A Canadian nonprofit is addressing the rights of people in debt. Stocks are surging thanks to a promising vaccine and a major bank said it won’t finance oil and gas projects in the Arctic. These are today’s biggest financial news stories in Canada.
Credit Counselling Canada Advocates for People In Debt
Credit Counselling Canada is a nonprofit that addresses personal financial issues. They released a Bill of Rights for Canadians in Debt on Nov. 9. Canada’s economy is on the edge of a financial crisis, so the bill couldn’t have come at a more appropriate time.
The nonprofit identified major gaps in Canada’s credit and debt infrastructure. Many Canadians’ personal finances are in jeopardy because of the pandemic. Credit Counselling Canada is calling for transparency and awareness of affordable, unbiased debt relief options. They also seek to provide consumers with financial education.
Stocks Surge On News Of COVID-19 Vaccine
Stocks surged in Canada and around the world on the news that Pfizer Inc. said their vaccine provides 90% protection against COVID-19. Canadian stocks hit all-time highs when the trading day began. Investors hope there’s a return to normal coming sooner rather than later.
Canadian investors pulled money out of their bond investments and put it into equities. About 85% of Canadian publicly traded companies saw their stock value increase on Nov. 9. The price of a barrel of oil also soared, which is crucial for the Canadian economy as it’s the world’s 4th largest producer of oil and gas.
Toronto-Dominion Bank Says It Won’t Back Oil And Gas Activity In The Arctic
Toronto-Dominion Bank (TD BANK) stated on Nov. 9 that it won’t supply financing to oil and gas projects in the Arctic. This is part of its plan to become a net-zero emission company by 2050. Other global lenders are also refusing to finance these projects.
The statement by TD Bank said the Arctic Circle is warming even faster than the rest of the planet. This increases the amount of green-house gasses and further warming of the planet.
The Royal Bank of Canada earlier announced they wouldn’t finance any oil and gas exploration projects in the Arctic National Wildlife Refuge. They’re also limiting how much they will lend to companies that engage in coal-mining operations.
Bill Morneau Says He Will Focus On Digital Tax Agreement As Head Of OECD
Bill Morneau is the ex-Finance Minister of Canada. He’s looking to become the head of the Organization for Economic Cooperation and Development (OECD). He said his first goal if elected is to implement a cross-border digital tax, as it’s an issue that urgently needs to be addressed.
Morneau said the global digital giants need to understand the situation as that’s the best way to come to a successful agreement. If they understand the tax situations they face in different nations, they’ll have a vested interest in coming to a solution. He said the global economy is at risk unless there’s a conclusion to this issue.
