Wednesday, December 07, 2022

 Watch: Capitol cops and their families refuse to shake hands with McConnell and McCarthy


Travis Gettys
December 06, 2022

C-SPAN

Police officers and their family members refused to shake hands with Senate minority leader Mitch McConnell and House minority leader Kevin McCarthy during an awards ceremony.

The officers were awarded Tuesday with Congressional Gold Medals, the legislative branch's highest expression of national appreciation, for their defense of the U.S. Capitol during the Jan. 6 insurrection, but video showed them snub the Republican leaders in a receiving line.

"Exactly 23 months ago, our nation suffered the most staggering assault on democracy since the Civil War," said House speaker Nancy Pelosi during the ceremony. "Jan. 6 was a day of horror and heartbreak. It is also a moment of extraordinary heroism. Staring down deadly violence and despicable bigotry, our law enforcement officers bravely stood in the breach, ensuring that democracy survived on that dark day."

IN OTHER NEWS: Trump left a 'time bomb' for Republicans that can blow up in 2024: former adviser

McConnell and McCarthy each publicly condemned the riot and Donald Trump in the days that followed, but neither lawmaker voted to hold the former president accountable during his impeachment trial and they each attempted to block a congressional investigation into the insurrection.

The officers and their relatives shook hands with Senate majority leader Chuck Schumer but passed by a smiling McConnell's outstretched hand, while McCarthy held onto a box containing a ceremonial medal with both hands.

Watch videos below or at this link.

CANADA

Unemployment rate drops slightly to 5.1% in November, labour market still hot

Canada's unemployment rate is still holding near historical lows even as the Bank of Canada cranks up interest rates to slow the economy and stifle inflation.  

Statistics Canada says employment was little changed in November, with a modest gain of 10,000 jobs.

In its latest labour force survey, the federal agency says Canada's unemployment was 5.1 per cent last month, down from 5.2 per cent in October.

"The main overriding feature of today's report was that you were continuing to gain jobs in Canada," TD's director of economics James Orlando said Friday. 

"If you add up just the number of jobs gained [in] November and October, it's pretty substantial."

In October, the economy added a whopping 108,000 jobs, taking forecasters by surprise with the strong jobs gain. 

Employment rose in several industries in November, including finance, insurance, real estate, rental and leasing, manufacturing and in information, culture and recreation, while it fell in construction as well as wholesale and retail trade.

Statistics Canada also noted in its report that the employment rate among core-aged women aged 25 to 54 hit 81.6 per cent in November, a record high in comparable data going back to 1976.

Canada’s labour market has remained remarkably strong despite signs of an economic slowdown. The unemployment rate fell to a record-low of 4.9 per cent in the summer and has edged up only slightly since then.

"The economy is clearly still doing very well. When you look at the labour market, you have not seen a slowdown," Orlando said. 

Centre for Future Work director Jim Stanford noted Canada's unemployment rate is quite low by historical standards. At the same time, he said, it's difficult to gauge where the labour market is headed. 

"We had several months of very weak reports through the summer and early autumn, then we had a gangbusters report in October. And now we're kind of back to a treading water kind of report," he said. 

Wages have continued to growth in October, though at a rate that lags inflation. 

In November, wages were up 5.6 per cent compared to a year ago, marking the sixth consecutive month of above 5.0 per cent growth.  In October, the annual inflation rate was 6.9 per cent.

Bank of Canada governor Tiff Macklem has characterized Canada’s low unemployment rate as unsustainable and said it’s contributing to high inflation.

"If you think the unemployment rate was already too low, then today's number is bad news." Stanford said. 

The central bank is hoping to see the labour market ease in response to its aggressive interest rate hikes this year.

Recent research from the Bank of Canada suggests it believes it can bring inflation down without causing a large increase in unemployment.

Stanford is critical of the Bank of Canada's assertion that a tight labour market is to blame for inflation given real wages have fallen. 

"It's, I think, mathematically impossible to say that wages are the source of inflation," he said. 

The central bank began raising interest rates in March, when it delivered the first of six consecutive rate hikes, and is expected to deliver another interest rate increase next week.

As the Bank of Canada nears the end of the rate hiking cycle, markets will be watching out for any indication next week on whether to expect another rate hike in January.

Orlando said job report Friday supports the forecast of a half-percentage point rate hike next week, with the door open to another rate hike in January. 

"I don't think by January you're going to have enough data to convince you that the economy has turned enough," he said. 

"So you probably will likely see the policy rate getting into about 4.5 per cent [in] early 2023."

This report by The Canadian Press was first published Dec. 2, 2022.

Outgoing Enbridge CEO talks pipelines, industry transition

ENBRIDGE INC (ENB:CT)

53.79 0.47 (0.87%)
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The outgoing chief executive of Enbridge Inc. discussed how the energy giant has changed during his 10 years at the helm, with an expanded roster of energy sources and responses to growing environmental concerns that have been aimed at the industry.

Al Monaco spoke with BNN Bloomberg's Tara Weber ahead of his Jan. 1 retirement from the president and chief executive officer position. Current Enbridge board chair Greg Ebel is set to replace him in the top job.

Monaco said he’s seen the industry improve in response to political opposition over the last decade, with a greater focus on building relationships with Indigenous communities and responding to consumer demand for more sustainable energy sources.

RENEWABLE ENERGY TRANSITION, NATURAL GAS

Enbridge has tried to look to the “future of energy,” Monaco said.

The company has focused on growing its natural gas assets, he said, and has added a “small component of renewables” as Enbridge looks to expand its wind, solar, hydrogen and carbon capture positions.

That has been balanced with what Monaco calls “conventional energy” like oil. He predicted the global energy transition may take some time as companies like Enbridge diversify their assets.

“I do think we're on the right track,” he said. 

PIPELINE OPPOSITION

Pipelines and other energy infrastructure have been a “point of attack” as opposition to fossil fuels has grown, Monaco acknowledged, saying the company has had to focus its messaging to the public in response.

Opposition has plagued some of Enbridge’s expansion plans over the last decade. The Line 3 replacement pipeline project was completed years behind schedule after controversy in Minnesota. Enbridge is still facing legal battles related to the Line 5, an oil supply conduit that the state of Michigan is seeking to shut down over environmental concerns.

Monaco said he’s not surprised that Line 5 has seen such pushback because pipelines have become a focal point of environmental and climate change concerns for many.

“It’s sort of the meat in the sandwich and it’s very critical, so if you want to attack conventional energy that’s the place to start, and I think it’s been effective if you want to look at it from an opposition point of view,” he said.

In response, Monaco said the company has focused on communicating with the public about the purpose of energy infrastructure, and has stressed the importance of affordable and reliable energy sources – an issue he said came into greater focus during the pandemic.

COMMUNITY ENGAGEMENT, FIRST NATIONS OWNERSHIP

Completing energy projects now takes strong “ground game” and engagement with communities, Monaco said, pointing to that strategy as key to the ultimate completion of the beleaguered Line 3 project.

He said Enbridge had to engage more with Indigenous communities in the U.S. and Canada to complete the project and said such relationships are critical to the future of the industry, pointing to the growing trend of Indigenous ownership stakes in energy infrastructure projects.

“Today, it's very common to talk about Indigenous ownership as part of how you run assets in the future,” Monaco said. “I think it's going to be a critical component.”

NEXT STEPS

Looking back at his time as CEO, Monaco said he’s “pleased” with the safety changes the company made after a 2010 oil spill in Michigan. He said he’s also proud of the company’s expanded presence on the U.S. Gulf Coast – allowing for more participation in the global energy market – and its engagement with Indigenous communities, as well as steps to reduce the company’s carbon footprint like using carbon capture technology and adding renewable sources.

Monaco did not give hints about his next career move, but said he’s “looking forward to doing some other things.”

Blackstone to buy TD warehouse portfolio in tight Toronto market

BLACKSTONE INC (BX:UN)

78.73 3.24 (3.95%)
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A Blackstone Inc. business has agreed to buy six industrial properties in the Toronto area.

Blackstone Real Estate is paying more than $400 million (US$297 million) in cash for the properties, which total 140,000 square meters and are all fully leased. The transaction is one of the largest trades of a private industrial portfolio in Canada in recent years.

“Global logistics is one of our highest-conviction investment themes, and high-quality, last-mile industrial properties like these continue to benefit from some of the strongest real estate fundamentals in Canada,” said Janice Lin, Blackstone’s head of Canada real estate.

The private equity firm is purchasing the properties from the asset-management arm of Toronto-Dominion Bank, according to a person familiar with the matter, who asked not to be named because the information is private. A Blackstone spokesperson declined to comment, while a TD representative had no immediate comment.

Blackstone has plowed money into industrial properties in recent years, spending roughly US$1 billion since September to acquire spaces globally in areas such as Europe, China, Canada and India.

Logistics and rental housing have been two big areas of focus for the private equity firm even as the broader U.S. real estate industry slows down. Blackstone hasn’t been immune to the softening market, with one of its key property vehicles, Blackstone Real Estate Income Trust Inc., facing a rise in redemption requests as overseas investor appetites wane.

The deal for more logistics space will expand Blackstone’s reach in Canada, where it bought Pure Industrial Real Estate Investment Trust in 2018. Canada’s industrial market remains tight, with the rate of space available at a record low of 1.6 per cent in the first quarter, according to CBRE Group Inc.