By Sabine Siebold and Andrew Gray Brussels (Reuters) – NATO must work harder to set common standards for weapons and ammunitions, its chief said on Wednesday, as the alliance tries to boost defence production amid a Ukrainian counteroffensive likely to deplete Western military stocks even further. Announcing a Defence Production Action Plan designed to “rapidly…
By Ismail Shakil OTTAWA (Reuters) -Canada’s budgetary watchdog estimated on Wednesday that a deal offering Volkswagen production tax credits to build a battery gigafactory in the country will cost taxpayers about C$2.4 billion ($1.8 billion) more than announced. The forecast comes as the government tries to sweeten a subsidy deal for Jeep maker Stellantis, which…
OTTAWA (Reuters) – Canada, which has been renegotiating its support for a Stellantis-LGES electric vehicle battery plant, is confident that the investment is good for the country and “is coming,” Finance Minister Chrystia Freeland said on Wednesday, hinting that a new deal may have been reached. “We’re very confident in the value of the Stellantis…
By Karl Plume and Rod Nickel CHICAGO (Reuters) -Bunge’s planned acquisition of Viterra would make the world’s biggest oilseed crusher even more dominant and secure a larger role in the expanding renewable diesel industry, although it may face competition hurdles. Under the deal to create an agricultural giant worth about $34 billion including debt, Bunge’s…
By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The dollar dropped to a three-week low on Tuesday on news of the smallest annual increase in inflation last month in more than two years, cementing expectations that the Federal Reserve will pause interest rate hikes at its two-day meeting ending on Wednesday. The dollar index slid as…
By Nivedita Balu TORONTO (Reuters) -Canada’s financial regulator is urging lenders to tackle risks from mortgage extensions at the “earliest opportunity” as many borrowers try to navigate higher mortgage costs after the Bank of Canada’s surprise rate hike last week. The Office of the Superintendent of Financial Institutions’ (OSFI) urgency underscores the concern about the…
By Milounee Purohit BENGALURU (Reuters) – The Bank of Canada will raise interest rates again in July to 5.00% after a surprise 25 basis point increase last week, according to economists polled by Reuters, who unanimously said the main risk was the central bank might have to do more. In the run-up to the BoC’s…
By Ismail Shakil OTTAWA (Reuters) – Smoke shrouded Western Canada on Monday as wildfires flared again in the main oil-producing province of Alberta, while firefighters in Quebec doused some of the worst early season blazes, allowing thousands of evacuees to return home. Canada is enduring its most destructive start to wildfire season, with about 4.8…
OTTAWA (Reuters) – A Canadian Supreme Court judge being probed for alleged involvement in a drunken fight resigned on Monday, marking the first time a member of the top court has resigned amid questions of misconduct. Russell Brown, appointed to the nine-judge court in August 2015, had stepped aside in February after reports emerged of…
By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The dollar inched higher on Monday, trading in a narrow range as investors remained cautious ahead of several key policy decisions due this week, with the Federal Reserve expected to keep rates on hold for the first time since January 2022. Monetary policy meetings at the Fed, the…
