OTTAWA --
The federal telecommunications regulator says new technology will help reduce the frequency and impact of caller ID spoofing.
Spoofing happens when a caller hides their identity by displaying fake or altered phone numbers on a call display when making a call.
It can be used by fraudsters looking to fool unsuspecting victims into believing that they are receiving a legitimate telephone call from the government or their bank.
The CRTC says that as of today telecommunications service providers will certify whether a caller's identity can be trusted by verifying the caller ID information for internet protocol-based voice calls.
It adds that as service providers upgrade their networks and offer compatible phones to their customers, more Canadians will be able to see the effects of the new technology.
The federal regulator also says it is working with the industry to trace nuisance calls back to their points of origin.
"This new caller ID technology will empower Canadians to determine which calls are legitimate and worth answering, and which need to be treated with caution," CRTC chairperson Ian Scott said in a statement.
The CRTC cautioned that Canadians should never provide personal information such as banking information or social insurance numbers over the phone without first verifying that the request is legitimate.
This report by The Canadian Press was first published Nov. 30, 2021.
Canada's telecommunications regulator is bringing in new laws that will force phone companies to do a better job of identifying who is calling, to help users inundated by nuisance phone calls from telemarketers.
The Canadian Radio-television and Telecommunications Commission (CRTC) said in a news release Tuesday that phone companies must now implement a technology on their networks that does a better job of weeding out so-called spoof phone calls, which are calls that look like familiar Canadian phone numbers they may want to answer, but are in fact unsolicited spam and nuisance calls from dodgy companies.
Earlier this month, CRTC chair Ian Scott announced that the regulator was going to compel the phone companies to do more about cracking down on such calls, which he said make up as much as 25 per cent of all phone calls on mobile networks in Canada right now.
"Most people likely perceive spoofed calls as a nuisance," Scott said in a speech to a telecom conference earlier this month.
"The truth is, they're more than that. They're gateways for criminals to dupe hard-working people out of their money and their sensitive data. And they're relentless," he said, citing data from the U.S. Federal Communications Commission that suggests there are more than 2,100 robocalls being made to phone users in the U.S. every second of every day.
Technology to reduce spoofing
The technology, known as STIR/SHAKEN — which stands for Secure Telephony Identity Revisited/Signature-based Handling of Asserted Information Using toKENs — won't completely block spoof phone calls, because it only works on calls that happen over an IP-voice network. But it will help slow the deluge.
"This new caller ID technology will empower Canadians to determine which calls are legitimate and worth answering, and which need to be treated with caution," Scott said. "As more providers upgrade their networks, STIR/SHAKEN will undoubtedly reduce spoofing and help Canadians regain peace of mind when answering phone calls."
On top of the IP-focused technology, some phone companies are already experimenting with artificial intelligence technology that allows them to filter out phone calls on their network that they suspect are fraudulent.
Scott said Bell Canada has been testing out such a system and managed to block 1.1 billion such calls on its network between July 2020 and October 2021.
Ultimately, the phone industry in Canada may move toward a system where users would see a red light or green light next to incoming calls: green for calls where the caller's identity has been verified, and red for when it has not been.
Bank of Nova Scotia announced a pair of moves on Tuesday to reward its shareholders after the country's banking regulator lifted its pandemic-era ban on dividend hikes and share buybacks.
Scotia said it will take advantage of that newfound freedom by raising its quarterly dividend 11 per cent to $1.00 per share and launching a program to repurchase up to 24 million of its shares. Those moves were made possible after the Office of the Superintendent of Financial Institutions said on Nov. 4 it was ending a temporary prohibition on dividend hikes and buybacks that was designed to shield the financial system from the ravages of COVID-19.
And those shareholder-friendly announcements landed on Tuesday alongside a surge in full-year and fiscal fourth-quarter profits.
Bank of Nova Scotia said it earned $9.96 billion in fiscal 2021, compared to $6.85 billion in 2020.
For the fiscal fourth quarter, which ended Oct. 31, Scotia's net income climbed to $2.56 billion from almost $1.9 billion a year earlier. On an adjusted basis, the bank earned $2.10 per share; analysts expected $1.91 on average.
“Overall, we believe that Scotia reported a solid quarter but we anticipate that its return of capital will still fall to the lower end of its peers as the remainder of the group reports through the week,” said Barclays Capital Analyst John Aiken in a report to clients.
Scotia benefited in the latest quarter from continued improvement in credit quality, as total provisions for loan losses fell to $168 million from $380 million in its fiscal third quarter.
Profit from the bank's sprawling international operations more than doubled in the quarter to $528 million from $263 million a year earlier.
Meanwhile, Scotia's core Canadian banking division saw profit climb 59 per cent year-over-year to $1.24 billion amid a release of $96 million that had previously been set aside for loans that could go bad.
Profit growth was more muted in the bank's other divisions. Scotia's net income from global banking and markets rose nine per cent year-over-year to $502 million, while earnings in the wealth management business rose 19 per cent to $387 million.
"Our diversified business model demonstrated its resilience through the pandemic, and the Bank is well positioned to achieve its full earnings power in the upcoming year," said Brian Porter, Scotia's president and chief executive, in a release.
"As we look forward to 2022, we expect to deliver strong growth across all our business lines, with optionality and multiple avenues to grow.
A Toronto-based money manager that launched the world's first bitcoin exchange-traded fund (ETF) earlier this year is unveiling three new funds on the TSX Tuesday that will be the first crypto assets trading on stock markets that will pay out a monthly yield.
The new funds from Purpose Investments target investors looking to put their money into the volatile world of cryptocurrencies, such as bitcoin or ethereum, through more traditional investment vehicles.
An exchange-traded fund is similar to a mutual fund in that it is a collection of assets bundled together. Unlike a mutual fund, however, an ETF trades on a stock exchange, which makes it easier for regular people to buy, sell and trade them.
Last spring, Purpose launched what was then the world's first ETF trading on a major stock exchange that gave investors direct exposure to bitcoin. Many others have launched since then, in lockstep with growing interest in cryptocurrencies.
At last count, Purpose's most-heavily traded bitcoin fund had more than 24,000 bitcoins in it. At current prices for bitcoin, that stash is worth billions.
"Our bitcoin and ether ETFs [are] now $2.5 billion in assets," Purpose CEO Som Seif said in an interview with CBC News.
The advent of ETFs that trade on major stock exchanges made it possible for people to buy crypto assets in the same way they buy stocks or bonds: through the banks and brokers they use to manage their RRSPs or TFSAs rather than through digital wallets and bitcoin dealers.
WATCH | The world's first bitcoin ETF just launched in Canada:
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This week, the Toronto Stock Exchange became the first in the world to launch a Bitcoin exchange-traded fund. We talk to some lucky investors who got in early and look at what's driving the major surge in Bitcoin's price. 2:07
Not everyone is a fan of bitcoin
Seif is a big believer in the future of cryptocurrencies, but that is far from a universal view.
Bitcoin mining, which relies on powerful computers continually running programs that solve mathematical problems, has been singled out for its massive environmental footprint, for example, with some estimating that the sector consumes more energy every day than some countries.
While backers laud cryptocurrencies for their security, that trait is also what makes them a convenient way for criminals to move and launder money.
Despite those red flags, investors continue to pour money into the space, which is why Purpose is trying to cater to them by embracing the volatility while also attempting to offset it.
One fund, the Purpose Bitcoin Yield ETF, will invest in bitcoin. A second, the Purpose Ether Yield ETF, will hold another widely used cryptocurrency known as ethereum.
Both will employ what's known as a covered-call strategy to generate income from the fund's holdings, income that will be distributed on a monthly basis to those who hold units of the fund.
It's a strategy that's already been used with other assets, such as oil and gold, but never with cryptocurrencies.
By design, the funds ratchet down some of the potential upside of investing directly in a volatile cryptocurrency that can reach impressive peaks but offset that by giving investors a small trickle of income even when the price is dropping.
New bitcoins are released when computers, known as miners, solve complex mathematical formulas. Typically, bitcoin mines are huge operations that require staggering amounts of energy to function. (Andrey Rudakov/Bloomberg)
Purpose promises healthy yields
Unlike a dividend on a stock, which generally pays out a predictable and steady amount on a regular basis, the money the funds will pay out monthly will vary.
"We anticipate this to pay a pretty high yield, north of eight per cent, for sure," Seif said. "But we think it will pay double-digit yield over time."
That's far from a guarantee, as ultimately, the value of the funds' units will be pegged to the price of bitcoin or ethereum.
But if those yields can be achieved, they compare favourably to the income that can be produced from dividend-paying stocks.
The yield on the 60 biggest dividend-paying companies on the TSX right now, for example, is about 2.5 per cent. But those stocks are also far less likely to have days when they plummet 10 per cent or more — something that can and does happen to cryptocurrencies fairly frequently.
Seif says the new funds cater to investors who don't want to ride out those peaks and valleys by taking advantage of that volatility and buying financial derivatives that can profit from it.
"In today's volatile environment ... you can still participate in some upside but still generate a very attractive yield," Seif said.
3rd fund expands beyond straight cryptocurrencies
A third fund, the Purpose Crypto Opportunities ETF, is not designed to pay out any monthly income but gives investors the opportunity to broaden their exposure beyond cryptocurrencies and into other parts of the crypto ecosystem, including chip makers such as NVidia, trading platforms such as Coinbase and Robin Hood, or even companies with large quantities of cryptocurrencies on their books, such as Tesla.
"It gives people a unique return stream from crypto that they otherwise don't get from just buying the bitcoin or ether straight," Seif said.
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The first two funds will have a management expense ratio, or MER, of 1.1 per cent, meaning 1.1 per cent of the money invested into the fund will go to the fund manager every year, regardless of the fund's performance.
Because it will be more actively managed, the third fund will have a slightly higher MER of 1.25 per cent.
Expect the unexpected
Seif is bullish on the cryptocurrency space for the long term, but the short term history shows just how up and down it can be. This time last year, a single bitcoin was worth about $20,000 US. By April 2021, it was worth more than $60,000, before Tesla CEO Elon Musk took a lot of the wind out of the sector's sails by announcing his company would no longer accept it as payment.
It sank to as low as $30,000 in July, before beginning its march up again, peaking at just over $67,000 earlier this month. On Monday, it was trading at about $58,000 as it was swept up in the wave of panic selling that hit stocks and oil prices on Friday in part because of fears over the omicron variant of COVID-19
Currency analyst Edward Moya with foreign exchange firm Oanda said that against that backdrop, bitcoin "will likely struggle to completely get its groove back until vaccine efficacy results in the coming weeks confirm highly vaccinated countries aren't going back to lockdown mode."
Bloomberg Intelligence analyst Mike McGlone agrees that bitcoin may have some room to fall in the short term at least.
"I see initial bitcoin support around $50,000 and don't see it getting much below $40,000 on some kind of more macro swoon," he said in an email.
Longer term, however, McGlone is a big believer in cryptocurrency, and he thinks the price of bitcoin could well hit $100,000 at some point next year.
A big reason for his optimism is that as cryptocurrencies become more mainstream and investors have more ways to buy them, that will breed confidence and create demand. "Bitcoin technicals and fundamentals remain favourable on ... increasing adoption and demand," he said. "ETFs are part of that."
Canada's gross domestic product expanded by 1.3 per cent from July to September, as the end of some pandemic restrictions helped boost consumer spending and exports.
Statistics Canada said Tuesday that the total value of all goods and services was $2.093 trillion in the quarter, seasonally adjusted at an annualized rate.
That's up from $2.066 trillion in the previous three-month stretch, when the economy contracted for the first time since the early days of COVID-19.
A jump in consumer spending was the biggest reason for the overall increase, with households spending more on semi-durable goods (up 14 per cent) as well as services (up six per cent).
Semi-durable goods are items that last longer than short-term consumables like food, but not as long as durable goods such as appliances.
A good example of a semi-durable good would be an item of clothing, and spending on those increased by almost 27 per cent during the quarter. Spending on footwear also surged by more than 30 per cent, which means Canadians are now spending more on clothes and shoes than they were before the pandemic.
There was also a surge in spending on services that Canadians had been delaying during the pandemic.
Things like transportation services, which includes flight tickets, rose by more than 40 per cent, while spending on recreation and cultural activities went up by 26 per cent.
Spending on food, beverages and accommodation went up by 29 per cent, while personal grooming services, such as haircuts, jumped by more than a third.
Good but not great
TD Bank economist Sri Thanabalasingam said that overall the numbers were good, but they could have been even better were it not for ongoing supply chain issues with big-ticket items.
"Hampered by global supply chain disruptions, consumers spent less on durable goods, specifically automobiles, and businesses invested less in machinery and equipment," he said. "If not for supply shortages, GDP growth could have been even stronger in the third quarter."
Ima Sammani, a market analyst with foreign exchange firm Monex, said that the data was generally positive, but largely redundant due to events that have happened since the end of September.
"Despite the significantly stronger GDP print than expected, the market reaction was relatively mild given ... new concerns around the growth momentum have arisen following the discovery of the omicron variant," she said.
B.C. is extending gas and travel restrictions to Dec. 14, Deputy Premier Mike Farnworth announced Monday.
Drivers who aren’t operating essential vehicles are limited to purchasing 30 litres of fuel per trip to the gas station on Vancouver Island and the Gulf Islands and in the Lower Mainland as far as Hope, the Sunshine Coast, and the Sea-to-Sky region. Restrictions had been due to end Wednesday.
“The fuel-conservation measures are working and I want to thank British Columbians for their patience,” said Farnworth. “But we need to stay the course for another two weeks until we have the Trans Mountain Pipeline back online.”
Trans Mountain, which brings in about 85 per cent of the fuel required in B.C. for refining, shut down its pipeline Nov. 14 due to heavy rainfall and flooding.
On Monday the company said based on current conditions and progress — in the face of challenges with weather and access — “we are still days away from restarting the pipeline at reduced capacity.”
Work was interrupted at some sites on Sunday due to high water or lack of access, said Trans Mountain.
Bruce Ralston, minister of energy, mines and low carbon innovation, said that crews are “working around the clock” to restart the line in a phased approach, but Trans Mountain is watching an incoming weather system closely.
The pipeline provides a majority of transportation fuels for the Lower Mainland and Vancouver Island, Ralston said.
CP Rail moved refined products such as gasoline and diesel into southwestern B.C. in the last week, he said.
Farnworth said the province needs to ensure its supply chains and emergency services have the fuel that they need to function.
Highways 3, 7 and 99 will continue to be limited to essential travel only, with the state of emergency extended to Dec. 14.
“Extending the state of emergency will support the ongoing response and recovery from the widespread damage already caused by flooding while positioning us to take all necessary steps in the days ahead,” said Farnworth.
Environment Canada is warning of another storm Tuesday with extreme rainfall that could worsen existing flooding or bring new flooding around the province.
Armel Castellan, meteorologist for Environment Canada, said a rainstorm Tuesday through Wednesday is expected to bring 50 to 100 millimetres of rain, with the worst of the storm delivering as much as 200 millimetres in regions such as the northwest end of Vancouver Island, from Tofino north.
David Campbell, head of the River Forecast Centre, said northern Vancouver Island has been added to its flood watch warnings. River levels are expected to see rapid rises through Wednesday.
In an update on flood-related repairs and emergency measures, Transportation Minister Rob Fleming said the Malahat — washed out in parts during heavy rainfall on Nov. 14- 15 — will be monitored and inspected during the next few storms.
Fleming asked drivers to watch their speed and continue checking DriveBC.ca for the latest highway conditions.
Twitter CEO Jack Dorsey has announced he is leaving the social media platform that he helped start.
In a tweet Monday, Dorsey, 45, said he was leaving the company after 16 years and Parag Agrawal, chief technical officer, will be taking his position.
“I want you all to know that this is my decision and I own it,” he said in a memo to staff, which he shared on the platform.
“It was a tough one for me, of course. I love this service and company … and all of you so much. I’m really sad … yet really happy. There aren’t many companies that get to this level. And there aren’t many founders that choose their company over their own ego. I know we’ll prove this was the right move.”
In his tweet, Dorsey also said board member Bret Taylor was going to serve as chair of the board.
Dorsey’s departure comes as Twitter has accelerated the pace of its product innovation over the past year to take on rivals live Meta, formerly known as Facebook Inc. and TikTok. Twitter is also aiming to reach its goal of doubling annual revenue by 2023.
Twitter co-founder Jack Dorsey will step down as the company's chief executive officer.
The billionaire CEO announced in a tweet that he is stepping down, to be replaced by Parag Agrawal, who is the company's chief technical officer.
Among other duties, Agrawal is developing standards to control abusive and misleading information.
"I want you all to know that this is my decision and I own it," Dorsey said, adding that Agrawal "has been my choice for some time, given how deeply he understands the company and its needs."
not sure anyone has heard but,<br><br>I resigned from Twitter <a href="https://t.co/G5tUkSSxkl">pic.twitter.com/G5tUkSSxkl</a>
Dorsey co-founded the microblogging site in 2006 and became CEO the next year. But, two years later he was pushed out as chief executive by two other co-founders, Ev Williams and board member Fred Wilson.
After years of stagnant growth and a slumping share price since its IPO in 2013, Dorsey returned as CEO in 2015.
At the time, Dorsey was also CEO of Square, a payments processing company that he founded after he left Twitter. But instead of leaving Square, he took the unusual step of continuing to be CEO of both companies. Powerful investors in both companies didn't like that arrangement from the start, and in recent months many have started openly calling for it to end.
Last year, New York hedge fund Elliott Management Corp. accused Dorsey of ignoring Twitter in favour of Square, and asked him to step down. He fended off the pressure by giving Elliott and its ally, buyout firm Silver Lake Partners, seats on Twitter's board.
"There aren't many founders that choose their company over their own ego," Dorsey said Monday.
8:01 AM PT -- It's official, Twitter just announced Dorsey has stepped down and CTO Parag Agrawal will take his point, as well as join the company's board.
Jack Dorsey, the CEO and one of the founders of Twitter, is expected to step down from his role ... causing the company's stock to make a massive jump.
A report from CNBC says Dorsey -- who is both the CEO of Twitter and Square -- is expected to step down from his executive role with Twitter as early as Monday. After the news, the stock jumped 11%.
It was just last year when Elliott Management -- the Twitter stakeholder -- had wanted Dorsey to step down, under the belief it was hard for him to effectively run both Twitter and Square at the same time. Both had come to an agreement back then to keep Jack on, but clearly, they've now decided differently.
Twitter was founded in 2006 by Dorsey, Biz Stone, Noah Glass and Ev Williams. Dorsey first served as CEO until 2008 and then took back over in 2015. He founded Square -- a digital payment company -- in 2009 and will almost certainly keep his role there.
Of course, over the years, Dorsey made his fair share of celeb friends ... including Jay-Z. The two were spotted together in the Hamptons back in August.
And…this is unlikely and maybe against the creative process…but it would be incredible if @kanyewest put out #DONDA as it is now and continued to update it until he feels it’s “finished”…so we can all witness the work evolve in real time.
U.S. stock futures bounce, bonds surrender some gains
Nikkei recoups early losses, sentiment stabilises
Omicron spreads, but markets hope effects will be mild
Oil rallies 5% after Friday's plunge
SYDNEY, Nov 29 (Reuters) - U.S. stock futures led a market rebound on Monday as investors prepared to wait a few weeks to see if the Omicron coronavirus variant would really derail economic recoveries and the tightening plans of some central banks.
Oil prices bounced more than $3 a barrel to recoup a chunk of Friday's shellacking, while safe haven bonds and the yen lost ground as markets latched onto hopes the new variant of concern would prove to be "mild".
While Omicron was already as far afield as Canada and Australia, a South African doctor who had treated cases said symptoms of virus were so far mild. read more
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"Another key difference is there are far higher vaccination take up rates globally now compared with when Delta emerged," said Craig James, chief economist at asset manager CommSec.
"What the news on Omicron does highlight is the need for central banks and governments to take a cautious approach to removal of economic support and stimulus."
Trading was erratic on Monday but there were signs of stabilisation as S&P 500 futures added 1.0% and Nasdaq futures 1.2%. Both indices suffered their sharpest fall in months on Friday with travel and airline stocks hit hard.
EUROSTOXX 50 futures rallied 1.7%, while FTSE futures firmed 1.3%.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) eased 0.1%, but found support ahead of its 2021 low. Likewise, Japan's Nikkei (.N225) recouped early losses to be almost unchanged.
Bonds gave back some of their hefty gains, with Treasury futures down 16 ticks. The market had rallied sharply as investors priced in the risk of a slower start to rate hikes from the U.S. Federal Reserve, and less tightening by some other central banks.
Two-year Treasury yields edged up to 0.56%, after falling 14 basis points on Friday in the biggest drop since March last year. Fed fund futures had pushed the first rate rise out by a month or so.
The shift in expectations undermined the U.S. dollar, to the benefit of the safe haven Japanese yen and Swiss franc.
On Monday the dollar had steadied somewhat at 113.71 yen , after sliding 1.7% on Friday. The dollar index held at 96.190, after Friday's 0.7% drop.
The euro was struggling again at $1.1276 , following its rally from $1.1203 late last week.
European Central Bank President Christine Lagarde put a brave face on the latest virus scare, saying the euro zone was better equipped to face the economic impact of a new wave of COVID-19 infections or the Omicron variant. read more
The economic diary is also busy this week with China's manufacturing PMIs on Tuesday to offer another update on the health of the Asian giant. The U.S. ISM survey of factories is out on Wednesday, ahead of payrolls on Friday.
Fed Chair Jerome Powell and Treasury Secretary Janet Yellen speak before Congress on Tuesday and Wednesday.
In commodity markets, oil prices bounced after suffering their largest one-day drop since April 2020 on Friday.
"The move all but guarantees the OPEC+ alliance will suspend its scheduled increase for January at its meeting on 2 December," wrote analyst at ANZ in a note.
"Such headwinds are the reason it's been only gradually raising output in recent months, despite demand rebounding strongly."
Brent rebounded 4.8% to $76.20 a barrel, while U.S. crude rose 5.2% to $71.71.
Gold has so far found little in the way of safe haven demand, leaving it stuck at $1,791 an ounce .
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Reporting by Wayne Cole; Editing by Richard Pullin, Shri Navaratnam and Lincoln Feast.
(Kitco News) - See on the monthly continuation chart for nearby COMEX gold futures that prices are still in a longer-term uptrend and not too far below the record high of $2,063.00, basis nearby futures, hit in August of 2020. In fact, a bull flag pattern has developed on the monthly gold chart. The longer-term measuring implications for this bull flag suggest an upside price target of around $2,500 in the coming months or a bit longer.
The monthly Comex silver futures chart remains in an overall longer-term bullish technical posture—as long as prices stay above strong longer-term chart support at the $21.00 area. The next upside price objective for the silver bulls is to push prices above longer-term chart resistance at this year’s high of $30.21. A move above this year’s high would open the door to much bigger upside price potential.
A man wearing a protective face mask amid the coronavirus disease (COVID-19) outbreak, looks at an electronic board displaying Japan's Nikkei Index outside a brokerage in Tokyo, Japan, September 24, 2021. REUTERS/Kim Kyung-Hoon
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SYDNEY, Nov 29 (Reuters) - Asian markets were trying to regain some composure on Monday as the spread of the Omicron variant in developed nations threatened to derail economic recoveries and the tightening plans of some central banks.
Oil prices also recouped some losses after Friday's shellacking, while the safe haven yen took a breather after its run higher.
The new variant of concern was found as far afield as Canada and Australia as more countries imposed travel restriction to try to seal themselves off. read more
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Britain called an urgent meeting of G7 health ministers on Monday to discuss developments on the virus, although a South African doctor who had treated cases said symptoms of Omicron were so far mild.
"There is a lot we don't know about Omicron, but markets have been forced to reassess the global growth outlook until we know more," said Rodrigo Catril, a market strategist at NAB.
"Pfizer expects to know within two weeks if Omicron is resistant to its current vaccine, others suggest it may take several weeks. Until then markets are likely to remain jittery."
Trading was erratic early on Monday but there were signs of stabilisation as S&P 500 futures added 0.4% and Nasdaq futures 0.5%.
Both indices suffered their sharpest fall in months on Friday with travel and airline stocks hit particularly hard.
Nikkei futures were trading firmer at 28,370, though that was still below Friday's cash close of 28,751.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 0.2%, but with few markets yet open.
Bonds gave back some of their gains, with Treasury futures down 11 ticks. The market had rallied sharply as investors priced in the risk of a slower start to rate hikes from the U.S. Federal Reserve, and less tightening by some other central banks.
Two-year Treasury yields dived 14 basis points on Friday to 0.50%, the biggest drop since March last year, while Fed fund futures pushed the first rate rise out by a couple of months.
The shift in expectations undermined the U.S. dollar, to the benefit of the safe haven Japanese yen and Swiss franc.
Early Monday the dollar had steadied a little at 113.71 yen , after sliding 1.7% on Friday. The dollar index also edged up a touch to 96.156, after Friday's 0.7% drop.
The euro paused at $1.1283 , following its rally from $1.1203 late last week.
European Central Bank President Christine Lagarde put a brave face on the latest virus scare, saying the euro zone was better equipped to face the economic impact of a new wave of COVID-19 infections or the Omicron variant. read more
The economic diary is also busy this week with China's manufacturing PMIs on Tuesday to offer another update on the health of the Asian giant. The U.S. ISM survey of factories is out on Wednesday, ahead of payrolls on Friday.
Fed Chair Jerome Powell and Treasury Secretary Janet Yellen speak before Congress on Tuesday and Wednesday.
In commodity markets, oil prices bounced after suffering their largest one-day drop since April 2020 on Friday.
"The move all but guarantees the OPEC+ alliance will suspend its scheduled increase for January at its meeting on 2 December," wrote analyst at ANZ in a note.
"Such headwinds are the reason it's been only gradually raising output in recent months, despite demand rebounding strongly."
Brent rebounded 3.6% to $75.31 a barrel, while U.S. crude rose 4.0% to $70.85.
Gold has so far found little in the way of safe haven demand, leaving it stuck at $1,785 an ounce .
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Reporting by Wayne Cole; editing by Richard Pullin
Gas prices shed a few cents across Edmonton on Sunday as experts forecast costs to creep upward later this week.
The average price of gas in the greater Edmonton area was $1.32. per litre on Sunday, with the provincial average sitting at $1.36. per litre, according to data from the Canadian Automobile Association.
While most pumps remained above $1.30, some gas stations had fuel prices in the low $1.20s.
Last month, the average fuel price in Edmonton hovered around $1.38.
Dan McTeague, gas analyst and president of Canadians for Affordable Energy, told CTV News that prices were expected to drop by as much as 10 cents this weekend.
Canadians have been reeling from record-breaking prices at the pumps. Since early October, the average gas price in Canada has hovered between $1.47 and $1.50 per litre, according to data from Natural Resources Canada.
"We haven't seen prices this low in three months. And I think it's very welcome for now, for most people," McTeague said.
McTeague says the prices could begin to creep upwards by Tuesday, following the end of U.S. Thanksgiving and a correction from the global price of oil tumble last week over fears of the newly identified Omicron variant.
"It was an overreaction. We've been through this before. The selloff, I think, went beyond what would normally be considered in a measured response," McTeague said. "The fundamentals remain now, and for the future, until someone can demonstrate the economies are literally shutting down because of this particular variant."
If your short stack has been feeling a little dry lately due to a lack of (affordable) syrup -- that's all about to change ... because Canada is tapping its stockpile of sweet nectar.
Quebec Maple Syrup Producers -- a quasi-government-sanction agency accounting for over 70% of the world's maple syrup production -- just announced they're going to start draining upwards of 50 million pounds of syrup from barrels they have in their strategic reserve.
Yes, strategic reserve ... just like the ones we're about to tap to help lower gas prices here in the States. Apparently, Canada has a sea of this condiment at the ready for emergencies.
Welp, that emergency is here ... as the global economy deals with a supply crisis -- due, in part, to the pandemic among other factors -- QMSP says it's time to dip into what they have on hand to make sure countries around the world, especially its #1 customer in the U.S., can keep on drizzling their waffles and pancakes with ease and within reasonable price ranges.
Word is ... this harvest season made for a bad batch of syrup, meaning not nearly enough was produced due to a warmer/shorter spring season ... the ideal conditions for which are needed to see a solid yield. Add in the fact more people are cooking from home right now -- and you have a lopsided supply/demand equation ... hence them going to the reserves.
This will be the most syrup they've tapped since 2008. A rep for the org says, "The reserve is there to make sure that we are always able to sell and offer this product."
The OPEC of maple syrup is dipping into its strategic maple syrup reserve to cover this year's harvest shortfall https://t.co/CsnyZ2fJHM via @markets
This Sunday could be a great day for Calgary drivers to fill up their tanks as gas prices in the city are down about six cents per litre.
It’s the first time fuel prices have been below the $1.40 mark in some time.
Some stations are offering regular unleaded for $1.38 per litre as compared to the $1.44 prices seen just a day earlier.
Gas analyst Dan McTeague, who is the president of Affordable Energy, said on Friday that prices at the pump could drop up to 10 cents in Alberta.
“That’s almost historical for a one-day drop,” he said.
“I don’t think I’ve seen that since 2009. We haven’t seen prices this low in three months and I think it’s very welcome for most people.”
McTeague says the best time to fill up will be between Sunday and Tuesday, but gas prices could still come back up as Organization of Petroleum Exporting (OPEC) could delay its plans to increase oil production.
According to McTeague, many of the “more serious and experienced” energy market traders may have also been away this week due to U.S. Thanksgiving, and that the market could correct its “overreaction” once these traders return to work next week.
“I think cooler heads will prevail come Monday, which will mean possible price increases by Wednesday,” McTeague said.
Planning to spend big this holiday season after last year's lockdowns? It pays to check your bill before leaving the store.
Not only might you catch a mistake, but if you were overcharged for an item, you may also be able to get it for free or at a discount.
More than 7,000 retail stores in Canada — including many large chains — are members of the voluntary Scanner Price Accuracy Code.
Managed by the Retail Council of Canada (RCC), the code mandates that when shoppers are overcharged for certain items scanned at checkout, they're entitled to compensation.
"I love it," said Roxanne Joshua, of Newcastle, Ont., who learned about the code more than a decade ago. Over the years, she says she's been compensated about 150 times after catching pricing errors at the till.
"It's great for a couple of reasons," she said. "One, obviously, I get free items or discounted items. But two, it also keeps the stores accountable."
How to get your discount
Canada's Price Accuracy Scanner Code has been around for nearly two decades, however, many shoppers still don't know about it. The code was created in 2002 by retail organizations to foster consumer confidence as stores began to adopt scanning devices at checkout.
"There was an element of lack of trust of machines reading barcodes," said Greg Wilson, the Retail Council of Canada's director of government relations in B.C.
The code applies to participating retailers across the country, except in Quebec, which has provincial laws covering retail pricing errors.
Here's how the code works: When a customer alerts the retailer that the price of an item scanned at checkout is higher than the advertised price, participating retailers must honour the lower price.
On top of that, if the item costs more than $10, the customer gets a $10 discount. If the item costs less than $10, the customer gets the item for free.
Karen Mellow, of Leamington, Ont., said she got a $10 discount at Best Buy after she was charged a higher price at the till for a Roku streaming device. (Submitted by Karen Mellow)
On Monday, Karen Mellow, of Leamington, Ont., purchased a Roku streaming device at Best Buy. The advertised price in the store was $44.99, she said, however, when the cashier scanned the item at checkout, she was charged $64.99.
When Mellow pointed out the error and mentioned the code — of which the store is a member — she said she was charged the lower price and got the $10 discount.
"Instead of $65, I paid $35," she said. "[The code], to me, ensures a retailer is trying to be honest."
Exclusions
The code applies to scanned items where the lower price is advertised in flyers, online ads or displayed in-store — such as on a shelf.
Individually priced items aren't covered by the code, however, and it also excludes weighed items, prescription drugs and behind-the-counter cosmetics.
Participating retailers include major chains like Best Buy, Canadian Tire, Costco, Home Depot, Loblaws, Shoppers Drug Mart, Sobeys, Toys "R" Us and Walmart Canada.
Participants are supposed to post a sign about the code at or near store entrances. However, shoppers may not notice it, unless they're aware of the code's existence.
Shoppers may find a sign like this placed at the entrance or near cash registers of stores that are members of Canada's Scanner Price Accuracy Code. (Sophia Harris/CBC)
Joshua said she first learned about the code by reading about it in an online blog.
One memorable experience for her was when she bought bathroom items, including a faucet and tiles, at Home Depot for a renovation project. All eight items were incorrectly priced when scanned, she said, so she got a $10 discount on each one.
"I felt like I almost won the lottery," she said. "Now I had an extra $80 back in my pocket."
But the process is not always seamless, she warns. Joshua said there's been several times where she's had to battle a store employee to receive the compensation, because the employee wasn't knowledgeable about the code.
"I think if the staff is a little bit more educated, we wouldn't have these types of problems," she said.
Roxanne Joshua, of Newcastle, Ont., says she has received many free or discounted goods over the years, thanks to knowing about the Scanner Price Accuracy Code. (Submitted by Roxanne Joshua)
While new staff sometimes may not yet be educated about the code, the RCC's Wilson said in general, the system works well. "We receive actually a very small volume of complaints about it," he said.
Customers who have unresolved disputes involving the code can contact the code's complaints line at: 1-866-499-4599.
Mellow said she once called the complaints line after the cashier at a major retailer refused to honour the lower, advertised price on two umbrellas she wanted to purchase.
After making the call, she said, the dispute was quickly resolved and she got more than she bargained for.
"I got a call back a while later from the manager. He said, 'You can come and pick out four umbrellas [for free] to make up for this mistake.'"
Why isn't the code mandatory?
In Quebec, all retailers must abide by mandatory price accuracy laws that are similar to those of the code. The province has also enacted rules for most individually priced goods, mandating that when customers are charged a higher price at checkout, the retailer must honour the lower ticketed price.
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The Scanner Price Accuracy Code doesn't apply to individually priced items, Wilson explained, because that issue is covered by Canada's Competition Act, which prohibits retailers from making false or misleading claims about the price of a product.
So if a retailer refuses to honour the ticketed price under that act, the customer would have to file a complaint with the Competition Bureau and await the outcome of an investigation.
Consumer advocate and lawyer Daniel Tsai said he believes there should be mandatory rules for all retailers — at least for large chains — mandating that they must honour an item's lower ticketed or advertised price.
"As a general rule, it makes sense that the price you see as a customer should be the price you pay."
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