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Carney Says Canada to Attract International Investment by Broadening Tax Break, Seek Private Investor for Airports

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Canada is seeking to attract CA$1 trillion in investments with measures such as expanding tax breaks for a wide range of projects, said Prime Minister Mark Carney on Tuesday at the country's first-ever investment summit.

Canada has implemented a series of reforms to enhance its competitiveness and create a more favorable environment for businesses as it seeks to expand its international exports amid a trade war with the United States.

Carney Tuesday announced at the Toronto summit the new Productivity Mega Deduction, a tax incentive that will boost asset coverage from about 15% to over 65%, including fibre-optic cables, mining property, pipelines, software, aircraft and infrastructure.

Prime Minister Carney also announced at the summit that he aims to have private investors operate Canada's four largest airports in Toronto, Montreal, Calgary and Vancouver.

The federal government will retain ownership of the land and assets, he added.

Canada will also boast a balanced operating budget in 2027, or one year ahead of schedule, allowing the country to keep the lowest overall deficit in the G7, according to Carney. Canada will "maximize" its fiscal capacity by cutting costs and expenses.

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International

Taiwan's Regular Earnings of All Employees Rise 3.32% in July

Taiwan's average regular earnings of all employees rose 3.32% year on year in July to NT$49,491, according to data released by the Directorate General of Budget, Accounting and Statistics on Monday.The average regular earnings of all employees include full-time employees with Taiwan nationality, part-time employees and industrial migrant workers.The total number of payroll employees increased by 87,000 from the previous year to 8.6 million at the end of July.The average regular earnings of full-time employees with Taiwan nationality increased by 3.67% year on year to NT$52,528 in July.From January to July, the average monthly regular earnings for all employees was NT$49,054, higher by 2.9% from a year earlier.

Taiwan Weighted
International

China's Retail Sales Growth Slows to 0.4% in August

China's retail sales of consumer goods grew 0.4% year over year to 3.982 trillion yuan in August, according to data from the National Bureau of Statistics released Tuesday.The pace of growth was softer than the 0.6% expansion recorded in the previous month. It missed the consensus forecast of 0.7% growth tracked by Investing.com.Sales in urban areas rose 0.2% year over year to 3.446 trillion yuan, while rural retail sales edged up 1.6% to 536.7 billion yuan.For the first eight months of the year, retail sales in China rose 1.1% year over year to 32.8 trillion yuan, easing from the 1.2% growth in the January-July period.

Shanghai Composite^SZSE
International

Australia's Total Spending Rises in August Due to Higher Essential Costs, NAB Says

Australia's total spending rose 1.1% in August due to higher essential costs rather than heightened demand, according to NAB's Consumer Spend Trend released on Tuesday.Total spending climbed 8.7% over the year, while monthly growth was 0.6%, excluding fuel.The report pointed to increasing pressure on households, with the end of the temporary fuel excise discount, combined with higher fuel prices, NAB Head of Australian Economics Gareth Spence said.Non-discretionary spending was up 2.2% in August, driven by a 12% jump in fuel and a 3.2% rise in utilities and telecoms.Meanwhile, discretionary spending was still growing, but momentum had slowed, Spence said.Discretionary spending rose 0.4%, with household goods broadly flat and personal goods down 0.2%.

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