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US Treasury Sanctions Eight Canadian Firms Over Alleged Iran Sanctions Evasion and Drug Trafficking Ties

US Treasury Sanctions Eight Canadian Firms Over Alleged Iran Sanctions Evasion and Drug Trafficking Ties

The United States Treasury Department has imposed sanctions on eight Canadian currency-exchange businesses, accusing them of facilitating transactions for sanctioned Iranian entities and engaging in money laundering. These measures are part of the Treasury's 'Operation Economic Outcast,' aimed at disrupting financial networks supporting the Iranian regime. The sanctioned firms, located in Ontario and British Columbia, include Million Exchange, Amin Exchange, and Cryptoyal. According to US Treasury Secretary Scott Bessent, Canada should not serve as a safe haven for illicit financial facilitators aiding the Iranian regime and its proxies. The Treasury also stated that some of these businesses converted Iranian rials and other currencies into digital assets like cryptocurrency and assisted an alleged head of a drug trafficking ring. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) confirmed its collaboration with the US Financial Crimes Enforcement Network (FinCEN) in this action, e...

Economists urge fiscal restraint in Canadian budget despite oil windfall

Economists urge fiscal restraint in Canadian budget despite oil windfall

By Promit Mukherjee OTTAWA, Nov 5 (Reuters) - Economists are urging Canadian Prime Minister Mark Carney's government to restrain spending in its second budget on Thursday, saying that despite windfall oil revenue, spending commitments could lead to bigger deficits in the coming years.

Canada's budget uses higher oil revenue to spend on tax incentives, infrastructure

Canada's budget uses higher oil revenue to spend on tax incentives, infrastructure

TORONTO, Nov 5 (Reuters) - Prime Minister Mark Carney plans to use windfall oil revenue to boost Canada's productivity and build infrastructure over the next five years while keeping his previous fiscal goals intact, his second budget showed on Thursday.

Factbox-Key proposed measures in Canadian federal budget

Factbox-Key proposed measures in Canadian federal budget

By Maria Cheng OTTAWA, Nov 5 (Reuters) - The Canadian government released its proposed budget on Thursday, the second by Prime Minister Mark Carney.

Carney unveils budget to strengthen Canada's economy as Trump's trade war slows growth

Carney unveils budget to strengthen Canada's economy as Trump's trade war slows growth

Prime Minister Mark Carney’s government has unveiled a budget aimed at making Canada less dependent on the United States as President Donald Trump’s trade war reshapes the allies’ economic relationship

Canada's unemployment rate edges up to six-month high in October

Canada's unemployment rate edges up to six-month high in October

By Promit Mukherjee OTTAWA, Nov 6 (Reuters) - Canada's unemployment rate went up to a six-month high in October and the economy lost a few thousand jobs as the private sector and full-time employment saw declines, data showed on Friday.

Canada's unemployment rate reaches six-month high

Canada's unemployment rate reaches six-month high

By Promit Mukherjee OTTAWA, Nov 6 (Reuters) - Canada's unemployment rate rose to a six-month high in October with the economy shedding a net total of 4,700 jobs, as the private sector and full-time employment both declined, data showed on Friday.

US tariffs squeeze Canadian cabinet makers facing doubling of Trump duty

US tariffs squeeze Canadian cabinet makers facing doubling of Trump duty

By Promit Mukherjee and Kyaw Soe Oo ST CATHERINES, Ontario, Nov 5 (Reuters) - Alain Ouzilleau spent 40 years building Cabico into one of Canada's biggest kitchen cabinet makers. Now, he is reluctantly weighing something he has never before considered: moving production to the United States.

Carney unveils budget to strengthen Canada's economy as Trump's trade war continues

Carney unveils budget to strengthen Canada's economy as Trump's trade war continues

Canadian Prime Minister Mark Carney’s government unveiled a sweeping budget Thursday aimed at making Canada less dependent on the United States as President Donald Trump’s trade war reshapes the longtime allies’ economic relationship

Democrats gain influence over trade agenda, but tariff repeals to hit Trump veto wall

Democrats gain influence over trade agenda, but tariff repeals to hit Trump veto wall

By David Lawder HOUSTON, Nov 4 (Reuters) - Democrats' resounding sweep to a majority in Congress gives them a big microphone and spotlight to scrutinize President Donald Trump's trade policies, but largely leaves them unable to override his veto on any vote to overturn his tariffs or rescind trade

Carney welcomes Democrats' push to end Trump's tariffs on Canada after midterm victory

Carney welcomes Democrats' push to end Trump's tariffs on Canada after midterm victory

Canadian Prime Minister Mark Carney welcomes a Democratic push to repeal U.S. President Donald Trump’s tariffs on Canada after their sweeping midterm victory

Morning Bid: Out of the blue

Morning Bid: Out of the blue

By Anna Szymanski Nov 6 (Reuters) - Markets had long been pricing in a "blue wave" in the United States midterm elections, but what they got was a deluge as Democrats regained control of the House and Senate in decisive fashion.