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2016-01-17 15:15:00

CANADA'S LONG-TERM EFFECTIVENESS

CANADA'S LONG-TERM  EFFECTIVENESS

Federal Finance Minister Bill Morneau said Thursday the low Canadian dollar and low price of oil make his plans for stimulus spending and tax cuts even more important.

Morneau appeared to hint that Liberal plans for infrastructure spending could be strengthened.

"With the slowing of the economy, we believe it's doubly important that we take the correct actions to help Canadians to do better," Morneau told reporters at a stop on his pre-budget tour of the country.

"We're playing close attention to the price of oil, and of course that has an important impact on the Canadian dollar, which we're also paying close attention to. In that context, we know that it's doubly important that we think about how we can make investments that have an impact on the economy ... and also think about how we can improve our long-term effectiveness as a country and to increase our long-term rate of growth."

The Liberal platform in last October's election campaign called for an extra $5 billion in infrastructure spending in each of the first two years of a mandate and $3.4 billion in each of the following two.

The Canadian Press has learned the government is now looking at moving up the spending schedule in response to worsening economic conditions.

Morneau has not provided any details, and has consistently said he is consulting with stakeholders and provincial governments as he prepares his budget, which is expected in March.

Morneau gave no indication the worsening economy threatens the Liberal government's list of promises — everything from ending boil-water advisories in First Nation communities to cutting middle-class taxes.

Morneau is also facing demands from the provinces to boost transfer payments. Some provinces that receive equalization want the Liberals to remove a cap, imposed by the previous Conservative government, which limits growth in spending on the program to the national rate of economic growth.

He was non-committal on the issue.

"I had my first meeting with the provincial finance ministers in December," Morneau said.

"We talked about the approach to equalization and transfer payments briefly. It'll be a continuing topic of discussion."

energynow.ca

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Tags: CANADA, OIL, GAS, PRICES, ECONOMY

Chronicle:

CANADA'S LONG-TERM  EFFECTIVENESS
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

CANADA'S LONG-TERM  EFFECTIVENESS
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

CANADA'S LONG-TERM  EFFECTIVENESS
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

CANADA'S LONG-TERM  EFFECTIVENESS
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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