OAKVILLE, ONTARIO–(Marketwire -08/30/12)-
MADD Canada and Allstate Insurance Company of Canada are urging Canadians to keep this Labour Day weekend free from impaired driving crashes, by putting the keys away if your plans include alcohol and/or drugs.

“Every summer, we see crashes, deaths and injuries as a result of impaired driving,” said MADD Canada National President Denise Dubyk. “It is criminal, it is tragic and it is 100% preventable. Whatever your plans this long weekend, please do not mix alcohol and/or drugs with driving.”

No one ever thinks they’ll be involved in an impaired crash. Yet, impaired driving kills between 1,250 and 1,500 Canadians every year, and injures another 63,000.

“One decision to get behind the wheel while impaired can be incredibly costly,” Ms. Dubyk said. “You can lose your licence, your vehicle, your freedom or even your life. Impaired driving is simply not worth those risks to yourself, or those around you.”

MADD Canada and Allstate Canada encourage everyone to think about their own safety and the safety of others before their celebrations begin. Make preparations ahead of time – take a bus or cab, arrange for a designated driver or plan to stay overnight. And if you see a driver you suspect is impaired, call 911 to report him or her to police.

“Keeping our roads and communities safe from impaired driving is as simple as putting the keys away if you plan on enjoying a few drinks over the weekend,” said John O’Donnell, President and Chief Executive Officer of Allstate Insurance Company of Canada. “If everyone does their part, we can enjoy this last long weekend of the summer without the devastating consequences of impaired driving.”

25 Years of Partnership

This year, MADD Canada and Allstate Insurance Company of Canada celebrate 25 years of partnership in the effort to stop impaired driving. Allstate Canada has been the lead sponsor on all MADD Canada programs at various times over those years, and has also been a supporting partner in the publication of numerous statistical, research and liability reports. Currently, Allstate Canada is the National Sponsor of the 2012-2013 School Assembly Program, Title Sponsor of Project Red Ribbon and Official Sponsor of Campaign 911.

About MADD Canada

MADD Canada (Mothers Against Drunk Driving) is a national, charitable organization that is committed to stopping impaired driving and supporting the victims of this violent crime. With volunteer-driven groups in more than 100 communities across Canada, MADD Canada aims to offer support services to victims, heighten awareness of the dangers of impaired driving and save lives and prevent injuries on our roads. For more information, visit www.madd.ca.

About Allstate Insurance Company of Canada

Allstate Insurance Company of Canada is one of Canada’s leading producers and distributors of home and auto insurance products. “The Good Hands Network®” enables consumers to contact Allstate Canada through one of 91 community-based Agencies, directly online at www.allstate.ca and through the Customer Contact Centre at 1-800-Allstate. Allstate Canada is committed to making a positive difference in the communities in which it operates and has partnered with organizations such as Mothers Against Drunk Driving (MADD Canada), Crime Stoppers, United Way and Junior Achievement. In 2010, Allstate Canada, in partnership with the National Hockey League Players’ Association (NHLPA), created the Allstate All-Canadians program, a mentorship program designed to guide the next generation of Canada’s hockey youth. Learn more about this program at www.allcanadians.com. To learn more about Allstate Canada, visit www.goodhandsadvice.ca or www.allstate.ca.

MADD Canada
Denise Dubyk
National President
403-970-8733
Allstate Insurance Company of Canada
Kevin Wilson
Media Relations
905-475-4536

Article source: http://finance.yahoo.com/news/madd-canada-put-keys-away-140000112.html

OTTAWA, Ontario (AP) — Canada’s economy grew at an annual rate of 1.8 percent in the second quarter.

The pace of growth was slightly higher than economists’ expectations and nearly in line with the central bank’s projection for 1.9 percent. But it’s the third quarter in a row for sluggish economic performance below 2 percent. Statistics Canada said Friday business investment was mainly responsible for keeping the economy afloat from April to June.

Finance Minister Jim Flaherty says the European debt crisis “really is affecting the world economy” including Canadian exports. He’s urging Europe to deal with the crisis and says that remains a major downside risk.

Canada’s commodity-rich economy has fared better than other nations. There was no subprime crisis, and Canada’s banks are rated among the soundest in the world.

Article source: http://news.yahoo.com/canadas-economy-grows-1-8-percent-135450192--finance.html

Canada’s economy grew 1.8 percent in the second quarter, fueled by continued business investment in manufacturing plants and equipment, a government agency said Friday.

The nation’s gross domestic product outpaced its neighbor the United States and beat analysts’ expectations.

But Finance Minister Jim Flaherty warned that the eurozone debt crisis and a sluggish US recovery are still “weighing on the broader global economy.”

“Canada as an open trading country is not immune to these developments,” he concluded. “Further slowing of the global economic situation can be expected to have an impact on Canada.”

Statistics Canada said business investment in mainly transportation equipment and industrial machinery rose 2.3 percent last quarter, continuing a string of consecutive increases that began in 2010.

The mining, oil and gas sector, as well as construction, were the main contributors to overall growth, it said.

Gains were also recorded in manufacturing, agriculture, wholesale trade, the finance and insurance sector and professional services, while retail trade and utilities declined.

An increase in crude petroleum production was partly offset by a decrease in natural gas extraction.

Increased output at potash, as well as copper, nickel, lead and zinc mines, outweighed declines at coal mines.

Consumer spending increased slightly. Canadians bought less clothing and shoes and fewer cars, but spent more on furniture and carpets.

Exports of goods fell slightly, led by agriculture and fish products, while imports increased for a third consecutive quarter.

Corporate profits fell 4.7 percent in the second quarter, following a decline of 3.7 percent in the previous quarter.

Meanwhile, wages rose 1.2 percent, up from the pace in the previous quarter of 0.7 percent. Personal saving increased 18 percent.

Article source: http://news.yahoo.com/canada-gdp-1-q2-005718872.html

Fri Aug 31, 2012 10:15pm IST

Article source: http://in.reuters.com/article/2012/08/31/markets-canada-dollar-bonds-idINL2E8JVA4J20120831

Fri Aug 31, 2012 11:18pm IST

* Regulators to set list of vital Canadian banks next year

* Canada’s No. 6 bank far smaller than competitors

* Could face higher capital standards

By Cameron French

TORONTO, Aug 31 (Reuters) – National Bank Financial
Chief Executive Louis Vachon said on Friday he believes the bank
will be designated “systemically important” to Canada’s banking
industry, and thus may face stricter capital retention rules.

Global regulators are imposing stricter rules on the banking
industry to avoid a repeat of the 2008 financial crisis. These
include a tougher set of standards for banks designated
systemically important, or “too big to fail”, meaning their
collapse would imperil the broader industry.

While regulators have so far focused on banks considered
systemically important for the global industry, they are now
turning their sights to lenders considered key to national
industries.

Canada’s banking sector is dominated by five big banks, all
of which are expected to be designated systemically important
domestically.

But Vachon said he expects National, Canada’s No. 6 bank and
less than half the size of any of its larger rivals, also will
be included on the list.

“Our view, and again that is our view… is that we are
likely to be included as a domestic SIFI (systemically important
financial institution),” he said on a conference call to discuss
the bank’s third-quarter results.

Although the criteria for deciding which banks will be
targeted and what standards they will face will not be released
until next year, it is expected banks labeled as SIFIs will be
forced to carry a level of capital above and beyond the stricter
standards currently being phased in for other banks.

Retaining more capital leaves less for banks to use to
expand their businesses or pay back to shareholders as dividends
or buybacks.

Vachon said National would not be doing large share buybacks
until it has a clearer view of what standards will be put in
place.

National has about C$176 billion ($178.5 billion) in assets,
according to Reuters data, far less than Canada’s largest
lender, Royal Bank of Canada, which has C$824 billion in
assets, and less than half of No. 5 bank Canadian Imperial Bank
of Commerce’s C$387 billion.

Robert Sedran, an analyst at CIBC World Markets, said naming
National Bank a SIFI makes sense from the standpoint of
maintaining a level playing field among the Canadian banks.

“The question almost becomes more of a competitive
environment one… (and) I think OSFI would be disinclined to
treat anyone differently,” he said.

Canada’s Office of the Superintendent of Financial
Institutions is the country’s bank regulator, and will be
responsible for implementing the new regulations.

Canada’s other big banks are Toronto-Dominion Bank,
Bank of Nova Scotia and Bank of Montreal

Article source: http://in.reuters.com/article/2012/08/31/nationalbankofcanada-idINL2E8JV9C920120831

BY NIRMALA MENON

OTTAWA—The Canadian economy grew faster than expected in the second quarter, as businesses replenished inventories and invested in plants and equipment, and consumers picked up spending—all bolstering what recently has become the best-performing economy among Group of Seven peers.

Gross domestic product in the second quarter expanded at a 0.5% quarterly pace, or an annualized 1.8%, the same as in the first three months of the year, Statistics Canada said Friday. Those numbers slightly beat economists’ expectations, though first-quarter growth was revised slightly lower from the original estimate of 1.9%.

The better-than-expected performance is a boon for the Conservative government …

Article source: http://online.wsj.com/article/SB10000872396390443864204577623382554030316.html

LONDON, Ontario, Aug. 30, 2012 (GLOBE NEWSWIRE) — 3M Canada today announces its recognition as one of the Achievers 50 Most Engaged Workplaces(TM) in Canada. 3M Canada was also honoured with this annual award in 2011, which recognizes top employers that display leadership and innovation towards engaging their employees.

“All of us at 3M Canada are honoured to have been chosen, again, as one of Canada’s Most Engaged Workplaces,” said Janette Batten, Director, Human Resources, 3M Canada. “Our employees do great work day-in and day-out, and we keep them engaged by recognizing their exceptional work, offering training opportunities whenever possible, promoting accountability through regular employee evaluations, supporting the communities in which we operate, maintaining accessibility of our company’s executives, among many other important factors. All these factors can have a very positive effect on a company’s culture and working environment, and 3Mers have seen this firsthand.”

The Achievers 50 Most Engaged Workplaces Awards are determined by a panel of human resources expert judges. The judges evaluate applicants based on the Eight Elements of Employee Engagement: Communication, Leadership, Culture, Rewards Recognition, Professional Personal Growth, Accountability Performance, Vision Values and Corporate Social Responsibility.

About 3M Canada

Established in 1951, 3M Canada Company was one of the first international subsidiaries opened by 3M and remains one of the largest. 3M Canada’s head office and original manufacturing site is in London, Ontario where approximately half of the company’s 1,800 employees work. Other locations include Toronto, Brockville, and Perth, Ontario and Morden, Manitoba. Globally, 3M has operations in more than 65 countries and captures the spark of new ideas and transforms them into thousands of ingenious products. Our culture of creative collaboration inspires a never-ending stream of powerful technologies that make life better.

The 3M Canada logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=14440

Article source: http://finance.yahoo.com/news/3m-canada-one-canadas-50-222149908.html

TORONTO (Reuters) – Three of Canada’s top banks raised their dividends after reporting stronger-than-expected third-quarter profits on Thursday, as Canadians continued their robust borrowing habits despite high debt levels and fears of a housing slowdown.

The dividend increases by Royal Bank of Canada , Toronto-Dominion Bank and Canadian Imperial Bank of Commerce come on the heels of similar moves by Bank of Montreal and Bank of Nova Scotia earlier this week, meaning Canada’s top five banks have all lifted payouts this quarter.

Analysts had expected at least two dividend increases, but few expected more than three.

RBC, the country’s largest bank, unexpectedly lifted its payout by 5 percent to 60 Canadian cents.

That came on the back of a 73 percent rise in net profit that, along with a 42 percent profit gain at CIBC, had some observers shaking their heads, given the results came in what’s considered a challenging profit environment.

“These headlines are just out of sight,” said John Kinsey, a portfolio manager at Caldwell Securities in Toronto.

Excluding one-time items and discontinued operations, RBC’s profit rose a more modest 18 percent to C$2.0 billion against a weak quarter a year earlier, while adjusted profit was C$1.31 a share, topping analysts’ estimates of C$1.18 a share.

TD, Canada’s No.2 bank, posted a 14 percent rise in net income to C$1.7 billion, and an adjusted profit of C$1.91 a share, ahead of estimates of C$1.84 a share.

No. 5 lender CIBC said quarterly profit jumped 42 percent to C$841 million, while adjusted profit was C$2.06, ahead of analysts’ s expectations of C$1.96.

Results this year have shown that domestic loan growth is beginning to slow, likely due to government moves to calm the red-hot housing market and more cautious borrowing in general by heavily indebted Canadians.

But the banks largely bucked the trend this quarter, as RBC’s Canadian banking income rose 24 percent to a record C$1.1 billion from C$888 million a year earlier, while CIBC’s climbed a steady 8 percent to C$594 million.

On the wholesale banking side, both RBC and TD showed strong year-over-year gains, as bond trading rebounded from weakness a year ago.

However, the results didn’t translate into major stock gains on Thursday, as only RBC was up in early trading. It’s shares climbed 1.6 percent at C$55.46.

Both TD and CIBC were both down 0.8 percent, which Barclays Capital John Aiken said was likely due to the fact that expectations for the banks had been lifted following the stronger results from BMO and Scotiabank earlier in the week.

He also warned not to read too much into the robust loan growth during the quarter.

“Extrapolating this quarter going forward is going to be difficult, given the expected slowdown on the mortgage side that we’re likely to see domestically,” he said.

Speaking on a conference call, Dave McKay, RBC’s group head of Canadian banking, said the spring mortgage season had been very robust, but played down expectations that the strength will continue.

“As far as the mortgage business, you have to expect some slowdown,” he said.

INVESTORS SEEK YIELD

Both CIBC and TD had been expected to raise their dividends, but TD’s 7 percent payout increase was more than expected, and the bank also raised its target payout ratio – the amount of profit it sets aside to pay out as dividends – to a range of 40-50 percent from 35-45 percent.

TD Chief Financial Officer Colleen Johnston said the decision to raise the ratio was prompted by feedback from investors.

“I think dividend yield is really highly valued in this low interest rate environment, and that was certainly an impetus for us to increase the payout range,” she said in an interview.

CIBC boosted its dividend by 4 percent to 94 Canadian cents per share.

(Reporting By Cameron French)

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Article source: http://news.yahoo.com/canada-banks-surprise-dividends-big-profits-151337593--finance.html

OTTAWA (Reuters) – Canada’s current account deficit jumped by a bigger-than-expected 57.8 percent in the second quarter, hurt by the country’s deteriorating trade performance, a trend analysts said could undermine the Canadian dollar.

Statistics Canada, citing lower exports of energy and a higher level of imports, said on Thursday that the deficit grew to C$16.02 billion ($16.18 billion) from a revised C$10.15 billion in this year’s first quarter. It was the largest quarterly deficit in nearly two years.

Analysts had been expecting a deficit of C$15.30 billion in the current account, which measures the flow of goods, services and investments in and out of the country.

The deficit on trade in goods in the second quarter was C$3.60 billion, following three quarters of surpluses, as crude petroleum exports to the United States fell and imports rose.

The overall services deficit edged down to C$6.22 billion from C$6.44 billion, while the deficit on investment income grew to C$5.53 billion from C$5.38 billion as profits earned by Canadians on their direct investment abroad declined.

LONG-TERM CONCERN FOR C$

The data had little immediate impact on the Canadian dollar, which had weakened against the U.S. dollar early on Thursday due to uncertainty over central bank action to stimulate the global economy.

But analysts said the prospect of more current account deficits to come was a potential long-term negative for the currency.

“The acute worsening in the current account deficit … to roughly 3.6 percent of GDP in the second quarter serves as a reminder that the currency’s strength is mainly due to capital (rather than trade-related) flows — leaving the currency vulnerable to capital flight if renewed global fears emerge,” said Emanuella Enenajor of CIBC World Markets.

Canada recovered better from the global financial crisis than other major Western economies and has maintained its top-notch credit rating. This has triggered capital inflows, which have helped boost the value of the Canadian dollar to a recent 3-1/2 month high.

Foreign investors acquired C$28.38 billion in Canadian securities in the second quarter, up from just C$6.05 billion in the first quarter. Canadian investment in foreign securities dropped to C$2.63 billion from C$6.45 billion.

Douglas Porter, deputy chief economist at BMO Capital markets, said the current account deficit looked set to persist for some time, given weak U.S. growth, an uncertain world economy and flat commodity prices.

“The growing gap simply adds further evidence that the Canadian dollar is becoming too strong for comfort … point the finger squarely at the Canadian dollar above parity,” he said in a note to clients.

RELIANT ON EXPORTS

Canada is heavily reliant on exports, which in 2011 accounted for around 31 percent of GDP, and the current account figures reflect tough international markets for Canadian firms.

Canadian manufacturers complain the strong dollar, increased foreign competition and the weak state of the world economy makes it harder for them to compete.

The goods surplus with the United States slumped to C$9.89 billion from C$15.43 billion, the lowest since the fourth quarter of 2010. The United States takes around 73 percent of all Canadian exports every month.

“The widening in the current account deficit, particularly in the goods account, underscores our expectation that net exports will exert a drag on second quarter GDP,” said TD Securities strategist Mazen Issa in a note to clients.

Canada releases its data for second quarter GDP on Friday and markets are expecting unimpressive growth of 1.6 percent at an annualized rate. The Bank of Canada last month predicted 1.8 percent growth for the second quarter.

($1=$0.99 Canadian)

(Editing by Jeffrey Hodgson and Peter Galloway)

Article source: http://news.yahoo.com/canada-q2-current-account-deficit-widens-almost-60-124023342--business.html

By David Ljunggren

OTTAWA |
Fri Aug 31, 2012 1:47am IST

OTTAWA (Reuters) – Canada’s main opposition party criticized how the government is handling a $15.1 billion bid by China’s CNOOC Ltd for Canadian oil producer Nexen Inc on Thursday, underlining how politically sensitive the matter has become.

The Conservative government is probing the offer — China’s richest foreign takeover bid yet — to see if it is of net benefit to Canada.

Political sources say the cabinet is split over the CNOOC deal, in part because of concerns that China would gain more control over Canada’s energy patch.

The left-leaning New Democratic Party (NDP), which has long complained that the net benefit test is too opaque, demanded open hearings into the proposed takeover and noted that two former aides to Prime Minister Stephen Harper were lobbying the government on behalf of CNOOC.

Peter Julian, the party’s natural resources spokesman, cited an online Abacus Data poll last week that found that 57 percent of respondents opposed the deal.

“When we look at how the Conservatives seem to be approaching this takeover, they seem to be doing it in a non-transparent and irresponsible way,” Julian told a news conference.

“There are more and more Canadians who are concerned about this takeover … we believe it is in the public interest to have a transparent and thorough review.”

Although Ottawa is supposed to say nothing during the review period, Harper made clear last week that reciprocity and Canadian public opinion would be important factors in the government’s decision.

Some critics complain China needs to open up more to Canadian businesses if it wants to continue buying energy assets in Canada.

Julian said the New Democrats would decide whether to back the bid after consulting energy workers and others who could be affected.

“Certainly we’re concerned about the impact on employment,” he said.

Industry Minister Christian Paradis, charged with taking the final decision on CNOOC, said the review process is sound.

“We have no lessons to take from the NDP, whose reckless economic policies will deter investment, kill jobs, and hurt Canadian families,” he said in a statement.

Harper went to China in February to sell the idea of buying Canadian oil while other ministers say $500 billion ($505 billion) in investment is needed to ensure Canada’s natural resources are developed properly over the next decade.

The CNOOC bid is a big test of the government’s assertions that Canada is open to foreign investment.

Harper blocked a bid by BHP Billiton for fertilizer producer Potash Corp in late 2010 amid pressure from the province of Saskatchewan, where Potash Corp is based.

On Thursday, a Canadian official revealed that Ottawa will take environmental protection into account in deciding on the CNOOC bid.

“Net benefit makes sure that our resource sector will be well looked after,” Junior Finance Minister Ted Menzies told reporters.

Referring to foreign energy firms operating in Canada, he added: “We make sure that they treat the environment with respect, make sure that they do due diligence and look after the environment as they are doing it.”

The remarks were the first time any government official had mentioned the role of the environment in the review process.

Nexen is one of several oil companies operating in the tar sands of northern Alberta, one of the world’s biggest deposits of crude. Oil sands production has been criticized severely by environmentalists for its carbon emissions and its impact on surrounding ecosystems.

(Reporting by David Ljunggren; Editing by Peter Galloway)

Article source: http://in.reuters.com/article/2012/08/30/us-nexen-idINBRE87T0YJ20120830