Current Affairs

Trump rips Bush for backing Cheney as Republican factions butt heads

Former President Trump is criticizing former President George W. Bush for backing Rep. Liz Cheney’s (R-Wyo.) effort to keep her seat in what will likely be a hotly contested GOP primary.

In a statement released late Wednesday through his Save America PAC, Trump slammed Bush and his longtime political adviser Karl Rove for endorsing “warmongering and very low polling, Liz Cheney.”

“Bush is the one who got us into the quicksand of the Middle East and, after spending trillions of dollars and killing nearly a million people, the Middle East was left in worse shape after 21 years than it was when he started his stupidity,” Trump said.

He added that the conflict “ended with Biden’s most embarrassing in history withdrawal from Afghanistan.”…read more.

‘More spending, more deficits, more lacklustre GDP growth’: Reaction to election results

It’s a federal election that put Prime Minister Justin Trudeau right back where he started from: another minority government.

With just one more seat for the Liberals after this election than the last one in 2019, a new cabinet is expected to be announced in the coming days.

So, where does that leave the turbulent state of Canadian finances?

Here’s how economists and business executives are reacting to another mandate for Trudeau following Election Day:

Ryan Lewenza, senior vice-president and portfolio manager at Turner Investments

We now have the exact same thing that we already had going into this election. So, for us, this is more spending, more deficits, more lacklustre GDP growth, and likely, more taxes on the way.

Kevin Page, former parliamentary budget officer

There will be a lot of spending and a higher deficit than what the PBO projected a few months ago… How we will taper out those subsidies and fiscal support programs will really depend on our progress on really reducing the number of COVID-19 infections.

John Manley, senior advisor at Bennett Jones, former Liberal deputy prime minister and former finance minister

Foreign investment is one side of the coin, but retention of Canadian investment is another. A combination of tax policy and other policies — regulatory, in particular — has been causing many Canadian firms to invest abroad rather than here at home.

We’ve got to reverse that, we’ve got to make Canada a welcoming place for investment, we’ve got to reward innovation and resilience and we’ve got to reward success…read more.

 

Canada stocks, dollar climb after Trudeau wins third term

Canadian stocks climbed along with the country’s currency after Prime Minister Justin Trudeau won a historic third term in a federal election that did little to reorder the political balance of the country.

Canada’s benchmark S&P/TSX Composite Index was up 0.7 per cent at 9:58 a.m. in Toronto, in line with gains in other equity markets, while the Canadian currency strengthened against the U.S. dollar.

“The status quo is exactly what markets like, especially stocks,” Kristina Hooper, chief global market strategist at Invesco, said Tuesday in a phone interview. “So while Trudeau didn’t get what he had hoped for in calling the snap election, that means really no disruption as it relates to markets.”…read more.

U.S. to ease travel restrictions for foreign visitors who are vaccinated against Covid

The U.S. will ease travel restrictions for international visitors who are vaccinated against Covid-19 in November, including those from the U.K. and EU, the White House said Monday.

Noncitizens visiting the United States will have to show proof of vaccination and a negative Covid test taken within three days of departure, said Jeff Zients, who is leading the nation’s Covid response efforts for the White House.

The changes will take effect in early November, which the airline industry expects will spur holiday bookings…read more.

Mapping The Biggest Companies By Market Cap in 60 Countries

Tech giants are increasingly making up more of the Fortune 500, but the world’s biggest companies by market cap aren’t so cut and dry.

Despite accounting for the largest market caps worldwide—with trillion-dollar companies like Apple and contenders including Tencent and Samsung—tech wealth is largely concentrated in just a handful of countries.

So what are the biggest companies in each country? We mapped the largest company by market cap across 60 countries in August 2021 using market data from CompaniesMarketCap, TradingView, and MarketScreener…read more.

Alberta introduces new rules, passport amid COVID crisis

Alberta Premier Jason Kenney, facing a COVID-19 crisis that is threatening to collapse its health system in just over a week, has reintroduced limits on gatherings along with elements of a vaccine passport system.

Alberta is also asking for help from other provinces to use their intensive care beds and staff while prepping its triage protocols, which would see doctors forced to choose who gets life-saving treatment and who does not.

The United Conservative government declared Wednesday a state of public health emergency.

“We may run out of staff and intensive care beds within the next 10 days,” Kenney said…read more.