Canada

Canada Credit Card Balances Highest on Record, Equifax Says

Canadian credit card holders carried over C$4,300 ($3,200) in balances on average in the second quarter, according to Equifax Canada, marking the highest level since the agency began collecting the data in 2007, Bloomberg News reported. A high interest-rate environment and rising unemployment are straining borrowers, especially younger Canadians, the credit bureau warned in a report released Tuesday. Consumer debt levels topped C$2.5 trillion last quarter, jumping 4.2% from a year earlier.
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P.E.I.'s Guardian, Journal Pioneer Expected to Publish as Usual as Postmedia Sale Finalized

Staff at The Guardian and Journal Pioneer say they have been assured the newspapers will continue to publish as usual under their new owner, CBC.ca reported. The Guardian, based in Charlottetown, currently publishes on Tuesday through Friday, with a weekend edition on Saturdays. The Summerside-based Journal Pioneer operates as a weekly print publication. Postmedia reported Monday it had successfully closed the $1-million deal to acquire the P.E.I. newspapers, as well as several others in the Atlantic region, from SaltWire. SaltWire, which also owned The Halifax Herald Ltd.
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China Accuses Canada of Protectionism over 100% Tariffs on Electric Vehicles

China on Tuesday accused Canada of protectionism after Prime Minister Justin Trudeau's government imposed a 100% tariff on imports of Chinese-made electric vehicles, matching U.S. duties on Chinese EVs, the Associated Press reported. The Chinese Commerce Ministry said the tariffs would disrupt the stability of global industrial and supply chains, severely impact China-Canada economic and trade ties and damage the interests of enterprises in both countries. “China is strongly dissatisfied and firmly opposes this,” it said in a statement.
China
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Back-to-Work Order Issued for 2 Major Canada Railroads. Union Will Comply, but Lawsuit Planned

The Canadian arbitrator appointed to resolve a messy railroad labor dispute to protect the North American economy has ordered employees at the country’s two major railroads back to work so both can resume operating, the Associated Press reported. Saturday's order means Canadian National will be able to continue operating the trains it restarted on Friday morning just over a day after it locked out workers. But Canadian Pacific Kansas City likely won't be able to restart its operations before 12:01 a.m. Monday, when workers were ordered to return.
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Canada’s Largest Railway Faces Strike Threat Ahead of Labor Board Ruling

A union filed a strike notice against Canadian National Railway Co. just hours after trains began rolling again on Friday, creating a new obstacle in a labor dispute that has upended North American supply chains, Bloomberg News reported. The Teamsters union told the Montreal-based railway that it plans to withdraw the services of its roughly 6,500 members at 10 a.m. Toronto time on Monday if there’s no agreement on a new contract. Thousands of workers at Canadian Pacific Kansas City Ltd.
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