diversity is a strength and really showcase the fact that Canada has tremendous opportunities and is facing challenges like lots of places but we have the tools to surpass those challenges in a way that should draw in global interest," Trudeau said Tuesday before leaving the federal cabinet retreat in Saint Andrews, N.B.

Trudeau will have a chance to give a keynote address on Wednesday, talk about gender parity in his cabinet alongside Melinda Gates and sell his plans for growing the Canadian economy.

Navdeep Bains, minister of Innovation, Science and Economic Development, said that Davos, like last month's climate change conference in Paris, is an opportunity to demonstrate that Canada can show global leadership.

"At COP 21 we made a major commitment to mission innovation and so that really shows leadership when it comes to clean technology," he said.

The economic and financial realities of everyday Canadians will still hit Trudeau: the parliamentary budget watchdog will deliver a report Tuesday morning about the level of household debt in the country, and then the Bank of Canada will deliver a much-anticipated interest rate announcement Wednesday before markets open and likely minutes before Trudeau is to give his first speech in Davos.

Trudeau and his cabinet ministers were dogged by questions about falling commodity prices and a declining loonie during their three-day retreat in New Brunswick.

Trudeau would only say Monday that his government would put forward a budget that is "the right one for Canadians."

At a community dinner Monday night where 300-plus people crammed into a rec centre to have some spaghetti and hear Trudeau speak, the prime minister touched on why cabinet was meeting outside Ottawa -- "to talk about the challenges that we have before us," he said -- before trying to give it a positive spin by talking about "tremendous opportunities."

"Canada is an incredible country whose greatest strength we all know are its people," he said.

"We are hopeful, optimistic, resilient, forward-looking, hard-working, and nowhere is that clearer than right here in New Brunswick and it's such a pleasure to be working with you and to be surrounded by all of you as we map out a plan to create growth for the middle class, to offer a brighter future to Canadians, and to build, once again, an extraordinary country that we can all be proud of as we celebrate into the coming years."



Advertisements

Latest Economic News

  • Ford expects its profits will fall in 2018

    Economic CTV News
    DETROIT -- Ford Motor Co. says its pretax earnings will likely fall in 2018 as U.S. sales soften, commodity costs increase and it invests heavily in new electric and hybrid vehicles. Ford expects to earn between $1.45 and $1.70 per share this year. Source
  • Valeant says California judge gives preliminary approval to Allergan settlement

    Economic CTV News
    LAVAL, Que. - Valeant Pharmaceuticals International Inc. says a U.S. District Court judge gave his preliminary approval Tuesday to a US$290-million settlement of lawsuits stemming from the unsuccessful attempted hostile takeover in 2014 of Botox maker Allergan Inc. Source
  • With a US$6B charge comes new thoughts about GE's future

    Economic CTV News
    BOSTON -- General Electric Co. is signalling it may undergo a more comprehensive transformation, a decade after breaking off substantial pieces of the multinational conglomerate in bid to a return it to its industrial roots. Source
  • GE to pay US$15B for past mistakes amid breakup speculation

    Economic CTV News
    SAN FRANCISCO -- General Electric Co. will pay US$15 billion to make up for the miscalculations of an insurance subsidiary as a new regime weighs future changes that could culminate in a breakup of a company conceived in the industrial age. Source
  • Carillion Canada says it's soldiering on despite U.K. parent's financial woes

    Economic CBC News
    A spokesman for the Canadian subsidiary of insolvent British construction giant and state contractor Carillion says it's business as usual in Canada despite the parent company's collapse on Monday. Cody Johnstone says that Carillion Canada is not in liquidation and its 6,000 employees in Canada continue to be paid, along with its subcontractors and suppliers. Source
  • McDonald's sets worldwide recycling goals

    Economic CTV News
    NEW YORK -- McDonald's says it aims to use all recycled or other environmentally friendly materials for its soda cups, Happy Meal boxes and other packaging by 2025. The world's biggest burger chain also wants all of its 37,000 restaurants worldwide to recycle customer waste by that year. Source
  • Canadian natural gas industry a 'sad story': analyst

    Economic CBC News
    A prominent commodities analyst struck a gloomy tone as he delivered a blunt assessment of the Canadian natural gas industry's fortunes this year, describing it as a "sad story." In front of a few hundred oilpatch members at the Calgary Petroleum Club in the city's downtown, commodities analyst Martin King admitted his Tuesday morning presentation for gas was one of his most negative. Source
  • Nutrien to sell Israel Chemical stake for expected US$700 million

    Economic CTV News
    SASKATOON -- Fertilizer giant Nutrien Ltd. says it plans to sell all of its holdings in Israel Chemicals Ltd. in a secondary share offering for an expected US$700 million. The sale comes as one of the requirements set out by global regulators for Potash Corp. Source
  • Australia files WTO complaint against Canadian wine sales measures

    Economic CTV News
    TORONTO - Australia has filed a complaint about Canada's rules around wine sales with the World Trade Organization. The complaint filed Friday argues that Canada's distribution, licensing and sales measures discriminate against imported wine. Source
  • Beer Canada calls on feds to axe increasing beer tax

    Economic CTV News
    OTTAWA -- A trade association for Canada's beer industry wants the federal government to stop its plan to annually increase a tax on the alcoholic drink. Beer Canada has launched a new campaign calling on Canadians to sign a petition asking Finance Minister Bill Morneau to axe the escalating beer tax. Source