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www.theasianstar.com Vol 22 - Issue 2
BC lumber industry on edge after Biden ups the ante on Buy American policies British Columbia’s lumber industry is anxiously parsing U.S. President Joe Biden’s latest Buy American language to better understand the implications for Canadian exporters. The B.C. Lumber Trade Council says it’s “concerning” that Biden says he wants to restrict the use of foreign lumber in federally funded infrastructure projects. Biden announced the expanded rules during Tuesday’s state of the union speech on Capitol Hill. The White House says it wants all construction materials for such projects, including copper, aluminum, lumber, glass, drywall and fibre-optic cable, to be made on American soil. Council president Linda Coady says the U.S. was only able to produce about 70 per cent of its overall lumber demand in 2021, a gap she says was largely filled by imports from Canada. Canadian producers have long been at the centre of a decades-long trade dispute with the U.S. over antidumping duties it imposes on softwood lumber from north of the border. “This is concerning and we are Continued on page 6
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CRA head’s statement ‘not worth the effort’ to recover $15.5 billion in wage subsidy is worrisome Canada’s budget watchdog says it was “disconcerting” to hear the head of the Canada Revenue Agency say it was not “worth the effort” to recover all of $15 billion in potential COVID-19 wage subsidy overpayments. Speaking to the Senate Finance Committee Tuesday,
from a “world-class” public service and called on the government to “crack the whip” on Employment and Social Development Canada (ESDC). To his point, he highlighted delays and issues with Employment Insurance, Old Age Security and passports (all administered mainly by
Parliamentar y Budget Officer Yves Giroux also noted Canadians aren’t getting the level of service expected
Continued on page 7
Adani Group crisis worsens following US$500mln margin call The crisis engulfing Adani Group shows no signs of abating, after the Indian industrial conglomerate faced a US$500mln margin call on its US$1.1bn loan with Barclays, Citigroup and Deutsche
Bank, the Financial Times has reported. Gautam Adani, who until recently was Asia’s richest man, opted to repay the sharebacked loan in full rather than stump up additional collateral, according to the article.
India & Canada FMs discuss reset in ties with Indo-Pacific strategy Indo-Pacific cooperation and trade were at the top of the agenda as Canadian Foreign Minister met with External Affairs Minister S. Jaishankar on Monday for the India-Canada Strategic Dialogue in Delhi. The visit is seen as an attempt by both sides to put bilateral ties back on track, after several turbulent years, and focused primarily on Canada’s newly released Indo-Pacific strategy that calls India an important partner. Significantly, the MEA press release made no mention of recent tensions over vandalism by suspected pro-Khalistani groups in Canada. “India welcomed the announcement of Canada’s IndoPacific Strategy, given the shared vision of a free, open and inclusive Indo-Pacific,” the MEA said in a statement after the meeting, adding that they discussed developments in India’s Continued on page 6
On repayment of the loan, 168 million shares in Adani Ports, 27 million in Adani Green Energy, and 12 million in Adani Transmission will be added to the free float. Continued on page 8
NDP throne speech says B.C. govt will spend surplus as slowdown looms
British Columbia’s New Democrat government says it plans to put this year’s projected budget surplus of almost $6 billion to work as an economic slowdown looms. The government’s throne speech, read by Lt.-Gov. Continued on page 6
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