How important is Alberta to Canada's economy?
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Global News
21 minutes ago
- Global News
U.S. wholesalers saw higher costs than expected in July amid tariffs
U.S. wholesale inflation surged unexpectedly last month, signaling that President Donald Trump's sweeping taxes on imports are pushing costs up and that higher prices for consumers may be on the way. The Labor Department reported Thursday that its producer price index — which measures inflation before it hits consumers— rose 0.9 per cent last month from June, which was the biggest jump in more than three years. Compared with a year earlier, wholesale prices rose 3.3 per cent. The numbers were much higher than economists had expected. Prices rose faster for producers than consumers last month, suggesting that U.S. importers may, for now, be eating the cost of Trump's tariffs rather than passing them on to customers. That may not last. 'It will only be a matter of time before producers pass their higher tariff-related costs onto the backs of inflation-weary consumers,' wrote Christopher Rupkey, chief economist at fwdbonds, a financial markets research firm. Story continues below advertisement Excluding volatile food and energy prices, so-called core producer prices rose 0.9 per cent from June, biggest month-over-month jump since March 2022. Compared with a year ago, core wholesale prices rose 3.7 per cent after posting a 2.6 per cent year-over-year jump in June. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Wholesale food prices rose 1.4 per cent from June, led by a 38.9 per cent surge in vegetable prices. The price of home electronic equipment gained five per cent from June. Both are heavily imported in the U.S. But some aspects of Thursday's producer price report were puzzling, including a big jump in profit margins at retailers and wholesalers. Economist Stephen Brown at Capital Economics found the increase 'to put it lightly, counterintuitive given the anecdotal evidence that firms are absorbing the lion's share of tariff increases in margins.' The wholesale inflation report two days after the Labor Department reported that consumer prices rose 2.7 per cent last month from July 2024, same as the previous month and up from a post-pandemic low of 2.3 per cent in April. Core consumer prices rose 3.1 per cent, up from 2.9 per cent in June. Both figures are above the Federal Reserve's two per cent target. 2:03 Cost of coffee climbs amid tariffs and global impacts The new consumer price numbers suggest that slowing rent increases and cheaper gas are partly offsetting the impacts of Trump's tariffs. Story continues below advertisement Many businesses are also likely still absorbing much of the cost of the duties instead of passing them along to customers via higher prices. The producer and consumer inflation numbers are both issued by the Labor Department's Bureau of Labor Statistics, which is already in Trump crosshairs. After the BLS issued a disappointing jobs report for July, Trump fired the director of the BLS, groundlessly accusing the bureau of rigging the numbers for political reasons. Trump then nominated a partisan idealogue to replace her, raising fears of political interference in economic data that investors, policymakers, businesses and the Federal Reserve rely on to make decisions. Wholesale prices can offer an early look at where consumer inflation might be headed. Economists also watch it because some of its components, notably measures of health care and financial services, flow into the Federal Reserve's preferred inflation gauge — the personal consumption expenditures, or PCE, index.
CTV News
21 minutes ago
- CTV News
As Canada wildfires choke U.S. with smoke, Republicans demand action. But not on climate change
The Statue of Liberty is visible through haze due to Canadian wildfire smoke during sunset Aug. 5, 2025, in New York. (AP Photo/Yuki Iwamura) The sternly worded statements and letters are filled with indignation and outrage: Republican U.S. lawmakers say Canada has done too little to contain wildfires and smoke that have fouled the air in several states this summer. 'Instead of enjoying family vacations at Michigan's beautiful lakes and campgrounds, for the third summer in a row, Michiganders are forced to breathe hazardous air as a result of Canada's failure to prevent and control wildfires,' read a statement last week from the state's GOP congressional delegation, echoing similar missives from Republicans in Iowa, New York, North Dakota, Minnesota and Wisconsin. They've demanded more forest thinning, prescribed burns and other measures to prevent fires from starting. They've warned the smoke is hurting relations between the countries and suggested the U.S. could make it an issue in tariff talks. But what they haven't done is acknowledge the role of climate change — a glaring and shortsighted omission, according to climate scientists. It also ignores the outsized U.S. contribution to heat-trapping gases from burning fossil fuels like coal and gas that cause more intense heat waves and droughts, which in turn set the stage for more destructive wildfires, scientists say. 'If anything, Canada should be blaming the U.S. for their increased fires,' said Jennifer Francis, a climate scientist at the Woodwell Climate Research Center in Cape Cod, Massachusetts. On Tuesday, the Canadian government announced almost $46 million in funding for wildfire prevention and risk assessment research projects. But Corey Hogan, parliamentary secretary to the federal energy and natural resources minister, said international cooperation is needed. 'There's no people that want to do more about wildfires than Canadians,' Hogan said. 'But I think this also underlines the international challenges that are brought on by climate change ... we need to globally tackle this problem.' The country has 'been fighting wildfires in this country at unprecedented rates since 2023,' when Canada saw its largest wildfire on record, said Ken McMullen, president of the Canadian Association of Fire Chiefs. This year's first fire started in April, one of the earliest on record, and 2025 is now the second-worst year. As of Thursday, more than 700 wildfires were burning across the country, two-thirds of them out of control, with more than 28,000 square miles (72,520 square kilometres) burned in 4,400 wildfires so far this year, according to the Canadian Interagency Forest Fire Centre. That's almost five times the surface area that's burned so far in the U.S. this year. Most wildfires are started by people, sometimes on purpose but mostly by mistake, though McMullen said lightning is the culprit in many of Canada's fires, especially in remote areas. McMullen said he has no interest in debating the role of climate change, but data show that something has changed. Sloughs and basins have dried up and water that once lapped at people's back doors in Canada's lake communities now is often hundreds of feet away. 'People can make up their own mind as to why that is,' he said. 'But something clearly has changed.' Denying climate change U.S. President Donald Trump has called climate change a hoax — a belief echoed by many in the GOP — and his administration has worked to dismantle and defund federal climate science and data collection, with little to no pushback from Republicans in Congress. He's proposed to revoke the scientific finding that carbon dioxide and other greenhouse gases endanger public health and welfare — the central basis for U.S. climate change action. He's declared a national energy emergency to expedite fossil fuel development, canceled grants for renewable energy projects and ordered the U.S. to withdraw from the Paris Climate Agreement, aimed at limiting long-term global warming to 2.7 degrees Fahrenheit (1.5 degrees Celsius) above preindustrial levels. The Associated Press reached out to more than half a dozen Republicans who criticized Canada but none returned phone calls or emails. Democratic Rep. Chellie Pingree of Maine said the wildfires are jeopardizing health and air quality in her state, too, but faulted Republicans for failing to meet the crisis head on — beginning by acknowledging climate change. 'Rather than accept this reality and work together to find proactive, common-sense solutions for preventing and mitigating these fires, Republicans are burying their heads in the sand,' she said. Wisconsin Rep. Gwen Moore, a Democrat, criticized her Republican colleagues' letter to Canada's U.S. ambassador, saying those 'who are in denial about climate change shouldn't be writing letters prescribing people's actions to try to contain it.' Difficult solutions McMullen, the Canadian wildfire expert, said battling the fires isn't as simple as many seem to believe. The country and its territories are vast and fires are often in remote areas where the best — and sometimes only — course of action if there are no residents or structures is to let them burn or 'it is going to just create another situation for us to deal with in a year or two or 10 or 20 years from now,' McMullen said. Prescribed burns to clear underbrush and other ignition sources are used in some areas, but aren't practical or possible in some forests and prairies that are burning, experts said. McMullen has advocated for a Canadian forest fire coordination agency to help deploy firefighters and equipment where they're needed. But as for stopping worsening fires, 'I don't think there's much they can do,' said University of Michigan climate scientist Jonathan Overpeck. He noted that hotter temperatures are melting permafrost in northern Canada, which dries out and makes the vast boreal forests far more likely to burn. Instead, the two countries should collaborate on climate change solutions 'because our smoke is their smoke, their smoke is ours,' Overpeck said. 'As long as this trend of warming and drying continues, we're going to get a worsening problem. 'The good news is ... we know what the cause is ... we can stop it from getting worse.' ___ Tammy Webber, The Associated Press The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
Globe and Mail
21 minutes ago
- Globe and Mail
Abbott Taps Growing TMVR Market With Tendyne System
Abbott Laboratories ABT recently received Food and Drug Administration ('FDA') approval for its Tendyne transcatheter mitral valve replacement (TMVR) system. The Tendyne system replaces mitral valves that are not functioning properly due to severe mitral annular calcification (MAC). The Tendyne system expands the company's comprehensive Structural Heart portfolio. The rising prevalence of mitral valve diseases, growing preferences for minimally invasive procedures and expanding geriatric population has driven the adoption of TMVR system. Investors are eyeing this fast-growing market, which is projected to witness a compound annual growth rate of 20% from 2025 to 2030 (Per a Medi-Tech Insights report). MAC stiffens the structure of the mitral valve and can lead to mitral regurgitation or stenosis that disrupts the heart's ability to pump blood effectively. The complex nature of this mitral valve disease and patients' specific needs and health conditions can pose challenges for surgical correction. The Tendyne system offers an alternative, minimally invasive way to replace the valve of patients with severe MAC who are at high risk for open-heart surgery. The innovative and unique design of the Tendyne system and the valve's availability in multiple sizes allow it to adapt to a range of patient anatomies. The self-expanding valve is delivered through a small incision in the chest and then advanced into the heart to replace the mitral valve. The valve is fully repositionable and retrievable during implantation, allowing for the best possible outcome for people requiring a valve replacement. Offerings By ABT's Peers in the Structural Heart Field Edwards Lifesciences EW makes significant investments in the development of transcatheter heart valve repair and replacement technologies designed to treat mitral and tricuspid valve diseases. The company's PASCAL Precision system addresses the needs of patients with mitral or tricuspid regurgitation through leaflet approximation. The EVOQUE system is the world's first transcatheter tricuspid valve replacement therapy to receive regulatory approval. It addresses tricuspid valve regurgitation by replacing the native valve with a bioprosthetic valve. In addition, SAPIEN M3 transcatheter mitral valve replacement system is designed specifically for patients with symptomatic mitral regurgitation. Medtronic 's MDT Structural Heart & Aortic division offers therapies for heart valve disorders and aortic disease. Key products include the CoreValve family (Evolut PRO, PRO+, FX, FX+ TAVR systems), surgical valve replacement and repair solutions (tissue and mechanical), blood-handling systems, surgical ablation technologies, and positioning/stabilization tools. The company also provides endovascular stent grafts and accessories like the Endurant II Stent Graft System (abdominal aortic aneurysms), Valiant Captivia Thoracic Stent Graft System (thoracic repair) and Heli-FX EndoAnchor System. ABT Price Performance In the past year, Abbott shares have surged 19.2%, outperforming the industry's 6.2% growth. The S&P 500 composite grew 17.8% in the same period. Image Source: Zacks Investment Research Discounted Valuation ABT currently trades at a forward 12-month Price-to-Sales (P/S) of 4.87X compared with the industry average of 5.56X. Image Source: Zacks Investment Research ABT Stock Estimate Trend In the past 30 days, Tempus AI's EPS estimate has moved south 0.2% for 2025. Image Source: Zacks Investment Research ABT stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.5% per year. So be sure to give these hand picked 7 your immediate attention. See them now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Abbott Laboratories (ABT): Free Stock Analysis Report Medtronic PLC (MDT): Free Stock Analysis Report Edwards Lifesciences Corporation (EW): Free Stock Analysis Report This article originally published on Zacks Investment Research (
