Republicans hope for "yes" on Keystone, prepare for "no"
WASHINGTON (Reuters) ? Congressional Republicans who are urging President Barack Obama to approve the Canada-to-Texas Keystone XL oil pipeline have signaled they will not give up on the issue if the White House says no. After delaying the project, Obama has been compelled by Congress to decide by February 21 on whether to approve the project that would sharply boost the flow of oil from Canada'a oil sands.
Canada budget austerity yields lower fed spending
OTTAWA (Reuters) - Efforts to rein in Canada's budget deficit have resulted in a 3.0 percent decline in overall federal expenditures in the first half of the fiscal year, the office of the parliamentary budget officer said on Wednesday. "The spirit of austerity is beginning to take hold," said Jason Jacques, who prepared reports on the April-September period for the office. "Whatever they're doing, it's working."
British Columbia to repay C$1.6 billion to federal government
OTTAWA (Reuters) - British Columbia has agreed to repay the federal government over five years the C$1.6 billion ($1.57 billion) it received for harmonizing its provincial sales tax with a federal sales tax, the province announced on Wednesday. A referendum last year had forced the western Canadian province to get rid of the harmonized tax, which was extended to items such as restaurant bills.
Glyphosate-resistant weed spreads to Canada crop belt
WINNIPEG, Manitoba (Reuters) - A weed resistant to a widely used chemical to protect crops has spread for the first time to Western Canada, the country's grain and canola belt. Kochia weed turned up in three fields in Southern Alberta last August, despite the use of glyphosate, and Canadian government scientists have now confirmed that it is resistant to the farm chemical, seed company Monsanto Canada said on Wednesday.
EU launches WTO suit on Canadian renewable power
GENEVA (Reuters) - The European Union has escalated a trade dispute over Canadian provincial rules for solar and wind energy subsidies by asking the World Trade Organization to set up a panel to rule on the case, the WTO said on Wednesday. The EU's decision to resort to legal measures against Canada, after the failure of direct talks to settle the dispute, will come as little surprise because Japan has already trodden the same path in an identical case.
Ackman won't try to oust entire CP board: report
TORONTO (Reuters) - Activist investor William Ackman plans to propose a minority slate of alternate directors as he seeks to install a new boss to engineer a turnaround at Canadian Pacific Railway Ltd, a newspaper reported on Wednesday. The Globe and Mail quoted Ackman as saying he would propose no more than two new directors to represent his Pershing Square Capital Management, on CP's 15-member board, plus two to three directors independent of both the hedge fund and Canada's second-largest railway.
MP switches parties, weakening opposition
OTTAWA (Reuters) - A legislator quit Canada's main opposition New Democrats on Tuesday, adding to the problems of a left-leaning party that has failed to impress since a record-breaking performance in the May 2011 election. Lise St-Denis, a parliamentarian from Quebec, said she was defecting to the centrist Liberals because she preferred the Liberal positions on the economy and the environment.
Canadian natives warn against pipeline to Pacific
KITIMAAT VILLAGE, British Columbia (Reuters) - Aboriginal leaders opposed to a C$5.5 billion ($5.4 billion) oil sands pipeline backed by Canada's government warned on Tuesday that the project could devastate fishing and traditional life on the rugged Pacific Coast and called for it to be stopped. As hearings into Enbridge Inc's proposed Northern Gateway pipeline opened with drumming and native singing, hereditary chiefs and elders of the Haisla First Nation told the regulatory panel their greatest fear was the potential impact of oil spills on their community of 1,500.
Bank of Canada seen on hold until 2013
TORONTO (Reuters) - A deteriorating European with slower growth and the longer we go without economy and weak global growth will keep the Bank of Canada from raising rates for at least another year, though an interest rate cut looks highly unlikely, according to a Reuters survey. The Reuters poll of 41 economists and strategists released on Tuesday showed the median forecast for the next interest rate hike was pushed back by three months to the first quarter of 2013 from the fourth quarter of 2012 projected in a November poll. The Bank of Canada's target for the overnight rate - its main policy rate - has been at 1 percent for more than a year.
Flaherty sees signs of moderate growth
CALGARY, Alberta (Reuters) - Finance Minister Jim Flaherty pointed on Wednesday to encouraging indications of growth in Canada, despite difficult economic times in Europe and elsewhere. "There are good signs of moderate growth across the Canadian economy, including in manufacturing - for example, the auto sector in Ontario, which has shown considerable strength in 2011 and is expected to do so in 2012 again," he told reporters on a cross-country tour ahead of the annual budget.
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