Ottawa should do more to cool Toronto, Vancouver real estate markets: OECD
TORONTO—The Organization for Economic Co-operation and Development (OECD) says Ottawa needs to introduce measures aimed at reducing some of the risk associated with soaring home prices and household debt levels in Toronto and Vancouver.
The OECD said in a report issued June 1 that the possibility of a housing market correction, particularly in Toronto and Vancouver, could threaten the country’s financial stability.
Finance Minister Bill Morneau recently increased the minimum down payment for homes over $500,000, a measure aimed specifically at cooling those two markets.
But the OECD says more measures— targeted at Toronto and Vancouver—should be introduced to reduce some of the risk stemming from soaring house prices and high household debt levels.
Feds move forward on plain packaging for tobacco products
OTTAWA—Health Minister Jane Philpott says the federal government plans to consult Canadians about proposed measures to require plain packaging for tobacco products.
The measures include requiring a standardized box size and prohibiting colours, logos, and graphics on tobacco packaging.
The plan is strongly opposed by the industry and is likely another fierce legal battle between Ottawa and Big Tobacco.
Court challenges against similar rules have already been unsuccessful in a number of other countries, including Australia.
Plain packaging has also been embraced in France, the United Kingdom, and Ireland, while formal consideration is underway in 10 countries.
Renewable energy a cost-effective option for Arctic, study finds
New research suggests some Nunavut communities could cut their fossil fuel use by up to half with renewable energy that wouldn’t cost any more than the aging diesel generators they now use.
The study comes as the federal and territorial governments consider what to do about northern communities that rely on diesel to generate electricity.
In Nunavut, 13 of the territory’s 17 generators are more than 35 years old. All are expensive to run and emit greenhouses gases and black carbon, which contributes to the melt of sea ice.
The study, led by the World Wildlife Fund, concludes that proven wind and solar technologies could cut diesel use by up to 50 percent in at least five communities without costing them more.
Tootoo left caucus, cabinet of his own accord, says Trudeau
OTTAWA—Prime Minister Justin Trudeau says it was Hunter Tootoo’s own decision to leave the Liberal caucus and resign from cabinet to deal with “addiction issues.”
In a brief statement delivered this morning in the House of Commons foyer, Trudeau calls it a “difficult situation” for the Nunavut MP.
Tootoo, the first northerner to take on the role of fisheries minister, issued a brief statement May 31 saying he was stepping down in order not to distract from the important work of his colleagues.
Tootoo said he has “decided to seek treatment for addiction issues” and asked for “privacy at this time.” The nature of his addiction was not specified.
Russian rocket stage expected to splash down in Canadian Arctic
Environmentalists are angry that a Russian rocket stage potentially carrying highly toxic chemicals is slated to splash down this weekend in the Canadian Arctic.
An international aviation authority has issued a notice that debris from a Russian rocket launch will fall into Baffin Bay on June 4, outside of Canada’s territorial waters but inside its economic zone.
Arctic experts say the rocket will be powered by hydrazine, a Cold War-era fuel that nearly every other space program in the world has backed away from.
Greenpeace Canada says dumping hydrazine from a ship would violate international law and dumping it from the air should be no different.
Baffin Bay is hunted and fished by Inuit from both Canada and Greenland.
Former Valeant CEO to receive nearly US$1 million for continued advice
MONTREAL—The former head of the embattled Valeant pharmaceutical company will receive nearly US$1 million this year for continuing to advise the Quebec-based firm.
That’s on top of US$9 million in severance that Michael Pearson will receive from a previously disclosed employment contract signed last year.
Valeant, 56, revealed Tuesday that its former CEO will get US$83,333 per month in consulting fees through the end of 2016, plus US$15,000 monthly in 2017, for a total of US$846,664.
Once Canada’s most valuable company by stock market value, Valeant’s stock has plunged amid controversy on several fronts, including its relationship with U.S. mail order pharmacy Philidor Rx Services and increases to drug prices.
With files from The Canadian Press
