Canada in Brief, Oct. 12-18
Trudeau criticized for reaction to critics of Energy East demise
Conservative Leader Andrew Scheer says Prime Minister Justin Trudeau should not go after critics of the cancelled Energy East pipeline project, but should look to his own actions.
Scheer spoke in Edmonton about Trudeau’s recent social media comments accusing those critics of using the project’s demise to stoke national divisions. Scheer said the issue does not stoke divisions because all of Canada would have benefited from the project.
Last week, TransCanada said it was shelving the pipeline project because of a change Trudeau’s government made to the regulatory review.
Saskatchewan Premier Brad Wall said Trudeau’s comments are a “desperate attempt to deflect away from the actual issue at hand, which is the federal government’s responsibility for the cancellation of the Energy East pipeline.”
Sears Canada seeks court approval to liquidate all remaining stores
Sears Canada Inc. is applying for court approval to liquidate all of its remaining stores and assets after failing to find a buyer that would allow it to continue as a going concern.
The court overseeing Sears Canada’s operations is expected to hear a motion Oct. 13 seeking approval for the liquidation and winding down of the business.
The company wants to start the liquidation sales no later than Oct. 19 and expects them to continue for 10 to 14 weeks.
“The company deeply regrets this pending outcome and the resulting loss of jobs and store closures,” Sears Canada said in a statement.
IMF report warns of Canada’s high debt levels
The International Monetary Fund warns in a new report about Canada’s high debt levels and higher-than-average pressure on Canadian households’ ability to pay down that debt.
The IMF says in its Global Financial Stability report that these dynamics in Canada’s private non-financial sector leaves its economy more sensitive to tighter financial conditions and weaker economic activity.
Canada was named along with Australia, Brazil, China, and Korea as countries where the debt-service ratio has risen to high levels.
The IMF also says there was a particularly strong need in these economies for financial sector policy to guard against letting these imbalances grow any further.
With files from The Canadian Press