An update on Canada’s economy and fleeting tweets; In The News for March 5

Usually, the slot to speak after a rate announcement made by statement only is filled by one of the bank’s deputies, but Poloz will do it himself in a slight nod to the magnitude of the rate decision this week.

The bank on Wednesday cut its target for the overnight rate to 1.25 per cent citing a “clearly weaker” outlook for the Canadian economy than previously forecasted owing to the outbreak of the novel coronavirus as well as rail line blockades, job action by Ontario teachers and harsh winter weather.

The cut in the bank’s key rate was the first since the summer of 2015 and brings the rate to a level it hasn’t been at since early 2018.

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Also this …

OTTAWA — Canadians can expect more disruptive protests if the federal government pushes forward with the Trans Mountain pipeline expansion against the wishes of some of the Indigenous communities it will pass through, says a British Columbia lawyer and Indigenous negotiator.

In the last month, Indigenous people across the country set up barricades on train tracks, roads and bridges, in solidarity with Wet’suwet’en Nation hereditary chiefs, some of whom object to the construction of a natural-gas pipeline through their traditional territory.

The conflict laid bare the fact that nearly four decades after treaty rights were affirmed in the Constitution, Canada has not figured out what the “duty to consult” Indigenous people on decisions that affect their rights really means.

Cynthia Callison, a negotiator for agreements among Indigenous peoples, governments and private sector developers, said while there are some distinct differences between the natural-gas pipeline and the Trans Mountain project, both projects have gone ahead despite the fact that not all Indigenous communities affected by the projects have given their consent.

Numerous elected band councils along the Coastal GasLink pipeline route agreed to the project and the B.C. government approved it. But it doesn’t have the collective backing of the hereditary chiefs of the Wet’suwet’en, who claim authority over the traditional territory of their nation that isn’t on a reserve.

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What we are watching in the U.S. …

WASHINGTON — Bernie Sanders is refocusing his Democratic presidential campaign on surging rival Joe Biden as the Vermont senator’s allies grappled with the fallout from a Super Tuesday stumble.

Sanders targeted Biden’s record on trade, Social Security and fundraising just hours after Mike Bloomberg suspended his campaign and Elizabeth Warren confirmed she was privately reassessing her future in the race.

The dramatic shifts signalled that the Democrats’ once-crowded nomination fight had effectively come down to a two-man race.

Sanders declared himself “neck and neck” with Biden after winning just four states on Tuesday. Biden won 10.

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What we are watching in the rest of the world …

TOKYO — Chinese President Xi Jinping’s state visit to Japan has been postponed so both countries can fight the coronavirus outbreak, Japan’s chief government spokesman said Thursday.

The visit had been expected in April, but Chief Cabinet Secretary Yoshihide Suga said it will be rescheduled when Xi’s visit can be fruitful.

The virus that emerged in China late last year has infected 95,000 people in more than 80 countries and caused over 3,200 deaths. The vast majority of cases have been in China but Japan has also been badly hit. It has confirmed 1,030 cases, including 706 from a cruise ship. Twelve deaths have been confirmed in Japan.

Sweeping measures to control the spread of the virus have been taken around the world — closed schools, travel restrictions, emptied sports stadiums and offices.

Italy, Iran and South Korea have burgeoning outbreaks.

Iran reported 92 deaths among its more than 2,900 cases, though many fear the outbreak is far bigger. Among the ill are dozens of members of the government. The Islamic republic cancelled Friday prayers for the second week to avoid public gatherings.

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ICYMI (In case you missed it) …

SMITH FALLS, Ont — Canopy Growth Corp. says it is laying off 500 employees and closing its greenhouses in Aldergrove and Delta, B.C.

Canopy says it was hampered by the Canadian recreational cannabis market developing slower than anticipated and profitability challenges across the industry.

The company says it will also no longer pursue plans to open a third greenhouse in Niagara-on-the-Lake, Ont.

All of the moves are part of Canopy’s effort to align supply and demand while improving production efficiencies.

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Weird and wild …

SAN FRANSICO — Twitter is starting to test tweets that disappear after 24 hours, although initially only in Brazil.

The company says the ephemeral tweets, which it calls “fleets” because of their fleeting nature, are designed to allay the concerns of new users who might be turned off by the public and permanent nature of normal tweets.

Fleets can’t be retweeted and they won’t have “likes.”

The new feature is reminiscent of Instagram and Facebook “stories” and Snapchat’s snaps, which let users post short-lived photos and messages.

Twitter says it may bring the feature to other countries depending on how the Brazil test goes.

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Know your news …

The Bank of Canada cut its key interest rate target by half a percentage point Wednesday, dropping it to 1.25 per cent in response to the economic shock from the novel coronavirus outbreak. When was the last time the central bank cut rates?

(Keep scrolling for the answer)

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On this day in 1993 …

Canadian sprinter Ben Johnson was banned for life by the I.A.A.F. for failing a second drug test, five years after he lost his 1988 Olympic 100-metre gold medal.

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Entertainment news …

Canadian “Jeopardy!” host Alex Trebek is celebrating a milestone in his battle with Stage 4 pancreatic cancer.

The Sudbury, Ont., native announced in March of last year that he’d been diagnosed. The 79-year-old promised to fight it and keep working, which he’s done.

In a new YouTube video from the “Jeopardy!” set, Trebek says the one-year survival rate for his type of cancer is only 18 per cent.

He says his treatment hasn’t been easy and he has had “a lot of not so good days.”

Trebek says “there were moments of great pain, days when certain bodily functions no longer functioned, and sudden massive attacks of great depression” that made him “wonder if it really was worth fighting.”

But he adds he “brushed that aside quickly.”

“It would have been a betrayal of other cancer patients who have looked to me as an inspiration and a cheerleader of sorts of the value of living and hope,” Trebek says in the video

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Know your news answer …

July 2015. The bank cut rates by a quarter percentage point as the country struggled with six months of below-zero economic growth. The rate fell to 0.5 per cent from 0.75 per cent.

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This report by The Canadian Press was first published March 5, 2020.

The Canadian Press

by Canadian Press

An update on Canada’s economy and fleeting tweets; In The News for March 5

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