Tausi Insider

B.C. Finance Minister Selina Robinson speaks in Vancouver, on Nov. 10, 2021. DARRYL DYCK/The Canadian Press Faster-than-expected economic recovery has pushed British Columbia’s operating surplus to $5-billion more than estimated in the last quarter. Finance Minister Selina Robinson says much of the added surplus comes from higher personal and corporate income taxes, while sales taxes and natural gas royalties were also higher. The minister says the operating surplus of $5.7-billion, up from $706-million, puts the province in a “significant surplus position,” to continue using its resources to deliver results on housing, public safety, health care and climate change. “We will use these dollars we have to invest in things people need. We’re in a strong position to continue making thoughtful decisions.” Robinson says $2-billion of the added revenue has already been earmarked for cost-of-living measures announced since the summer. Those include $1-billion for the Climate Action Tax Credi...

Experts say it is becoming increasingly clear that Canada will face a recession, but it remains yet to be seen how long it could last or how deep its impacts will be. Nam Y. Huh/The Associated Press Steven Tobin is the chief executive officer of LabourX and a C.D. Howe Institute research fellow. Parisa Mahboubi is a senior policy analyst at the C.D. Howe Institute. While many have challenged the pace of the Bank of Canada’s interest-rate hikes, their likelihood of success and the extent to which further increases are merited , it has already become clear that, regardless, a recession is imminent. And while it remains to be seen how deep and how long that recession will be, there is no question it will hurt some more than others. Will governments be there to pick up the pieces and manage the consequences of higher interest rates? If so, how, and in what ways can they help, given their rather precarious fiscal position, with Ottawa carrying $1.1-trillion in debt? Among the many things ...

Toyota Motor Corp TOYOF reported on Monday a 1.5% rise in November global vehicle output, reaching a new record of 833,104. Domestic production slid 3.3% to 266,174 vehicles, while overseas output rose 3.8% to an all-time high of 566,930 for the month. Global sales and production in November exceeded last year’s levels due to solid demand, particularly in North America, and a recovery in parts supplies that had been impacted by COVID-19 slowdowns, Toyota said. The automaker reported earlier this month it expected to produce 700,000 vehicles in January and held to a reduced goal of 9.2 million in the year through March. Toyota had previously expected to make 9.7 million autos this fiscal year, but was forced to lower the target in November as it struggles with rising materials costs and a shortage of semiconductors. That’s still ahead of last year’s production of about 8.6 million units. https://www.tausiinsider.com/toyotas-november-global-vehicle-production-rises-1-5-to-record-8...