Canada and the United Arab Emirates (UAE) have launched a new strategic partnership covering trade, energy, technology, defence and diplomacy, following a two-day visit to Ottawa by Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan. Prime Minister Mark Carney announced the partnership on Oct. 27, alongside the signing of the Canada-UAE Comprehensive Economic Partnership Agreement (CEPA). Negotiations for the trade agreement concluded in 47 days, according t

The Bank of Canada announced its target for the overnight rate today by increasing it by 25 basis points to 2.5%, with the Bank Rate at 2.75% and the deposit rate at 2.45%. Despite higher energy prices, global economic activity has remained resilient. The Bank also revised up global GDP growth slightly to 3.1% in 2026, while growth in 2027 and 2028 remains unchanged from the July projection at 3.2%. Markets have been volatile due to uncertainty about the outlook for the AI se

In September, the unemployment rate increased to 9.1 percent, an increase of 0.5 percent. Nationally, the rate was 6.5 percent, a 0.1 percent increase from August. The employment decline was concentrated among youth aged 15 to 24 as well as women aged 25 to 54. There were fewer people working in educational services, health care and social assistance, as well as manufacturing.

Newfoundland and Labrador Credit Union (NLCU) reported financial growth, major technology changes and expanded community initiatives during its 2025 annual general meeting. The credit union reported assets of $832.39 million at the end of 2025, an increase of 6.2 per cent, or about $48.62 million, from the previous year. Loans and mortgages receivable reached $772.36 million, with the loan portfolio increasing by 8.7 per cent. Member deposits increased 6.8 per cent to approxi

Suncor Energy has reached an agreement to sell its interests in three offshore oil projects off Newfoundland and Labrador to UK-based Ithaca Energy for $1.2 billion in cash, with the potential for an additional $350 million depending on future oil prices. The agreement covers Suncor's 48 per cent interest in the Terra Nova project, 40 per cent interest in White Rose and 38.6 per cent interest in West White Rose. Under the agreement, Ithaca will also assume future investment c

The Canadian economy is adjusting to major changes in global trade as tariffs and other trade barriers reshape where goods and services are produced and traded, according to the Bank of Canada. In an article published September 24, the central bank says international trade remains important to Canada because it gives Canadian companies access to international customers while providing businesses and consumers with a wider range of goods and services. However, the Bank says th

Fuel costs are the top cost constraint facing small businesses, according to September 2026 results, with 62% of small and medium-sized businesses identifying fuel as a major constraint on growth. Product input and raw material costs are each cited by 42% of SMEs as major constraints, while shipping and receiving costs are also a concern for about half of small firms. The September results also show a significant decline in small business optimism over both the short and long

Newfoundland and Labrador had the highest unemployment-to-job-vacancy ratio among Canadian provinces in July, despite recording a significant decline in the ratio compared with a year earlier. The ratio stood at 5.8 unemployed people for every job vacancy in Newfoundland and Labrador in July 2026, according to Statistics Canada. That was down 1.8 points year over year, indicating fewer unemployed people for each available position compared with July 2025. The province had the

Trades NL is backing the Newfoundland and Labrador government’s new agreement to develop Churchill Falls and Gull Island, which the province says will create thousands of skilled trades jobs. Trades NL represents 14 building trades unions and thousands of skilled trades workers across Newfoundland and Labrador. Premier Tony Wakeham says the agreement, announced August 17 alongside Prime Minister Mark Carney, Quebec Premier Christine Fréchette, Newfoundland and Labrador Hydro

U.S. President Trump signed five Proclamations on Tuesday to ban certain products from Canada. The moves come the same day Canadian reciprocal tariffs went into effect on about $20 billion of U.S. exports, including steel, dairy, and agricultural equipment. Trump did remove rock salt and cement from tariffs. The new banned products include all-terrain vehicles and additional dairy products. Trump will also bar Canada from purchasing contracts. The import bans will take effect

Provincial and territorial chambers of commerce are welcoming new commitments aimed at reducing barriers to trade and labour mobility between provinces and territories. The Atlantic Chamber of Commerce says ministers responsible for internal trade made progress in Iqaluit by agreeing to accelerate work on mutual-recognition legislation, establish a 30-day service standard for labour-mobility applications and set timelines for further reducing barriers to doing business across

The Bank of Canada is holding its key interest rate steady at 2.25 per cent. The decision keeps the Bank Rate at 2.5 per cent and the deposit rate at 2.2 per cent. The central bank says the Canadian economy strengthened in the second quarter, with GDP growing by 3.3 per cent after very weak growth in the first three months of the year. Consumption, housing, exports and business investment all contributed to the rebound. The labour market has also improved in recent months, wi

The Bank of Canada is set to announce its latest decision on the country’s key interest rate Wednesday morning. The announcement is scheduled for 11:15 a.m. Newfoundland Time on Sept. 2. The central bank will release its decision on the target for the overnight rate. The interest rate decision will be closely watched by homeowners, borrowers, businesses and investors as the central bank weighs economic conditions and inflation. The Bank of Canada’s overnight rate influences b

Canada's economy grew 0.8 per cent in the second quarter of 2026, led by stronger exports, household spending and business investment, according to new data from Statistics Canada. The increase in real gross domestic product follows a revised 0.1 per cent gain in the first quarter, up from the previously reported flat reading. On a per-capita basis, real GDP increases one per cent during the quarter as Canada's population declines for the third consecutive quarter. Exports ar

Canada will impose new counter-tariffs on $27.6 billion worth of U.S. imports beginning Sept. 8, matching new American tariffs imposed on Canadian goods while announcing billions of dollars in additional support for workers and businesses affected by the trade dispute. Finance Minister François-Philippe Champagne announced the measures Tuesday after the United States imposed a 50 per cent tariff on $27.6 billion in Canadian goods effective Aug. 22. The federal government said

WestJet flight attendants represented by CUPE 8125 ratified a new three-year collective agreement with 90.2 per cent of members voting in favour. The agreement followed months of negotiations between the union and WestJet that ultimately resulted in a strike by flight attendants. The new contract covers nearly 4,400 flight attendants and includes new compensation for work that cabin crew previously performed without pay. “This is a strong mandate from our members and recognit

After trade talks collapsed on Saturday between Canada and the United States, U.S. President Donald Trump slapped a 50 percent tariff on roughly $28 billion of Canadian goods. Prime Minister Mark Carney said Canada will match those tariffs dollar for dollar. Trump posted to his Truth Social network, "Canada wants the benefits of being a State, without being one!!! They have also charged our great farmers, for many years, massive amounts of Tariffs. No more!!! President DJT."

Small-business confidence in Newfoundland and Labrador declined in August, according to the latest Business Barometer from the Canadian Federation of Independent Business. The province was among four provinces where short-term business confidence fell during the month, alongside Manitoba, Prince Edward Island and Alberta. Despite the decline, Newfoundland and Labrador remained above the 50-point threshold, which indicates that businesses expecting stronger performance outnumb

U.S. alcohol could be coming back to store shelves as part of a new trade deal between Canada and the United States. Prime Minister Mark Carney met with provincial and territorial premiers yesterday and made the request. The United States has agreed to delay the implementation of a 50 percent tariff on a range of Canadian goods, giving Canada and the U.S. more time to negotiate outstanding trade issues. The new deadline is 11:59 p.m. Eastern time on Aug. 21, with the tariffs

The United States has agreed to delay the implementation of a 50 per cent tariff on a range of Canadian goods, giving Canada and the U.S. more time to negotiate outstanding trade issues. Prime Minister Mark Carney said Tuesday that Canada and the United States had made substantial progress during intensive discussions aimed at addressing trade issues and providing greater certainty for Canadian businesses, workers, farmers and families. The additional U.S. tariffs had been sc