CANADA STOCKS-TSX hits highest close in nearly four months

Posted in Beavers  by: admin
February 3rd, 2012


Fri Feb 3, 2012 5:00pm EST

* TSX ends up 23.80 pts, or 0.2 pct at 12,577.28

* Highest close since Oct. 8

* U.S. jobs data lifts financials, energy shares

* Weak Canadian employment, Greek doubts weigh

By Jon Cook

TORONTO, Feb 3 (Reuters) – Canadian stocks closed at
their highest level in nearly four months on Friday, boosted by
financial and energy issues as surprisingly healthy U.S.
employment figures offset sluggish Canadian jobs data and
uncertainty over a Greek debt deal.

U.S. job creation in January far outstripped analyst
expectations, with the unemployment rate dropping to a near
three-year low of 8.3 percent.

In addition, the pace of growth in the U.S. services sector
unexpectedly accelerated to its highest level in nearly a year.

“We’ve had a stream of generally positive numbers and the
rally is already looking pretty strong,” said Gavin Graham,
president at Graham Investment Strategy. “The market is wanting
to believe these numbers are sustainable.”

The Toronto Stock Exchange’s SP/TSX composite index
ended up 23.80 points, or 0.2 percent at 12,577.28. It
was the TSX’s highest close since Oct. 8 and capped the index’s
seventh straight weekly rise.

Seven of the TSX’s 10 main sectors finished higher, led by
financials, which climbed nearly 1 percent. Toronto-Dominion
Bank was the sector’s biggest gainer, rising 1.4 percent
to C$78.83.

Energy shares also benefited as oil prices climbed on hopes
the rise in U.S. jobs would boost demand from the world’s top
consumer. Cenovus Energy climbed 2.9 percent to
C$38.80.

Toronto stocks are up more than 5 percent this year after
ending 2011 down 11 percent. With central banks in the U.S. and
Europe flooding markets with cheap liquidity, analysts are more
bullish about the rally enduring.

“Effectively, Canada is a leveraged play on what happens in
the U.S., given how much of our exports go there, and if you
believe the U.S. is going to be strong then Canada could easily
do a 10 percent increase,” said Graham.

Gold mining shares, down 2.5 percent, were the main drag as
bullion prices slipped on the U.S. jobs number, retreating from
an 11-week high as a brightening U.S. economic outlook hurt the
metal’s safe-haven status.

Barrick Gold led decliners, sliding 2.3 percent to
C$48.59.

Investors also remained nervous about the absence of a
restructuring deal between Greece and its creditors, with 14.5
billion euros in Greek bond redemptions due next month.

In Canada, the employment data was not so cheery as just
2,300 net new jobs were added in January as layoffs in
construction and professional services offset modest hiring in
manufacturing, Statistics Canada said.

The jobless rate ticked higher to 7.6 percent from 7.5
percent in December, its highest level since April 2011, as more
people were looking for work. Analysts in a Reuters poll had
predicted 23,100 new positions and a jobless rate holding steady
at 7.5 percent.

“Canada had succeeded early on in the recovery returning all
the jobs that had been lost during the recession and now it’s
having a harder time pushing further,” said David Tulk, chief
Canada macro strategist at TD Securities.

“It’s sort of the mirror image in the U.S., where the U.S.
has struggled for quite some time and is finally getting its act
together.”

Article source: http://www.reuters.com/article/2012/02/03/markets-canada-stocks-idUSL2E8D3FZW20120203

Canada Jobless Rate Rose to Nine-Month High 7.6% in January

Posted in Beavers  by: admin
February 3rd, 2012

(Updates with Caterpillar Inc. factory closing starting in seventh paragraph.)

Feb. 3 (Bloomberg) — Canada’s unemployment rate rose to a nine-month high in January as the trend of sluggish job creation that began in the second half of last year continued.

The jobless rate rose to 7.6 percent from 7.5 percent as employment increased 2,300 last month, Statistics Canada said today in Ottawa. Economists surveyed by Bloomberg News had forecast unemployment to stay at 7.5 percent and 22,000 jobs to be added.

Consumers will account for more than half of Canada’s 2 percent economic growth this year, according to the Bank of Canada, as weak global demand and a high dollar curb exports. Most of the past year’s job growth came in the first six months of that period, Statistics Canada said, which suggests consumer spending growth may be restrained.

“It will weigh against a Bank of Canada rate increase anytime soon, and suggests the Canadian consumer could continue to pull back, not just in the face of elevated debts but also because of weaker job growth,” said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto.

The Canadian report contrasted with U.S. figures, which showed payrolls increased by 243,000 in January, bringing the U.S. jobless rate down to 8.3 percent, its lowest in three years. Canada’s jobless rate has been below that of the U.S. since October 2008, and the gap between the two rates is the narrowest since April 2009.

Dollar Strengthens

The Canadian dollar reached a three-month high today, and strengthened 0.6 percent to 99.34 cents per U.S. dollar at 2:21 p.m. Toronto time. One Canadian dollar buys $1.0066. It touched 99.28 cents, the strongest since Oct. 31. The yield on the 2- year government bond rose 5 basis points to 1.04 percent.

The challenge facing Canadian manufacturers was highlighted by Caterpillar’s announcement today that it was closing the Electro-Motive railway factory in London, Ontario. “The cost structure of the operation was not sustainable and efforts to negotiate a new, competitive collective agreement were not successful,” the Peoria, Illinois-based company said in a statement.

The Canadian Auto Workers Union said in a statement its 465 members at the plant were left vulnerable by federal foreign investment legislation that doesn’t penalize companies for job cuts.

“We sympathize with the workers in London,” Richard Walker, spokesman for Industry Minister Christian Paradis, wrote in an e-mailed comment on the closing. “Our government has taken strong measures to protect Canada’s manufacturing sector” including tax cuts and the tariff elimination, he said.

Factory Job Losses

Manufacturing employment has fallen by 2.5 percent in the 12 months through January and by 21 percent over the last decade. Canada’s relatively strong dollar makes the country’s goods less competitive.

Part-time employment rose by 5,900 in January while full- time jobs decreased by 3,600. Workers classified as employees rose by 39,200 and self-employed workers decreased by 37,000, Statistics Canada said. Private-sector employment increased by 19,700 and public-sector jobs rose by 19,600.

Canada’s job gain was led by a 22,800 increase in education and another 18,800 in information, culture and recreation.

The biggest job decline was 44,800 in professional, scientific and technical services. Employment in finance, insurance real estate and leasing declined for a fifth month, by 23,200, bringing the 12-month drop to 49,700.

‘Head Above Water’

“These figures are consistent with an economy fighting to keep its head above water,” said Toronto-Dominion Bank deputy chief economist Derek Burleton.

Average hourly earnings of permanent employees rose 2.2 percent in January from a year earlier. The Bank of Canada says that figure is a key indicator of inflation.

Central-bank Governor Mark Carney kept his benchmark lending rate at 1 percent Jan. 17, prolonging the longest pause since the bank began using it as a policy measure in 1994.

“We’re simply not growing fast enough to really be bringing the unemployment rate down,” said Avery Shenfeld, chief economist at CIBC World Markets in Toronto. “It might take a couple of years until we get through the fiscal tightening around the world that is in part responsible for the sluggishness.”

–With assistance from Andrew Mayeda and Ilan Kolet in Ottawa . Editor: Paul Badertscher, Gail DeGeorge

To contact the reporter on this story: Greg Quinn in Ottawa at gquinn1@bloomberg.net

To contact the editors responsible for this story: Chris Wellisz at cwellisz@bloomberg.net; David Scanlan at dscanlan@bloomberg.net

Article source: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/02/03/bloomberg_articlesLYTG003T6SR801-LYU2F.DTL

CANADA FX DEBT-C$ sails to 3-month high on US jobs data

Posted in Beavers  by: admin
February 3rd, 2012


Fri Feb 3, 2012 4:34pm EST

* C$ ends at C$0.9936 vs US$, or US$1.0064

* Ends up 0.7 percent for the week

* Canada adds 2,300 jobs; jobless rate rises to 7.6 pct

* U.S. creates 243,000 jobs, far more than expected

* Bond prices sell off across curve

By Jennifer Kwan

TORONTO, Feb 3 (Reuters) – The Canadian dollar bounced
to its strongest level in just over three months on Friday as a
surge in U.S. job creation boosted investor confidence about the
outlook for the world’s biggest economy.

The currency surged to C$0.9928 to the U.S. dollar,
or US$1.0073, the strongest level since Oct. 31, after data
showed the American economy added 243,000 jobs, the most since
last April. The figure easily beat economists’ expectations for
a gain of only 150,000.

The currency earlier hit a session low of C$1.0034 to the
U.S. dollar following soft Canadian jobs data.

“The U.S. employment completely subsumed the Canadian
equivalent and the general elation of strong economic data
around the world drove risk currencies and assets higher, and
the Canadian dollar ended soaring on the back of that,” said
Eric Lascelles, chief economist at RBC Global Asset Management.

The Canadian currency ended the session at
C$0.9936 against the greenback, or US$1.0064 , up from
its Thursday finish at C$0.9996, or US$1.0004. The currency
gained 0.7 percent for the week, its fourth weekly
rise in a row.

Canada’s economy created a negligible 2,300 net new jobs in
the month, Statistics Canada said on Friday, a far cry from the
23,100 that market players had predicted.

The jobless rate ticked higher to 7.6 percent from 7.5
percent, the highest level since April 2011.

Analysts in a Reuters poll had predicted 23,100 new
positions and a jobless rate holding steady from December at 7.5
percent.

“In terms of what it does for the Bank of Canada, it’s
probably fairly limited. I think most expect the Bank of Canada
to be on hold at least until mid-2013, so potentially it opens
the door for them to sound a little more neutral,” said Camilla
Sutton, chief currency strategist at Scotia Capital.

Most economists have forecast the bank will keep rates on
hold at 1 percent, where they have been since mid-2010, until
2013. But overnight index swaps have priced in some chance of a
rate cut.

Higher interest rates tend to help currencies strengthen by
attracting international capital flows, and the prospect of
monetary easing typically weakens them.

Shaun Osborne, chief currency strategist at TD Securities,
said the currency outperformed against most of the crosses,
including the euro, yen and Swiss franc.

“The commodity currencies are generally benefiting from this
environment,” he said. Osborne sees the Canadian dollar trading
in a tight range of C$0.9850-80 to C$1.0030 against the
greenback.

Government bond prices mirrored the big U.S. Treasury
market, which plunged following the U.S. jobs data.

Debt yields there also hit session highs after data showed
the U.S. service sector expanded more than expected in January,
pointing to improving economic momentum.

The two-year Canadian bond shed 9 Canadian cents
to yield 1.041 percent, while the 10-year bond
dropped 64 Canadian cents to yield 2.018 percent. The 30-year
sank C$1.40 to yield 2.612 percent.

Article source: http://www.reuters.com/article/2012/02/03/markets-canada-dollar-bonds-idUSL2E8D3AVQ20120203

Canada's jobless rate hits 9-month high

Posted in Beavers  by: admin
February 3rd, 2012

Canada’s unemployment rate rose to 7.6 per cent in January according to Statistics Canada, a 0.1 per cent increase, as 23,700 more people searched for work.

The Canadian economy added only 2,300 jobs last month, according to figures released Friday. That fell far below the 24,500 jobs that economists had predicted would be created.

Last month’s numbers were disappointing for anyone looking for work across the country, with the unemployment rate rising in Atlantic Canada and Ontario in January and little changed in the other provinces.

The weak job numbers come as federal and provincial governments are planning to table budgets with deep spending cuts and austerity measures.

“Laying off public sector workers and cutting public spending that supports private sector jobs threatens Canada’s soft labour market,” said United Steelworkers economist Erin Weir, “Four months of rising unemployment mean the priority should be on job creation rather than cutbacks.”

Other analysts echoed this sentiment, with David Madani, Canada economist at Capital Economics, writing in a note to clients that continuing with aggressive cuts “potentially risks injuring the economy.”

There were some bright spots, with an increase in private and public sector employment offsetting a drop of 37,000 in self-employment. Self-employment jobs are generally considered lower quality than employment by the private or public sector.

January was the third month in the last four in which the unemployment rate increased since last September’s 7.2 per cent post-recession low.

The construction industry experienced a loss of 13,700 jobs, the second straight month of declines for the sector. The drop highlights Canada’s “vulnerability to a slowdown in housing,” according to Weir.

The professional, scientific and technical services industry lost a record number of jobs, with 44,800 fewer jobs in January. “This substantial loss of jobs in a well-paid area is troubling,” said Weir.

After a strong start in 2011, employment in Canada has largely stalled since last summer, with fewer than 15,000 jobs being added in the last six months.

Over the last 12 months, the economy has produced 129,000 new jobs, or a 0.7 per cent gain in employment, one of the weakest records in a non-recessionary period in many years.

Compared with the same period one year ago, the number of full-time workers rose 1.2 per cent, or by 170,000. Meanwhile, the number of part-time workers slipped by 1.2 per cent, or by 41,000.

The drop in job creation has coincided with generally weaker economic conditions and declining business confidence due to uncertainty in the global outlook.

“These figures are consistent with an economy fighting to keep its head above water,” said Derek Burleton, deputy chief economist at TD Bank.

Most economists believe conditions in Canada, as well as job creation, will remain weak throughout 2012.

“We continue to expect average monthly job gains of about 10,000 per month,” said Burleton, adding that job creation will be “more heavily weighted to the second half of the year.”

Meanwhile, the U.S. added 243,000 jobs in January, dropping the unemployment rate there to the lowest level since 2009.

Article source: http://ca.finance.yahoo.com/news/canadas-jobless-rate-hits-9-215035464.html

Canada, Alberta seek to assuage oil sands critics

Posted in Beavers  by: admin
February 3rd, 2012

CALGARY, Alberta (Reuters) – Canada will set up a new environmental monitoring system for the northern Alberta oil sands as it seeks to fend off harsh international criticism following revelations that oversight of the huge petroleum development has been insufficient.

The federal and the Alberta provincial governments said on Friday the new plan that will boost water sampling and increase information available to the public.

They said they will take three years to implement a joint program that will continuously study the effects of developing the resource on water sources such as the Athabasca River. The program will be subject to independent scientific scrutiny.

The much-anticipated step comes as the two governments and industry push to build multibillion-dollar pipelines that would ship oil sands-derived crude to Texas and to the Pacific Coast. Both pipeline projects, TransCanada Corp’s Keystone XL proposal and Enbridge Inc’s Northern Gateway pipeline, face bitter opposition from environmentalists who decry the effects of the rapid development of the resource.

Canada is also battling against a proposal by the European Union to label the oil sands, the world’s third-largest crude source, as inherently polluting.

“The more robust our facts and science with regards to responsible oil sands development (the more it) will allow us to counter some of the more outrageous expressions of criticism, myths and financially damaging mischaracterizations of our development of the oil sands,” Peter Kent, the federal environment minister, told reporters in Edmonton, Alberta.

Kent said he is confident the energy industry will provide the increased funding for the expanded program, which is aimed at adding scientific credibility to claims that everything possible is being done to minimize environmental impact. He pegged the total cost at C$50 million ($50 million) a year.

Separate scientific panels commissioned by the two governments last year found the current monitoring system, which is backed by oil sands producers, is not capable of assessing the effects of oil sands production on the environment, especially on water.

The work was sparked by a damning 2010 study coauthored by University of Alberta ecologist David Schindler that concluded that oil sands plants were contaminating the Athabasca watershed with such toxins as mercury, arsenic and lead.

The reports of the current monitoring system had said that any pollution was naturally occurring.

The governments discussed the new plan with Schindler, Kent said.

It will include increased water sampling, frequency and parameters, and the governments will prepare annual progress reports for the first three years of implementation.

After the third year, it will undergo an external scientific peer review, and all the work will be made public, officials said.

For its part, the oil industry, which aims to nearly double oil sands output to 3 million barrels a day by 2020, said it welcomed the measures.

“A world-class environmental monitoring system will contribute to improved performance reporting, regional planning and industry performance improvement as the oil sands industry continues to grow,” Dave Collyer, president of the Canadian Association of Petroleum Producers, said in a statement.

One environmental group, Greenpeace, said the plan is marred by not halting approvals of new oil sands projects until big questions about their impact get answered.

Mike Hudema, the group’s tar sands campaigner, also said he was disappointed that it appears it will take three years to spawn any new regulations, and that the program will not be administered by officials independent from the governments involved, which are strong supporters of oil sands development.

“Getting more data on the tremendous impacts the tar sands are having is good, but not if it has to go through the (Prime Minister Stephen) Harper- and provincial-government spin machines first,” Hudema said.

($1=$1.00 Canadian)

(Editing by Peter Galloway)

Article source: http://news.yahoo.com/canada-alberta-set-oil-sands-monitoring-203106733.html

Canada PM wants RIM to grow as "a Canadian company"

Posted in Beavers  by: admin
February 3rd, 2012

OTTAWA (Reuters) – Canada’s prime minister drew an apparent line in the sand on foreign takeovers on Friday, saying he wanted to see BlackBerry maker Research In Motion grow “as a Canadian company” and questioning whether hostile takeovers of key domestic firms are in the country’s best interests.

In an interview with Reuters, Stephen Harper declined to speculate on how the government might react if a foreign firm put in a bid for hard-pressed RIM. But he singled out hostile takeovers and bids for what he described as “critical technology” companies as ones that the government might block.

“I can’t make comments to you that would prejudice any kind of a bid, especially one that is completely hypothetical and may not happen,” he told Reuters in response to a question about a possible foreign bid for RIM.

“But RIM, as you know, is a strong Canadian company. It’s been an important part of the Canadian business landscape, and obviously we want to see that company succeed and continue to grow as a Canadian company.”

RIM shares have slumped in recent years as the company’s signature BlackBerry smartphone has lost ground to popular new rivals from the likes of Apple and Google. There has been considerable speculation that RIM could be sold, or broken up into valuable parts.

Speaking in an interview in his wood-paneled office in the heart of snow-covered Ottawa, Harper insisted that his Conservative government is still open to foreign investment, and noted that it had vetoed only two would-be takeovers. But not every foreign bid is good for Canada, he said.

“Takeovers of critical technology that the government’s invested in, or … hostile takeovers of key Canadian businesses, are obviously something that I think is widely understood is not in this country’s interest,” Harper said.

Under Canadian law, the government has the right to determine whether foreign takeovers over a certain size may go ahead. Its decision is based on whether the bid is of net benefit to Canada.

The vast majority of takeovers are approved, but Harper’s government stunned investors in 2010 when it rejected a $39 billion offer for fertilizer producer Potash Corp from Anglo-Australian mining giant BHP Billiton.

After that rejection, the government said it would quickly draw up guidelines to clarify what was meant by being “of net benefit”. There is still no date for when such guidelines might be published.

The federal government was an early investor in RIM, now the country’s best-known technology company, with a C$34 million ($34 million) investment from its Technology Partnerships Canada in 2000. That was at a time when the still-new technology firm had annual revenue of $85 million.

Todd Coupland, an analyst at CIBC World Markets, noted that a hostile bid for RIM would be difficult enough, even without reservations about whether Ottawa would let it through.

“People are the lifeblood of that company, it isn’t just hard assets. Making a hostile bid in technology and intellectual capital like that is going to be very, very tricky,” he said.

RIM’s volatile stock ended the day 1.9 percent lower at $16.88 on Nasdaq and down 2.3 percent at C$16.78 in Toronto.

Separately, the Conservative government is considering whether to ease restrictions on foreign ownership of telecommunications companies, but Harper declined to be drawn about what it might decide.

Decisions would come in “the very near future,” he said.

(Additional reporting by Alastair Sharp in Toronto; editing by Peter Galloway and Rob Wilson)

Article source: http://news.yahoo.com/pm-wary-foreign-bids-key-firms-200218761.html

Canada Stocks Cap Seventh Straight Weekly Gain on U.S. Jobs Data

Posted in Beavers  by: admin
February 3rd, 2012

Feb. 3 (Bloomberg) — Canadian stocks rose, extending a seventh straight weekly advance, as the lowest U.S. unemployment since February 2009 signaled Canada’s biggest trade partner is weathering the European debt crisis.

Toronto-Dominion Bank, Canada’s second-largest lender by assets, gained 1 percent. Barrick Gold Corp., the world’s largest gold producer, lost 2 percent as the metal retreated. Canadian Pacific Railway Ltd., the country’s second-biggest railroad, advanced 2.3 percent after an analyst at JPMorgan Chase Co. raised his rating on the shares.

The SP/TSX Composite Index increased 37.51 points, or 0.3 percent, to 12,590.99 at 2:10 p.m. Toronto time, extending its weekly rally to 1 percent. The streak of gains matched the seven-week advance ended April 2009, the longest since January 2006, according to data compiled by Bloomberg.

“The number was a huge improvement over expectations,” Pat McHugh, senior managing director and Canadian equity strategist at Manulife Financial Corp.’s asset-management unit, said in a telephone interview. The unit oversees about $217 billion. “Almost twice as many jobs were created last month than economists had been predicting. The biggest beneficiary of an improvement in U.S. consumers is the banking system.”

The SP/TSX has climbed to the highest since September, led by raw-materials producers, as U.S. gains in employment and manufacturing outweighed concern that Europe’s debt crisis will slow world growth. The U.S. accounted for 75 percent of Canada’s exports in 2010, according to Statistics Canada.

Banks, Gold Stocks

U.S. nonfarm payrolls increased by 243,000 jobs in January, the Labor Department said today in Washington. None of the 89 economists in a Bloomberg survey had forecast a gain that big. The U.S. unemployment rate fell to 8.3 percent from 8.5 percent.

The SP/TSX Financials Index rose for the third time in four days. TD climbed 1 percent to C$78.50. Royal Bank of Canada, its bigger domestic rival, gained 0.5 percent to C$53.21. Manulife Financial Corp., North America’s fourth- largest insurance company, rallied 3.7 percent to C$12.37.

Gold stocks dropped as the metal declined on the Comex in New York after settling at a two-month high yesterday. Barrick lost 2 percent to C$48.75.

Goldcorp Inc., the world’s second-largest producer by market value, decreased 2.2 percent to C$47.60. Silver Wheaton Corp., Canada’s fifth-biggest precious-metals company by market value, fell for the first time in eight days, slipping 2.3 percent to C$35.77.

‘On the Chin’

“The strength in the economy implies that the probability of more Fed easing or another quantitative package is being diminished, and gold’s going to take it on the chin,” McHugh said. “The flight-to-safety movement doesn’t appear to be as important as a result of the stats we’ve seen today.”

Energy stocks in the SP/TSX advanced for a fourth day as crude oil futures climbed on the New York Mercantile Exchange.

Suncor Energy Inc., Canada’s largest oil and gas producer, increased 1.3 percent to C$34.70. Cenovus Energy Inc., the country’s fifth-biggest energy company, rose 1.4 percent to C$38.25. Athabasca Oil Sands Corp., PetroChina Co.’s partner in oil-sands development, climbed for a fifth day, adding 1.3 percent to C$12.21. Petrobank Energy and Resources Ltd. jumped 6.1 percent to C$15.02.

Base-metals companies gained as copper futures advanced the most in two weeks. Teck Resources Ltd., Canada’s largest company in the industry, increased 2.3 percent to C$43.50. First Quantum Resources Ltd., the country’s second-biggest publicly traded copper producer, climbed 3 percent to C$23.43.

Rating Raised

Canadian Pacific surged 2.3 percent to C$73.51 after touching C$74.32, the highest intraday price since May 2008. Thomas R. Wadewitz, an analyst at JPMorgan, boosted his rating on the stock to “overweight” from “neutral,” saying the company is in the early stages of a turnaround.

Shares of the Calgary-based company soared 55 percent from Sept. 22 to yesterday as William Ackman’s Pershing Square Capital Management LP bought a stake in the company and began pushing it to replace its chief executive officer.

Canadian National Railway Co., the country’s largest railroad, rose today for a fourth session, gaining 1.3 percent to C$78.20.

Copper Fox Metals Inc., owner of a mining project in British Columbia, jumped 10 percent to C$1.51 after reporting test results from four exploratory drill holes at its Schaft Creek property.

Smart Technologies Inc., which makes electronic whiteboards, plunged 14 percent, the most since May, to C$3.56 after cutting its 2012 earnings forecast. At least five analysts reduced their price estimates on the shares.

Birchcliff Energy Ltd. dropped 3.9 percent to C$13.42. The oil and natural-gas company was cut to “sector perform” from “outperform” at RBC Capital Markets.

–With assistance from Lu Wang in New York. Editors: Stephen Kleege, Jeff Sutherland

Article source: http://news.businessweek.com/article.asp?documentKey=1376-LYTNBN0YHQ0X01-4N309QQV2MTG036OQ0V2088FAO

Canada sweeps Bahamas in Fed Cup

Posted in Beavers  by: admin
February 3rd, 2012

Despite a 3-0 win over the Bahamas on Friday, the Canadian women’s tennis team failed to make the Fed Cup World Group II playoffs.

Canada finished the round robin with a 2-1 record in Curitiba, Brazil, second in Pool A. Only pool winner Argentina advanced.

On Friday, Marie-Eve Pelletier of Repentigny, Que., got Canada started against the Bahamas with a 6-1, 6-0 win over Gabrielle Moxey. Stephanie Dubois of Laval, Que., followed up with a 6-1, 6-1 win over Simone Pratt. Sharon Fichman of Toronto and Pelletier teamed up to win the doubles match – and complete the sweep for Canada – with a 6-1, 6-0 win over Moxey and Nikkita Fountain.

Canada will play either Brazil or Colombia on Saturday with a berth in the Americas zonal event on the line.

Meanwhile, Aleksandra Wozniak of Blainville, Que., was injured earlier this week and returned to Montreal on Friday to have her right foot examined.

Article source: http://www.canada.com/Canada+sweeps+Bahamas/6098252/story.html

Canada’s Jobless Rate Rises to Nine-Month High 7.6% in January

Posted in Beavers  by: admin
February 3rd, 2012

February 03, 2012, 2:33 PM EST

By Greg Quinn

(Updates with bond trading in sixth paragraph, economist comment in seventh.)

Feb. 3 (Bloomberg) — Canada’s unemployment rate rose to a nine-month high in January as the trend of sluggish job creation that began in the second half of last year continued.

The jobless rate rose to 7.6 percent from 7.5 percent as employment increased 2,300 last month, Statistics Canada said today in Ottawa. Economists surveyed by Bloomberg News had forecast unemployment to stay at 7.5 percent and 22,000 jobs to be added.

Consumers will account for more than half of Canada’s 2 percent economic growth this year, according to the Bank of Canada, as weak global demand and a high dollar curb exports. Most of the past year’s job growth came in the first six months of that period, Statistics Canada said, which suggests consumer spending growth may be restrained.

“It will weigh against a Bank of Canada rate increase anytime soon, and suggests the Canadian consumer could continue to pull back, not just in the face of elevated debts but also because of weaker job growth,” said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto.

The Canadian report contrasted with U.S. figures, which showed payrolls increased by 243,000 in January, bringing the U.S. jobless rate down to 8.3 percent, its lowest in three years. Canada’s jobless rate has been below that of the U.S. since October 2008, and the gap between the two rates is the narrowest since April 2009.

Bond Yields Rise

The Canadian dollar was little changed at 99.97 cents per U.S. dollar at 8:34 a.m. Toronto time. One Canadian dollar buys $1.003 U.S. The yield on the 2-year government bond rose 3 basis points to 1.02 percent.

“We’re simply not growing fast enough to really be bringing the unemployment rate down,” said Avery Shenfeld, chief economist at CIBC World Markets in Toronto. “It might take a couple of years until we get through the fiscal tightening around the world that is in part responsible for the sluggishness.”

In January, part-time employment rose by 5,900 while full- time jobs decreased by 3,600. Workers classified as employees rose by 39,200 and self-employed workers decreased by 37,000, Statistics Canada said. Private-sector employment increased by 19,700 and public-sector jobs rose by 19,600.

Canada’s job gain was led by a 22,800 increase in education and another 18,800 in information, culture and recreation.

The biggest job decline was 44,800 in professional, scientific and technical services. Employment in finance, insurance real estate and leasing declined for a fifth month, by 23,200, bringing the 12-month drop to 49,700.

Average hourly earnings of permanent employees rose 2.2 percent in January from a year earlier. The Bank of Canada says that figure is a key indicator of inflation.

Central-bank Governor Mark Carney kept his benchmark lending rate at 1 percent Jan. 17, prolonging the longest pause since the bank began using it as a policy measure in 1994.

–with assistance from Andrew Mayeda in Ottawa

–With assistance from Ilan Kolet and Andrew Mayeda in Ottawa . Editors: Paul Badertscher, Gail DeGeorge

To contact the reporter on this story: Greg Quinn in Ottawa at gquinn1@bloomberg.net

To contact the editors responsible for this story: Chris Wellisz at cwellisz@bloomberg.net; David Scanlan at dscanlan@bloomberg.net

Article source: http://www.businessweek.com/news/2012-02-03/canada-s-jobless-rate-rises-to-nine-month-high-7-6-in-january.html

Pepsi MAXimizes Canada’s Super Bowl XLVI Television Experience

Posted in Beavers  by: admin
February 3rd, 2012

/PRNewswire/ – Building on its long and proud
tradition of Super Bowl advertising, today PepsiCo Beverages Canada
unveiled details about a 30-second PEPSI MAX spot that will air on
Sunday’s CTV broadcast.

This year, Canadians will be treated to a commercial titled “Interview”.
The ad presents a humorous account of three 20-something buddies
secretly working together to land one of them a job. By sending in a
decoy to wreak havoc with the prospective employer in the most
outrageous way, the group ensures that the job is secured for their
buddy. Like PEPSI MAX, a zero calorie cola with maximum taste, the
“Interview” spot is fun, young and edgy. “Interview” was created and
produced by CLM BBDO and first aired in Canada during the 2012 World
Junior Ice Hockey Championships in December and January on TSN.

In Quebec, PEPSI MAX will also air a commercial called “MAX City”
produced in Canada by NolinBBDO in Montreal. The commercial features a
young man out on a walk around Montreal, when he notices people around
him reacting with amazement that a cola with so much Pepsi taste could
have zero calories. The spot is uniquely Quebecois and ends with a bang
that is sure to delight Super Bowl viewers across Quebec.

“Having created some of the most memorable spots of the last two
decades, Pepsi has a rich history of Super Bowl advertising,” said Greg
Lyons, VP of Marketing, PepsiCo Beverages Canada. “It’s a joyful
occasion that brings family and friends together, and our family of
brands is part of the experience — on the screen, in the home where
our brands are enjoyed and in the retail store environment.”

In the U.S., PepsiCo is leveraging its sponsorship of the hit television
sensation, The X Factor, with an epic comedic spot featuring Grammy Award-winning music legend
Sir Elton John and The X Factor winner, Melanie Amaro. The 60-second commercial, titled “Kings Court”,
captures Amaro performing a contemporized version of RESPECT for John who is cast as the “King of Rock”. Set in a rock-fantasy
version of medieval times, the song, originally by Otis Redding and
later made popular by the “Queen of Soul”, Aretha Franklin, was
recorded exclusively for the ad. With epic Pepsi scale, the commercial
ends with a twist and the tagline, “Where there’s Pepsi, there’s
music”. The spot will be available for viewing in its entirety to
Canadian consumers on February 3 at http://www.youtube.com/pepsi.

PepsiCo is also planning on running a second ad during this year’s U.S.
Super Bowl broadcast. PEPSI MAX, the official soft drink of the NFL in
the U.S., will also debut a commercial featuring legendary television
personality, Regis Philbin. Canadian consumers can view the ad now on Pepsi’s YouTube page

About PepsiCo Beverages Canada
PepsiCo’s businesses in Canada are organized into two business units.
PepsiCo Foods Canada includes Frito Lay Canada and the Quaker Foods
Snacks business. PepsiCo Beverages Canada includes the Pepsi, Gatorade
and Tropicana businesses.

Follow PepsiCo Beverages Canada:
Twitter (@PepsiCA)
Facebook

About PepsiCo
PepsiCo offers the world’s largest portfolio of billion-dollar food and
beverage brands, including 22 different product lines that generate
more than $1 billion in annual retail sales each. Our main businesses
— Quaker, Tropicana, Gatorade, Frito-Lay, and Pepsi Cola — also make
hundreds of other enjoyable foods and beverages that are respected
household names throughout the world. With net revenues of
approximately $60 billion, PepsiCo’s people are united by our unique
commitment to sustainable growth by investing in a healthier future for
people and our planet, which we believe also means a more successful
future for PepsiCo. We call this commitment Performance with Purpose:
PepsiCo’s promise to provide a wide range of foods and beverages for
local tastes; to find innovative ways to minimize our impact on the
environment, including by conserving energy and water usage, and
reducing packaging volume; to provide a great workplace for our
associates; and to respect, support, and invest in the local
communities where we operate. For more information, please visit www.pepsico.com.

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Footage is available via CNW’s video on demand page:
http://cnw.pathfireondemand.com/viewpackage.action?packageid=509 

SOURCE PEPSICO CANADA

Video with caption: “Video: This Pepsi MAX ad will be featured on the Canadian broadcast of Super Bowl XLVI. Three 20-something buddies secretly work together to land one of them a job. By sending in a decoy to wreak havoc with the prospective employer in the most outrageous way, the group ensures that the job is secured for their buddy. Like PEPSI MAX, a zero calorie cola with maximum taste, the “Interview” spot is fun, young and edgy. “Interview” was
created and produced by CLM BBDO.”. Video available at: http://stream1.newswire.ca/cgi-bin/playback.cgi?file=20120202_C8885_VIDEO_EN_9558.mp4posterurl=http://photos.newswire.ca/images/20120202_C8885_PHOTO_EN_9558.jpgclientName=PEPSICO%20CANADAcaption=Video%3A%20This%20Pepsi%20MAX%20ad%20will%20be%20featured%20on%20the%20Canadian%20broadcast%20of%20Super%20Bowl%20XLVI%2E%20Three%2020%2Dsomething%20buddies%20secretly%20work%20together%20to%20land%20one%20of%20them%20a%20job%2E%20By%20sending%20in%20a%20decoy%20to%20wreak%20havoc%20with%20the%20prospective%20employer%20in%20the%20most%20outrageous%20way%2C%20the%20group%20ensures%20that%20the%20job%20is%20secured%20for%20their%20buddy%2E%20Like%20PEPSI%20MAX%2C%20a%20zero%20calorie%20cola%20with%20maximum%20taste%2C%20the%20%22Interview%22%20spot%20is%20fun%2C%20young%20and%20edgy%2E%20%22Interview%22%20was%0D%0Acreated%20and%20produced%20by%20CLM%20BBDO%2Etitle=headline=Pepsi%20MAXimizes%20Canada%27s%20Super%20Bowl%20XLVI%20Television%20Experience

Video with caption: “Video: Behind the scenes broll of Pepsi’s Super Bowl commercial with The X Factor winner Melanie Amaro and Sir Elton John. The full commercial will be available online to Canadians across the country on February 2 at www.youtube.com/pepsi“. Video available at: http://stream1.newswire.ca/cgi-bin/playback.cgi?file=20120202_C8885_VIDEO_EN_9572.mp4posterurl=http://photos.newswire.ca/images/20120202_C8885_PHOTO_EN_9572.jpgclientName=PEPSICO%20CANADAcaption=Video%3A%20Behind%20the%20scenes%20broll%20of%20Pepsi%27s%20Super%20Bowl%20commercial%20with%20The%20X%20Factor%20winner%20Melanie%20Amaro%20and%20Sir%20Elton%20John%2E%20The%20full%20commercial%20will%20be%20available%20online%20to%20Canadians%20across%20the%20country%20on%20February%202%20at%20www%2Eyoutube%2Ecom%2Fpepsititle=headline=Pepsi%20MAXimizes%20Canada%27s%20Super%20Bowl%20XLVI%20Television%20Experience

Image with caption: “In this PEPSI MAX Super Bowl commercial entitled “Interview”, a young 20-something behaves outrageously during a job interview so that his buddy is a shoo-in for the job. (CNW Group/PEPSICO CANADA)”. Image available at: http://photos.newswire.ca/images/download/20120202_C8885_PHOTO_EN_9561.jpg

Article source: http://www.sacbee.com/2012/02/02/4235017/pepsi-maximizes-canadas-super.html