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The same factors that have inflated the discount paid for Canadian oilsands heavy crude compared with U.S. oil are also driving a substantial rise in the discount for light Canadian oil, according to a report from accounting firm Deloitte published Tuesday. The difference between New York-traded West Texas Intermediate and Edmonton Light oil prices widened to US$7.32 per barrel in January, an 86 per cent increase over the average of US$3.93 per barrel in the fourth quarter of last year, Deloitte said. “We really only have one major market and that major market has been developing their own resources, requiring ours less and less,” said Deloitte partner Andrew Botterill, referring to the United States. “There’s optionality for them to buy Canadian oil volumes or not and when there’s that optionality, it ends up eroding value for Canada.” The lower relative pricing for Canadian crude is partly caused by pipeline capacity constraints as oil production rises in Canada, he said. A ...

Canadian fruit growers fear that  U.S. produce destined for China  may be diverted closer to home and flood their market following the imposition of new  tariffs . Ontario Apple Growers general manager Kelly Ciceran says the 15 per cent tariff on fruit such as apples, cherries, peaches, raspberries and cranberries will likely lead to more U.S. produce hitting Canadian stores, putting pressure on prices. The Chinese government announced Monday tariffs ranging between 15 and 25 per cent on 128 items, including fruit, nuts, pork, wine, steel pipe and aluminum scrap in retaliation for an estimated US$3 billion in U.S. tariffs on steel and aluminum. Ciceran says prices will depend on how much of savings are passed on to consumers by retailers. The Winery and Grower Alliance of Ontario CEO Aaron Dobbin says there may be an opportunity for some Canadian wine to be sold to China, but additional U.S. wine could also be shipped to Canada. He says the United ...

 Britain will ban the sale of ivory items regardless of their age in an effort to restrict the illegal ivory trade, tackle poaching and help protect elephants, the government said on Tuesday. New legislation will create the toughest ban on ivory in Europe and one of the toughest in the world, it said, with a prohibition on the sale of nearly all antiques containing ivory. International commercial trade in ivory has been illegal since 1990 and the sale of raw African Elephant ivory of any age is not authorised in Britain. But currently, worked items produced before 1947 can be traded within Britain or other EU countries, as can items produced after 1947 that have government certificates. Environment Secretary Michael Gove said the tougher restrictions, which follow a public consultation, would demonstrate Britain’s belief that “the abhorrent ivory trade should become a thing of the past”. “Ivory should never be seen as a commodity for financial gain or a status sym...

Conservative Leader Andrew Scheer is using his two-week parliamentary break to woo supporters in the Okanagan Valley. Scheer is scheduled to speak to local Conservative Party volunteers and supporters Tuesday evening, April 3 at the Kelowna Golf and Country Club. The South Okanagan Sportsmen’s Association is hosting a meet and greet in Penticton Wednesday with Scheer. The 37-year-old opposition leader is also scheduled to answer questions on inter-provincial trade and small business taxation Thursday morning at Penticton’s Days Inn and Conference Centre. While Prime Minister Justin Trudeau is said to be traveling to B.C. on his break from parliament, no schedule has been released.