Liberals will return age of eligibility for old age security to 65

NEW YORK — Next week’s federal budget will restore the age of eligibility for old age security to 65, says Prime Minister Justin Trudeau.Trudeau says the decision by the previous government to increase it to 67 was a mistake and there needs to be more thought given to the system of supporting seniors.“Tweaking the age like that is a very simplistic solution that won’t work to a very complex problem,” Trudeau said during an interview today with Bloomberg.The Conservatives announced in 2012 that they would raise the age of eligibility beginning in 2023, arguing the system was not sustainable, given the increasing numbers of baby boomers who would start qualifying for the payments.Canadians without company pension plan face uphill battle to stay out of poverty, study findsYour secure retirement starts with a golden number: Here’s how to calculate itThe Liberals pledged during the campaign to reverse that. Trudeau said questions need to be asked about how to keep seniors in the workforce longer and healthy longer, while at the same time recognizing that what works as a retirement age for one might not be the right fit for another.“A nuanced and responsible discussion around that is what we’re waiting for,” he said.The budget is to be tabled on Tuesday and Trudeau says the Canadian economy doesn’t need to be jolted into life as it did after the 2008 recession.He says it is more important to lay the foundation for longer-term growth, which will also determine how the Liberals’ infrastructure spending plan is going to roll out.Trudeau says the first two years are going to be the “unsexy” things governments hate to announce because they don’t get to cut ribbons and announce shiny new buildings. They’ll include spending on things like signals for subways, he said.“Things that are necessary to keep the pace up in terms of transit of people but that don’t get the flash, but are desperately needed,” he said. read more

Crude oil briefly surges past US112 a barrel as tensions escalate over

by Pablo Gorondi, The Associated Press Posted Aug 28, 2013 10:24 am MDT The price of oil briefly surged past US$112 a barrel Wednesday before giving up most of its gains while the U.S. seemed to edge closer to intervening in Syria’s civil war.The UN’s special envoy to Syria, Lakhdar Brahimi, said Wednesday in Geneva that there was evidence that some kind of chemical “substance” had been used in an attack that may have killed more than 1,000 people near Damascus.Brahimi also said that any military strike against Syria needed to gain approval from the 15-member UN Security Council.U.S. Defence Secretary Chuck Hagel said Tuesday that American forces were ready to act on any order by President Barack Obama to strike Syria in response to the alleged use of chemical weapons in the conflict.By early afternoon in Europe, West Texas Intermediate crude for October delivery was up 97 cents to US$109.98 a barrel in electronic trading on the New York Mercantile Exchange. Earlier in the session, oil rose as high as US$112.24.On Tuesday, the Nymex contract jumped $3.09 to close at US$109.01 a barrel. Still, the price remains far below its record close of US$145.29 a barrel, reached on July 3, 2008.The price of oil is has surged more than 15 per cent in the last three months on concerns over the civil war in Syria and unrest in Egypt. Neither country is a major oil exporter, but traders worry that the violence could spread to more important oil-exporting countries or disrupt major oil transport routes.“Syria’s political-economic-military links to Iran, Hezbollah and Russia underline the threat of unintended chain-reaction resulting in wider regional instability. Threat of supply disruption is not insignificant,” said Vishnu Varathan of Mizuho Bank Ltd. in Singapore in a market commentary.Other analysts, however, said the developments in Syria were being used as an incentive to reconsider the status of the global oil markets — with other factors accounting for rising prices.A report from JBC Energy in Vienna said there was a “clear risk of an overreaction in the current situation,” especially as Syria was only producing around 70,000 barrels of oil a day. Instead, it pointed to Libya’s export cuts of at least one million barrels a day due to production outages and labour conflicts at shipping ports as a more probable price driver.When Libya’s oil production stopped completely during the revolution in 2011, oil rose by $20 a barrel over the span of two weeks.While reports of ample global supplies were recently the norm, JBC Energy said current developments — such as low spare capacity in Saudi Arabia, stockpiles falling in the U.S., disappointing supply developments around the world and signs of an improving global economy — pointed to tighter markets.“In sum, there are surely risks to the upside of oil prices, but they have not much to do with Syria, which has only been a catalyst for reassessing markets,” JBC said.Brent crude, the benchmark for international crudes, was up $1.20 to US$115.56 a barrel on the ICE Futures exchange in London.In other energy futures trading on Nymex, heating oil added 2.79 cents to US$3.1935 a U.S. gallon (3.79 litres), wholesale gasoline rose 3.73 cents to US$2.95 a gallon and natural gas lost 1.4 cents to US$3.52 per 1,000 cubic feet.(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS.UN), (TSX:CVE) Crude oil briefly surges past US$112 a barrel as tensions escalate over Syria AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email read more