The page you are looking for is temporarily unavailable.
Please try again later

Money Softwood bailout now expected by end of May

07:20  20 may  2017
07:20  20 may  2017 Source:   msn.com

Canadian softwood lumber could find a home in China, says Canadian ambassador

  Canadian softwood lumber could find a home in China, says Canadian ambassador Canada’s new ambassador to China suggested that as this country’s softwood lumber industry faces tumultuous trade times with the United States, it may want to “seize” the opportunity to export more products to China. "With trouble on the U.S. front in that sector, it's more natural for Canada to turn to China as a partial recipient of Canadian forest products," said John McCallum, who spoke to a Chinese delegation meeting with Alberta business leaders in Edmonton on Tuesday.

OTTAWA -- A made-in-Canada solution to help softwood producers and workers weather the storm of U.S. duties has been delayed at least until the end of May . The House of Commons is off next week for a break week, which means the earliest cabinet can discuss and finalize the plan now is May 30.

by TDB - May 25, 2018 12:35 pm. Front- end is now back to 'fair' When do you expect Spain to formally ask for the activation of EFSF/ESM support, subject to a Memorandum of Understanding?

OTTAWA - A made-in-Canada solution to help softwood producers and workers weather the storm of U.S. duties has been delayed at least until the end of May.

Popular Searches

CDA (Compagnie des Alpes)

CDA

Liberals cling to minority after B.C. election 2017

  Liberals cling to minority after B.C. election 2017 The Greens emerge as the true winners, with a three-seat balance of power and their best-ever showing at the polls

READ MORE: Former U.S. Ambassador to Canada confident softwood lumber solution can be found. The government has been careful to characterize the money as a support package, not a bailout , in order to avoid running “Our work is not done; This is the beginning, not the end ,” he said.

This old adage came to mind on December 11, 2012 when the U.S. Treasury made the announcement, reiterated unthinkingly by the press, that the AIG bailout was coming to an end with American taxpayers making a tidy Readers may remember that AIG’s bailout began on September 16, 2008.

25.03
+0.14
+0.56%
Inventure Foods Inc

SNAK

4.22
+0.16
+3.94%
Ocwen Financial Corp

OCN

2.58
+0.06
+2.38%
Citizens Financial Group Inc

CFG

34.57
+0.11
+0.32%

It has been almost a month since the U.S. Department of Commerce slapped import duties of three to 24 per cent on Canadian softwood, arguing Canada unfairly subsidizes its industry by keeping the price of logging artificially low.

Cabinet discussed a package of options for up to $1 billion in aid for the softwood industry earlier this week, but negotiations with industry and provincial governments are still underway.

A source with knowledge of the negotiations says Natural Resources Minister Jim Carr had hoped to have the plan ready to present publicly by the end of this week, but things didn't quite come together in time.

Canada-Russia-U.S. tensions could overshadow Arctic Council meeting

  Canada-Russia-U.S. tensions could overshadow Arctic Council meeting Foreign Minister Chrystia Freeland will sit down with her U.S. and Russian counterparts Thursday at the Arctic Council Meeting in Fairbanks, Alaska. The sit-down comes at a time of growing international instability.A government source with direct knowledge of the summit said Canada is keen to stick to the issues on the agenda, but acknowledged there will likely be opportunities for "real conversations" in private on other topics.Tensions in the roomThe ongoing investigation of Russian involvement in the U.S.

|Updated on: 17 May 2018. Trending Now : More Trending Some of its remaining capital will be eaten over the next two years by £2.3 billion of planned spending on technology investment, the tail end of restructuring and meeting the final terms of European penalties imposed after its bailout .

In early March, the fourth bailout review is expected to begin. A Greek Clean Bailout Exit Is Likely But Not Certain. The Feb 07, 2018 · A top EU official on Thursday said Greece would not need more emergency financing once its bailout program ends in August this year.

The House of Commons is off next week for a break week, which means the earliest cabinet can discuss and finalize the plan now is May 30.

Multiple sources say there were meetings at the provincial level to discuss the package options this past week. A Quebec source told the Canadian Press the government was reluctant at first to do any kind of aid package, but has since changed its mind.

Quebec and Ontario have been pressing Ottawa to get loan guarantees ready since at least February.

Carr said this week "everything is on the table" when it comes to possible help for the industry as Canada prepares to fight the U.S. tariffs in court, and with both the World Trade Organization and under the North American Free Trade Agreement.

He specifically mentioned loan guarantees, which are one of the more controversial options because some fear the U.S. will see them as subsidies and will simply hike the tariffs more.

Ontario lobbies U.S. governors against protectionist trade measures

  Ontario lobbies U.S. governors against protectionist trade measures Ontario lobbies U.S. governors against protectionist trade measures Ontario Premier Kathleen Wynne has been making a lot of long-distance phone calls lately, ringing up U.S. governors from Colorado to South Carolina. Earlier this month, she chatted with the governor of Wyoming, a western state with a population of less than 600,000. It isn't exactly a vital trading partner, but Wynne is intent on building bridges with governors wherever they may be.She's been writing them, calling them and meeting them, and in July she will attend their annual conference in Rhode Island.

Now Bear is being bailed out by the Fed via JPMorgan Chase, which is buying the troubled firm for a share. And as one might expect , the finger-pointing and recriminations Taxpayers would have ended up footing the bill for assets that were federally insured, effectively a different kind of bailout .

Insurers helped cheerlead the creation of Obamacare, now they are suing to receive a taxpayer bailout because Obamacare is failing. In addition to running NOW THE END BEGINS, he has a dynamic street preaching outreach and tract ministry team in Saint Augustine, FL. May 25, 2018.

Frank Dottori, CEO of White River Forest Products in Northwestern Ontario, said that's nonsense.

"We want a loan guarantee," he said Friday.

He said the idea of loan guarantees as a subsidy has been debated and reviewed by international trade panels and rejected.

Still, the last time Canada and the U.S. engaged in a softwood battle, the $1.5-billion aid package, including loan guarantees, was immediately called a new subsidy by the U.S. trade representative.

In the end, it didn't matter then because the U.S. and Canada were already most of the way finished negotiating a settlement on softwood that was finalized just four months after the package was offered.

Dottori said his company is paying $500,000 a month in duties, a punishing amount he can withstand only because the market is incredibly hot and the Canadian dollar is low.

"What's saving us now is a 74-cent dollar," he said.

A loan guarantee will help his company keep people working until Canada and the U.S. get a new deal, he said.

Canada can't file an appeal of the tariffs until early next year because the final determinations from the U.S. government on the softwood issue won't be made until late fall. Negotiations to get a settlement agreement continue in the meantime.

Another key element of the aid negotiations involves assistance to bring more value-added work to Canada, so instead of exporting mostly raw logs, Canadian companies turn those logs into door and window frames, furniture and countertops, among other things, and sell the finished products.

Earlier this week, Canada applied for exemptions to the duties for many of those finished products, such as bed frames and butcher block counters. No decision has yet been made on that issue.

It took Canada and the U.S. four years to reach a negotiated settlement on softwood from the time duties were imposed the last time. Within a year of the duties being imposed, 15,000 workers were laid off.

Over the course of the dispute, Canadian producers paid more than $5 billion in duties to the U.S. The settlement required the U.S. to return 80 per cent of that.

— with files from Andy Blatchford; follow @mrabson on Twitter

Customers are key in softwood lumber dispute: Doer .
Customers are key in softwood lumber dispute: DoerPressure from big-name U.S. wood retailers will be Alberta’s key ally in resolving the softwood lumber dispute, says the man hired to plead the province’s case.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!