- 90% of Canadians report falling for fake news, many citing Facebook as the source.
- The average net worth of Albertan households was $787,849 in 2018, behind BC and Ontario.
- The federal government is imposing its carbon tax on Alberta beginning Jan 1, 2020.
- Alberta will become the 5th province to have the federal carbon tax imposed on it
- 90% of the carbon tax revenues will be returned to Albertans through a rebate and 10% will go toward schools, hospitals, municipalities and green energy initiatives
- To meet climate commitments the carbon tax needs to be raised to $102/tonne by 2030. Liberals have vowed to freeze tax at $50/tonne
- National pharmaceutical program would carry an annual estimated cost of $15 billion.
- Canada’s fast-tracked high-talent (tech) permit program attracted ~24,000 people in 2 years.
- Federal government expected to pass Bill C-69, rejecting 130 changes (90% of which were put forward by conservatives on the senate energy & environment committee).
- Barclays Bank says this will likely be the worst year for oil demand growth since 2011.
- Canada’s percentage of global oil production has increased 41% (from 3.9% to 5.5% since 2008). Comparatively, the US doubled its production to 16.2% in the same period.
- The Strait of Hormuz:
- 40% of sea oil shipments pass through the Strait; approx. 1/5th of total oil production
- 2 vessels so far in June and 4 vessels in May were attacked just outside of the Strait
- Lumber prices have fallen 49% since their peak in May 2018.
- 2×4 lumber is below its break-even point says Forest Economic Advisors Canada
- In 2019, 3 sawmills have closed permanently and over 20 closing for a week or more in BC.
- Analysts predict 10 more will close in the next decade in BC due to shrinking log supply
- As of March, avg BC coastal stumpage fees have increased 150% (Y/Y) and 847% since 2010.
- Stumpage rates for BC are set to increase on July 1st by an unspecified amount
- Forest fires and mountain pine beetles have severely decreased the allowable cut (supply).
- 2017 and 2018 BC fires destroyed 1.2 and 1.5mill hectares of forest vs 0.15 mill avg
CHINA AND HONG KONG
- Hong Kong Chief Executive, Carrie Lam, has proposed allowing the extradition of criminal suspects to courts in mainland China (second round of debates has been delayed indefinitely).
- Applies to anyone who is physically in Hong Kong, even for flight connections
- Mainland China has a near 100% conviction rate
- Hundreds of thousands of Hong Kong residents have been protesting the proposal with the next protest march set for Sunday, June 16th.
- 20 Democrats have qualified for the first presidential primary debates on June 26 and 27th. Candidates will be selected at random for each night.
- To be eligible to participate candidates need 1% support in major polls or 65,000 individual donations from at least 20 states
- 4 top Chinese American scientists have left US medical research institutions stemming from a Trump administration drive to reduce Chinese influence.
- India is launching a lunar mission on July 15th, making it the 4th country to land on the moon.
- Netflix is launching a video game service, based on some of their popular shows.
- Microsoft is launching a new service to allow Xbox users to play on their smartphones for free.
- Airbus is considering bringing the world’s first hybrid-electric airliner to market.