Latest / VOCM On Demand / VOCM News Morning Update September 10th

Transcript

VOCM News Morning Update September 10th · VOCM On Demand

• 0:01
  Speaker 1: Local news now.
• 0:02
  Speaker 2: A VOCM News Update.
• 0:05
  Speaker 3: I'm Sarah Strickland. The provincial government is still mulling over
• 0:09
  Speaker 3: what relief measures can be implemented this fall using excess
• 0:13
  Speaker 3: oil money. Finance Minister Craig Party hinted earlier this year
• 0:17
  Speaker 3: that new cost of living measures would be introduced. He
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  Speaker 3: says the province is expecting over $ 500 million in oil
• 0:24
  Speaker 3: revenues and they are currently doing an analysis to determine
• 0:27
  Speaker 3: how the extra money from that can be used.
• 0:30
  Speaker 4: An analysis would go from as far as... Reducing the
• 0:34
  Speaker 4: expenditures that Newfoundlanders were to pay for the electricity. We
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  Speaker 4: know that we have the oil rebate that would be currently.
• 0:41
  Speaker 4: We know that we have, as far as the poverty,
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  Speaker 4: more targeted relief, whether it be children, seniors, families in
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  Speaker 4: low income. These are all the things we're looking at,
• 0:53
  Speaker 4: and it may conceivably be a smorgasbord.
• 0:56
  Speaker 3: The status of the promised 15% electricity rebate is up
• 1:00
  Speaker 3: in the air until the Churchill Falls deal is signed.
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  Speaker 3: The party doesn't rule out using oil revenues to provide
• 1:06
  Speaker 3: that rebate if the deal falls through, at least for
• 1:10
  Speaker 3: one year.
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  Speaker 4: If we just look at $ 500 million, then we're looking at,
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  Speaker 4: we've got about $ 100 million that we would have to
• 1:16
  Speaker 4: provide relief for New Flanders and Labradorians. And if anybody
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  Speaker 4: is doing the math and would say, well, this 15%
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  Speaker 4: is $ 92 million and we're going to have $ 100 million,
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  Speaker 4: is it conceivable we can do the 15% for one year?
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  Speaker 4: That's conceivable. That's conceivable within what the oil revenue would be.
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  Speaker 3: Fuel prices tend to ease off around this time of year,
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  Speaker 3: but one industry expert says drivers should expect no such
• 1:41
  Speaker 3: relief this time. Patrick DeHaan is head of petroleum analysis
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  Speaker 3: at price tracking website GasBuddy.com. He says diesel prices are
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  Speaker 3: also seeing a surge at a particularly bad time.
• 1:52
  Speaker 1: It will be a cost that slowly gets trickled down
• 1:55
  Speaker 1: from logistics. Supply chains will be passing that along. So
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  Speaker 1: that certainly could reignite inflation across the country in the
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  Speaker 1: weeks ahead. at the worst potential times as farmers are
• 2:06
  Speaker 1: now getting out into their fields.
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  Speaker 3: Escalating tensions in the Middle East and in Russia are
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  Speaker 3: pushing international crude prices above 100 U.S. a barrel. Gas
• 2:16
  Speaker 3: is up a cent this morning. A Memorial University economics
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  Speaker 3: professor says Canadians will eventually pay the price for counter-tariffs
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  Speaker 3: imposed by Ottawa on a range of U.S.
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  Speaker 2: Goods.
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  Speaker 3: Affected U.S. imports include $ 28 billion worth of 629 items
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  Speaker 3: from clothing and home appliances to metals and electronics and
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  Speaker 3: range from 15% to 50%. Tom Cooper says local companies
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  Speaker 3: will have to collect what amounts to a tax on
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  Speaker 3: behalf of the federal government.
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  Speaker 2: So it could be like locally an amazing organization like P.F. Collins.
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  Speaker 2: They may be importing it on behalf of somebody, and
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  Speaker 2: they would collect the tax. Or if you're an American
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  Speaker 2: subsidiary like, I don't know, Old Navy or someone like that,
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  Speaker 2: and you would be collecting the tax on their behalf.
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  Speaker 2: It depends in terms of how they're structured, et cetera.
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  Speaker 2: But it's not a bill that we send. Instead, we
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  Speaker 2: collect it.
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  Speaker 3: Premier Tony Wakeham met yesterday with members of industries affected
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  Speaker 3: by the trade war with the United States. Wakeham was
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  Speaker 3: also joined in the meetings by Finance Minister Craig Party
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  Speaker 3: and Jobs Minister Lynn Paddock. Industry leaders shared their concerns
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  Speaker 3: about potential impacts and discussed how the federal government's response
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  Speaker 3: must be ambitious, targeted and responsive to the situation and
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  Speaker 3: work for all regions of the country... including ones that
• 3:41
  Speaker 3: are export-oriented like this province. Wakeham reiterated government's unwavering commitment
• 3:47
  Speaker 3: to collaboration with affected parties and how protecting provincial interests
• 3:51
  Speaker 3: has been prioritized. The provincial government has appointed a new
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  Speaker 3: director for the province's Serious Incident Response Team. CERT-NL is
• 4:00
  Speaker 3: a civilian-led agency that investigates serious incidents involving police officers
• 4:05
  Speaker 3: in the province. Senior Crown Attorney Richard DeVoe replaces Interim
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  Speaker 3: Director Stephen Ring, who took over from Michael King after
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  Speaker 3: his appointment as a provincial court judge in late 2024. DeVoe,
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  Speaker 3: who is originally from New Brunswick, moved to this province
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  Speaker 3: in 2010 to complete his articles with the NL Legal
• 4:24
  Speaker 3: Aid Commission. He worked with the Nova Scotia Public Prosecution
• 4:28
  Speaker 3: Service before returning to legal aid in St. John's in 2015.
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  Speaker 3: DeVoe has been appointed for a five-year term. An upcoming
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  Speaker 3: ACDC concert scheduled at Toronto's Rogers Stadium has been cancelled
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  Speaker 3: due to storm damage. Live Nation operates the venue and
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  Speaker 3: says engineers determined sections that were affected by last Wednesday's
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  Speaker 3: storm will need to be removed and rebuilt. Powerful winds
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  Speaker 3: tore through the stadium during major thunderstorms that caused localized
• 4:58
  Speaker 3: flooding and power outages in the Toronto area. The September
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  Speaker 3: 16th concert was set to be the venue's final show
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  Speaker 3: of the season. That's your news, I'm Sarah Strickland.