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'A sour result’ as economy shrank in May, fifth consecutive monthly decline

OTTAWA — The Canadian economy contracted in May, the fifth consecutive monthly decrease, increasing the possibility the country slipped into a recession in the first half of the year.

Real gross domestic product fell 0.2 per cent in May due mostly to weakness in manufacturing, mining, quarrying and oil and gas extraction as well as wholesale trade, Statistics Canada said Friday. READ

Oilpatch pain persists as Cenovus to cut 300 to 400 more jobs this year

Cenovus Energy says 300 to 400 workers will be let go from its Calgary office by year end as hopes for a quick recovery in oil prices evaporate. READ

TransAlta plans review after Alberta ruling it shut down plants to raise prices

TransAlta Corp. (TSX:TA) says it will undertake an independent review following a ruling from the Alberta Utilities Commission that the company deliberately triggered outages at power plants to raise electricity rates, thereby manipulating the markets. READ

White House: Keystone XL decision will come before Obama goes

The White House says a decision will be made on the Keystone XL pipeline while President Barack Obama is still in office, as rumours swirl that the long-delayed project is on the verge of rejection. READ

Former winner Skinner still in the hunt at Senior Men's Golf Championship

Tom Skinner is far from out of the running for the Guardian Capital Senior Men’s Golf Championship at the Red Deer Golf and Country Club and he knows exactly what he needs to do to stay in contention. “My putter needs to cooperate,” he said following an opening round two-over par 74 Tuesday. READ

Two Calgary men convicted in elaborate Ponzi scheme sentenced to 12 years each

A judge has sentenced two men to 12 years in prison for one of the largest Ponzi schemes in Canadian history. READ

Greek bailout talks poised to start as government reels from Varoufakis’ 'Plan B’ confirmation

The Greek government was poised Monday for the imminent start of intricate bailout discussion but faced rebuke following revelations that former finance minister, Yanis Varoufakis, formed a secret committee to plan for the possible conversion of euros into drachmas “at a drop of a hat.” READ

A complicated harvest

Recent rains will help crops but also complicate the harvest on many farms, says a Central Alberta crop specialist. Harry Brook, with Alberta Agriculture, said the precipitation will spur on fresh growth in fields from seeds that have been dormant in dry soil. “You’re going to have crop that’s mature and ripe. Then you’re going to have this stuff that’s as green as grass. Trying to harvest it is going to make it difficult because it invites a storage problem. You have quality issues as well,” Brook said on Monday. READ

Canada’s two largest railways report job cuts as falling shipments take toll

CALGARY — Canada’s two largest railways are reporting job cuts of up to 900 people as falling shipments of oil, grain and coal take a toll on their industry. Canadian Pacific Railway Ltd. (TSX:CP) said Tuesday it plans to slash 200 to 300 jobs later this year as the sector faces lower than expected freight volumes. READ

Thermal eye reveals problems

Commercial vehicles operators beware — if your heat signature is showing, you could be pulled off the road. READ

Loonie drop is a reflection of economy

“Derek, why is the Canadian Dollar so much less than the US Dollar?” Since we typically use Canadian dollars on a day-to-day basis the change in value compared to other currencies should matter all that much. However, with that in mind many of us travel, own property outside of Canada, run a company, or partake in online shopping and the value of our dollar is important. Compared to this time last year, our loonie has declined roughly 16% when compared to the US greenback. So what’s causing this? READ

Bank of Canada cuts key rate to 0.5 per cent, slashes economic outlook

OTTAWA — The Bank of Canada cut its key interest rate on Wednesday, slashed its outlook for the economy and predicted a contraction in the second quarter due lower oil prices and slumping exports — but the central bank governor wouldn’t describe the country’s economic woes as a recession. READ

Southern Alberta sugar beet crop looking good after slow start

TABER, Alta. — It was a late start, but southern Alberta’s sugar beet crop is right on schedule. READ

Greece pledges to crack down on tax evasion as a way of life as part of bailout tax reform

Dimitris Bokas keeps meticulous records of the bathroom fixtures he sells from his small shop in the quiet middle-class residential neighbourhood of Koukaki near the centre of Athens — just in case a tax inspector makes a surprise visit to ensure Greece’s 23 per cent sales tax is being collected and reported correctly. READ

Big banks may not follow Bank of Canada if central bank cuts rate

Canada’s big banks may resist the urge to pass on to borrowers the full benefit if the Bank of Canada decides to reduce its key interest rate on Wednesday, a reluctance that could anger borrowers. READ

Notley hopeful Quebec will warm to Energy East if environment protected

Alberta Premier Rachel Notley is hopeful Quebec will get behind the Energy East oil pipeline, provided her province does its part to fight climate change and protect the environment. READ

Canada and Ukraine sign free trade agreement, discuss Russian aggression

Canada has reached a trade agreement with Ukraine that will eventually see a near elimination of duties on goods coming into Canada from Ukraine. READ

Greece reaches deal with eurozone leaders, avoiding financial collapse and euro exit

After grueling, often angry negotiations that tested the limits of European unity, Greece on Monday won a preliminary deal that averts financial catastrophe but also guarantees years more of hardship and sacrifice for its people. READ

Economy lost 6,400 jobs in June; gain in full-time jobs offset part-time losses

Canada suffered a net loss in jobs last month but overall performance on the employment front was better than expected in a result that did little to shed light on what the Bank of Canada will do on interest rates next week. READ

Trade deficit due to circumstances beyond government control: trade minister

Federal Trade Minister Ed Fast says Canada’s near-record trade deficit in May was due to circumstances in the global market beyond the government’s control. READ

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