The Monitor is a concise and insightful look at the U.S.-Canada business and economic relationship. This collection of news articles, scholarship and thoughts from leading economists, journalists, academics and members of the business community is meant to provide you with an overview of the various perspectives on the dynamic and interconnected nature of the U.S.-Canada economic relationship. Each month we focus on a core subject of importance to both economies; this month features a spotlight on the resource boom.
We welcome your feedback and hope to highlight some of your comments each month. Write to us and tell us what you think at: connect2canada@canadianembassy.org.
Regards,
The Monitor Staff
Voices "Unknown to many people in the United States, Canada is, by far, the largest energy supplier to the United States—natural gas, oil, electricity, all of these—they’re a tremendous supplier, and we want them to continue to supply, we want them to continue to invest, and the worst thing that could be done in NAFTA would be to create a hostile environment to make Canada feel that it should pull back on the energy supply issue where cooperation has, in fact, been terrific."
- Gary Hufbauer, Senior Fellow, Peterson Institute
Read more. |
Perspectives: The resource boom
The resource bubble
Financial Post
May 15, 2008
Could the enthusiasm for natural resource stocks develop into a bubble? What disciplines to the panel of five adopt in stock selection? What are the opportunities in the oil patch? What are the issues surrounding Canada's oil sands projects? In this third instalment of the Buy and Sell Roundtable on natural resources, columnist Sonita Horvitch obtains answers to these all-important questions.
From lagging to leading: Newfoundland and Saskatchewan dig into the resource boom
Statistics Canada
May 21, 2008
In recent years, the resource boom has brought unprecedented growth to Saskatchewan and Newfoundland. Besides boosting the economy, this growth has reversed the long-term outflow of their population.
View the full report here.
In The News
Halifax eyes link to Memphis
Chronicle Herald
May 23, 2008
A delegation of business leaders from Memphis, Tennessee are currently in Halifax, Nova Scotia “to establish some partnership relationships and build an understanding of how we can help Canada and (its) gateway projects.” A rail connection between the two cities is being seen as a great opportunity for trade, especially since Memphis has the second largest inland port on the Mississippi and the largest cargo airport in the world.
Canada will fare better than most G7 countries: OECD
Montreal Gazette
May 15, 2008
The Canadian dollar briefly rose above parity with the U.S. dollar yesterday after an international economic think tank released a report suggesting the slowdown here would be milder than in most other industrial countries.
NH, Quebec sign partnership agreement
New Hampshire Union Leader
May 13, 2008
Officials and business leaders from Quebec and New Hampshire yesterday pledged to encourage cross-border business partnerships that support jobs and make both trading partners stronger. "You have competition coming from Asia, and you have competition coming from Europe, and the best way to face this challenge, this competition, is to work together," said France Dionne, delegate general with the Quebec Delegation in Boston, representing the Canadian Ministry of Economic Development, Innovation and Exportation.
Is Canada recession-proof?
Los Angeles Times
May 10, 2008
The U.S. economy is headed into recession this year, if in fact it isn't there already. But Canada is going to escape, albeit with slower growth. That's the conclusion of the International Monetary Fund, and it has significant implications for investors. This month, the IMF published a new World Economic and Financial Survey in which it warns that :the global expansion is losing momentum in the face of the recent financial disturbances." "The Regional Economic Outlook for the Western Hemisphere" states that between the fourth quarter of 2007 and the fourth quarter of this year, the U.S. economy will contract by 0.7%. That will reduce the growth rate for calendar 2008 in the U.S. to 0.5%, down from 2.2% in 2007.
Canadian market helps offset Michigan's economic challenges
Oakland Business
May 8, 2008
International trade is one way companies can offset less-than-stellar domestic market conditions, and Michigan's neighbor across the border is its biggest trade partner. Michigan exported $25.6 billion worth of goods to Canada in 2007 and automotive products made up 60.6 percent of that.
Beating a Path to Toronto's Exchanges
BusinessWeek
May 12, 2008
As the dollar declines and commodities surge, more U.S. companies are listing their shares in Canada. Houston's Northstar Healthcare operates surgical centers across Texas. But when the company, which has annual revenues of $39 million, decided to go public last year, it ventured north of the border to the Toronto Stock Exchange. "We would be under the radar in New York," says Donald Kramer, Northstar's chief executive.
Innovation
ChallengeX
A team of 11 students from the University of Waterloo (UW) came in fourth place among 17 teams in a contest sponsored by General Motors (GM) and the U.S. Department of Energy to create a fuel efficient, safe, and high-performance vehicle. ChallengeX, the four-year competition series, began in 2004-2005 with 17 university teams from across North America - including one Canadian participant. The University of Waterloo was the only team to use hydrogen fuel cells to power its vehicle.
Receiving top honours the first year for its modeling and simulation of its hydrogen fuel cell system, the team of UW students has made significant technological advances in implementing the most challenging technology among the competing university teams.
Listen to a podcast from ChallengeX.
Publications
Peterson Institute
Renegotiation of NAFTA: Economic Implications and Political Risk
In the first “Peterson Perspective” interview on current economic issues, Gary Hufbauer of the Peterson Institute assesses what Canada and Mexico would seek in any NAFTA renegotiation and what the economic effects of any new labor standards introduced by the U.S. would be.
Click here for audio.
Blog
FP Posted
The Financial Post has been Canada's preeminent business newspaper for 100 years. FP Posted is a platform for FP reporters to share news and data on the issues shaping business life in Canada and the world. FP Posted offers a collection of straight-up news headlines, anecdotes from across the business world, facts and figures, and background documents.
