Latest / VOCM On Demand / VOCM Mid-Day Update August 19

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VOCM Mid-Day Update August 19 · VOCM On Demand

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  Speaker 1: I'm Sarah Strickland, a local financial advisor, says the impact
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  Speaker 1: of the new Churchill Falls agreement could be larger than
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  Speaker 1: what the province has seen so far from the oil industry.
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  Speaker 1: Larry Short of Short Financial, a branch of IA Private Wealth, says, overall,
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  Speaker 1: it's a better deal for the province of Quebec than
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  Speaker 1: the one in twenty twenty four because demand and the
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  Speaker 1: price of power in the United States is greater today
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  Speaker 1: than it was then.
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  Speaker 2: Overall, it translates into what looks like to be a
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  Speaker 2: larger impact than what we have seen so far with
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  Speaker 2: oil development. That's a caution because I think the oil
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  Speaker 2: companies are going to be headed back here anyways, an
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  Speaker 2: independent contract that you know, independent discussion. I think we'd
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  Speaker 2: have another time because of the developments that are happening.
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  Speaker 2: The long term impact of the Straighthord moveset, but up
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  Speaker 2: to this point in time, with what we've seen so far,
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  Speaker 2: it should have a larger impact than all the oil
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  Speaker 2: developments so far in the province.
• 0:54
  Speaker 1: Bankruptcy rates in this country are now at the highest
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  Speaker 1: level since the two thousand and eight two thousand and
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  Speaker 1: nine financial crisis. A recent Equifax Canada report shows more
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  Speaker 1: Canadians are struggling to make ends meet and are facing
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  Speaker 1: mounting pressure to cover monthly bills and debt obligations. Nancy Snedden,
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  Speaker 1: president of BDO Debt Solutions, says it's important that people
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  Speaker 1: reach out to find available solutions.
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  Speaker 3: For the second quarter, there were thirty seven, five hundred
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  Speaker 3: and twenty three people that filed a consumer proposal or
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  Speaker 3: bankruptcy and that's a page six point nine percent higher
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  Speaker 3: than a year earlier, and most insolvency filings for most
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  Speaker 3: the most insolency filings for the quarter since two thousand
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  Speaker 3: and nine. And that's a staggering number, but I want
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  Speaker 3: you to think about it this way. The number filed
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  Speaker 3: works out to roughly seventeen Canadians filing every hour.
• 1:49
  Speaker 1: US President Donald Trump has extended the deadline on reaching
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  Speaker 1: a trade deal with Canada by another three days. Trump
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  Speaker 1: had threatened to impose punishing fifty percent tariffs on a
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  Speaker 1: range of Canadian goods by midnight last night if a
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  Speaker 1: new trade deal between the two nations could not be finalized.
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  Speaker 1: He extended the deadline by three days, just hours before
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  Speaker 1: the tariffs were set to take effect. It's a tactic
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  Speaker 1: that has become increasingly common since Trump resumed office and
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  Speaker 1: launched his trade dispute with Canada. Business advisor and mon
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  Speaker 1: professor Tom Cooper is hopeful a deal can be reached,
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  Speaker 1: but the uncertainty creative by the Trump administration Impede's business.
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  Speaker 4: I'm not a big fan of drama, and there's a
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  Speaker 4: lot of drama around what's going on with Trump and
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  Speaker 4: what he wants to do and what he doesn't want
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  Speaker 4: to do. That creates a lot of uncertainty, and that
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  Speaker 4: uncertainty is difficult to manage. You want to make investments,
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  Speaker 4: You want to make decisions over the long term, not
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  Speaker 4: of decisions over three days. So that whole drama uncertainty
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  Speaker 4: creates difficulties for businesses to play and it also has
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  Speaker 4: implications for us as consumers as well.
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  Speaker 1: That's your news. I'm Sarah Strickland.