Invade Canada

We’re No. 2! How the world views Canada’s influence

admin — Sat, 25 May 2013 17:33:37 +0000

If the world was a high school cafeteria, Canada would probably be sitting at a table with the athletes and cheerleaders, suggests a new global popularity poll.

Canada ranked second in a new BBC poll measuring how people view 25 countries around the world.

Fifty-five per cent of respondents viewed Canada’s influence in the world as “mainly positive” – second only to Germany.

The fewest amount of respondents – only 13 per cent – thought it was “mainly negative.”

Despite negative international press relating to the oilsands and seal hunt, the poll suggests Canada’s reputation only seems to be improving: Canada has gone up two percentage points in the positive category since 2012.

Germany topped the list as the most favourably-viewed country, bumping down Japan, which dropped to the fourth spot in the rankings.

The U.K. rose to the third position, propelled by favourable views in the wake of the London 2012 Summer Olympics.

“With ratings of most countries declining this year, it appears that frustration with governments in general is growing, as nearly five years on from the financial crisis they seem incapable of pulling their economies out of the slump,” Sam Mountford, director of GlobeScan, one of the group’s that conducted the poll, wrote in the report.

“But the ‘Olympics effect’ looks to have allowed the U.K. to buck this negative global trend.”

On the other end of the spectrum, countries like Iran, Pakistan, North Korea and Israel were overwhelmingly viewed as “mainly negative.”

The poll also shows that views of China and India have taken a serious hit since 2012. China’s positive rating fell eight points to 42 per cent and its negative rating grew by eight points to 39 per cent.

Similarly, India’s positive rating fell six points to 34 per cent and its negative rating grew eight points to 35 per cent.

The director of polling group PIPA attributes the decline to slowing growth rates and humanitarian issues.

“They seem to be falling back to earth with slowing growth rates and a perception of widespread corruption,” Steven Kull wrote in the report. “The scandals surrounding the treatment of women in India may also have had an impact on this year’s findings.”

The poll was conducted for the BBC by GlobeScan and PIPA, who interviewed more than 26,000 respondents face-to-face and by phone between Dec. 10, 2012 and April 9, 2013. It has a margin of error of plus or minus 3.0 to 4.9 per cent, 19 times out of 20, depending on the country.

Article source: http://www.ctvnews.ca/canada/we-re-no-2-how-the-world-views-canada-s-influence-1.1295885

Feds look to snag corporate sponsors for Ottawa events

admin — Sat, 25 May 2013 17:33:36 +0000

McDonald’s golden arches on Parliament Hill? Tim Hortons billboards at the Governor General’s residence?

Nothing quite so crass is in the works, but a cash-strapped federal agency is actively looking for corporate sponsors to fill gaping holes in its budget.

The National Capital Commission is reviewing a proposal to bring in almost $4.5 million in new sponsorship money over the next five years to promote its cultural jewels in the Ottawa area.

The $69,000 report by consultant TrojanOne Ltd. says the commission could attract corporate cash worth more than a million dollars just to promote Gatineau Park, north of Ottawa, in Quebec.

Sponsors would also pony up money for bicycle events, public-art displays and a Christmas lights festival, says the document.

There’s an “estimated ability to generate cash and value-in-kind resources totalling $4,495,000 by 2018 from sponsorships and partnerships,” said TrojanOne.

A copy of the March 2013 report was obtained by The Canadian Press under the Access to Information Act.

Corporate sponsors are already a key part of the cultural landscape of the capital. The technology firm Alcatel-Lucent is a partner in a seasonal Sunday bicycling event, for example, and American Express supports Winterlude and the Rideau Canal Skateway.

A sound-and-light show projected onto the Parliament Buildings each summer — known as Mosaika — is sponsored by Manulife Financial, which also supports the Christmas Lights Across Canada festival.

This year’s Canada Day shows on Parliament Hill and nearby venues are partly underwritten by the Chicken Farmers of Canada, Loblaws Group of Companies, McDonald’s Canada, Lego Canada and others.

The National Capital Commission, which got into the corporate sponsorship game some three decades ago, is looking for even more private-sector money to keep its programs going.

“A lot of government agencies are looking at new ways of doing business, at ways to reduce our dependency on public funds,” said Sandra Pecek, the commission’s director of communications and public affairs.

Sponsorships have so far earned the NCC than a million dollars annually. But some critics are raising alarms about the creeping corporate takeover of public culture.

“While I have no problem with a corporate sponsorship of special events, concerts and so on, I have real problems with corporate sponsorships of a Crown corporation, a public agency that is supposed to look out for the public good in our nation’s capital,” says Maude Barlow, chair of the Council of Canadians.

“What will these corporations get in return for supporting Gatineau Park? … Have hills and landmarks named after them?”

Budget shifts duties between departments

The National Capital Commission, created in 1959, has been radically downsized this year. The federal budget in March announced the arm’s-length body will lose many of its annual cultural events, including Winterlude, Mosaika and the Canada Day shows on Parliament Hill.

The Canadian Heritage Department will take over these programs as of Sept. 30, a move the Harper government says will make the events more nationally focused than they were under the “locally based” commission.

The budget said the change is partly in preparation for national celebrations of the 150th anniversary of Confederation in 2017.

Pecek says the TrojanOne recommendations, which came out before the budget announcement, remain valid for Gatineau Park and so-called “Pathways and Parkways” events, which are staying with the commission.

The public art and Christmas Lights Across Canada programs are headed to Canadian Heritage, which will also be given TrojanOne’s recommendations on sponsorship for those events.

An interdepartmental committee led by Canadian Heritage sets the rules on the use of Parliament Hill, including a ban on advertising: “Use of the grounds for commercial advertising or other activity that could be perceived as commercial activity is prohibited,” says a guidance document.

But Pierre Manoni, spokesman for the department, says that “on an exceptional basis, commercial advertising is permitted to recognize financial sponsors of events organized by a federal department, agency or Crown corporation.”

Manulife Financial’s sponsorship of Mosaika and Christmas Lights earns it a logo and link on the National Capital Commission’s website. Pecek says the company will also be mentioned in the audio track for the sound-and-light show, which starts July 10 this year.

And Manoni says three sponsors — Chicken Farmers of Canada, Loblaws Group of Companies and Manulife Financial — will receive “visibility” during the Canada Day evening show on Parliament Hill this July 1. All the Canada Day sponsors this year have together paid $350,000 in fees.

TrojanOne says sponsorships in all of Canada were worth $1.6 billion in 2011, up by almost $500 million from 2006. The report cites several global success stories, including the Fete des Lumieres in Lyon, France, which brings in $1 million of sponsorship money each year.

The commission’s Sunday Bikedays is potentially worth $180,000 in annual sponsor revenue by 2016, says the study, including $80,000 for corporate naming rights alone.

Barlow, however, cautions against the continued merging of the private and public spheres in Canada’s capital.

“The NCC is the gatekeeper of the (Ottawa) greenbelt and needs to stay in public hands under strict public control,” she said.

MP Pierre Nantel, the NDP’s critic for Canadian Heritage, said his party is not opposed to corporate sponsorships but they must not be allowed to compromise the National Capital Commission’s autonomy.

“Sponsorships should go toward very specific activities,” he said from his Longueuil, Que., riding.

Article source: http://www.cbc.ca/news/canada/story/2013/05/25/pol-cp-feds-look-to-snag-corporate-sponsors-for-capital-events.html

Pre-teen hockey players across Canada could soon be banned from …

admin — Sat, 25 May 2013 17:33:35 +0000

Pre-teen hockey players across Canada could soon be banned from bodychecking.

Delegates at Hockey Canada’s annual general meeting in Charlottetown are expected to vote this weekend on whether to eliminate the practice for peewee players – mostly 11- to 12-year-olds – as has been done in Alberta, Nova Scotia and Quebec.

There has long been disagreement over whether to allow hitting among young hockey players.

The issue gained momentum last year after a study showed that the rate of injury was three times higher in Alberta than in Quebec. At that time, the peewee bodychecking ban had not yet been introduced in Alberta.

“Those are pretty staggering numbers,” Hockey Nova Scotia executive director Darren Cossar said. “Removing checking will clearly eliminate the number of injuries at that level and for 11- and 12-year-old players, and we think that’s the absolute appropriate thing to do.”

According to Hockey Alberta, the study indicated that a ban on checking at the peewee level would prevent 400 concussions and more than 1,000 injuries each year in the province.

Earlier this month, Hockey Alberta banned body checking in all categories of peewee hockey.

Starting in September, peewee players in the province who bodycheck will be subject to penalites.

On May 12, Nova Scotia becamethe latest province to ban body checking for peewee players after Hockey Nova Scotia’s board voted unanimously to eliminate it.

The board also voted to ban the practice for the B and C levels of the bantam and midget leagues (ages 13 through 18).

At the organization’s annual general meeting in the Halifax area, members heard from a young boy who had to give up playing hockey after suffering a concussion.

“Here we have a young kid that’s 13 or 14 years old and his hockey career is over,” Hockey Nova Scotia president Randy Pulsifer said. “You have to look in your heart and say, ‘What’s best?”’

The organization plans to help retrain coaches in the province on body contact and bodychecking techniques that will help peewee players prepare for playing at a higher level, Pulsifer said.

He added that he thinks Hockey Canada should implement the same rules.

Not everyone agrees that peewee players should not be allowed to bodycheck. Some say the practice prepares young players for tougher games at older levels.

Former Calgary Flames star Theo Fleury credits bodychecking for his success in the NHL.

Another argument in favour of the practice is that it can prevent injuries.

“Our view is, start it younger, teach it as a skill just like any other skill and there’s less likelihood of there being any injuries,” Kelly McClintock, general manager of the Saskatchewan Hockey Association.

One young player said bodychecking is just part of the game.

“I’m small for kids my age and I haven’t had a single concussion,” said 12-year-old Justin Turko. “I think you have to be smart about what you’re doing.”

But Paul Carson, vice-president of hockey development for Hockey Canada, said the Alberta study found “no significant difference in injuries” between Alberta and Quebec, “which would suggest that being predisposed to bodychecking in peewee is not necessarily advantageous to the bantam level hockey player.”

A motion to raise the minimum checking age would come on Saturday with any changes to take effect in the 2013-2014 season.

With a report from CTV’s Alberta Bureau Chief Janet Dirks and files from The Canadian Press

Article source: http://www.ctvnews.ca/sports/hockey-canada-could-ban-bodychecking-for-peewee-players-1.1296372

Canada and U.S, global laggards in worker time off

admin — Sat, 25 May 2013 11:34:28 +0000

Canada ranks near the bottom off the list when it comes to granting paid time off work, but we are much better off than our neighbours to the south, a new report shows.

A survey of the world’s 21 richest countries places Canada third from the bottom when it comes to mandatory vacation time and paid holidays – just ahead of Japan and well beyond the U.S., where companies aren’t even required to pay workers for time away from the job.

“Canada and Japan are less generous … and the United States lags far behind the rest of the world’s rich countries,” says the report from the Washington-based Center for Economic and Policy Research.

In Canada, employees receive a minimum of 10 mandatory vacation days and nine holidays, such as Christmas Day and Canada Day.

The report notes many Canadian employers do grant more vacation time to employees with more experience.

In Japan, employees receive a mandatory 10 vacation days and zero holidays, while employees in the U.S. don’t receive any of both.

“The United States is the only advanced economy that does not guarantee its workers any paid vacation time and is one of only a few rich countries that does not require employers to offer at least some paid holidays,” states the report, timed just ahead of the U.S. Memorial Day long weekend.

“In the absence of a legal requirement for paid vacation and paid holidays, about one fourth of the U.S. workforce has no paid vacation or paid holidays in the course of their work year.”

The report says the gap between paid time off in U.S. and other countries not on the list is even higher.

“In the absence of government standards, almost one in four Americans has no paid vacation (23 per cent) and no paid holidays (23 per cent),” the report says.

Which countries receive the most vacation? Both Austria and Portugal were at the top of the list, with their employees receiving minimum total of 35 paid days off – including 22 vacation days and 13 holidays. Germany and Spain both have 34 days off, while France and Italy receive 31.

Of course some people will be quick to make a correlation between the number of paid days off and Europe’s financial crisis, but consider that both New Zealand and Australia aren’t far behind, providing 30 and 28 paid days off, respectively.

The report says nine countries in Europe also guarantee that workers can take some of that time off in the desirable summer peak vacation season. In the Netherlands, where the rules are the most strict, employers must grant their workers leave in one continuous period between April 30 and October 1.

In New Zealand, employees are entitled to take at least two weeks of their time off in a row.

Article source: http://ca.finance.yahoo.com/blogs/insight/canada-u-global-laggards-worker-time-off-164645852.html

Egyptian tycoon to buy MTS fiber network in new Canada push

admin — Sat, 25 May 2013 11:34:07 +0000

By Alastair Sharp and Euan Rocha

TORONTO (Reuters) – Manitoba Telecom Services Inc will sell its Allstream fiber optic network to a company controlled by telecom tycoon Naguib Sawiris for C$520 million (US$503 million), a deal that signals the Egyptian magnate is still keen on Canada.

Under an agreement announced on Friday, Accelero Capital Holdings, which was founded by Sawiris and is stacked with executives from telecom companies he owns or in which he is invested, gets Allstream landline network and its 50,000 business customers.

Investors cheered the deal, which marks a re-entry of sorts for Sawiris into the Canadian market, sending MTS’s stock up more than 5 percent to C$33.93.

“Immediately it removes a couple of clouds from the stock, one relating to Allstream and just how long it would take to turn them around, and two, they can use the proceeds to help fund their pension deficit,” said Ryan Bushell, a portfolio manager at Leon Frazer Associates in Toronto, which manages more than C$2 billion and is one of MTS’s top shareholders.

The deal’s value includes debt assumed by the buyer. MTS expects its roughly C$405 million in proceeds to help it pay around C$130 million into its pension plan and eliminate all pension solvency funding until 2016.

The deal leaves MTS as a “pure-play” regional player and some investors think this makes it an attractive takeover target for larger companies such as BCE Inc or Telus Corp.

“This transaction makes MTS a stronger, more focused and more valuable company,” Chief Executive Pierre Blouin said, adding that free cash flow would support its dividend policy.

NEW CANADIAN GAMBLE

In a previous foray into Canada, Sawiris’s Orascom Telecom backed upstart Wind Mobile, which launched a wireless service in 2009 that aggressively challenged the pricing plans of Canada’s three dominant telecom players: Bell, Telus and Rogers Communications Inc.

Russia-focused Vimpelcom later bought Orascom for $6 billion but is still awaiting regulatory approval to fold in Orascom’s Canadian assets. It is widely expected that Vimpelcom will sell Wind Mobile as it has retained UBS to seek possible buyers.

Sawiris and Wind Mobile Chief Executive Anthony Lacavera are in talks to buy back Wind from Vimpelcom, a source with knowledge of the talks said on Friday. Such a deal could allow them to combine Allstream’s business customers and extensive infrastructure with Wind’s consumer wireless base.

A separate source close to the Allstream deal said, however, that the asset is independent of Accelero’s ambitions for Wind Mobile. The source said talks between Accelero and Wind’s current owners have not advanced significantly.

“In our view, this transaction increases the probability that Accelero will look to acquire Wind Mobile given the likely synergies on backhaul and a renewed commitment to Canada,” RBC Capital Markets analyst Drew McReynolds in a note to clients.

COMPETITION CONCERNS

The return of Sawiris to the Canadian market reverses a recent trend that has seen the dominant domestic players buying up assets and undermining the Canadian government’s attempts to increase competition in the sector.

“This investment reflects Accelero’s long-term commitment to the Canadian telecommunications market, and our belief in the opportunity that exists to provide capital to enhance the competitive landscape in Canada,” Sawiris said of the Allstream deal in a statement.

The federal government has said it wants four telecom competitors in each of Canada’s regions.

Wind and smaller rivals such as Mobilicity have so far struggled to build profitable businesses in Canada, a factor that has forced them to explore alternatives.

Telus, Canada’s No. 2 wireless operator by subscribers, earlier this month agreed to buy Mobilicity, arguing that the deal would save the upstart from bankruptcy.

BMO Capital Markets was Accelero’s financial adviser and Torys LLP served as legal counsel. CIBC World Markets and Morgan Stanley acted as financial advisers for MTS and Stikeman Elliott acted as legal counsel. The transaction is expected to close in the second half of the year.

Article source: http://news.yahoo.com/egyptian-tycoon-buy-mts-fiber-network-canada-push-081305853.html

Canada’s good name persists abroad

admin — Sat, 25 May 2013 11:34:04 +0000

Canada is reducing its foreign budget in real terms and cutting staff in embassies abroad to save money. It humiliatingly lost an election for a spot on the Security Council, a seat easily won the next time around by Australia. Canada is a slam-dunk Fossil of the Year award candidate overseas. None of its major free-trade initiatives has yet borne fruit.

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Happy! Happy!

A reputation earned over decades cannot apparently be easily dented, however. Almost everywhere in the world, Canada continues to enjoy an enviously positive image – at least, according to this year’s worldwide GlobeScan/PIPA poll for the British Broadcasting Corp. that tested attitudes among 26,299 people toward 16 countries.

Of the 16, Canada tied with Britain for second place with a positive rating of 55 per cent, behind only Germany at 59 per cent.

The survey asked whether the 16 countries had positive or negative influence on the world – not whether they were the most important, wealthy or powerful. The question was about influence, and in every country but Pakistan, many more people gave Canada a “positive” mark than a “negative” one.

The positives toward Canada were highest in the United States (84 per cent), France (82 per cent), (Britain 80 per cent), Australia (79 per cent) and South Korea (77 per cent).

There were some fascinating examples of discordance, however, between how other countries see Canada and how Canadians see other countries.

For example, positive views of Canada in Germany have fallen a massive 24 points since the survey a year ago, to only 51 per cent overall, whereas Canadians’ views of Germany remain very positive at 69 per cent. (Canada has been without an ambassador in Germany for about six months, an inexcusable lapse for Canada in the most important country in Europe.)

The survey offers no explanation for shifts in opinion, but it is likely the tumble in Canada’s reputation in Germany revolves around the environment. Bitumen oil has become a cause célèbre for German environmentalists. Canada’s overall dilatory record on reducing greenhouse-gas emissions gives the country a black eye in Germany.

Another gap exists between how Canadians and Americans see each other’s country. Whereas Americans display a 84-5 per cent positive/negative view of Canada’s influence, Canadians’ attitude to the United States is 45-45, down slightly from 48-42 positive in the last survey. This discrepancy in part reflects the traditional chip that Canadians have on their shoulder toward their immense neighbour.

Attitudes toward Israel reveal another difference. Israel’s image is only 2 points better than North Korea’s. The United States is the only country in the survey with a positive view of Israel (51-32), whereas Canadians display a negative attitude by more than 2 to 1 (57-25).

This negative attitude toward Israel puts Canada close to the average opinion of Israel found in this survey: 52 per cent negative and 21 per cent positive. Domestically, the results demonstrate that the Harper government’s unwavering and uncritical support for every Israeli position is out of sync with Canadians’ overall opinion.

Mind you, the survey did not test intensity of views. Pro-Israel sentiment is very deeply felt and expressed in Canada; anti-Israel opinion, generally speaking, is less intense. It’s similar to Canadian feelings about the monarchy: Pro-monarchists are intensely attached to the institution; the majority are mostly indifferent.

Canadians still retain a positive overall attitude toward the European Union (51-26), but the positives have dropped 10 points in a year, perhaps reflecting the ongoing economic crisis in the EU and ongoing disagreements over bitumen oil, seals and the inability as yet to reach a comprehensive trade agreement.

Canadians are skeptical of China, to say the least. They hold a 59-29 negative view of China’s influence, compared to a global average of 42-39 positive (itself an eight-point decline compared to a year ago). The Chinese view of Canada, by contrast, is 55-15 positive.

For some bizarre reason, Canadians see South Korea slightly negatively, at 41-38 per cent, whereas Canada is very well regarded there. South Korea has become a thoroughly admirable country that deserves to be viewed as Canadians see Japan: 61-23 per cent positive.

Article source: http://www.theglobeandmail.com/commentary/canadas-good-name-persists-abroad/article12144793/?cmpid=rss1

Canada: Mayor Denies Drug Allegations

admin — Sat, 25 May 2013 05:32:49 +0000

After a week of avoiding journalists, Mayor Rob Ford of Toronto on Friday denied accusations that he smoked crack cocaine. “I do not use crack cocaine, nor am I an addict of crack cocaine,” Mr. Ford, left, said as he read a statement during a brief news conference. He did not take questions. Last week Mr. Ford dismissed as “ridiculous” reports by The Toronto Star and the Web site Gawker that their reporters had viewed a video recording of Mr. Ford that appeared to show him smoking crack cocaine. The two organizations said they were shown the recording by drug dealers who hoped to sell it. The mayor’s statement followed the release of an open letter from six of Mr. Ford’s allies on the City Council asking him to address the reports. Some other members of the council told reporters on Friday that they found the mayor’s statement inadequate, given his history of initially denying embarrassing episodes only to later acknowledge the accusations as true.

Article source: http://www.nytimes.com/2013/05/25/world/americas/canada-mayor-denies-drug-allegations.html

Canada: Qatar Gives up Bid to Relocate UN Agency

admin — Sat, 25 May 2013 05:32:46 +0000

Qatar has abandoned its bid to relocate the United Nations civil aviation agency from Canada to the tiny emirate, ending a bitter fight between the two nations, both countries said Friday.

Canada had accused Qatar, which has been trying to burnish its international presence, of trying to buy the U.N. agency located in Montreal.

Canadian Foreign Minister John Baird said he received a call from Qatar’s prime minister on Thursday.

“I’m going to be generous. I appreciate the call,” Baird told The Associated Press in a telephone interview. “We were prepared to fight tooth and nail on this.”

Qatar’s embassy in Ottawa said in a statement that considering the “keenness” of Qatar to “preserve the close and historic friendship” between the countries and the importance that Canada attaches to keeping ICAO’s headquarters in Montreal, Qatar decided to withdraw its offer.

Qatar, one of the world’s richest countries with vast oil and gas reserves, has been pushing to become a major player on the global stage in the last few years. It shocked the sporting world by beating out the United States and others to host the World Cup in 2022 and is looking to host the 2020 summer Olympic games.

Losing ICAO would have been a blow for Canada and Montreal, the hub of Canada’s aviation industry. ICAO employs 534 people and says it generates about $80 million annually for Montreal’s economy. Its current headquarters were built in the 1990s at a cost of $100 million.

International Civil Aviation Organization spokesman Anthony Philbin said Qatar sent ICAO’s secretary general a letter Thursday night saying they would like to withdraw their offer. He said no explanation was provided.

ICAO has been in Montreal since its founding in 1946. Qatar presented ICAO with an unsolicited offer in April to serve as the new permanent seat of the organization beginning in 2016.

The proposal included construction of new premises, paying to move materials and staffers, and paying for all costs of staff terminations and severance packages, according to the U.N. agency.

Canadian officials said Qatar did not inform Baird about the bid despite him being Qatar just days before.

Qatar argued it would be nice to escape Montreal’s cold winters. Baird later took a jab at the Gulf country’s climate, saying he’d rather have four seasons rather than a crushing humid temperature of more than 40 degrees Celsius (104 Fahrenheit) 12 months a year.

ICAO said the offer would have to be considered at the agency’s triennial assembly meeting Sept. 24-Oct 4, where 60 percent of its 191 member states would have had to vote favor of it for Qatar’s proposal to become reality.

Asked if Qatar dropped the bid because they felt they would lose, Baird said: “I will just say this. We’re very pleased with the strong support we received from around the world.”

Baird said Qatar Prime Minister Sheikh Hamad bin Jassim bin Jaber Al Thani values the relationship with Canada and that was one of the factors.

ICAO Secretary General, Raymond Benjamin noted Montréal has been ICAO’s home for decades.

“While the offer to move us to Doha was extremely generous, ICAO is also very pleased to continue its global mission with the support and cooperation of the Canadian and local governments,” Benjamin said in a statement.

Opposition parties in Canada had said the bid by Qatar was politically motivated and a reflection of Canada’s firm pro-Israel policy in the Middle East.

Canada has been tussling with several Gulf nations in recent years. The United Arab Emirates lobbied against Canada’s bid for a seat on the U.N. Security Council in 2010 after relations soured following disputes over airline routes, after Canada refused to open more flights for the fast-growing carriers Emirates and Etihad Airways.

Canada’s support for Israel was also seen as a factor in losing the backing of Arab countries. The government in Abu Dhabi also forced Canada to leave a military base.

Qatar has taken an active role in Mideast politics, providing weapons and funding to the Syrian rebels fighting the Assad regime, promoting peace in Sudan’s troubled Darfur region and pushing for a resumption of Israeli Palestinian peace talks.

Article source: http://abcnews.go.com/International/wireStory/canada-qatar-bid-relocate-agency-19249689

Canada Dollar Drops 3rd Week on Bets Risk Assets Outpace Growth

admin — Sat, 25 May 2013 05:32:45 +0000

The Canadian dollar touched the
weakest level in a year against its U.S. counterpart amid
investor concern that gains in riskier assets have outpaced
global economic growth.

The currency fell for a third week versus the greenback as
U.S. jobless claims dropped and durable-goods orders rose,
adding to speculation Federal Reserve Chairman Ben. S. Bernanke
may slow monetary stimulus. It dropped against a majority of its
16 most-traded peers as oil, Canada’s biggest export, declined
and stocks in the U.S. and Europe slid. The Bank of Canada will
announce its rate decision on May 29, the final meeting for
Governor Mark Carney.

“The weaker Canadian dollar is at a crossroads,” Brian Daingerfield, a currency strategist at Royal Bank of Scotland
Group Plc’s RBS Securities unit in Stamford, Connecticut, said
in a telephone interview yesterday. “The U.S. dollar story,
driven by Bernanke’s comments about tapering, has weighed on the
currency. It remains to be seen if the move was warranted, given
the data dependency. But we may have moved too far, too fast.”

The loonie, as the Canadian dollar is known for the image
of the aquatic bird on the C$1 coin, fell 0.4 percent to
C$1.0318 per U.S. dollar this week in Toronto. It reached
C$1.0394, weakest since June 5, 2012. One loonie buys 96.92 U.S.
cents.

Canada’s benchmark 10-year government bonds fell, with
yields rising three basis points, or 0.03 percentage point, to
1.95 percent. The 1.5 percent security maturing in June 2023
fell 25 cents to C$95.94.

Net Shorts

Futures traders decreased their bets that the Canadian
dollar will decline against the U.S. dollar, figures from the
Washington-based Commodity Futures Trading Commission show.

The difference in the number of wagers by hedge funds and
other large speculators on a decline in the Canadian dollar
compared with those on a gain — so-called net shorts — was
33,852 on May 21, compared with net shorts of 44,417 a week
earlier.

The SP GSCI gauge of raw materials fell 1.2 percent on the
week after reaching a five-week high May 20. Futures for crude
oil fell 2.3 percent to $93.85 a barrel in New York. Standard
Poor’s 500 Index of stocks dropped 1.1 percent.

“The Canadian dollar is underperforming as commodity
prices continue to dip and the U.S. dollar gets stronger amid
eventual Fed tapering talk, which has weighed on risk assets,”
Dean Popplewell, head analyst in Toronto at the online currency-trading firm Oanda Corp., said by phone from Toronto.

‘Looking Cheap’

Crude may decline in New York next week on concern global
economic growth will slow and on bets U.S. fuel supplies will be
sufficient to meet summer demand, a Bloomberg survey showed.
Twenty of 32 analysts, or 63 percent, forecast crude will
decrease through May 31. Seven respondents predicted an increase
and five projected no change. Last week, 51 percent of analysts
projected a decline.

“The risk sentiment and volatility has taken some of the
edge out of commodity currencies,” said Shaun Osborne, chief
currency strategist at Toronto-Dominion Bank’s TD Securities
unit, said in a telephone interview. “The U.S. is looking cheap
as the economy turns and we get more whispers of tapering, and
that will continue to reflect on the Canadian dollar.”

Implied volatility for three-month options on the Canadian
dollar versus its U.S. counterpart reached 8.02 percent, the
highest level since July 25. Traders quote and use the measure,
which signals the expected pace of currency swings, to set
option prices.

Central Banks

U.S. jobless claims fell by 23,000 to 340,000 in the week
ended May 18, the Labor Department said, versus a forecast
345,000 in a Bloomberg survey. Bookings for equipment meant to
last at least three years increased 3.3 percent last month after
dropping 5.9 percent in March, the Commerce Department reported,
compared with a 1.5 percent increase forecast in another survey.

The Fed is buying $85 billion of Treasury and mortgage
bonds each month to cap borrowing costs. Bernanke said this week
the central bank may slow purchases at its next few meetings if
it’s confident of sustained gains in the economy.

As the Fed debates its next move, the highest inflation-adjusted yields on Canadian government bonds in almost three
months suggest that incoming Bank of Canada Governor Stephen
Poloz has room to reverse Carney’s tightening bias and cut
interest rates.

‘No Chance’

Carney, who leaves as governor of the Bank of Canada on
June 1 to become head of the Bank of England, said in January
that there’s still room for more monetary stimulus around the
world if needed, and that the task for central banks is to
achieve “escape velocity” for their economies.

The focus is “turning towards Governor Carney’s last BOC
meeting,” Camilla Sutton, head of currency strategy at Bank of
Nova Scotia (BNS) in Toronto, wrote in a note to clients of the May 29
gathering. “Markets are pricing in no chance of an interest-rate change.”

The world’s 11th largest economy will expand 1.6 percent
this year, the slowest growth since the economy contracted 2.8
percent in 2009, according to economist surveyed by Bloomberg.
At the same time the U.S economy is expected to growth by 2
percent.

“After the recent decline in inflation, there are still
question marks on if the central bank can or will maintain its
hiking bias,” Mark Chandler, head of fixed-income strategy at
Royal Bank of Canada (RY)’s RBC Capital Markets unit, said by phone
from Toronto on May 21. “Performance from here will be dictated
by if the Canadian economy can hook on to the coattails of the
emerging U.S. economy.”

The Canadian dollar fell 0.7 percent this week, the second
weakest performance after the dollar of Australia, another
commodities exporter, among 10 developed-market currencies
tracked by Bloomberg Correlation-Weighted Indexes. The dollar
dropped 0.3 percent, the euro advanced 0.5 percent and the yen
added 1.8 percent.

To contact the reporter on this story:
Cordell Eddings in New York at
ceddings@bloomberg.net

To contact the editor responsible for this story:
Dave Liedtka at
dliedtka@bloomberg.net

Article source: http://www.bloomberg.com/news/2013-05-25/canada-dollar-drops-3rd-week-on-bets-risk-assets-outpace-growth.html

Canada Post tells residents that junk mail is useful

admin — Fri, 24 May 2013 23:31:50 +0000

Some Ottawa residents received letters from Canada Post asking them to consider accepting flyers and coupons.

The letter that arrived at homes this week was sent to around 900,000 mail boxes across the country. These residents have previously told Canada Post not to deliver any junk mail to their address. Canadians can opt out of receiving junk mail through the postal service’s consumer choice program.

Canada Post argues that ‘junk mail’ helps Canadians connect with their communities and save money.

“While unaddressed mail does have a bad name, we understand that there is a relevance to it. And we want to make sure that we offer it as efficiently as possible,” said Canada Post spokesperson Anick Losier.

This is the first time Canada’s postal service has made a direct pitch for junk mail.

“Mail is changing. People are using us differently. And it would be irresponsible for us to not change,” said Losier.

Ottawa resident Carmen Iliescu, who for years has put a ‘no flyers’ sign on her mailbox, said that if Canada Post wants to change it should ditch junk mail altogether.

She said a letter from Canada Post won’t change her mind because she finds junk mail too overwhelming.

“I would prefer to not have so much paper on my door,” Iliescu said. “It’s too much information. It’s confusing. When I need (information), I’ll go and search for it.”

Canada Post received positive feedback to their letter, according to Losier. The letter included a postage paid envelope, so that Canadians could sign back up with Canada Post.

“On the first day, we got over 400 letters back saying I want back in,” Losier said.

She said people who decide they still don’t want junk mail will have their wishes respected.

The mass mail-out follows a recent Conference Board of Canada report that says Canada’s postal service is headed for financial trouble. The report projects that Canada Post will hit a one billion dollar deficit by 2020.

Gurprit Kindra, a marketing professor at the University of Ottawa, said this is part of Canada Post’s strategy to stay afloat.

He does not believe the strategy will work.

“It’s a fairly desperate cry for help. I can’t imagine how sending out junk messages to people who do not want to receive junk messages is going to revive the fortunes of Canada Post,” Kindra said.

In order for Canada Post to make a comeback, Kindra said the postal service needs to examine other options, like scaling back door-to-door service.

“Door-to-door mail delivery is a luxury that in many instances is unaffordable in Canada. [It] doesn’t do a lot of harm if I walk around the block to pick up my mail,” Kindra said.

Canada Post is currently holding roundtables with communities across Canada. Canada Post says it’s open to suggestions on the future direction of Canada’s mail service.

Article source: http://ca.news.yahoo.com/canada-post-tells-residents-junk-mail-useful-213823435.html

U.S. meat labels to detail animal’s origin; Canada, Mexico raise concern

admin — Fri, 24 May 2013 23:31:49 +0000

But the regulations, posted Friday by the Department of Agriculture, are the latest move in a trade dispute that has pitted U.S. consumer groups, which favor the labels, against free-trade advocates, who say the regulations are biased against cattle and pork from Canada and Mexico.

Nor are the regulations likely to be the last word in the international controversy, which seems destined to wind up — again — before the World Trade Organization, which has previously ruled that U.S. labeling regulations discriminated against Canadian and Mexican livestock.

The dispute over meat labeling is one of a handful in recent years in which U.S. efforts to regulate food and other products have been rejected by the World Trade Organization. The WTO has ruled against U.S. “dolphin-safe” tuna labels and weighed in as well against a ban on clove-flavored cigarettes.

“The big lesson for American consumers is that the WTO has invaded aspects of our lives that have nothing to do with trade,” said Lori Wallach, director of Public Citizen’s group on trade issues. “They have come to your dinner table. Depending on what the WTO does, either consumers will be provided with important information, or the U.S. may face trade sanctions.”

The dispute over meat labeling promises to continue.

While U.S. Agriculture Secretary Tom Vilsack says the new rules on meat labeling will bring the United States “into compliance” with trade obligations, Canada disagrees and Mexico has already complained about the regulations.

“Canada is extremely disappointed with the regulatory changes put forward by the United States,” according to a statement from the Canadian trade and agriculture ministers, Ed Fast and Gerry Ritz. “These changes will increase discrimination against Canadian cattle and hogs and increase damages to industry on both sides of the border.”

“Mexico regrets that the U.S. Department of Agriculture has chosen to propose amendments to the regulations that would exacerbate the adverse impact [of the labeling program] on bilateral trade,” Mexican trade and agriculture ministers Kenneth Smith Ramos and Carlos Vazquez Ochoa wrote.

The meat labeling dispute dates back to March 2009, when the United States required that meat be labeled with its country of origin — without specifying, as the new rules do, where the animal was born, raised and slaughtered.

Canada and Mexico objected to those rules, arguing that the hassles of tracking each animal’s nationality prompted slaughterhouses to prefer animals that had been born and raised in the United States. This created a bias against foreign livestock, they argued.

Canada and Mexico brought their concerns to the World Trade Organization, which ruled against the United States last June.

By making the labeling more specific, the United States appears to be addressing the WTO’s concern that the record keeping required under the previous rules was too onerous given the meager amount of information it gave consumers. The new rules, which cite more information, better justify the record keeping required, at least according to the American view.

“The requirement will provide consumers with more specific information on which to base their purchasing decisions without imposing any additional recordkeeping requirements on industry,” the USDA’s announcement said.

The United States estimates that more than 2,800 livestock processing and slaughtering companies, 38 chicken processing companies and about 4,300 retailers will be affected by the new rules. Officials estimated the cost of implementing the rules at $33 million.

Article source: http://feeds.washingtonpost.com/c/34656/f/645348/s/2c5d6b80/l/0L0Swashingtonpost0N0Cbusiness0Ceconomy0Cus0Emeat0Elabels0Eto0Edetail0Eanimals0Eorigin0Ecanada0Emexico0Eraise0Econcern0C20A130C0A50C240Cca10A91c0A0Ec47f0E11e20E914f0Ea7aba60A512a70Istory0Bhtml0Dwprss0Frss0Ihomepage/story01.htm

Canada Leads Global Food Security Initiatives

admin — Fri, 24 May 2013 23:31:47 +0000

ROME, ITALY–(Marketwired – May 24, 2013) – Canada’s leadership on food security and nutrition is contributing to the reduction of poverty, hunger, and malnutrition in developing countries. The Honourable Julian Fantino, Minister of International Cooperation, participated today in a round table in Rome to discuss global food security and nutrition, and the role of private sector partnerships.

“Ensuring access to safe and nutritious food is a priority of Canada’s international assistance to developing countries,” said Minister Fantino. “Canada urges international partners to seize opportunities and engage the private sector in improving food security for developing countries.”

During the round table, attended by the heads of the World Food Programme (WFP), International Fund for Agricultural Development (IFAD), and Food and Agriculture Organization, Minister Fantino highlighted Canada’s commitment to reducing poverty and promoting sustainable development in developing countries including through increasing the role of the private sector in agriculture, nutrition, and food security.

Following the round table, Minister Fantino announced further support to the WFP to help it meet the immediate food-assistance and nutrition needs of vulnerable people in a range of situations involving humanitarian crises and food insecurity around the world. This includes countries such as Somalia, Niger, and Yemen. This support is in response to the WFP’s 2013 humanitarian appeal.

In addition, Minister Fantino announced support to WFP’s Humanitarian Logistics Base in Djibouti. This logistics hub will improve the efficiency and cost-effectiveness of food assistance provided by the WFP in the Horn of Africa.

“Canada is the WFP’s second-largest donor and one of our most important allies in the fight against hunger,” said Ertharin Cousin, Executive Director of the WFP. “Canada’s leadership in food security and nutrition helps ensure the WFP’s ability to rapidly respond to emergency and crisis situations, maintain food in our program pipelines, innovatively address the challenges of chronic malnutrition, as well as accurately plan and manage resources better, facilitating our ability to maximize the cost-efficiency of our operations.”

Minister Fantino also reaffirmed Canada’s long-term support to the IFAD, whose mission is to empower people to grow more food, better manage their land and other natural resources, learn new skills, start small businesses, build strong organizations, and gain a voice in decisions that affect their lives. This support will increase rural people’s access to agricultural technologies, financial services, markets, and land through country-specific solutions.

As well, Canada is contributing to the IFAD’s Adaptation for Smallholder Agriculture Program. This program helps smallholder farmers reduce their crop-yield losses, gain increased access to water supplies, use water resources more efficiently, and build individual and community-level capacity to adapt to weather challenges.

“As a founding member of the IFAD, Canada has long been an important partner for the fund.” said Kanayo F. Nwanze, President of the IFAD. “Our partnership is based upon shared priorities and approaches to achieving global food and nutrition security, from enabling poor smallholder farmers to have improved access to financial services and markets, to helping them adapt to and mitigate the effects of climate change. In addition, we both recognize the distinct and critical role played by women in all aspects of food production and rural life.”

Canada continues to be a leader in advancing the global food security and nutrition agenda, including the need to adapt agricultural practices and inputs. Economic Action Plan 2013 affirms Canada’s commitment to international development investments including those aimed at increasing food security and nutrition. The new Department of Foreign Affairs, Trade and Development will also maintain the mandate of poverty alleviation and help achieve greater efficiency, accountability, and focus to continue to improve the lives of people in need around the world.

Backgrounder

Minister Fantino held a round table on global food security and nutrition, and engagement in private sector partnerships. The participants included:

Ambassador James Fox, Ambassador to Italy, and Permanent Representative of Canada to the Food and Agriculture Agencies of the United Nations, co-host of the meeting

Dr. José Graziano da Silva, Director-General, Food and Agriculture Organization (FAO)

Dr. Kanayo F. Nwanze, President, International Fund for Agricultural Development (IFAD)

Ms. Ertharin Cousin, Executive Director, United Nations World Food Programme (WFP)

H. E. David Lane, Ambassador of the United States of America to the United Nations Agencies in Rome

Dr. Yaya Olaniran, Chair, Committee on World Food Security; Permanent Representative of Nigeria to the FAO

Canada and the World Food Programme

Canada has been a long-standing partner of the WFP. In 2012, Canada was the third-largest overall donor and the second-largest single-country donor to the WFP. Canada supported the creation of the WFP in 1961, and has been supporting its mission consistently over the past fifty years. Each year, Canada responds generously to appeals issued by the WFP. As such, Canada is providing over $96 million to the WFP in response to its 2013 appeals to meet the urgent needs of millions of people in humanitarian crises and situations of food insecurity in such countries as Somalia, Niger, and Yemen.

Canada is also providing $14 million to the WFP for the Djibouti Humanitarian Logistics Base. The Djibouti logistics hub will consist of 40,000 tonnes of high-quality silo storage capacity, 25,000 tonnes of traditional bagged food storage, 2,500 m² of non-food item storage, and a 200-unit container yard. The hub will allow for faster delivery times for food assistance to reach beneficiaries in Ethiopia and other countries, including Sudan and South Sudan, Kenya, and Somalia.

Canada and the International Fund for Agricultural Development

Canada is a founding member of the IFAD. As of January 2012, Canada was the third-largest contributor to the IFAD. Since 1978, the IFAD has empowered more than 400 million people to grow more food, better manage their land and other natural resources, learn new skills, start small businesses, build strong organizations, and gain a voice in decisions that affect their lives.

Canada is providing $75 million in support for the IFAD (2013-2015). This funding will help increase access by the rural poor to agricultural technologies, financial services, markets, land, and other natural resources to improve food security and nutrition. It will also help increase the adoption of renewable energy sources at the farm and community levels, and low-cost technologies to help smallholder farmers improve their productivity and increase their resilience to economic and weather-related shocks that can affect their livelihoods.

The IFAD’s Adaptation for Smallholder Agriculture Programme (ASAP) also received $19.9 million to help poor rural smallholder farming communities withstand the effects of climate change and weather-related disasters. It supports the creation and sharing of knowledge, approaches and practices related to climate change adaptation. Canada’s support to the ASAP will help farmers reduce their crop-yield losses, gain increased access to water supplies, use water resources more efficiently, and build individual and community-level capacity to adapt to climate change.

Canada and the Food and Agriculture Organization

Canada is a key partner of the FAO in the fight to end hunger and malnutrition. Thanks to timely contributions from the Government of Canada, including extra-budgetary support, FAO has been able to respond rapidly to agricultural threats and emergencies around the globe, helping farmers, pastoralists, and fishers get back on their feet as quickly as possible while working to ensure long-term food and nutrition security. This has included support to:

Senegal, Sri Lanka, and Honduras for programs to rebuild livelihoods and develop long-term food security;

South Sudan to provide young men and women with tools and training to start a new life in farming, rearing livestock, and fishing;

West Bank and Gaza to strengthen the governments’ response to animal disease outbreaks; and

Pakistan to provide seeds and tools following the 2010 floods.

Article source: http://finance.yahoo.com/news/canada-leads-global-food-security-181643538.html

Canada Stocks Fall as Oil Slips; National Bank Climbs

admin — Fri, 24 May 2013 17:31:41 +0000

Canadian stocks fell for a second
day, led by energy producers as crude headed for its biggest
weekly loss in more than a month.

Athabasca Oil Corp. (ATH) lost 1.6 percent as oil fell for a
fourth day in New York. National Bank of Canada (NA) climbed 1.6
percent after reporting better-than-expected earnings and
raising its dividend. Banro Corp. and OceanaGold Corp. lost more
than 2.9 percent as gold retreated. Manitoba Telecom Services
Inc. surged 4.5 percent after agreeing to sell its Allstream
business unit to Accelero Capital Holdings, a firm co-founded by
Egyptian billionaire Naguib Sawiris.

The Standard Poor’s/TSX Composite Index (SPTSX) fell 16.74
points, or 0.1 percent, to 12,641.35 at 11:48 a.m. in Toronto.
The benchmark equity gauge has gained 1.7 percent this year.

“The economy on a worldwide basis isn’t doing very well,
and we had confirmation of that with the China data yesterday,”
said Stephen Gauthier, chief investment officer with Fin-XO
Securities Inc. in Montreal. The firm manages C$500 million
($484 million). “Commodities are falling. We’re seeing oil is
down and gold is down. Not a lot of good news for the Canadian
market.”

China manufacturing is unexpectedly contracting for the
first time in seven months, preliminary May data from HSBC
Holdings Plc and Markit Economics said yesterday. Orders for
U.S. durable goods increased more than forecast in April,
pointing to gains in business investment that will help
manufacturing rebound in the second half of the year, according
to data released today.

Oil Stocks

Athabasca Oil dropped 1.6 percent to C$6.32 and Suncor
Energy Inc. declined 0.8 percent to C$32.06 as the price of
crude retreated 0.4 percent to $93.85 a barrel in New York.
Crude has slumped 2.5 percent this week, headed for its biggest
weekly drop in a month amid ample U.S. fuel stockpiles and
concern the Chinese economy will slow.

National Bank of Canada, the country’s sixth-largest
lender, advanced 1.6 percent to C$76.75 after reporting record
second-quarter adjusted profit and raising its dividend 4.8
percent. The bank posted adjusted profit of C$2.08 a share,
ahead of the C$1.97 average estimate according to data compiled
by Bloomberg.

Banro slipped 2.9 percent to C$1.01 and OceanaGold sank 4.9
percent to C$1.76 as gold for June delivery slipped 0.3 percent
to $1,387.60 in New York.

Manitoba Telecom

Manitoba Telecom (MBT) gained 4.5 percent to C$33.55 after
selling its Allstream fiber network business to Accelero Capital
for C$520 million ($503 million).

Pierre Blouin, chief executive officer with Manitoba
Telecom, said he is selling the Toronto-based unit, which offers
30,000 kilometers of fiber network to businesses across Canada,
to focus on being a “pure play” telecoms company. Manitoba
Telecom will use the cash to invest in new wireless spectrum and
improve the speed of its existing networks, the company said in
a statement.

Niko Resources Ltd. jumped 19 percent to C$7.11, headed for
its biggest gain since September 2008. Niko, along with partners
Reliance Industries Ltd. and BP Plc, announced today they have
discovered gas and condensate in a well off the east coast of
India.

The companies said they are evaluating the size and quality
of the find. Niko holds a 10 percent stake in the KG D6 block
where the discovery was made.

To contact the reporter on this story:
Eric Lam in Toronto at
elam87@bloomberg.net

To contact the editor responsible for this story:
Lynn Thomasson at
lthomasson@bloomberg.net

Article source: http://www.bloomberg.com/news/2013-05-24/canada-stocks-fall-led-by-energy-shares-national-banks-climbs.html

Canada says Qatar has abandoned its bid to relocate UN civil aviation agency …

admin — Fri, 24 May 2013 17:31:40 +0000

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Article source: http://www.washingtonpost.com/world/the_americas/canada-says-qatar-has-abandoned-its-bid-to-relocate-un-civil-aviation-agency-from-montreal/2013/05/24/8a53ef40-c485-11e2-9642-a56177f1cdf7_story.html

US meat labels to detail animal’s origin; Canada, Mexico raise concern

admin — Fri, 24 May 2013 17:31:39 +0000

But the regulations, posted Friday by the Department of Agriculture, are the latest move in a trade dispute that has pitted U.S. consumer groups, which favor the labels, against free-trade advocates, who say the regulations are biased against cattle and pork from Canada and Mexico.

Nor are the regulations likely to be the last word in the international controversy, which seems destined to wind up — again — before the World Trade Organization, which has previously ruled that U.S. labeling regulations discriminated against Canadian and Mexican livestock.

U.S. Agriculture Secretary Tom Vilsack says the new rules will bring the United States “into compliance” with trade obligations.

But Canada and Mexico have already complained about the regulations.

“Canada is extremely disappointed with the regulatory changes put forward by the United States,” according to a statement from the Canadian trade and agriculture ministers, Ed Fast and Gerry Ritz. “These changes will increase discrimination against Canadian cattle and hogs and increase damages to industry on both sides of the border.”

Mexico also opposes the approach. “Mexico regrets that the U.S. Department of Agriculture has chose to propose amendments to the regulations that would exacerbate the adverse impact [of the labeling program] on bilateral trade,” Mexican trade and agriculture ministers Kenneth Smith Ramos and Carlos Vazquez Ochoa wrote.

The dispute dates back at least as far as March 2009, when the United States required that meat be labeled with its country of origin — without specifying, as the new rules do, where the animal was born, raised and slaughtered.

Canada and Mexico objected to those rules, arguing that the hassles of tracking each animal’s nationality prompted slaughterhouses to prefer animals that had been born and raised in the United States. This created a bias against foreign livestock, they argued.

Canada and Mexico brought their concerns to the World Trade Organization, which ruled against the United States last June.

By making the labeling more specific, the United States appears to be addressing the WTO’s concern that the record-keeping required under the previous rules was too onerous given the meager amount of information it gave consumers. The new rules, which cite more information, better justify the record-keeping required, in the American view.

“The requirement will provide consumers with more specific information on which to base their purchasing decisions without imposing any additional recordkeeping requirements on industry,” the USDA’s announcement said.

The United States estimates that more than 2,800 livestock processing and slaughtering companies, 38 chicken processing companies and about 4,300 retailers will be affected by the new rules. Officials estimated the cost of implementing the rules at $33 million.

Article source: http://www.washingtonpost.com/business/economy/us-meat-labels-to-detail-animals-origin-canada-mexico-raise-concern/2013/05/24/ca1091c0-c47f-11e2-914f-a7aba60512a7_story.html

Canada Post campaigns against 'no flyers' mailbox signs

admin — Fri, 24 May 2013 11:31:08 +0000

Canada Post has been mailing more than 900,000 letters across the country hoping to convince people to remove “no flyer” signs from their mailboxes.

Canada Post is paid to distribute flyers and other unaddressed material.

The letter reminds residents that flyers, catalogues, product samples and community notices can “save you money and keep you connected with your local community.”

Anick Losier, a spokeswoman for Canada Post, said her organization wants to be sure that citizens are not missing out on important, but unaddressed, mail.

“[The letter is] to remind people what unaddressed ad mail is,” said Losier.

“It’s not just flyers and coupons, it’s also fundraising incentives, it’s also catalogs, as well as municipal notices.”

Losier said Canada Post sent out the letters to help the organizations and people who pay Canada Post to distribute flyers and notices reach more homes.

In St. John’s, however, homeowners Evelyn Osborne and Peter Duchemin said the Canada Post letter will not convince them to remove the “no flyers” sign on their mailbox.

“No, it [the letter] will persuade me to absolutely keep it up,” said Osborne.

Duchemin, who had been doing some painting around their property, painted an exclamation mark on the “no flyers” sign, just to make their point to Canada Post more emphatic.

Article source: http://www.cbc.ca/news/canada/prince-edward-island/story/2013/05/23/nl-canada-post-flyers-523.html?cmp=rss

Canada Terror Suspect: Lawyer Must Use 'Holy Book'

admin — Fri, 24 May 2013 11:31:07 +0000

A man accused of plotting to derail a train in Canada with support from al-Qaida asked Thursday to be represented by a defense attorney willing to use the “holy book” as a reference in his case.

At a previous hearing, Tunisian-born Chiheb Esseghaier declined court-appointed legal representation and rejected the allegations against him. He said he did not recognize the court’s authority, saying Canada’s criminal code is “not a holy book.”

“I have one point. I have agreed to have a lawyer, no problem, but I wish that this lawyer will cooperate with me. I need the holy book as a reference. I don’t want a book written by humans,” Esseghaier said via video link.

The justice of the peace told Esseghaier he would have to discuss his need to use the Quran with his lawyer once one has been assigned.

The 30-year-old was arrested last month along with suspected accomplice Raed Jaser in connection with a plot to derail a Via passenger train running between New York City and Montreal. Investigators say the men received guidance from members of al-Qaida in Iran. Iranian government officials denied having anything to do with the plot.

Police — tipped off by an imam worried by the behavior of one of the suspects — said it was the first known attack planned by al-Qaida in Canada. The two, who are charged with conspiring to carry out an attack and murder people in association with a terrorist group, could face life in prison if convicted.

Esseghaier, who was living in Montreal at the time of his arrest, has not entered a plea and is scheduled to return to court on June 3.

Jaser, 35, who was born in the United Arab Emirates to Palestinian parents but is not an UAE citizen, was living in Toronto at the time of his arrest.

He also appeared briefly via video link Thursday, saying only that he wished to speak with his lawyer. Both men donned orange prison suits and sported beards. Jaser was scheduled to for another court appearance on June 25.

Brydie Bethell, co-counsel for Jaser, said Thursday that her client denies all charges against him and that they are working on a bail application for Jaser.

A few weeks after Esseghaier and Jaser were arrested, FBI officials arrested Tunisian man in New York who they said was linked to the Via rail terror plot.

Ahmed Abassi was charged with trying to stay in the United States illegally to build a cell for international acts of terror.

Prosecutors, in a letter submitted to a U.S. District Court judge in Manhattan, said Abassi had radicalized Esseghaier.

The indictment charges Abassi with two counts of lying on applications for a green card and work visa. Each count carries a maximum term of 25 years in prison upon conviction. His lawyer Sabrina Shroff said Abassi denies the accusations in the indictment.

Article source: http://feeds.abcnews.com/c/35229/f/654825/s/2c51e410/l/0Labcnews0Bgo0N0CInternational0CwireStory0Ccanada0Eterror0Esuspect0Elawyer0Eholy0Ebook0E192430A99/story01.htm

Bank of Canada rate hike view pushed to last quarter of 2014

admin — Fri, 24 May 2013 11:31:05 +0000

By Solarina Ho

TORONTO (Reuters) – The Bank of Canada’s next interest rate hike won’t come until the fourth quarter of 2014, according to a Reuters survey that saw economists push back forecasts for the next tightening due to the economy’s tepid growth and low inflation.

All 34 economists polled by Reuters expect the central bank to leave its benchmark rate unchanged at 1 percent on May 29, when it announces its next scheduled rate decision.

“The bank certainly has sent a strong message that they’re comfortable with the level of monetary accommodation in the near term,” said Derek Burleton, deputy chief economist at Toronto-Dominion Bank, whose rate hike forecast falls on the median fourth quarter of next year.

“Our forecast incorporates some of the bank’s medium term view, but keeps the rates stable in the short term, which is consistent with an economy that’s struggling to advance.”

Canada’s inflation rate in April fell to its lowest level since October 2009, making any upward interest rate move even less likely.

Unlike other major central banks that have used ultra-easy monetary policies to stimulate their lackluster economies, Canada’s central bank has left interest rates untouched for the longest period since the early 1950s, following three successive hikes in 2010.

Last year, the Bank of Canada said it plans to raise borrowing costs eventually, making it the only Group of Seven central bank with an explicit tightening bias.

It has since toned down the hawkish language, however, as the economy sputtered at the end of last year.

Economists say Canada started this year stronger than it ended 2012, growing faster than expected, but more recent data also showed some of that growth was due to one-time factors.

“We don’t see the economy continuing to accelerate. If anything we see a bit of a pull back in Q2, so very much an economy that’s growing modestly at best,” said Burleton.

The latest Reuters poll has the median forecast for the next quarter-point rate hike pushed to the fourth quarter of 2014 from an April poll which had pegged the next hike to occur during the third quarter of 2014.

Canada’s 12 primary dealers, the institutions that work directly with the Bank of Canada as it carries out its monetary policy, backed this view in the latest poll and said the Bank of Canada’s incoming governor Stephen Poloz is expected to retain the tightening bias.

Current governor Mark Carney will be taking over as head of the Bank of England on July 1.

MIXED DATA

This week, retail sales showed that Canadians bought more items in March, even though the value was unchanged from February, indicating the economy was more robust than expected in the first quarter.

Canada’s latest employment data for April showed the unemployment rate held steady at 7.2 percent, with a modest 12,500 new jobs added in April following some 54,500 jobs estimated to have been lost in March.

On the housing front, the number of housing starts slipped in April from March, the latest sign Canada’s housing market is cooling.

“A soft landing seems to be unfolding, which doesn’t subtract too much from growth,” said Michael Gregory, senior economist at BMO Capital Markets.

“Government restraint continues, but not to the point where it’s taking away too much from growth and consumers are continuing to spend a little bit but not by very much.”

BMO sees the Bank of Canada raising its benchmark interest rate in the third quarter of 2014.

The Bank of Canada is also in no hurry to raise borrowing costs too far ahead of the U.S. Federal Reserve, where rates have been slashed effectively to zero, with no sign of a hike until at least 2015.

“It’s no longer obvious that the next Bank of Canada rate hike will come any earlier than the first upward move by the U.S. Fed,” said Avery Shenfeld, chief economist at Scotiabank, which is calling for the first Canadian hike to come in the first quarter of 2015.

The Federal Reserve’s monetary stimulus is helping the U.S. economy recover but the central bank needs to see further signs of traction before taking its foot off the gas pedal, Fed Chairman Ben Bernanke said on Wednesday.

(Polling and additional reporting by Deepti Govind; Editing by Jeffrey Hodgson and Nick Zieminski)

Article source: http://news.yahoo.com/bank-canada-rate-hike-view-pushed-last-quarter-162640680.html

Canada Terror Suspect: Lawyer Must Use ‘Holy Book’

admin — Fri, 24 May 2013 05:30:40 +0000

A man accused of plotting to derail a train in Canada with support from al-Qaida asked Thursday to be represented by a defense attorney willing to use the “holy book” as a reference in his case.

At a previous hearing, Tunisian-born Chiheb Esseghaier declined court-appointed legal representation and rejected the allegations against him. He said he did not recognize the court’s authority, saying Canada’s criminal code is “not a holy book.”

“I have one point. I have agreed to have a lawyer, no problem, but I wish that this lawyer will cooperate with me. I need the holy book as a reference. I don’t want a book written by humans,” Esseghaier said via video link.

The justice of the peace told Esseghaier he would have to discuss his need to use the Quran with his lawyer once one has been assigned.

The 30-year-old was arrested last month along with suspected accomplice Raed Jaser in connection with a plot to derail a Via passenger train running between New York City and Montreal. Investigators say the men received guidance from members of al-Qaida in Iran. Iranian government officials denied having anything to do with the plot.

Police — tipped off by an imam worried by the behavior of one of the suspects — said it was the first known attack planned by al-Qaida in Canada. The two, who are charged with conspiring to carry out an attack and murder people in association with a terrorist group, could face life in prison if convicted.

Esseghaier, who was living in Montreal at the time of his arrest, has not entered a plea and is scheduled to return to court on June 3.

Jaser, 35, who was born in the United Arab Emirates to Palestinian parents but is not an UAE citizen, was living in Toronto at the time of his arrest.

He also appeared briefly via video link Thursday, saying only that he wished to speak with his lawyer. Both men donned orange prison suits and sported beards. Jaser was scheduled to for another court appearance on June 25.

Brydie Bethell, co-counsel for Jaser, said Thursday that her client denies all charges against him and that they are working on a bail application for Jaser.

A few weeks after Esseghaier and Jaser were arrested, FBI officials arrested Tunisian man in New York who they said was linked to the Via rail terror plot.

Ahmed Abassi was charged with trying to stay in the United States illegally to build a cell for international acts of terror.

Prosecutors, in a letter submitted to a U.S. District Court judge in Manhattan, said Abassi had radicalized Esseghaier.

The indictment charges Abassi with two counts of lying on applications for a green card and work visa. Each count carries a maximum term of 25 years in prison upon conviction. His lawyer Sabrina Shroff said Abassi denies the accusations in the indictment.

Article source: http://abcnews.go.com/International/wireStory/canada-terror-suspect-lawyer-holy-book-19243099

Canada Post campaigns against ‘no flyers’ mailbox signs

admin — Fri, 24 May 2013 05:30:39 +0000

Canada Post has been mailing more than 900,000 letters across the country hoping to convince people to remove “no flyer” signs from their mailboxes.

Peter Duchemin adds an exclamation mark to the ‘no flyers’ message on his mailbox. (CBC )
Canada Post is paid to distribute flyers and other unaddressed material.

The letter reminds residents that flyers, catalogues, product samples and community notices can “save you money and keep you connected with your local community.”

Anick Losier, a spokeswoman for Canada Post, said her organization wants to be sure that citizens are not missing out on important, but unaddressed, mail.

“[The letter is] to remind people what unaddressed ad mail is,” said Losier.

“It’s not just flyers and coupons, it’s also fundraising incentives, it’s also catalogs, as well as municipal notices.”

Losier said Canada Post sent out the letters to help the organizations and people who pay Canada Post to distribute flyers and notices reach more homes.

In St. John’s, however, homeowners Evelyn Osborne and Peter Duchemin said the Canada Post letter will not convince them to remove the “no flyers” sign on their mailbox.

“No, it [the letter] will persuade me to absolutely keep it up,” said Osborne.

Duchemin, who had been doing some painting around their property, painted an exclamation mark on the “no flyers” sign, just to make their point to Canada Post more emphatic.

Article source: http://www.cbc.ca/news/canada/newfoundland-labrador/story/2013/05/23/nl-canada-post-flyers-523.html

Canada threatens ‘retaliatory measures’ over new US meat labeling regulations

admin — Fri, 24 May 2013 05:30:38 +0000

TORONTO – Canada said Thursday that it is considering retaliatory measures against the United States in a dispute over meat-labeling rules that Ottawa and the World Trade Organization consider discriminatory.

The Canadian government said that new U.S. country of origin labeling regulations announced Thursday that require tracking beef, chicken and hogs from livestock through the meat processing and distribution systems are unduly burdensome.

Agriculture Minister Gerry Ritz and Trade Minister Ed Fast said in a joint statement that rule means additional costs for producers on both sides of the border and increased damage to the industry.

“Canada will consider all options at its disposal, including, if necessary, the use of retaliatory measures,” the statement said.

In 2009, the U.S. issued a requirement that retail outlets put country of origin labels on meat and other products in an effort to give U.S. consumers more information about their food.

The rule led to lower U.S. imports of livestock from Canada cutting Canadian cattle shipments to the U.S. by 50 percent within a year and cut the export of slaughter hogs by 58 percent, according to the Agriculture and Agri-Food Canada department.

The Canadian Pork Council estimates the labeling rule has already cost Canada about US$97 million (CA$1 billion) annually in beef and pork exports.

The WTO said last year that the 2009 U.S country of origin rule discriminated against livestock from Canada and Mexico. Washington had until Thursday to ensure the labeling rule complied with trade obligations.

The Canadians said the U.S. regulations will not bring the Americans into compliance with last year’s ruling by the World Trade Organization.

Tom Vilsack, U.S. agriculture secretary, said the new rules are aimed at resolving the tense trade dispute between Canada, the U.S. and Mexico.

“USDA remains confident that these changes will improve the overall operation of the program and also bring the mandatory (country of original legislation) requirements into compliance with U.S. international trade obligations,” he said in a statement.

The new labels will include such information as “born, raised and slaughtered in the United States” for American meat. Cuts of meat from other countries could carry labels such as “born in Canada, raised and slaughtered in the United States.”

The USDA says its country-of-origin labeling system was designed to help consumers make informed decisions about food choices.

Article source: http://www.foxnews.com/world/2013/05/23/canada-threatens-retaliatory-measures-over-new-us-meat-labeling-regulations/

Canada threatens 'retaliatory measures' over new US meat labeling regulations

admin — Thu, 23 May 2013 23:30:43 +0000

Alice and Arthur John of Ross River, Yukon, have been married since 1932. That year, the couple took part in an arranged marriage ceremony in the Dena’ina tradition. Three years later, in 1935, they

Article source: http://ca.news.yahoo.com/canada-threatens-retaliatory-measures-over-us-meat-labeling-231007259.html

Canada announces youthful squad for Costa Rica friendly

admin — Thu, 23 May 2013 23:30:42 +0000

Canada announced Thursday its 18-man roster for a May 28 friendly against Costa Rica in Edmonton, and the prevailing theme is “inexperience.”

Julian de Guzman headlines a youthful group that will represent the Red and White, with no other player on the squad even close to matching the 32-year-old’s 63 international appearances.

The man with the second-most number of caps — André Hainault — is one of the team’s senior members at just 26 years of age. The defender has made 34 international appearances for Canada, and he will be a good bet to start for a highly experiemental side helmed by interim coach Colin Miller.

“The match against Costa Rica will be a great challenge for this young group,” Miller said in a statement. “Hopefully some of these young lads will rise to the occasion and stake a claim for a place at the CONCACAF Gold Cup.”

Among the youngsters in the mix are 18-year-old Samuel Piette, along with Toronto FC rookie Jonathan Osorio. Despite being the youngest on the roster, Piette has become somewhat of a regular at national team camps recently (although he has only one match appearance so far), while Osorio will be looking for his first cap at the senior level.

It’s not all teenagers and early twenty-somethings, however, as Canada can look to Portuguese league veteran Pedro Pacheco, goalkeeper Milan Borjan and forward Tosaint Ricketts for experience and leadership. All three have participated in the previous World Cup qualifying and CONCACAF Gold Cup campaigns.

Miller and the Canadian team will also benefit from an opponent that looks to be as experimental, with the Costa Ricans electing to rest most of their overseas stars ahead of a crucial World Cup qualifier the following week.

The Central Americans, like Canada, were also limited by the fact that the May 28 friendly falls outside of the FIFA calender for international matches.

Regardless, Miller says he’ll have the players at his disposal ready for the challenge of playing on home soil for the first time since Canada crashed out of World Cup qualification late last year.

“We are playing at home and we know that means we need to be positive – and I will certainly encourage the boys to be positive,” he said. “We will not sit back and wait for Costa Rica to come after us.”

FULL CANADA ROSTER

GOALKEEPERS (3): Haidar Al-Shaïbani (Nîmes Olympique), Milan Borjan (Sivasspor), Simon Thomas ( Vancouver Whitecaps FC)

DEFENDERS (5): Nana Attakora (San Jose Earthquakes), André Hainault (Ross County FC), Doneil Henry (Toronto FC), Ashtone Morgan (Toronto FC), Adam Straith (FC Saarbrücken)

MIDFIELDERS (7): Kyle Bekker (Toronto FC), Stefan Cebara (Nogometni Klub Celje), Julian de Guzman (SSV Jahn Regensburg), Issey Nakajima-Farran (Alki Larnaca) Jonathan Osorio (Toronto FC), Pedro Pacheco (CD Santa Clara), Samuel Piette (Fortuna Düsseldorf)

FORWARDS (3): Randy Edwini-Bonsu (Eintracht Braunsweig), Marcus Haber (Stevenage FC), Tosaint Ricketts (Sandnes Ulf)
Follow GOAL CANADA on Twitter

Article source: http://sports.yahoo.com/news/canada-announces-youthful-squad-costa-195700612--sow.html

Canada disapproves new meat labeling rules

admin — Thu, 23 May 2013 23:30:39 +0000

TORONTO (AP) — Canada said Thursday that it is considering retaliatory measures against the United States in a dispute over meat-labeling rules that Ottawa and the World Trade Organization consider discriminatory.

The Canadian government said that new U.S. country of origin labeling regulations announced Thursday that require tracking beef, chicken and hogs from livestock through the meat processing and distribution systems are unduly burdensome.

Agriculture Minister Gerry Ritz and Trade Minister Ed Fast said in a joint statement that rule means additional costs for producers on both sides of the border and increased damage to the industry.

“Canada will consider all options at its disposal, including, if necessary, the use of retaliatory measures,” the statement said.

In 2009, the U.S. issued a requirement that retail outlets put country of origin labels on meat and other products in an effort to give U.S. consumers more information about their food.

The rule led to lower U.S. imports of livestock from Canada cutting Canadian cattle shipments to the U.S. by 50 percent within a year and cut the export of slaughter hogs by 58 percent, according to the Agriculture and Agri-Food Canada department.

The Canadian Pork Council estimates the labeling rule has already cost Canada about US$97 million (CA$1 billion) annually in beef and pork exports.

The WTO said last year that the 2009 U.S country of origin rule discriminated against livestock from Canada and Mexico. Washington had until Thursday to ensure the labeling rule complied with trade obligations.

The Canadians said the U.S. regulations will not bring the Americans into compliance with last year’s ruling by the World Trade Organization.

Tom Vilsack, U.S. agriculture secretary, said the new rules are aimed at resolving the tense trade dispute between Canada, the U.S. and Mexico.

“USDA remains confident that these changes will improve the overall operation of the program and also bring the mandatory (country of original legislation) requirements into compliance with U.S. international trade obligations,” he said in a statement.

The new labels will include such information as “born, raised and slaughtered in the United States” for American meat. Cuts of meat from other countries could carry labels such as “born in Canada, raised and slaughtered in the United States.”

The USDA says its country-of-origin labeling system was designed to help consumers make informed decisions about food choices.

Article source: http://news.yahoo.com/canada-disapproves-meat-labeling-rules-231024958.html

Canada Dollar Snaps Two-Day Slide Amid Paring of Easing Bets

admin — Thu, 23 May 2013 17:28:34 +0000

The Canadian dollar gained from a
one-year low against its U.S. counterpart amid speculation the
Federal Reserve may not taper its monetary stimulus, known as
quantitative easing, as soon as some investors anticipated.

The currency climbed against the majority of its 16 most-traded peers even as oil, the nation’s largest export, dropped
for a third day. It extended the advance after Statistics Canada
said the number of Canadians receiving jobless benefits fell 1
percent in March from the previous month. Fed Chairman Ben S.
Bernanke told lawmakers yesterday a premature withdrawal of
stimulus could endanger economic recovery in Canada’s biggest
trading partner.

“The feeling is that perhaps tapering or easing off of QE
is not quite as imminent as what we were expecting yesterday,”
Neil Jones, head of European hedge fund sales at Mizuho
Corporate Bank Ltd. in London, said in a telephone interview.
“The pound has appreciated, so has the euro, likewise Canada
and the Aussie are having a bit of revival as well.”

The loonie, as the Canadian dollar is known for the image
of the aquatic bird on the C$1 coin, rose 0.2 percent to
C$1.0343 per U.S. dollar at 11:04 a.m. in Toronto after touching
C$1.0394, weakest since June 5, 2012. One loonie buys 96.68 U.S.
cents.

Futures for crude oil tumbled 1.6 percent to $92.78 a
barrel in New York. Standard Poor’s 500 Index (SPX) of stocks
dropped 0.7 percent.

The number of regular beneficiaries of Canadian jobless
benefits declined by 5,220 to 523,700. From the year-ago month,
the total number of beneficiaries fell 8.1 percent, or by
46,390, the Ottawa-based agency said.

‘Easy Money’

“The potential end of easy money is coming, and that has
taken some of the steam out of the risk market,” Mark Chandler,
head of fixed-income strategy at Royal Bank of Canada (RY)’s RBC
Capital Markets unit, said by phone from Toronto. “But the
timetable for less easing is still rocky.”

The loonie fell 1 percent yesterday as Bernanke testified
in Washington that, as the outlook for the labor market
“improves in a real and sustainable way, the committee will
reduce the flow of purchases.”

The U.S. central bank is buying $85 billion of government
and mortgage debt each month to cap borrowing costs and help the
economy. Minutes of the Fed’s April 30-May 1 policy meeting
released yesterday showed that a “number” of officials were
willing to taper bond buying as early as the next meeting in
June should economic reports show evidence of sustained growth.

Flaherty’s View

Canadian Finance Minister Jim Flaherty, speaking in Ottawa
yesterday, said the loosening of fiscal and monetary policies in
some countries may be increasing risks to the global economy.

Some policy makers favor “growth at any cost,” Flaherty
told a committee of lawmakers. Those authorities believe “not
only should they be doing more in fiscal policy, but they should
continue what some of them are doing in monetary policy,
printing money.”

The Canadian dollar is exhibiting some technical signs of
being oversold versus the U.S dollar, even as a strong U.S
currency trend is in place, George Davis, chief technical
analyst for fixed income and currency strategy in Toronto at
Royal Bank of Canada, wrote in a note to clients.

“This suggests a more cautious stance as the prospects of
a short-term corrective pullback are increasing,” he wrote.

The Canadian dollar has fallen 1.1 percent this week, the
most among 10 developed-market currencies tracked by Bloomberg
Correlation-Weighted Indexes. The dollar climbed 0.5 percent,
the euro advanced 0.7 percent and the yen jumped 1.2 percent.

To contact the reporters on this story:
Cordell Eddings in New York at
ceddings@bloomberg.net;
John Detrixhe in New York at
jdetrixhe1@bloomberg.net

To contact the editor responsible for this story:
Dave Liedtka at
dliedtka@bloomberg.net

Article source: http://www.bloomberg.com/news/2013-05-23/canada-dollar-snaps-two-day-slide-amid-paring-of-easing-bets.html

Canada’s privacy laws inadequate for digital age, watchdog says

admin — Thu, 23 May 2013 17:28:33 +0000

Canadians’ trust in the digital economy is at risk because our laws don’t have enough teeth to compel companies to protect consumers’ privacy, Canada’s privacy commissioner says.

“It is increasingly clear that the law is not up to the task of meeting the challenges of today – and certainly not those of tomorrow,” Jennifer Stoddart said Thursday when she released a report recommending changes to Canadian privacy legislation governing the private sector.

“The legislation lacks mechanisms strong enough to ensure organizations invest appropriately in privacy. As a result, consumer trust in the digital economy is at risk.”

‘Right now, the only real power I have is to name.’—Jennifer Stoddart, privacy commissioner of Canada

Speaking to members of the International Association of Privacy Professionals at their annual Canada Privacy Symposium, where she released her position paper, Stoddart noted that technological advances have massively expanded the scale of personal information that organizations can collect, store and use as they create new products and services. Sometimes, she added, that occurs in ways that are intrusive, or without the genuine consent of the individuals that the personal information belongs to.

Stoddart has previously complained that many companies, such as social media websites, routinely ignore Canadian privacy laws.

She said Thursday that other countries have already made changes to their privacy laws to address the challenges posed by new technology and it is important that Canadian legislation “evolve to keep up with the rest of the world.”

In order to address such issues, Canada’s Personal Information Protection and Electronic Documents Act (PIPEDA) must be beefed up to include stronger enforcement, she added.

“Right now, the only real power I have is to name [companies that break the law],” she said. “This provides Canadians with information about where they may — or may not — wish to take their business. But how can Canadians vote with their feet when increasing amounts of their personal information are being held by fewer and fewer organizations?”

Stoddart’s paper recommends expanding enforcement powers under the law to allow for:

Financial penalties such as compensation for damages, administered by the Federal Court or fines imposed by the privacy commissioner.

The privacy commissioner to make orders that companies must comply with.

Currently, the privacy commissioner can recommend actions companies can take to comply with privacy legislation, but would need to go to Federal Court to get an enforceable order.

Stoddart also recommends measures to boosting transparency and accountability of companies that gather, store and use Canadians’ personal information by requiring companies to:

Notify both the privacy commissioner and affected individuals in the case of a privacy breach.

Publicly report the number of disclosures of Canadians’ personal information they have made to law enforcement agencies and government institutions. PIPEDA allows law enforcement and government agencies to obtain this information without consent.

Be accountable for their commitments to improve privacy practices, following an investigation or audit, by being required to demonstrate compliance within a set time period or face consequences.

Voluntary privacy breach reporting ‘unacceptable’

In the case of privacy breaches, organizations can currently report breaches voluntarily, but don’t have to, a situation that Stoddart called “unacceptable” and “unfair.” She noted that organizations that do report breaches often suffer damage to their reputation and costs associated with fixing the problem. “Meanwhile, those that do not report may escape with no negative effects on their reputation or bottom line.

Stoddart has been calling for similar changes for years, but so far the government has not committed to updating PIPEDA.

Article source: http://www.cbc.ca/news/technology/story/2013/05/23/technology-privacy-jennifer-stoddart.html

Canada Businessman’s Corruption Trial on in Cuba

admin — Thu, 23 May 2013 17:28:32 +0000

A Canadian businessman caught up in a corruption probe in Cuba apparently went on trial Thursday, nearly two years after he was detained and his import company, Tri-Star Caribbean, was shuttered.

Sarkis Yacoubian arrived at an Interior Ministry courthouse in Havana in a black sedan with tinted windows, and was seen being escorted inside by two men.

He did not speak to reporters, nor did Canadian Ambassador Matthew Levin, who also attended the proceedings. Foreign journalists were not allowed access to the court, and government officials did not immediately respond to a request for comment.

President Raul Castro has repeatedly spoken of a need to root out entrenched corruption on this Communist-run island, and his anti-graft drive has swept up foreign business executives from at least five nations, as well as government officials and dozens of Cuban employees at key state-run companies.

The Toronto Star and El Nuevo Herald reported last week that Yacoubian was indicted last month on charges of bribery, tax evasion and “activities damaging to the economy.” He reportedly faces up to 12 years in prison.

In a phone interview from jail, he said he had no choice but to pay island officials to secure business contracts, and claimed to have blown the whistle on corruption involving Tri-Star and other companies.

“They found out this was an epidemic going all over the place and I was the fall guy,” Yacoubian was quoted as saying by the Star and El Nuevo Herald, the Miami Herald’s Spanish-language sister newspaper. “They want to give an example to the rest of the businessmen. They want to scare them to death.”

Another Canadian businessman, Cy Tokmakjian, president of the Tokmakjian Group, which was raided and closed down in September 2011, is also awaiting trial, as is a Briton who headed the investment firm Coral Capital Group.

In late April, Havana announced that the Tokmakjian Group’s operating license had been rescinded due to unspecified actions “that are contrary to the principles and ethics that should characterize commercial activity and contravene Cuban judicial order.”

Other acknowledged or rumored corruption probes have targeted food distributor Rio Zaza, run by a Chilean man who was close to former President Fidel Castro; Cuba’s civil aviation authority; cigar manufacturer Habanos SA, and state telecom Etecsa.

More than 150 foreign businesspeople and scores of small South American and European companies have been kicked out of the country.

Thursday’s court proceedings took place at the same converted mansion where U.S. government subcontractor Alan Gross was sentenced to 15 years for crimes against the state after he was caught bringing restricted communications equipment onto the island and setting up unauthorized Internet networks.

———

Associated Press journalist Fernando Gonzalez in Havana contributed to this report.

———

Peter Orsi on Twitter: www.twitter.com/Peter—Orsi

Article source: http://abcnews.go.com/International/wireStory/canada-businessmans-corruption-trial-cuba-19241800

Canada and Pacific Alliance trade bloc size each other up for trade prospects

admin — Thu, 23 May 2013 11:28:19 +0000

CALI, Colombia – The leaders of Canada and the Pacific Alliance will be sizing each other up today to see if Canada might be a good fit with the nascent Latin American trade bloc.

Stephen Harper wants to see if it’s worthwhile engaging in yet another round of talks to free up trade and investment.

And the leaders of the Pacific Alliance — which groups Chile, Colombia, Peru and Mexico — want to know if Canada is serious enough about economic integration to at least partly let go of its trade and investment restrictions and its visa requirements.

The opposition NDP is leery about joining a group when Canada is already engaged in several different trade talks that are dragging on and on, and before a parliamentary committee studying the Pacific Alliance has even reached any conclusions.

But senior Canadian government officials say Canada is still just an observer at the Pacific Alliance and has made no commitment to join as a member.

“It makes sense that we’re here as observers. Observer doesn’t necessarily mean member-in-waiting,” said one official on condition her name not be used — standard practice during policy briefings.

By sending Harper as well as International Trade Minister Ed Fast to the talks in Cali, Canada is sending a signal to its competitors that it is serious about trade with dynamic partners in Latin America, analysts say.

“I think it’s a signal to some very close partners,” agreed the senior official.

The Pacific Alliance is ambitious. It aims to break down barriers not just in goods, but also services, people and capital. The four founding members are focusing on removing those barriers internally first, and then hoping to bring in other members to form one of the largest trade blocs in the world.

For now, though, the Canadian government does not know exactly what that trade bloc will look like.

“They’re still dotting some i’s and crossing some t’s,” said the official.

The summit got off to a damp start on Wednesday night. Several vehicles got stuck in the mud after days of rain in the valley city. Harper and many others missed a dinner meant for visiting leaders and 600 dignitaries hosted by Colombia President Juan Manuel Santos.

Some non-government organizations say Canada already sacrificed labour rights and environmental protections by signing on to a free trade agreement with Colombia, and they don’t want to see Canada exacerbate that mistake.

They also point out that as part of its attempt to win Canadian political support for its free trade agreement with Colombia, Ottawa promised to produce an annual report on human rights in Colombia to assess whether free trade hurts or improves conditions. But no report has been tabled yet this year, despite a mid-May deadline.

The United Nations High Commissioner for Human Rights produces a separate report on Colombia every year. Its most recent edition states that there is reason to hope that human rights are improving as the peace process dealing with 40 years of internal violence takes hold.

But it also says the Colombian government needs to take responsibility for third-party violence, extra-judicial executions, disappearances, and land rights that are abused by companies in the mining sector.

Canada’s mining companies are front and centre in Latin America, but the senior official said Canadian firms are leaders in corporate social responsibility and in promoting improvements in living conditions and respect for human rights.

Article source: http://ca.news.yahoo.com/canada-pacific-alliance-trade-bloc-size-other-trade-080013718.html

Canada’s international reputation rising: Survey

admin — Thu, 23 May 2013 11:28:17 +0000

“Canada once said ‘yes, we are rich, but we will not forget others,’” Mahbubani said. “You were thoughtful, committed to making the world a better place, similar to Scandinavian countries. Canada has become more selfish. The Canadian government sees shale gas and says ‘So what it if affects global warming?’ Canadians may not be aware, but the world watches. I hear all the time people asking what has Canada become.

Article source: http://www.thestar.com/news/world/2013/05/23/canadas_international_reputation_rising_survey.html

Canada's housing affordability continues to exert mild stress on potential homebuyers: RBC Economics

admin — Thu, 23 May 2013 11:28:16 +0000

TORONTO , May 23, 2013 /CNW/ – Canada’s housing market remained under
moderate affordability-related stress in the first quarter of 2013, as
housing affordability stayed in the holding pattern that began in early
2010, according to the latest Housing Trends and Affordability Report issued by RBC Economics Research. Housing affordability was largely
unchanged in the latest period, as it was largely the status quo for
mortgage rates, home prices and household incomes.

“The Canadian housing market cooled significantly in the past year;
however, there is mounting evidence that activity is no longer
weakening,” said Craig Wright , senior vice-president and chief
economist, RBC. “A significant nation-wide price correction does not
appear to be imminent so long as affordability remains outside of the
danger zone.”

The RBC housing affordability measure captures the proportion of pre-tax
household income that would be needed to service the costs of owning a
specified category of home at going market values (a rise in the
measure represents deterioration in affordability).

During past housing market downturns in Canada , RBC estimates that the
measure for the benchmark detached bungalow most often climbed above
the 44.5 per cent mark before prices fell more than 5.0 per cent (peak
to trough). At 42.5 per cent (up by 0.3 percentage points) in the first
quarter of this year, the bungalow measure remained below this critical
threshold.

During the first quarter of 2013, measures at the national level were
unchanged in the two other categories of homes tracked. RBC measures
for the standard two-storey home and condominium apartment categories
remained at 48.0 per cent and 28.1 per cent, respectively.

Exceptionally low mortgage rates have been the chief factor in keeping
homeownership costs relatively affordable, RBC says.

“While affordability levels are manageable at this point, we’d be
humming a very different tune if interest rates were to suddenly rise
substantially. Fortunately, the likelihood of a surge in rates is slim
at this stage,” said Wright. “We believe that the more probable
scenario in Canada is one of low interest rates over the next two
years; we expect the Bank of Canada to begin gradually raising the
overnight rate in mid-2014.”

RBC notes that when interest rates eventually rise, it will be because
the Canadian economy is on stronger footing. Part and parcel of this
stronger economic environment will be heftier household income gains,
which would work to offset any negative impact on affordability.

The housing market is clearly cooler than it was just a year ago; home
resales were down 13 per cent nationally in the first quarter of this
year relative to the same period in 2012. RBC notes that much of the
decline took place in the months following the latest changes to
government-insured mortgage insurance rules implemented in July.
Activity appears to have stabilized since then – first-quarter resales
were unchanged from the fourth quarter of 2012.

Home prices in Canada gave up some ground after a peak in June of 2012,
but have generally held up so far in 2013, thanks to predominantly
balanced markets in Canada . RBC says that in the past year as demand
cooled, the supply of homes for sale also curbed, helping to maintain
balanced conditions.

RBC expects market activity to remain subdued this year. However, as the
negative effects of the mortgage insurance rule changes gradually
dissipate, there could be a mild strengthening from recent monthly
levels.

In Canada’s local markets, there were some divergences in affordability
trends in the first quarter of 2013, but, in most cases, changes were
minimal. Vancouver continues to be the least affordable market in the
country by far. RBC notes that, to a lesser extent, Toronto and
Montreal are other city markets showing signs that homeownership is a
bit of a stretch for a typical household budget – particularly in the
single-family home segments. Other local markets tracked by RBC stand
within historically safe ranges.

RBC’s housing affordability measure for the benchmark detached bungalow
in Canada’s largest cities is as follows: Vancouver 82.3 per cent (up
0.1 percentage points from the previous quarter); Toronto 53.8 per cent
(up 0.8 percentage points); Montreal 40.1 per cent (up 0.6 percentage
points); Ottawa 39.1 per cent (up 0.1 percentage points); Calgary 38.7
per cent (up 0.8 percentage points); Edmonton 30.4 per cent (down 0.2
percentage points).

The RBC Housing Affordability Measure, which has been compiled since
1985, is based on the costs of owning a detached bungalow (a reasonable
property benchmark for the housing market in Canada ) at market value.
Alternative housing types are also presented, including a standard
two-storey home and a standard condominium apartment. The higher the
reading, the more difficult it is to afford a home at market values.
For example, an affordability reading of 50 per cent means that
homeownership costs, including mortgage payments, utilities and
property taxes, would take up 50 per cent of a typical household’s
monthly pre-tax income.

Highlights from across Canada:

British Columbia: affordability improves, but still has a long way to go
Homeownership in the province became slightly more affordable in the
first quarter, though the market has a long way to go before homebuyers
can experience more normal levels by historical standards. RBC measures
fell by 0.4 percentage points for bungalows and by 1.3 percentage
points for two-storey homes. The measure for condominiums remained
unchanged.

Alberta: slight erosion in affordability does little to deter homebuyers
High household incomes in the province kept homebuyers unfazed by the
slight erosion in affordability in the first quarter. Alberta’s housing
market remains a bright spot in Canada despite the fact that
affordability measures rose slightly by 0.2 percentage points across
all housing types tracked by RBC.

Saskatchewan: biggest affordability improvement in Canada
Following a noticeable deterioration in the fourth quarter of 2012,
Saskatchewan’s affordability levels registered the largest improvement
across Canada in kicking-off 2013. RBC measures fell by 1.7 percentage
points for two-storey homes, 1.0 percentage point for bungalows and 0.3
percentage points for condominiums.

Manitoba: second consecutive quarter of affordability deterioration
Manitoba’s affordability levels deteriorated for the second straight
quarter in the first quarter of 2013, though levels are still not
considered dangerous for provincial homebuyers. The RBC measures rose
modestly across all housing categories – up 0.8 percentage points for
bungalows, 0.4 percentage points for condominiums and 0.2 percentage
points for two-storey homes.

Ontario: affordability conditions extend their recent trends
Ontario’s affordability conditions in the first quarter of 2013 were by
and large an extension of recent trends – a deterioration in the single
family homes categories and a standstill for the condominium category.
RBC’s measures for both bungalows and two-storey homes rose by 0.4
percentage points, while the measure for condominiums remained
unchanged.

Quebec : affordability variations a mixed bag
Affordability levels in Quebec remain modestly worse than they have been
historically for single family homes, which could be contributing to
homebuyers’ hesitation in pulling the trigger on purchases over the
past year. In the first quarter of 2013, RBC measures were a mixed bag,
with bungalows and two-storey homes rising 0.4 percentage points and
0.1 percentage points, respectively, and condominiums declining 0.6
percentage points.

Atlantic Canada : cooling housing market keeps affordability attractive
Increasingly looser housing market conditions have reduced sellers’
pricing power, keeping affordability fairly attractive in Atlantic
Canada . First quarter measures rose very modestly, between 0.4 and 0.6
percentage points, for all categories tracked by RBC.

The full RBC Housing Trends and Affordability report is available
online, as of 8 a.m. ET today, at rbc.com/economics/market/.

SOURCE: RBC

Craig Wright, Senior Vice-President and Chief Economist, RBC, 416 974-7457
Robert Hogue, Senior Economist, RBC, 416 974-6192
Elyse Lalonde, Manager, Corporate Communications, RBC Capital Markets, 416 842-5635

Article source: http://finance.yahoo.com/news/canadas-housing-affordability-continues-exert-090000659.html

Minister: Canada Seeks Deeper Latin America Ties

admin — Thu, 23 May 2013 05:27:55 +0000

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Article source: http://online.wsj.com/article/SB10001424127887324659404578499830461075010.html

Canada lifts lifetime ban on gay men giving blood

admin — Thu, 23 May 2013 05:27:54 +0000

David Page, executive director of the Canadian Hemophilia Society, which supports the change, has long argued that HIV, which can be detected easily and relatively quickly, is now less of a concern than emerging sexually transmitted pathogens that could strike a similarly devastating path through the gay community.

Article source: http://www.thestar.com/news/canada/2013/05/22/canada_lifts_lifetime_ban_on_gay_men_giving_blood.html

Canada Fin Min: Too Much Capital ‘Sloshing’ Around, Worries About Asset …

admin — Thu, 23 May 2013 05:27:52 +0000

Canadian Finance Minister Jim Flaherty said Wednesday he’s worried there’s too much capital “sloshing” around the global economy because that might fuel asset bubbles like witnessed in the U.S. prior to the financial crisis.
This is “worrisome,” Mr. Flaherty told lawmakers in the Canadian parliament’s upper chamber, or the Senate, as it reviews his government’s 2013 budget. “We have seen this before, as it tends to create asset bubbles. And we have been very mindful of that.”

Mr. Flaherty, the longest-serving finance official in the Group of Seven industrialized economies, said the government continues to monitor the country’s housing market, which is undergoing a cooling period after his Conservative government introduced measures nearly a year ago to tighten mortgage-financing requirements–for the fourth time in as many years. At the time last year, Mr. Flaherty cited concern about overheating in certain segments of the real-estate market, especially condominiums in big cities, as the impetus to implement new measures.

“We have a seen a softening of demand in the condominium market, for sure. But this is a good thing,” he said. “I see some people worrying about it, but we don’t have a bubble. If we had failed to take some action, we would have had a bubble.”

Some prominent U.S. hedge-fund investors–such as Steven Eisman, founder of Emrys Partners L.P.–have argued Canadian government policy has created a bubble in the country’s housing market.

As part of its effort to keep a closer eye on housing, Canada’s Conservative government put Canada Mortgage and Housing Corp., the state-owned mortgage insurer, under the supervision of Canada’s main banking regulator, to ensure it follows the same rules as big chartered banks given its large portfolio. Also this month, the government appointed a new chairman of CMHC’s board, Robert Kelly, who’s a native of Halifax, Nova Scotia and the former chief executive of BNY Mellon.

Mr. Flaherty said CMHC needs to be operated like a private-sector bank as opposed to a government-owned agency. The current chief executive, Karen Kinsley, said earlier this month she was stepping down from her post.

The Finance Minister appeared before the Senate committee to defend measures in his 2013 budget introduced last March, which the all-party group is reviewing. A bill to implement the budget measures is expected to pass in the coming weeks as the governing Conservatives have a majority of the seats in both the lower house and the Senate.

In other testimony, Mr. Flaherty said Europe represents a “danger” to the global economy, adding the outlook for the continent is “grim.”

He said the youth unemployment rate in some European countries, above the 20% mark, is “staggering.”

Mr. Flaherty also warned the Canadian economy would be negatively affected should Washington reject a permit to begin building TransCanada Corp.’s (TRP) proposed Keystone XL pipeline project, which envisages carrying Alberta heavy crude to refineries in the Gulf Coast. The Obama administration is reviewing TransCanada’s application.

Write to Paul Vieira at paul.vieira@wsj.com

Copyright © 2013 Dow Jones Newswires

Article source: http://www.foxbusiness.com/news/2013/05/22/canada-fin-min-too-much-capital-sloshing-around-worries-about-asset-bubbles/

Health Canada policy change is no change.

admin — Wed, 22 May 2013 23:26:29 +0000

Why the Rich Don’t Feel RichThe Exchange
There’s just about no tolerance left in America for wealthy people griping about their financial woes. But is it …

Article source: http://finance.yahoo.com/news/health-canada-policy-change-no-194500629.html

Canada’s Bond-Dumping Frenzy Escalates as Pensions Sell

admin — Wed, 22 May 2013 23:26:27 +0000

Canada’s biggest pension-fund manager
will “significantly” cut its C$64 billion ($62.3 billion)
allocation to bonds as the fixed-income market’s foothold among
its most loyal base of investors grows less certain.

Caisse de Depot et Placement du Quebec Chief Executive
Officer Michael Sabia said he’s scaling back fixed-income
investments that account for 36 percent of its C$176 billion of
assets under management, joining the Canadian units of HSBC
Global Asset Management and Sun Life Global Investments Inc.,
which combined oversee about C$20 billion of assets. Canadian
government bond yields have fallen to almost record lows,
draining income for pension funds that have traditionally relied
on fixed-income to fund decades-long pension liabilities.

“We are not going to exit fixed income, but we are now
significantly reducing the weight of fixed income in our
portfolio for a variety of reasons having to do with where we
see yields over the next number of years,” Sabia said at the
Bloomberg Economic Summit yesterday in Toronto.

Investors worldwide are struggling to meet minimum return
targets after central banks cut benchmark rates more than 500
times since the financial crisis erupted in June 2007. The
Caisse earned 3.9 percent from fixed income last year, compared
with 13.6 percent for private equity. It plans to add C$10
billion to C$12 billion in what it calls less-liquid investments
in the next two years.

‘Risky Market’

The average yield in the Bank of America Merrill Lynch
Global Broad Market Index reached 1.51 percent May 2, its lowest
since records began in 1996, while returns in the index at 0.8
percent this year are trailing equities. The MSCI World Index is
up about 14 percent in 2013.

“The fixed-income market itself is a risky market with the
level of yields as they are today,” Michael Wilson, chairman of
Barclays Capital in Canada and a former Canadian finance
minister, said yesterday at the summit. “Investors and
particularly insurance funds have to be careful as so much of
their funds are in yield-based products.”

Elsewhere in credit markets, the Bank of Canada auctioned
C$1.4 billion of long bonds today. The 3.5 percent securities
maturing in December 2045 fetched an average yield of 2.546
percent, with a coverage ratio — the amount bid relative to the
amount for sale — of 2.47 times. The previous auction of 30-year debt, on March 13, fetched an average yield of 2.62 percent
and a coverage ratio of 2.36 times.

Spreads, Yields

The extra yield investors demand to own the debt of
Canadian investment-grade corporations rather than the federal
government was unchanged at 118 basis points, or 1.18 percentage
points, yesterday from a day earlier, according to the Bank of
America Merrill Lynch Canada Corporate Index. Yields were little
changed at 2.8 percent.

Spreads on provincial bonds were unchanged at 70 basis
points, according to Bank of America’s Canadian Provincial
Municipal Index, while yields held steady at 2.54 percent.

Corporate debt has returned 1.9 percent this year, Bank of
America Merrill Lynch index data show. Provincial securities
have gained 0.8 percent, and federal-government bonds have added
0.2 percent.

The Bank of Canada on April 17 held its benchmark overnight
rate at 1 percent, where it’s been since September 2010 and
where 22 economists surveyed by Bloomberg forecast it will
remain through the rest of the year.

‘Less Convinced’

Money managers in North America are giving about equal
weighting to bonds and stocks this year, with fixed-income funds
attracting $67.5 billion of net inflows through May 9 compared
with $66.3 billion for equity funds, according to Cameron Brandt, director of research for Cambridge, Massachusetts-based
EPFR Global, which tracks money flows. Last year, investors
yanked $82 billion from North American stock funds, while adding
$315 billion to bond funds, EPFR said.

“We are less and less convinced that markets per se are
the best arbiters of value,” Sabia of the Caisse said.
Benchmarking performance to market indexes “is not a good point
of departure. They are more just a function of volatility.”

HSBC Global Asset Management’s Canadian unit is seeking
higher returns from equities and paring bonds from its C$12.7
billion portfolio, James Huggan, HSBC Global’s Vancouver-based
chief investment officer for Canada, said in an interview
earlier this month. Over the last few quarters, he’s been
shifting away from domestic sovereign debt.

Sabia, 59, plans to increase investments in assets such as
real estate, infrastructure and private equity to reduce
volatility in the Caisse’s returns. He’s also planning a C$20
billion fund that invests in the equity of large, global
companies such as Nestle SA (NESN) and Colgate-Palmolive Co. (CL)

“To me, there’s less risk sitting in that portfolio than
there is sitting in a fixed-income portfolio,” Sabia said.
“With yields where they are, people are searching for yield
anywhere they can, and that’s had a ripple effect on asset
pricing across a variety of different asset classes.”

To contact the reporters on this story:
Cecile Gutscher in Toronto at
cgutscher@bloomberg.net;
Frederic Tomesco in Montreal at
tomesco@bloomberg.net

To contact the editors responsible for this story:
David Scanlan at
dscanlan@bloomberg.net;
Dave Liedtka at
dliedtka@bloomberg.net

Enlarge image

Caisse de Depot et Placement du Quebec CEO Michael Sabia

Galit Rodan/Bloomberg

Caisse de Depot et Placement du Quebec Chief Executive Officer Michael Sabia said at the Bloomberg Economic Summit yesterday, “We are not going to exit fixed income, but we are now significantly reducing the weight of fixed income in our portfolio for a variety of reasons having to do with where we see yields over the next number of years.”

Caisse de Depot et Placement du Quebec Chief Executive Officer Michael Sabia said at the Bloomberg Economic Summit yesterday, “We are not going to exit fixed income, but we are now significantly reducing the weight of fixed income in our portfolio for a variety of reasons having to do with where we see yields over the next number of years.” Photographer: Galit Rodan/Bloomberg

Article source: http://www.bloomberg.com/news/2013-05-22/canada-s-bond-dumping-frenzy-escalates-as-pensions-sell.html

PowerShares Canada announces fund closures

admin — Wed, 22 May 2013 23:26:24 +0000

TORONTO, May 22, 2013 /CNW/ – PowerShares Canada today announced that the following mutual funds will be terminated at the close of business on or about July 26, 2013:

PowerShares Global Clean Energy Class

PowerShares Global Gold and Precious Metals Class

PowerShares Global Water Class

PowerShares Golden Dragon China Class

PowerShares India Class

PowerShares QQQ Class

Prior to the termination of the funds, investors have the option to switch their investments into another PowerShares^® Fund or other Invesco Canada Funds, or to redeem their securities.

To learn more about PowerShares Canada’s range of investment solutions, please visit www.powershares.ca.

Commissions, trailing commissions, management fees and expenses may all be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Please read the prospectus before investing. Copies are available from your advisor or Invesco Canada Ltd.

About Invesco Canada Ltd.

Invesco Canada Ltd., operating under three distinct yet complementary product brands (Trimark, Invesco and PowerShares), is one of Canada’s largest investment management companies. A subsidiary of Invesco Ltd., Invesco Canada’s singular focus is on investment management, offering a diversified suite of investment solutions to institutions, organizations, companies and individual investors across Canada and around the world. Additional information is available at www.invesco.ca.

About Invesco Ltd.

Invesco Ltd. is a leading independent global investment management firm dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our retail, institutional and high-net-worth clients around the world. Operating in more than 20 countries, the firm is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com.

PowerShares Canada is a registered business name of Invesco Canada Ltd.

Invesco^® and all associated trademarks are trademarks of Invesco Holding Company Limited, used under licence. PowerShares^®, Leading the Intelligent ETF Revolution^® and all associated trademarks are trademarks of Invesco PowerShares Capital Management LLC (Invesco PowerShares), used under licence. Trimark^®, Knowing pays^® and all associated trademarks are trademarks of Invesco Canada Ltd.
© Invesco Canada Ltd., 2013

Article source: http://finance.yahoo.com/news/powershares-canada-announces-fund-closures-203000774.html

UPDATE 1-Sears Canada posts loss as demand dips for home products

admin — Wed, 22 May 2013 17:25:26 +0000

Wed May 22, 2013 8:36am EDT

* First-quarter loss C$0.31/shr vs profit C$0.91/share last
yr

* Revenue falls 6.6 pct, same-store sales dip 2.6 pct

* Home and hardlines sales fall 9 pct

* Major appliances rev drops 6 pct

* Names E.J. Bird chief financial officer

May 22 (Reuters) – Department store chain Sears Canada Inc
posted a loss in the first quarter compared with a
profit last year, as demand for its home products and major
appliances fell.

Sears Canada, 51 percent owned by U.S.-based Sears Holdings
Corp, has been facing increasing competition as U.S.
retailers such as Wal-Mart Stores Inc expand their
Canadian operations and new ones like Target Corp enter
the country.

Target opened its first Canadian stores in March and plans
to have more than 100 by the end of this year.

Sears Canada, which operates 181 company-owned stores,
reported a net loss of C$31.2 million ($30.3 million), or 31
Canadian cents per share, compared with a net profit of C$93.1
million, or 91 Canadian cents per share, a year earlier.

Last year’s results included a pre-tax gain of C$164.3
million on lease terminations.

Factoring out these gains, the company said its results
showed an overall improvement compared with the first quarter
last year.

Revenue fell more than 6 percent to C$867.1 million. Sales
at established stores, a key measure for retailers, fell 2.6
percent.

The company also said on Wednesday that interim Chief
Financial Officer E.J. (Ephraim) Bird will take over the role on
a permanent basis.

Bird was appointed interim CFO in March, two months after
Sharon Driscoll resigned from the post.

Sears Canada announced a three-year plan in 2012 to compete
with new entrants and reclaim lost market share. The plan
included making radical changes to its pricing strategies and
sprucing up stores.

The company laid off 700 workers earlier this year to
“right-size” its operations.

Sears Canada said on Wednesday that sales at its major
appliances business declined 6 percent, while revenue at its
home and hardlines business fell 9 percent due to economic
uncertainty and low consumer confidence.

The unusually cool spring in most parts of the country also
had an adverse impact on sales of outdoor power equipment, patio
and other seasonal lines, the company said.

Article source: http://www.reuters.com/article/2013/05/22/searscanada-results-idUSL3N0E32NB20130522

Canada’s Bond-Dumping Frenzy Escalates as Pensions Unload

admin — Wed, 22 May 2013 17:25:25 +0000

Canada’s biggest pension-fund manager
will “significantly” cut its C$64 billion ($62.3 billion)
allocation to bonds as the fixed-income market’s foothold among
its most loyal base of investors grows less certain.

Caisse de Depot et Placement du Quebec Chief Executive
Officer Michael Sabia said he’s scaling back fixed-income
investments that account for 36 percent of its C$176 billion of
assets under management, joining the Canadian units of HSBC
Global Asset Management and Sun Life Global Investments Inc.,
which combined oversee about C$20 billion of assets. Canadian
government bond yields have fallen to almost record lows,
draining income for pension funds that have traditionally relied
on fixed-income to fund decades-long pension liabilities.

“We are not going to exit fixed income, but we are now
significantly reducing the weight of fixed income in our
portfolio for a variety of reasons having to do with where we
see yields over the next number of years,” Sabia said at the
Bloomberg Economic Summit yesterday in Toronto.

Investors worldwide are struggling to meet minimum return
targets after central banks cut benchmark rates more than 500
times since the financial crisis erupted in June 2007. The
Caisse earned 3.9 percent from fixed income last year, compared
with 13.6 percent for private equity. It plans to add C$10
billion to C$12 billion in what it calls less-liquid investments
in the next two years.

‘Risky Market’

The average yield in the Bank of America Merrill Lynch
Global Broad Market Index reached 1.51 percent May 2, its lowest
since records began in 1996, while returns in the index at 0.8
percent this year are trailing equities. The MSCI World Index is
up about 14 percent in 2013.

“The fixed-income market itself is a risky market with the
level of yields as they are today,” Michael Wilson, chairman of
Barclays Capital in Canada and a former Canadian finance
minister, said yesterday at the summit. “Investors and
particularly insurance funds have to be careful as so much of
their funds are in yield-based products.”

Elsewhere in credit markets, the Bank of Canada auctioned
C$1.4 billion of long bonds today. The 3.5 percent securities
maturing in December 2045 fetched an average yield of 2.546
percent, with a coverage ratio — the amount bid relative to the
amount for sale — of 2.47 times. The previous auction of 30-year debt, on March 13, fetched an average yield of 2.62 percent
and a coverage ratio of 2.36 times.

Spreads, Yields

The extra yield investors demand to own the debt of
Canadian investment-grade corporations rather than the federal
government was unchanged at 118 basis points, or 1.18 percentage
points, yesterday from a day earlier, according to the Bank of
America Merrill Lynch Canada Corporate Index. Yields were little
changed at 2.8 percent.

Spreads on provincial bonds were unchanged at 70 basis
points, according to Bank of America’s Canadian Provincial
Municipal Index, while yields held steady at 2.54 percent.

Corporate debt has returned 1.9 percent this year, Bank of
America Merrill Lynch index data show. Provincial securities
have gained 0.8 percent, and federal-government bonds have added
0.2 percent.

The Bank of Canada on April 17 held its benchmark overnight
rate at 1 percent, where it’s been since September 2010 and
where 22 economists surveyed by Bloomberg forecast it will
remain through the rest of the year.

‘Less Convinced’

Money managers in North America are giving about equal
weighting to bonds and stocks this year, with fixed-income funds
attracting $67.5 billion of net inflows through May 9 compared
with $66.3 billion for equity funds, according to Cameron Brandt, director of research for Cambridge, Massachusetts-based
EPFR Global, which tracks money flows. Last year, investors
yanked $82 billion from North American stock funds, while adding
$315 billion to bond funds, EPFR said.

“We are less and less convinced that markets per se are
the best arbiters of value,” Sabia of the Caisse said.
Benchmarking performance to market indexes “is not a good point
of departure. They are more just a function of volatility.”

HSBC Global Asset Management’s Canadian unit is seeking
higher returns from equities and paring bonds from its C$12.7
billion portfolio, James Huggan, HSBC Global’s Vancouver-based
chief investment officer for Canada, said in an interview
earlier this month. Over the last few quarters, he’s been
shifting away from domestic sovereign debt.

Sabia, 59, plans to increase investments in assets such as
real estate, infrastructure and private equity to reduce
volatility in the Caisse’s returns. He’s also planning a C$20
billion fund that invests in the equity of large, global
companies such as Nestle SA (NESN) and Colgate-Palmolive Co. (CL)

“To me, there’s less risk sitting in that portfolio than
there is sitting in a fixed-income portfolio,” Sabia said.
“With yields where they are, people are searching for yield
anywhere they can, and that’s had a ripple effect on asset
pricing across a variety of different asset classes.”

To contact the reporters on this story:
Cecile Gutscher in Toronto at
cgutscher@bloomberg.net;
Frederic Tomesco in Montreal at
tomesco@bloomberg.net

To contact the editors responsible for this story:
David Scanlan at
dscanlan@bloomberg.net;
Dave Liedtka at
dliedtka@bloomberg.net

Enlarge image

Caisse de Depot et Placement du Quebec CEO Michael Sabia

Galit Rodan/Bloomberg

Caisse de Depot et Placement du Quebec Chief Executive Officer Michael Sabia said at the Bloomberg Economic Summit yesterday, “We are not going to exit fixed income, but we are now significantly reducing the weight of fixed income in our portfolio for a variety of reasons having to do with where we see yields over the next number of years.”

Caisse de Depot et Placement du Quebec Chief Executive Officer Michael Sabia said at the Bloomberg Economic Summit yesterday, “We are not going to exit fixed income, but we are now significantly reducing the weight of fixed income in our portfolio for a variety of reasons having to do with where we see yields over the next number of years.” Photographer: Galit Rodan/Bloomberg

Article source: http://www.bloomberg.com/news/2013-05-22/canada-s-bond-dumping-frenzy-escalates-as-pensions-sell.html

US Quietly Monitors Foreigners’ Departures at the Canadian Border

admin — Wed, 22 May 2013 17:25:23 +0000

Long demanded by lawmakers in Congress, it is considered a critical step to developing a coherent program to curb illegal immigration, as historically about 30 percent to 40 percent of illegal immigrants in the United States arrived on tourist visas or other legal means and then never left, according to estimates by Homeland Security officials.

The pilot project with Canada, conducted from September to January, involved about a third of the traffic across the northern American border, tracking the departure of 413,222 foreigners from the United States. Starting this year, according to Congressional officials who have been briefed on the plan, the information collected at the Canadian border will be used to prevent certain foreigners who have stayed too long in the United States from returning again by revoking tourist visas or taking other steps.

The effort relies on an ingenious solution: as foreigners leave the United States to enter Canada — and their passports are checked by the border authorities there — the information is sent back to the United States and recorded as the official “exit” record. By the end of next month, the project is scheduled to be expanded to almost all land border traffic between Canada and the United States.

“The pilot was a success,” said David Heyman, assistant secretary for policy at the Homeland Security Department, in a statement. “We have the ability now to identify, with a high degree of certainty, on a real-time basis, those who overstay the terms of their legal entry into the United States.”

Airlines and cruise ships, relying on passenger manifests, are already mandated under law to turn over data on travelers as they leave the United States. That system has recently been improved so that entries and exits can more definitively be matched, federal officials said, although there remains a large backlog of unconfirmed exits.

The biggest weakness remains the southern border, which has the highest volume of traffic of land crossings, but still has almost no exit controls.

The Mexican authorities, Homeland Security officials said, do not reliably collect and store personal data on every person crossing the border from the United States, preventing an exchange like the one that has been established with Canada. The department has pressed the Mexican authorities to improve their data collection efforts, so such an exchange can take place.

One former Homeland Security official who had been involved in these negotiations said it was largely a matter of money.

“You could do it in a year if you had all the money you needed, or you could do it in 20 years,” said Chappell Lawson, who served as director of policy and planning at Customs and Border Protection early in the Obama administration. “Tell me the amount of money and the willpower, and I can give you a number.”

Ricardo Alday, a spokesman for the Mexican Embassy in Washington, said the Mexican government was open to considering such a request by the United States.

“Mexico strongly believes that its joint efforts with the United States are critical to the safe and efficient management of the border,” he said in a statement.

With the pilot program at the Canadian border, the American authorities found that in almost all cases — 97.4 percent — the passport data of departing foreigners matched up with records documenting their entry into the United States, allowing American officials to determine if they stayed longer here than allowed under the law. Officials would not say what percentage of the travelers had overstayed their visas.

Because it was an experimental project, the data in this initial phase was destroyed and was not used for any enforcement action. Individual travelers were not notified of the data exchange, although a description of it was posted on the Canadian Border Services Agency Web site.

Article source: http://www.nytimes.com/2013/05/22/us/us-tracked-foreigners-leaving-for-canada.html?pagewanted=all

Carney leaving Bank of Canada with country in a stronger position

admin — Wed, 22 May 2013 11:25:18 +0000

By Ross Marowits, The Canadian Press

MONTREAL – Canada has work to do, but it is stronger than when he took over as head of the Bank of Canada five years ago, outgoing governor Mark Carney said Tuesday.

“We’re in a stronger relative position compared to other advanced economies today than we were in 2008 but we’re in a tougher world,” he said after making his final speech as governor before departing for the Bank of England next month.

Rejecting suggestions of being a “rock star central banker,” Carney credited a team of people that made crucial decisions.

“I really don’t think you should judge your own legacy,” he said, adding it will take time for a full evaluation to emerge.

Carney described his tenure during the financial crisis as being “very intense for a very long period of time.”

“I think by and large the right decisions were made.”

The central banker said Canada can seize opportunities to build a better future more than other countries because it doesn’t have to repair the economy or worry about getting out of trouble.

But, he said, Canada is less well-oriented to the sources of global growth than it has been in the past.

It must focus more carefully on exports and business investment, Carney said.

He calculated that exports are currently $130 billion less than would have been the case in a typical postwar recession. That represents about eight per cent of gross domestic product.

Carney said the Canadian government is correct in seeking out new trade deals, particularly in emerging economies, because they represent one half of the world’s imports growth and also are essential to securing a position in global supply chains.

“To find and compete in new markets will require a concerted, multi-year effort by workers, firms and governments.”

Carney has long stressed the need to transition Canada’s exports-based industries from reliance on slow-growing economies like the U.S. and Europe to fast-growing markets in China and Asia in general.

But the advice took on added currency as it was likely the last time he will pronounce generally on the Canadian economy for at least the next five years, the term of his posting in London.

Canada coped relatively well to the financial crisis, he said, noting that by the start of 2011 the country had recovered to the GDP level it held prior to the recession and that as of now, there are 480,000 more Canadians working than in the fall of 2008, when the slump began.

It has been able to make the adjustments because fundamentally the Canadian system works, Carney said.

Despite criticism, Canada’s labour market is relatively flexible, with labour mobility similar to that in the United States and about four times as flexible as in Europe.

“Canadians are going where the jobs are,” he said. “Last year, there was a net inflow of more than 40,000 people into Alberta from the rest of Canada, a level of mobility that approaches its previous peak.”

Carney said Canada also has a functioning monetary union despite the lament about provincial trade barriers and the two-speed economy caused by high commodity prices.

He also praised what he calls “fiscal federalism,” the often maligned system of wealth transfers from have to have-not regions. Rather than a weakness, the system helps stabilize localized “asymmetric shocks” and share the risks, he said.

Lastly, the central banker said Canada has been well-served by a sound and regulated banking sector, as well as low government debt that allowed policy-makers room to borrow on global markets to stimulate the economy.

Carney said Canada cannot rest on its laurels, however.

“In a rapidly shifting world, only sustained education, ingenuity and investment can maintain competitiveness,” he said. “This means we must continuously invest in our workforce. With technology and trade transforming the workplace, the need to improve skills across the spectrum of work has never been greater.”

— With files from Julian Beltrame in Ottawa

Article source: http://ca.finance.yahoo.com/news/leave-taking-carney-came-praise-canadian-system-offer-164528656.html

Sears Canada Reports First Quarter Results

admin — Wed, 22 May 2013 11:25:14 +0000

Company Also Announces Normal Course Issuer Bid and E.J. Bird as Chief
Financial Officer

TORONTO, May 22, 2013 /CNW/ – Sears Canada Inc. (SCC.TO) today
announced its unaudited first quarter results. Total revenue for the
13-week period ended May 4, 2013 was $867.1 million compared to $928.0
million for the 13-week period ended April 28, 2012, a decrease of
6.6%. Same store sales decreased 2.6%.

The net loss for the quarter this year was $31.2 million or $0.31 cents
per share compared to net earnings of $93.1 million or $0.91 cents per
share for the same period last year. Included in the net earnings for
the first quarter last year was a pre-tax gain of $164.3 million
related to the lease terminations of three stores as announced by the
Company on March 2, 2012. Excluding the gain from lease terminations,
the net loss in the first quarter last year was $44.9 million.
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and
Amortization) for the 13-week period ended May 4, 2013 was a loss of
$9.8 million compared to a loss of $22.7 million for the 13-week period
ended April 28, 2012, an improvement of $12.9 million.

“We are encouraged to see significant improvements in areas that we have
targeted with our Transformation, particularly in the soft lines
businesses,” said Calvin McDonald, President and Chief Executive
Officer, Sears Canada Inc. “We experienced year over year growth in
Apparel and Accessories for the second quarter in a row, the first time
this has happened in over six years. The Bed and Bath category has
also improved this quarter compared to the same period last year. Our
Major Appliances business maintained market share but experienced sales
declines, as did our Furniture and Mattress businesses all of which
suffered in a very tough quarter of trading because of unfavourable
economic conditions and low consumer confidence. The unseasonable cool
spring in most parts of the country had an adverse impact on sales of
outdoor power equipment, patio, and other seasonal lines.

“We are continuing to make progress in our Transformation, and we
believe the growth in Apparel and Accessories is an indicator that we
are on the right track,” continued Mr. McDonald. “At the same time our
rate management initiatives have positively impacted gross margin by 50
basis points, while our focus on controlling costs has reduced expenses
by 7.9% compared to the same period last year. Factoring out the gains
from the return of the three leases to the landlord last year, we are
seeing an overall improvement in our bottom line for the quarter as
compared to the first quarter last year.

“The efforts of our 29,000 associates are a key component in making the
Company’s three-year Transformation a success. While their hard work
is starting to bear fruit, there is still work to do,” added Mr.
McDonald.

Adjusted EBITDA is a non-IFRS measure, and excludes finance costs,
interest income, share of income or loss from joint ventures, income
tax expense or recovery, depreciation and amortization and income or
expenses of a non-recurring, unusual or one-time nature. Please refer
to the table attached for a reconciliation of net earnings (loss) to
Adjusted EBITDA.

Normal Course Issuer Bid

The Company also announced today that it intends to file with the
Toronto Stock Exchange (“TSX”) a Notice of Intention to make a Normal
Course Issuer Bid that permits the Company to purchase for cancellation
up to 5% of its issued and outstanding common shares, representing
5,093,883 of the issued and outstanding common shares (“Shares”).
There are 101,877,662 Shares issued and outstanding, as at May 10,
2013.

Under the Normal Course Issuer Bid, which is subject to TSX approval,
purchases may commence on May 24, 2013 and must terminate by May 23,
2014 or on such earlier date as Sears Canada may complete its purchases
pursuant to the Notice of Intention filed with the TSX. The total
purchase of Shares by Sears Canada pursuant to its Normal Course Issuer
Bid will not exceed, in the aggregate, 5% of all outstanding Shares,
and will be subject to the limits under the Toronto Stock Exchange
rules, including a daily limit of 25% of the average daily trading
volume (which, based on the prior six months trading volumes, cannot
exceed 19,689 Shares a day), and a limit of one block purchase per week
(which is not subject to an average daily trading volume limit).

The Board of Directors believes that, if the Company is able to purchase
Shares at attractive prices, such purchases will create value for the
Company and its continuing shareholders while providing additional
liquidity to shareholders who desire to sell their Shares. The Company
may not purchase Shares under the Normal Course Issuer Bid if Shares
cannot be purchased at prices that the Company considers attractive and
decisions regarding the timing of purchases will also be based on
market conditions and other factors. Therefore, there is no assurance
that any Shares will be purchased under the Normal Course Issuer Bid
and the Company may elect to suspend or discontinue the bid at any
time.

Sears Canada will report to its shareholders in its quarterly and annual
reports as to the status of the Normal Course Issuer Bid. All
purchases of Shares pursuant to its Normal Course Issuer Bid will be
made by Sears Canada in accordance with the rules of the TSX and
effected through the facilities of the TSX. Moreover, Sears Canada will
make no purchases of Shares other than open market purchases. Any
Shares purchased will be cancelled.

In the twelve month period preceding May 10, 2013, Sears Canada
purchased 634,870 common shares for cancellation at a weighted average
purchase price of $10.84 per share.

Sears Canada may, from time to time, enter into an automatic purchase
plan with a designated broker to allow for the repurchase of its common
shares under the Normal Course Issuer Bid at times when Sears Canada
ordinarily would not be active in the market due to its own internal
trading blackout periods, insider trading rules, or otherwise.

Sears Canada Appoints Chief Financial Officer

The Company is also announcing today that the Board of Directors of the
Corporation has appointed E.J. Bird as Executive Vice-President and
Chief Financial Officer. Mr. Bird was appointed Interim Chief
Financial Officer on March 12, 2013. Mr. Bird will also continue to
serve as a Director of Sears Canada, a role he has held since 2006.

“I’m pleased to have E.J. join Sears Canada on a permanent basis as our
CFO,” said Mr. McDonald. “He brings a significant amount of experience
to the role, and having served as Interim CFO for the past two months,
he will be able to step into the role in what is expected to be a
seamless transition. I thank him for the leadership he has
demonstrated to date and look forward to working with him on a
permanent basis.”

As mentioned in the Company’s March 12 release, Mr. Bird attended Baylor
University in Waco, Texas where he graduated summa cum laude with a
Bachelor of Business Administration, majoring in Accounting. He earned
his MBA at Stanford’s Graduate School of Business in California where
he was an Arjay Miller Scholar. In between degrees Mr. Bird worked in
the audit department of Price Waterhouse’s Houston office. He has
worked extensively in the investment arena, is a director at Sears
Hometown and Outlet Stores, Inc. of Hoffman Estates, Illinois and has
most recently led his own company business providing consulting
services.

In addition, the Company is also announcing that Donald C. Ross has been
appointed Lead Director of the Corporation and that Deborah E. Rosati
has been appointed Chair of the Audit Committee.

This release contains information which is forward-looking and is
subject to important risks and uncertainties. Forward-looking
information concerns the Company’s future financial performance,
business strategy, plans, goals and objectives. Factors which could
cause actual results to differ materially from current expectations
include, but are not limited to: the ability of the Company to
successfully implement its cost reduction, productivity improvement and
strategic initiatives and whether such initiatives will yield the
expected benefits; the results achieved pursuant to the Company’s
long-term marketing and servicing alliance with JPMorgan Chase Bank,
N.A.; general economic conditions; competitive conditions in the
businesses in which the Company participates; changes in consumer
spending; seasonal weather patterns; customer preference toward product
offerings; changes in the Company’s relationship with its suppliers;
interest rate fluctuations and other changes in funding costs;
fluctuations in foreign currency exchange rates; the possibility of
negative investment returns in the Company’s pension plan; the outcome
of pending legal proceedings; and changes in laws, rules and
regulations applicable to the Company. While the Company believes that
its forecasts and assumptions are reasonable, results or events
predicted in this forward-looking information may differ materially
from actual results or events.

Sears Canada is a multi-channel retailer with a network that includes
181 corporate stores, 248 hometown dealer stores, over 1,400 catalogue
and online merchandise pick-up locations, 101 Sears Travel offices and
a nationwide home maintenance, repair, and installation network. The
Company also publishes Canada’s most extensive general merchandise
catalogue and offers shopping online at www.sears.ca.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. General information

Sears Canada Inc. is incorporated in Canada. The address of its
registered office and principal place of business is 290 Yonge Street,
Suite 700, Toronto, Ontario, Canada M5B 2C3. The principal activities
of Sears Canada Inc. and its subsidiaries (the “Company”) include the
sale of goods and services through the Company’s Retail channel, which
includes its Full-line, Sears Home, Hometown Dealer, Outlet, Appliances
and Mattresses, Corbeil Electrique Inc. stores, and its Direct
(catalogue/internet) channel. It also includes service revenue related
to product repair and logistics. Commission revenue includes travel,
home improvement services, insurance, and performance payments received
from JPMorgan Chase Bank, N.A. (Toronto Branch) (“JPMorgan Chase”)
under the Company’s long-term credit card marketing and servicing
alliance with JPMorgan Chase. The Company has partnered with Thomas
Cook Canada Inc. (“Thomas Cook”) in a multi-year licensing arrangement,
under which Thomas Cook manages the day-to-day operations of all Sears
Travel offices and provides commissions to the Company. The Company has
also partnered with SHS Services Management (“SHS”) in a multi-year
licensing arrangement, under which SHS oversees the day-to-day
operations of all Sears Home Improvements Product Services business
(“HIPS”). Licensee fee revenues are comprised of payments received from
licensees, including Thomas Cook and SHS, that operate within the
Company’s stores. The Company is a party to a number of real estate
joint ventures which have been classified as joint operations and
accounted for using proportionate consolidation for financial reporting
purposes.

The indirect parent of the Company is Sears Holdings Corporation (“Sears
Holdings”), incorporated in the U.S. in the state of Delaware. The
ultimate controlling party of the Company is ESL Investments, Inc.
(incorporated in the U.S. in the state of Florida) through Sears
Holdings.

2. Significant accounting policies

2.1 Statement of compliance

The unaudited condensed consolidated financial statements of the Company
for the 13-week period ended May 4, 2013 (the “Financial Statements”)
have been prepared in accordance with IAS 34, Interim Financial Reporting (“IAS 34″) issued by the International Accounting Standards Board
(“IASB”), and therefore, do not contain all disclosures required by
International Financial Reporting Standards (“IFRS”) for annual
financial statements. Accordingly, these Financial Statements should be
read in conjunction with the Company’s most recently prepared annual
consolidated financial statements for the 53-week period ended February
2, 2013 (the “2012 Annual Consolidated Financial Statements”), prepared
in accordance with IFRS.

2.2 Basis of preparation and presentation

The principal accounting policies of the Company have been applied
consistently in the preparation of these Financial Statements for all
periods presented. These Financial Statements follow the same
accounting policies and methods of application as those used in the
preparation of the 2012 Annual Consolidated Financial Statements,
except as noted below. The Company’s significant accounting policies
are described in Note 2 of the 2012 Annual Consolidated Financial
Statements.

The Company adopted the following new standards and amendments which
became effective “in” or “for” the 13-week period ended May 4, 2013
(“Q1 2013″):

IAS 1, Presentation of Financial Statements (“IAS 1″)
The IASB has amended IAS 1 to require additional disclosures for items
presented in Other Comprehensive Income (“OCI”) on a before-tax basis
and requires items to be grouped and presented in OCI based on whether
they are potentially reclassifiable to earnings or loss subsequently
(i.e. items that may be reclassified and those that will not be
reclassified to earnings or loss). These amendments are effective for
annual periods beginning on or after July 1, 2012 and require full
retrospective application. As a result of the adoption of the IAS 1
amendment, the Company modified its presentation of other comprehensive
income in these unaudited condensed consolidated financial statements;

IAS 28, Investments in Associates and Joint Ventures (“IAS 28″)
IAS 28 (as amended in 2011) supersedes IAS 28 (2003), Investments in Associates and outlines how to apply, with certain limited exceptions, the equity
method to investments in associates and joint ventures. The standard
also defines an associate by reference to the concept of “significant
influence”, which requires power to participate in financial and
operating policy decisions of an investee (but not joint control or
control of those policies). Based on the Company’s assessment of this
amendment, there is no impact on its unaudited condensed consolidated
financial statements;

IFRS 7, Financial Instruments: Disclosures (“IFRS 7″)
The IASB has amended IFRS 7. The amendment establishes disclosure
requirements to help users better assess the effect or potential effect
of offsetting arrangements on a company’s financial position. These
amendments are effective for annual periods beginning on or after
January 1, 2013 and must be applied retrospectively. Based on the
Company’s assessment of this amendment, there is no impact on its
unaudited condensed consolidated financial statements;

IFRS 10, Consolidated Financial Statements (“IFRS 10″)
IFRS 10 establishes the standards for the presentation and preparation
of consolidated financial statements when an entity controls one or
more entities. Based on the Company’s assessment of this amendment,
there is no impact on its unaudited condensed consolidated financial
statements;

IFRS 11, Joint Arrangements (“IFRS 11″)
IFRS 11, along with IFRS 12 described below, replaces IAS 31, Interests in Joint Ventures (“IAS 31″) and requires that a party in a joint arrangement assess its
rights and obligations to determine the type of joint arrangement and
account for those rights and obligations accordingly. The adoption of
this standard has impacted the Company as described in Note 2.4;

IFRS 12, Disclosure of Involvement with Other Entities (“IFRS 12″)
IFRS 12, along with IFRS 11 described above, replaces IAS 31. IFRS 12
requires the disclosure of information that enables users of financial
statements to evaluate the nature of and the risks associated with, the
entity’s interests in joint ventures and the impact of those interests
on its financial position, financial performance and cash flows. These
amendments are effective for annual periods beginning on or after
January 1, 2013 and must be applied retrospectively. The adoption of
these amendments did not have an impact on the Company’s unaudited
condensed consolidated financial statements; and

IFRS 13, Fair Value Measurement (“IFRS 13″)
IFRS 13 provides guidance to improve consistency and comparability in
fair value measurements and related disclosures through a ‘fair value
hierarchy’. This standard applies when another IFRS requires or permits
fair value measurements or disclosures. Disclosures required under
IFRS 13 for unaudited condensed consolidated financial statements have
been included in Note 14.5.

2.2.1 Basis of Consolidation

The Company’s Financial Statements incorporate the financial statements
of the Company as well as all of its subsidiaries. Real estate joint
venture investments are accounted for using the proportionate
consolidation method of accounting. Subsidiaries include all entities
where the Company has the power to govern the financial and operating
policies of the entity so as to obtain benefits from its activities.
All intercompany balances and transactions, and any unrealized income
and expenses arising from intercompany transactions, are eliminated in
the preparation of these Financial Statements.

The fiscal year of the Company consists of a 52 or 53-week period ending
on the Saturday closest to January 31. The 13-week periods presented in
these Financial Statements are for the periods ending May 4, 2013 and
April 28, 2012.

These Financial Statements are presented in Canadian dollars, which is
the Company’s functional currency. The Company reports as two operating
segments, Merchandising and Real Estate Joint Ventures (see Note 18).

2.3 Seasonality

The Company’s operations are seasonal in nature. Accordingly,
merchandise and service revenues, as well as performance payments
received from JPMorgan Chase under the long-term credit card marketing
and servicing alliance, will vary by quarter based on consumer spending
behaviour. Historically, the Company’s revenues and earnings are
highest in the fourth quarter due to the holiday season. The Company is
able to adjust certain variable costs in response to seasonal revenue
patterns; however, costs such as occupancy are fixed, causing the
Company to report a disproportionate level of earnings in the fourth
quarter. This business seasonality results in quarterly performance
that is not necessarily indicative of the year’s performance.

2.4 Changes in Accounting Policy

IFRS 11, Joint Arrangements

The Company adopted IFRS 11 in Q1 2013. On May 12, 2011, the IASB issued
IFRS 11 which replaced IAS 31, Interests in Joint Ventures, and required that a party in a joint arrangement assess its rights and
obligations to determine the type of joint arrangement and account for
those rights and obligations accordingly. The Company has determined
that the joint arrangements with its real estate joint ventures are
joint operations and will be recognized in proportion to the Company’s
ownership percentage in these arrangements.

IFRS 11 is effective for annual periods beginning on or after January 1,
2013 with early adoption permitted. The amendments are required to be
applied retrospectively in accordance with IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors.

As the Company implemented IFRS 11 in Q1 2013, the Company has
retrospectively adjusted the assets and liabilities as at February 2,
2013, April 28, 2012 and January 28, 2012 and the income, expenses and
cash flow for the 13-week period ended April 28, 2012 and 53-week
period ended February 2, 2013.

A summary of the impact arising from the application of the change in
accounting policy is as follows:

As a result of the adoption of IFRS 11 in Q1 2013, the Company has two
reportable segments: Merchandising and Real Estate Joint Venture
operations. Refer to Note 18 for the segmented information disclosure.

3. Issued standards not yet adopted

The Company monitors the standard setting process for new standards and
interpretations issued by the IASB that the Company may be required to
adopt in the future. Since the impact of a proposed standard may change
during the review period, the Company does not comment publicly until
the standard has been finalized and the effects have been determined.

On December 16, 2011, the IASB issued amendments to two previously
released standards. They are as follows:

4. Critical accounting judgments and key sources of estimation uncertainty

In the application of the Company’s accounting policies, management is
required to make judgments, estimates and assumptions about the
carrying amounts of assets and liabilities that are not readily
apparent from other sources. The estimates and underlying assumptions
are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these
estimates. The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognized in the
period in which the estimate is revised, if the revision affects only
that period, or in the period of the revision and future periods, if
the revision affects both current and future periods.

Critical judgments that management has made in the process of applying
the Company’s accounting policies, key assumptions concerning the
future and other key sources of estimation uncertainty that have the
potential to materially impact the carrying amounts of assets and
liabilities within the next financial year are described in Note 4 of
the 2012 Annual Consolidated Financial Statements and are consistent
with those used in the preparation of these Financial Statements.

5. Cash and cash equivalents and interest income

Cash and cash equivalents

The components of cash and cash equivalents were as follows:

The components of restricted cash and cash equivalents are further
discussed in Note 15.

Interest income

Interest income related primarily to cash and cash equivalents for the
13-week period ended May 4, 2013 totaled $0.4 million (2012: $0.6
million). For the same 13-week period, the Company received $0.5
million (2012: $0.5 million) in cash related to interest income.

6. Inventories

The amount of inventory recognized as an expense during the 13-week
period ended May 4, 2013 was $489.0 million (2012: $527.4 million),
which includes $24.4 million (2012: $22.6 million) of inventory
write-downs. These expenses are included in “Cost of goods and services
sold” in the unaudited Condensed Consolidated Statements of Net (Loss)
Earnings and Comprehensive (Loss) Income. There were reversals of $3.5
million of prior period inventory write-downs for the 13-week period
ended May 4, 2013 (2012:nil).

Inventory is pledged as collateral under the Company’s revolving credit
facility.

7. Long-term obligations and finance costs

Long-term obligations

Total outstanding long-term obligations were as follows:

The Company’s debt consists of a secured credit facility, finance lease
obligations and the Company’s proportionate share of its real estate
joint venture obligations. In September 2010, the Company entered into
an $800.0 million senior secured revolving credit facility (the “Credit
Facility”) with a syndicate of lenders with a maturity date of
September 10, 2015. The Credit Facility is secured with a first lien on
inventory and credit card receivables. Availability under the Credit
Facility is determined pursuant to a borrowing base formula.
Availability under the Credit Facility was $606.5 million as at May 4,
2013 (February 2, 2013: $501.5 million, April 28, 2012: $580.9 million,
January 28, 2012: $415.1 million). The current availability may be
reduced by reserves currently estimated by the Company to be
approximately $440.0 million, which may be applied by the lenders at
their discretion pursuant to the Credit Facility agreement. As a result
of judicial developments relating to the priorities of pension
liability relative to certain secured obligations, the Company has
executed an amendment to its Credit Facility agreement which would
provide additional security to the lenders by pledging certain real
estate assets as collateral, thereby partially reducing the potential
reserve amount the lenders could apply by up to $150.0 million. The
additional reserve amount may increase or decrease in the future based
on changes in estimated net pension deficits in the event of a wind-up.

The Credit Facility contains covenants which are customary for
facilities of this nature and the Company was in compliance with all
covenants as at May 4, 2013.

As at May 4, 2013, the Company had no borrowings on the Credit Facility
and had unamortized transaction costs incurred to establish the Credit
Facility of $5.7 million included in “Other long-term assets” in the
unaudited Condensed Consolidated Statements of Financial Position
(February 2, 2013: no borrowings and unamortized transaction costs of
$6.2 million included in “Other long-term assets”, April 28, 2012: no
borrowings and unamortized transaction costs of $7.7 million included
in “Other long-term assets”, January 28, 2012: borrowings of $93.1
million, net of unamortized transaction costs of $8.0 million, included
in “Long-term obligations”). In addition, the Company had $24.2 million
(February 2, 2013: $19.7 million, April 28, 2012: $6.7 million,
January 28, 2012: $6.3 million) of standby letters of credit
outstanding against the Credit Facility. These letters of credit cover
various payments including third party payments, utility commitments
and defined benefit plan deficit funding. Interest on drawings under
the Credit Facility is determined based on bankers’ acceptance rates
for one to three month terms or the prime rate plus a spread. Interest
amounts on the Credit Facility are due monthly and are added to
principal amounts outstanding.

As at May 4, 2013, the Company had outstanding merchandise letters of
credit of U.S. $9.5 million (February 2, 2013: U.S. $7.9 million, April
28, 2012: U.S. $6.2 million, January 28, 2012: U.S. $5.5 million) used
to support the Company’s offshore merchandise purchasing program with
restricted cash and cash equivalents pledged as collateral.

Finance costs

Interest expense on long-term obligations, including the Company’s
proportionate share of interest on long-term obligations of real estate
joint ventures, finance lease obligations, the current portion of
long-term obligations, amortization of transaction costs and commitment
fees on the unused portion of the Credit Facility for the 13-week
period ended May 4, 2013 totaled $2.7 million (2012: $2.9 million).
Interest expense is included in “Finance costs” in the unaudited
Condensed Consolidated Statements of Net (Loss) Earnings and
Comprehensive (Loss) Income. Also included in “Finance costs” for the
13-week period ended May 4, 2013, was an expense reversal of $0.4
million (2012: expense of $1.6 million) of interest on accruals for
uncertain tax positions.

The Company’s cash payments for interest on long-term obligations,
including the Company’s proportionate share of interest on long-term
obligations of real estate joint ventures, finance lease obligations,
the current portion of long-term obligations and commitment fees on the
unused portion of the Credit Facility for the 13-week period ended May
4, 2013 totaled $2.1 million (2012: $2.4 million).

8. Capital stock

During the fourth quarter of the 53-week period ended February 2, 2013,
the Company distributed $101.9 million to holders of common shares as
an extraordinary cash dividend. Payment in the amount of $1.00 per
common share was made on December 31, 2012 to shareholders of record as
at the close of business on December 24, 2012.

On May 24, 2011, the Company renewed the Normal Course Issuer Bid with
the Toronto Stock Exchange (“TSX”) for the period of May 25, 2011 to
May 24, 2012 (“2011 NCIB”). Pursuant to the 2011 NCIB, the Company was
permitted to purchase for cancellation up to 5% of its issued and
outstanding common shares, equivalent to 5,268,599 common shares based
on the common shares issued and outstanding as at May 9, 2011. The
Company did not renew its 2011 NCIB subsequent to May 24, 2012.

Since the Company did not renew the 2011 NCIB for the 2012 period, there
were no share purchases during the 13-week period ended May 4, 2013
(2012: 235,763 shares were purchased for $2.9 million) and cancelled.
The impact of the share repurchases in 2012 was a decrease to “Capital
stock” and “Retained earnings” in the unaudited Condensed Consolidated
Statements of Financial Position of less than $0.1 million and $2.8
million, respectively.

In 2012, Sears Holdings’ distributed on a pro rata basis to its
shareholders, of a portion of its holdings in the Company such that,
immediately following the distribution, Sears Holdings would retain
approximately 51% of the issued and outstanding shares of the Company.
The distribution was made on November 13, 2012 to Sears Holdings’
shareholders of record as of the close of business on November 1, 2012,
the record date for the distribution. Every share of Sears Holdings
common stock held as of the close of business on the record date
entitled the holder to a distribution of 0.4283 of the Company’s common
shares. In connection with the distribution, the Company filed
documents with the United States Securities and Exchange Commission
(“SEC”).

ESL Investments, Inc., and investment affiliates including Edward S.
Lampert, collectively “ESL”, together form the ultimate controlling
party of the Company. ESL is the beneficial holder of 28,158,368 or
27.6%, of the common shares of the Company as at May 4, 2013 (February 2, 2013: 28,158,368 or 27.6%, April 28, 2012: nil, January 28,
2012: nil). Sears Holdings, the controlling shareholder of the Company, is the
beneficial holder of 51,962,391 or 51.0%, of the common shares of the
Company as at May 4, 2013 (February 2, 2013: 51,962,391 or 51.0%, April
28, 2012: 97,341,670 or 95.0%, January 28, 2012: 97,341,670.0 or
94.7%). The issued and outstanding shares are fully paid and have no
par value.

The authorized common share capital of the Company consists of an
unlimited number of common shares without nominal or par value and an
unlimited number of class 1 preferred shares, issuable in one or more
series (the “Class 1 Preferred Shares”).
As at May 4, 2013, the only shares outstanding were common shares of the
Company.

9. Revenue

The components of the Company’s revenue were as follows:

10. Retirement benefit plans

In July 2008, the Company amended its defined benefit plan by
introducing a defined contribution component and closing the defined
benefit component to new participants. As such, the defined benefit
plan continues to accrue benefits related to future compensation
increases but no further service credit is earned, and no contributions
are made by employees.

The expense for the defined benefit, defined contribution and other
benefit plans for the 13-week period ended May 4, 2013 was $2.0 million
(2012: $2.5 million), $2.2 million (2012: $2.3 million) and $2.7
million (2012: $3.0 million), respectively. Not included in total
retirement benefit plans expense for the 13-week period are short-term
disability expenses of $2.5 million (2012: $2.5 million) that were paid
from the other benefit plan. These expenses are included in “Selling,
administrative and other expenses” in the unaudited Condensed
Consolidated Statements of Net (Loss) Earnings and Comprehensive (Loss)
Income.

Total cash contributions by the Company to its defined benefit, defined
contribution and other benefit plans for the 13-week period ended May
4, 2013 were $9.7 million (2012: $12.4 million).

In the fourth quarter of 2012, the Company made a voluntary offer to
settle health and dental benefits of eligible members covered under the
non-pension post-retirement plan. Based on the accepted offers, the
Company paid $18.1 million and recorded a pre-tax settlement gain of
$21.1 million ($21.9 million, net of $0.8 million of expenses). Refer
to the 2012 Annual Consolidated Financial Statements for more details.

11. Depreciation and amortization expense

The components of the Company’s depreciation and amortization expense,
included in “Selling, administrative and other expenses”, were as
follows:

12. Gain on lease terminations

On March 2, 2012, the Company entered into an agreement to surrender and
terminate early the operating leases on three properties: Vancouver
Pacific Centre, Chinook Centre (Calgary) and Rideau Centre (Ottawa).
The Company was a long-term and important anchor tenant in the three
properties, and the landlord approached the Company with a proposal to
terminate early the three leases and vacate the premises in exchange
for $170.0 million. The payment represented the amount the landlord was
willing to pay for the right to redevelop the property based upon their
analysis of the potential returns from redevelopment.

On the closing date, April 20, 2012, the Company received cash proceeds
of $170.0 million for the surrender of the three leases, resulting in a
pre-tax gain of $164.3 million, net of the de-recognition of leasehold
improvements of $5.7 million. The Company exited all three properties
on October 31, 2012 and has no further financial obligation related to
the transaction.

13. Assets and liabilities held for sale

As at May 4, 2013, there were no assets or liabilities held for sale.

On April 24, 2012, the Company entered into an agreement to sell the
operations of its subsidiary, Cantrex Group Inc. (“Cantrex”), to
Nationwide Marketing Group, LLC for $3.5 million, equal to the net
carrying amount of specified Cantrex assets and liabilities. As at
April 28, 2012, the assets and liabilities of Cantrex held for sale
were separately classified on the Company’s unaudited Condensed
Consolidated Statements of Financial Position. The major classes of
assets and liabilities classified as held for sale were as follows:

On April 29, 2012, the Company received the proceeds on the sale,
de-recognized the assets and liabilities sold and recorded a gain on
sale of nil.

14. Financial instruments

In the ordinary course of business, the Company enters into financial
agreements with banks and other financial institutions to reduce
underlying risks associated with interest rates and foreign currency.
The Company does not hold or issue derivative financial instruments for
trading or speculative purposes.

Financial instrument risk management

The Company is exposed to credit, liquidity and market risk as a result
of holding financial instruments. Market risk consists of foreign
exchange and interest rate risk.

14.1 Credit risk

Credit risk refers to the possibility that the Company can suffer
financial losses due to the failure of the Company’s counterparties to
meet their payment obligations. Exposure to credit risk exists for
derivative instruments, cash and cash equivalents, accounts receivable
and other long-term assets.

Cash and cash equivalents, accounts receivable and investments included
in other long-term assets of $190.5 million as at May 4, 2013
(February 2, 2013: $317.7 million, April 28, 2012: $495.0 million,
January 28, 2012: $519.4 million) expose the Company to credit risk
should the borrower default on maturity of the investment. The Company
manages this exposure through policies that require borrowers to have a
minimum credit rating of A, and limiting investments with individual
borrowers at maximum levels based on credit rating.

The Company is exposed to minimal credit risk from customers as a result
of ongoing credit evaluations and review of accounts receivable
collectability. As at May 4, 2013, two customers represented 38.1% of
the Company’s accounts receivable (February 2, 2013: no customer
represented greater than 10.0% of the Company’s accounts receivable,
April 28, 2012: two customers represented 40.0% of the Company’s
accounts receivable, January 28, 2012: one customer represented 26.5%
of the Company’s accounts receivable).

14.2 Liquidity risk

Liquidity risk is the risk that the Company may not have cash available
to satisfy financial liabilities as they come due. The Company actively
maintains access to adequate funding sources to ensure it has
sufficient available funds to meet current and foreseeable financial
requirements at a reasonable cost.

The following table summarizes the carrying amount and the contractual
maturities of both the interest and principal portion of significant
financial liabilities as at May 4, 2013:

Of the $504.0 million of operating lease commitments disclosed in the
table above, $7.7 million relates to the Company’s proportionate share
of the commitments of its real estate joint ventures.

Management believes that cash on hand, future cash flow generated from
operations and availability of current and future funding will be
adequate to support these financial liabilities.

Market risk

Market risk exists as a result of the potential for losses caused by
changes in market factors such as foreign currency exchange rates,
interest rates and commodity prices.

14.3 Foreign exchange risk

The Company enters into foreign exchange contracts to reduce the foreign
exchange risk with respect to U.S. dollar denominated assets and
liabilities and purchases of goods or services. As at May 4, 2013 and
April 28, 2012, there were no contracts outstanding and therefore no
derivative financial assets nor derivative financial liabilities were
recognized in the unaudited Condensed Consolidated Statements of
Financial Position.

During the 13-week period ended May 4, 2013, the Company recorded a loss
of $0.8 million (2012: gain of $1.8 million), relating to the
translation or settlement of U.S. dollar denominated monetary items
consisting of cash and cash equivalents, accounts receivable and
accounts payable.

The period end exchange rate was 0.9923 U.S. dollar to Canadian dollar.
A 10% appreciation or depreciation of the U.S. and or the Canadian
dollar exchange rate was determined to have an after-tax impact on net
(loss) earnings of $4.9 million for U.S. dollar denominated balances
included in cash and cash equivalents, accounts receivable and accounts
payable.

14.4 Interest rate risk

From time to time, the Company enters into interest rate swap contracts
with approved financial institutions to manage exposure to interest
rate risks. As at May 4, 2013, the Company had no interest rate swap
contracts in place.

Interest rate risk reflects the sensitivity of the Company’s financial
condition to movements in interest rates. Financial assets and
liabilities which do not bear interest or bear interest at fixed rates
are classified as non-interest rate sensitive.

Cash and cash equivalents and borrowings under the secured revolving
credit facility are subject to interest rate risk. The total subject to
interest rate risk as at May 4, 2013 was a net asset of $111.0 million
(February 2, 2013: net asset of $239.8 million, April 28, 2012: net
asset of $366.3 million, January 28, 2012: net asset of $300.5
million). An increase or decrease in interest rates of 0.25% would
cause an immaterial after-tax impact on net (loss) earnings.

14.5 Classification and fair value of financial instruments

The estimated fair values of financial instruments presented are based
on relevant market prices and information available at those dates. The
following table summarizes the classification and fair value of certain
financial instruments as at the specified dates. The Company determines
the classification of a financial instrument when it is initially
recorded, based on the underlying purpose of the instrument. As a
significant number of the Company’s assets and liabilities, including
inventories and capital assets, do not meet the definition of financial
instruments, values in the tables below do not reflect the fair value
of the Company as a whole.

The fair value of financial instruments are classified and measured
according to the following three levels, based on the fair value
hierarchy.

Level 1: Quoted prices in active markets for identical assets or
liabilities

Level 2: Inputs other than quoted prices in active markets that are
observable for the asset or liability either directly (i.e. as prices)
or indirectly (i.e. derived from prices)

Level 3: Inputs for the asset or liability that are not based on
observable market data

All other assets that are financial instruments not listed in the chart
above have been classified as “Loans and receivables”. All other
financial instrument liabilities have been classified as “Other
liabilities” and are measured at amortized cost in the unaudited
Condensed Consolidated Statements of Financial Position. The carrying
value of these financial instruments approximate fair value given that
they are short-term in nature.

Effective March 3, 2013, the Company finalized an exclusive, multi-year
licensing arrangement with SHS, which will result in SHS overseeing the
day-to-day operations of all HIPS. SHS will pay the final purchase
price of $5.3 million over 6 years. The loans and receivables asset is
included in “Other long-term assets” in the unaudited Condensed
Consolidated Statements of Financial Position.

As part of the transaction, SHS granted the Company a call option which,
if exercised would require SHS to sell the Company a 20% interest in
the HIPS business. The call option can be exercised beginning March 3,
2013 until March 2, 2023.

15. Contingent liabilities

15.1 Legal Proceedings

The Company is involved in various legal proceedings incidental to the
normal course of business. The Company takes into account all available
information, including guidance from experts (such as internal and
external legal counsel) at the time of reporting to determine if it is
probable that a present obligation (legal or constructive) exists, if
it is probable that an outflow of resources embodying economic benefit
will be required to settle such obligation and whether the Company can
reliably measure such obligation at the end of the reporting period.
The Company is of the view that, although the outcome of such legal
proceedings cannot be predicted with certainty, the final disposition
is not expected to have a material adverse effect on the Company’s
unaudited Condensed Consolidated Financial Statements.

15.2 Commitments and guarantees

Commitments

As at May 4, 2013, cash and cash equivalents that are restricted
represent cash and investments pledged as collateral for letter of
credit obligations issued under the Company’s offshore merchandise
purchasing program of $9.7 million (February 2, 2013: $9.0 million,
April 28, 2012: $6.4 million, January 28, 2012: $7.2 million), which is
the Canadian equivalent of U.S. $9.6 million (February 2, 2013: U.S.
$9.0 million, April 28, 2012: U.S. $6.5 million, January 28, 2012: U.S.
$7.2 million).

The Company has certain vendors which require minimum purchase
commitment levels over the term of the contract. Refer to Note 14.2
“Liquidity Risk”.

Guarantees

The Company has provided the following significant guarantees to third
parties:

Royalty License Agreements

The Company pays royalties under various merchandise license agreements,
which are generally based on the sale of products. Certain license
agreements require a minimum guaranteed payment of royalties over the
term of the contract, regardless of sales. Total future minimum royalty
payments under such agreements were $1.8 million as at May 4, 2013
(February 2, 2013: $2.3 million, April 28, 2012: $2.8 million,
January 28, 2012: $3.1 million).

Other Indemnification Agreements

In the ordinary course of business, the Company has provided
indemnification commitments to counterparties in transactions such as
leasing transactions, royalty agreements, service arrangements,
investment banking agreements and director and officer indemnification
agreements. The Company has also provided certain indemnification
agreements in connection with the sale of the credit and financial
services operations in November 2005. The foregoing indemnification
agreements require the Company to compensate the counterparties for
costs incurred as a result of changes in laws and regulations, or as a
result of litigation or statutory claims, or statutory sanctions that
may be suffered by a counterparty as a consequence of the transaction.
The terms of these indemnification agreements will vary based on the
contract and typically do not provide for any limit on the maximum
potential liability. Historically, the Company has not made any
significant payments under such indemnifications and no amounts have
been accrued in the consolidated financial statements with respect to
these indemnification commitments.

16. Net (loss) earnings per share

A reconciliation of the number of shares used in the net (loss) earnings
per share calculation is as follows:

“Net (loss) earnings” as disclosed in the unaudited Condensed
Consolidated Statements of Net (Loss) Earnings and Comprehensive (Loss)
Income was used as the numerator in calculating the basic and diluted
net (loss) earnings per share. For the 13-week period ended May 4,
2013, the Company incurred a net loss and therefore all potential
common shares were anti-dilutive. For the 13-week period ended April
28, 2012, 9,920 outstanding options were excluded from the calculation
of diluted net earnings per share as they were anti-dilutive.

17. Income taxes

The Company’s total net cash refunds or payments of income taxes for the
13-week period ended May 4, 2013 was a net payment of $8.0 million
(2012: net refund of $7.8 million).

In the ordinary course of business, the Company is subject to ongoing
audits by tax authorities. While the Company believes that its tax
filing positions are appropriate and supportable, periodically, certain
matters are challenged by tax authorities. During the 13-week period
ended May 4, 2013, the Company recorded benefits for interest on prior
period tax re-assessments and accruals for uncertain tax positions as
described in the table below, all included in the unaudited Condensed
Consolidated Statements of Net (Loss) Earnings and Comprehensive (Loss)
Income as follows:

As the Company routinely evaluates and provides for potentially
unfavourable outcomes with respect to any tax audits, the Company
believes that the final disposition of tax audits will not have a
material adverse effect on its liquidity.

Included in “Other long-term assets” in the unaudited Condensed
Consolidated Statements of Financial Position as at May 4, 2013, were
receivables of $14.7 million (February 2, 2013: $13.9 million, April
28, 2012: $30.3 million, January 28, 2012: $30.3 million) related to
payments made by the Company for disputed tax assessments.

18. Segmented information

In order to identify the Company’s reportable segments, the Company uses
the process outlined in IFRS 8, which includes the identification of
the Chief Operating Decision Maker, the identification of operating
segments, which has been done based on Company formats, and the
aggregation of operating segments. The Company has aggregated its
operating segments into two reportable segments: Merchandising and Real
Estate Joint Venture operations. The Merchandising segment includes
revenues from the sale of merchandise and related services to
customers. Real Estate Joint Venture segment includes income from the
Company’s joint venture interests in shopping centres across Canada,
most of which contain a Sears store.

18.1 Segmented Statements of Earnings

18.2 Segmented Statements of Total Assets

18.3 Segmented Statements of Total Liabilities

19. Changes in non-cash working capital balances

Cash used for non-cash working capital balances were comprised of the
following:

20. Changes in long-term assets and liabilities

Cash used for long-term assets and liabilities were comprised of the
following:

21. Event after the reporting period

On May 22, 2013, the Company announced its intention to file with the
Toronto Stock Exchange (“TSX”) a Notice of Intention to make a Normal
Course Issuer Bid that permits the Company to purchase for cancellation
up to 5% of its issued and outstanding common shares, representing
5,093,883 of the issued and outstanding common shares. There are
101,877,662 common shares issued and outstanding, as at May 10, 2013.
Under the Normal Course Issuer Bid, which requires TSX approval,
purchases may commence on May 24, 2013 and must terminate by May 23,
2014 or on such earlier date as the Company may complete its purchases
pursuant to the Notice of Intention filed with the TSX. The total
purchase of common shares by the Company pursuant to its Normal Course
Issuer Bid will not exceed, in the aggregate, 5% of all outstanding
common shares, and will be subject to the limits under the TSX rules,
including a daily limit of 25% of the average daily trading volume, and
a limit of one block purchase per week.

SOURCE: Sears Canada Inc.

Contact for Media:

Vincent Power
Sears Canada, Corporate Communications
416-941-4422
vpower@sears.ca

Article source: http://finance.yahoo.com/news/sears-canada-reports-first-quarter-110000784.html

Canada means business.

admin — Wed, 22 May 2013 11:25:09 +0000

Canadian Tourism Commission’s meetings, conventions and incentive travel sector reveals its fresh focus and new name to the world at IMEX.

FRANKFURT, Germany, May 22, 2013 /CNW/ – it’s no longer business as usual for Canada. The Canadian Tourism Commission (CTC) today unveiled its refreshed agenda for the meetings, conventions and incentive travel (MCIT) sector in Europe at IMEX, the annual giant international trade show in Germany.

There’s a new name—Business Events Canada (BEC)—and a new focus on seven priority sectors where Canada holds a competitive advantage. CTC’s BEC team will be leading its sales approach on aerospace, agriculture and food, clean technology, infrastructure/engineering, information/communication technology, life sciences and natural resources. These priorities are in line with the areas in which Canada is internationally recognized as a centre of excellence.

“Business Events Canada will contribute to efforts under the Federal Tourism Strategy to foster the long-term competitiveness of the tourism sector while creating jobs in Canada,” says The Honourable Maxime Bernier, Minister of State (Small Business and Tourism). “This new focus will help the Canada tourism brand gain strength and inspire more travellers to visit Canada.”

The new BEC brand reflects the growing significance of the meetings industry to Canada’s economy. Meetings, conventions and incentive travel attracts close to two million visitors each year to Canada with total spending of $1.7 billion—almost a quarter of all money spent by inbound overnight travellers. Canada is the # 1 location for outbound meetings business from the US, which brings in about $1.4 billion annually.

The new BEC unit already has its first success under its belt: working as part of a local tourism consortium, BEC helped bring the annual TED Conference to Vancouver, BC, starting in 2014. That business coup garnered worldwide attention for the city and Canada as a whole, highlighting it as a centre for innovation.

“Although we have refined our strategic focus on specific industries, we remain firmly committed to working with our partners and clients to bring events of all kinds to Canada,” says Greg Klassen, CTC senior vice-president Marketing Strategy and Communications. “Conventions and meetings held in Canada can be the first spark that ignites interest in doing business that leads to investment in our country as well as exploration of the unique experiences that Canada offers international travellers.”

The next major event for the BEC team will be AIBTM June 11-13 in Chicago, IL.

Photo Captions:

The Vancouver Convention Centre will host the prestigious TED Conference in Vancouver, BC, in 2014. Meetings, conventions and incentive travel attracts close to two million visitors annually to Canada with total spending of $1.7 billion—almost a quarter of all money spent by inbound overnight travellers.

Conventions and meetings held in Canada can be the first spark that ignites interest in doing business that leads to investment in our country, as well as exploration of the unique experiences that Canada offers international travellers.

Located in Banff National Park in the splendour of the Canadian Rockies, the Banff Conference Centre offers a spectacular setting for meetings, conferences and events. Canada is the # 1 location for outbound meetings business from the US, which brings in about $1.4 billion annually.

Additional web links:

Tourism Fact Sheet

Photos and videos related to Business Events Canada.

CTC Corporate Profile for key facts and figures about the Canadian Tourism Commission.

About Business Events Canada and the Canadian Tourism Commission

Business Events Canada is the division of the Canadian Tourism Commission (CTC) responsible for bring meetings, conventions and incentive programs to Canada. The CTC is Canada’s national tourism marketing organization. A federal Crown corporation wholly owned by the Government of Canada, we lead the Canadian tourism and meetings industry in marketing Canada as a premier four-season destination. Our vision is to inspire the world to explore Canada. With our partners in the tourism and meetings industry and the governments of Canada, the provinces and the territories, we promote Canada’s extraordinary experiences in 11 countries around the world, conduct original market research, offer stunning visuals through the Brand Canada Library and provide resources and toolkits to help industry leverage Canada’s successful tourism brand—”Canada. Keep Exploring.” For regular updates on CTC initiatives, subscribe to CTC News, search our corporate website or BEC website, become a fan on Facebook, follow us on Twitter, share images on Instagram or subscribe to our YouTube channel.

Image with caption: “The Vancouver Convention Centre will host the prestigious TED Conference in Vancouver, BC in 2014. Meetings, conventions and incentive travel attracts close to two million visitors annually to Canada with total spending of $1.7 billion-almost a quarter of all money spent by inbound overnight travellers. (CNW Group/Canadian Tourism Commission)”. Image available at: http://photos.newswire.ca/images/download/20130522_C8844_PHOTO_EN_26955.jpg

Image with caption: “Conventions and meetings held in Canada can be the first spark that ignites interest in doing business that leads to investment in our country, as well as exploration of the unique experiences that Canada offers international travellers. (CNW Group/Canadian Tourism Commission)”. Image available at: http://photos.newswire.ca/images/download/20130522_C8844_PHOTO_EN_26957.jpg

Image with caption: “Located in Banff National Park in the splendour of the Canadian Rockies, the Banff Conference Centre offers a spectacular setting for meetings, conferences and events. Canada is the No. 1 location for outbound meetings business from the US, which brings in about $1.4 billion annually. (CNW Group/Canadian Tourism Commission)”. Image available at: http://photos.newswire.ca/images/download/20130522_C8844_PHOTO_EN_26959.jpg

Article source: http://finance.yahoo.com/news/canada-means-business-100000744.html

Senate sends Duffy expense audit for 2nd internal review

admin — Wed, 22 May 2013 05:24:56 +0000

The Senate decided to send Senator Mike Duffy’s audit report back to its internal committee for a second review, despite objections from the Liberal Senate leader, who argued the RCMP should be tasked with the job.

Senator James Cowan said he couldn’t support referring Duffy’s report to a Senate committee that he didn’t trust could operate without “political interference.” He moved that the matter should be sent to the police.

But the government countered that Duffy’s report could be directed to the RCMP after it underwent a second look by the Senate’s internal economy committee.

The debate on Tuesday was the first in the Senate since the audits on senators Duffy, Mac Harb and Patrick Brazeau were released, and the first since it was revealed Duffy’s questionable expenses were repaid by a personal cheque from the prime minister’s chief of staff.

Senators argued about exactly when the RCMP should be called in to investigate Duffy’s expenses, though the RCMP has already indicated it is looking into the expense reports of all three senators who have been ordered to repay money.

Independent Senator Harb, who quit the Liberal caucus and is fighting an order to repay thousands of dollars for inappropriate claims, said in the Senate that “natural justice” demands that “rules cannot be changed and applied retroactively.”

Harb raised a question of privilege, arguing his case be referred to the Senate rules committee.

Cowan raised a question of privilege as well, saying that the “secret gift” of a $90,000 cheque to Duffy from Nigel Wright, the prime minister’s chief of staff, threatens the independence of the Senate. Cowan noted that media reports suggest promises were made to Duffy that the Senate would “go easy on him” if he used the cheque to repay his claims.

What followed was a question period unlike anything seen in the House of Commons.

Most of the questions were asked by Cowan and were directed to the government Senate leader, Marjory LeBreton. Cowan peppered her with queries about Wright’s cheque and about whether she or the prime minister knew about it beforehand.

LeBreton, on her feet constantly to answer, replied: “Absolutely not. That is just ridiculous.” She said the prime minister learned about the cheque from media reports, adding, “I know there are conspiracy theories running around the place.”

Other Liberals also questioned LeBreton. She denied that she’d interfered with the Senate reports that used far gentler language in Duffy’s case than appeared in Harb’s or Brazeau’s.

LeBreton said, “Obviously, the case of Senator Duffy is going back to internal committee,” although she has not yet sought Senate approval to have Duffy’s expenses audited further.

Senator Jim Munson, a former CTV journalist, asked LeBreton if she agreed there had been a coverup.

“I know you are a journalist,” she replied, adding, “You run around promoting conspiracy theories.”

Cowan spoke of the “odium, contempt and ridicule” with which Canadians now view the Senate. “I will not read into the record what Canadians think of the Senate,” based on emails he said he has received and comments he’s heard.

The Senate wants Harb and Brazeau to pay back $51,000 and $48,000, respectively, but both say they did nothing wrong.

Duffy said he would repay $90,000 before an audit of his expense claims was finished, but then did not fully co-operate with the process.

Senator Pamela Wallin’s travel expenses, $321,000 since September 2010, are being reviewed, but that report by Deloitte isn’t finished yet.

A Senate report has recommended that living and travel rules be tightened, proposing receipts should be required for all taxi trips, not just those over $30 as current rules dictate, and that senators should submit road travel logs when they claim mileage.

Harb says he checked the rules

Harb spoke at length about how unfairly he feels he’s been treated. He said he had told a Senate clerk he’d moved to a home in the country and was renting an apartment in Ottawa, and would be claiming expenses for it. The clerk told him that would not be a problem, he said, adding, “The advice given to me cannot be ignored.”

Harb, his voice rising as he spoke, asked if he should wear an ankle bracelet with a GPS to prove he was in what he calls his primary residence, a house near Pembroke more than 100 kilometres from Ottawa.

He angrily denied the findings of the Deloitte audit that he spent only 21 per cent of his time in his country home. But he seemed to mock the notion that 51 per cent would be the correct amount of time. “I’m sorry, it’s not going to work that way. This is democracy, this is Canada,” he said.

Harb’s Liberal collegues did not defend him. Liberal Senator Joan Fraser said she did not find the rules about primary residence unclear, and said, in her opinion, Harb had no substantial case that his parliamentary privilege had been violated.

No one in the chamber echoed a suggestion from Conservative Senator Hugh Segal that the auditor general be invited to regularly examine senators’ expenses.

The Senate Speaker, Noel Kinsella, said he would take the privilege questions raised by Harb and Cowan under advisement.

Duffy was not in the Senate chamber for the debate. Wallin, whose travel expenses are in the process of being audited, appeared for the first half hour and then left without making any comments.

Earlier Tuesday, Conservative Senator Jacques Demers commented on Duffy, Brazeau, Harb and Wallin, who have all left or been kicked out of their caucuses, saying, “If these people have done what has been speculated that they have done, they should be fired.”

Hinting that he was considering leaving the Senate in disgust, Demers went on, speaking in English and French, “If it doesn’t come out the way I want to … personally, I’m not talking for other senators … I’m gonna go.”

Article source: http://www.cbc.ca/news/canada/story/2013/05/21/pol-senate-debate-reports-senators-expenses.html

Carney’s parting advice: play to Canada’s strengths

admin — Wed, 22 May 2013 05:24:55 +0000

Bank of Canada governor Mark Carney is leaving Canada with some parting advice — seize the country’s natural advantages.

The central banker said Tuesday in his last scheduled public appearance before departing for the Bank of England next month that Canada can coast and wait out the decade-long damage-repair process in the rest of the G7 economies, or build on its strengths for the emerging new global economy.

Carney said the Canadian government is correct in seeking out new trade deals, particularly in emerging economies, because they represent one half of the world’s imports growth and also are essential to securing a position in global supply chains.

Export growth needed

The speech to the Montreal Board of Trade, notes of which were released in Ottawa, read somewhat like a valedictory address in which the banker was full of praise for the country’s achievements and endowments, while also urging it on to future successes.

Carney broke no new ground in the speech as he has long stressed the need to transition Canada’s exports-based industries from reliance on slow-growing economies like the U.S. and Europe to fast-growing markets in China and Asia in general.

But the advice took on added currency given it was likely the last time he will pronounce generally on the Canadian condition for at least the next five years, the term of his posting in London.

He noted while Canada’s economy performed fairly well both during the 2008-09 recession and in the recovery — at least in comparison to the other major economies in the G7 — it could have done better had the country’s export sector been able to hold up.

He calculated that exports are currently $130 billion less than would have been the case in a typical postwar recession. That represents about eight per cent of gross domestic product.

Even so, Canada coped relatively well to the crisis, he said, noting that by the start of 2011 the country had recovered to the GDP level it held prior to the recession and that as of now, there are 480,000 more Canadians working than in the fall of 2008, when the slump began.

‘Canadians are going where the jobs are’—Mark Carney

It has been able to make the adjustments because fundamentally the Canadian system works, Carney said.

Despite criticism, Canada’s labour market is relatively flexible, with labour mobility similar to that in the United States and about four times as flexible as in Europe.

“Canadians are going where the jobs are,” he said. “Last year, there was a net inflow of more than 40,000 people into Alberta from the rest of Canada, a level of mobility that approaches its previous peak.”

Strong banking lauded

Carney said Canada also has a functioning monetary union despite the lament about provincial trade barriers and the two-speed economy caused by high commodity prices. On the latter, Carney again dismissed the theory that Canada is beset with Dutch disease, whereby high oil prices inflate the loonie and undermines manufacturing.

“When commodity prices increase, all provinces benefit,” he argued. “All else equal, the Canadian dollar appreciates [but] it’s adverse impact on our non-commodity exports is partially offset by the fact that a stronger currency reduces the cost of productivity-enhancing machinery and equipment and imported inputs to production.”

Carney also praised what he calls “fiscal federalism,” the often maligned system of wealth transfers from have to have-not regions. Rather than a weakness, the system helps stabilize localized “asymmetric shocks” and share the risks, he said.

Lastly, the central banker said Canada has been well-served by a sound and regulated banking sector, as well as low government debt that allowed policy-makers room to borrow on global markets to stimulate the economy.

Carney said Canada cannot rest on its laurels, however. “In a rapidly shifting world, only sustained education, ingenuity and investment can maintain competitiveness,” he said. “This means we must continuously invest in our workforce. With technology and trade transforming the workplace, the need to improve skills across the spectrum of work has never been greater.”

© The Canadian Press, 2013

Article source: http://www.cbc.ca/news/business/story/2013/05/21/business-carney-speech.html

US Quietly Monitors Foreigners’ Departures At the Canadian Border

admin — Wed, 22 May 2013 05:24:52 +0000

Long demanded by lawmakers in Congress, it is considered a critical step to developing a coherent program to curb illegal immigration, as historically about 30 percent to 40 percent of illegal immigrants in the United States arrived on tourist visas or other legal means and then never left, according to estimates by Homeland Security officials.

The pilot project with Canada, conducted from September to January, involved about a third of the traffic across the northern American border, tracking the departure of 413,222 foreigners from the United States. Starting this year, according to Congressional officials who have been briefed on the plan, the information collected at the Canadian border will be used to prevent certain foreigners who have stayed too long in the United States from returning again by revoking tourist visas or taking other steps.

The effort relies on an ingenious solution: as foreigners leave the United States to enter Canada — and their passports are checked by the border authorities there — the information is sent back to the United States and recorded as the official “exit” record. By the end of next month, the project is scheduled to be expanded to almost all land border traffic between Canada and the United States.

“The pilot was a success,” said David Heyman, assistant secretary for policy at the Homeland Security Department, in a statement. “We have the ability now to identify, with a high degree of certainty, on a real-time basis, those who overstay the terms of their legal entry into the United States.”

Airlines and cruise ships, relying on passenger manifests, are already mandated under law to turn over data on travelers as they leave the United States. That system has recently been improved so that entries and exits can more definitively be matched, federal officials said, although there remains a large backlog of unconfirmed exits.

The biggest weakness remains the southern border, which has the highest volume of traffic of land crossings, but still has almost no exit controls.

The Mexican authorities, Homeland Security officials said, do not reliably collect and store personal data on every person crossing the border from the United States, preventing an exchange like the one that has been established with Canada. The department has pressed the Mexican authorities to improve their data collection efforts, so such an exchange can take place.

One former Homeland Security official who had been involved in these negotiations said it was largely a matter of money.

“You could do it in a year if you had all the money you needed, or you could do it in 20 years,” said Chappell Lawson, who served as director of policy and planning at Customs and Border Protection early in the Obama administration. “Tell me the amount of money and the willpower, and I can give you a number.”

Ricardo Alday, a spokesman for the Mexican Embassy in Washington, said the Mexican government was open to considering such a request by the United States.

“Mexico strongly believes that its joint efforts with the United States are critical to the safe and efficient management of the border,” he said in a statement.

With the pilot program at the Canadian border, the American authorities found that in almost all cases — 97.4 percent — the passport data of departing foreigners matched up with records documenting their entry into the United States, allowing American officials to determine if they stayed longer here than allowed under the law. Officials would not say what percentage of the travelers had overstayed their visas.

Because it was an experimental project, the data in this initial phase was destroyed and was not used for any enforcement action. Individual travelers were not notified of the data exchange, although a description of it was posted on the Canadian Border Services Agency Web site.

Article source: http://www.nytimes.com/2013/05/22/us/us-tracked-foreigners-leaving-for-canada.html?pagewanted=all

UN Women Canada NC to Join Aga Khan Foundation Canada's World Partnership Walk to Fight Global Poverty

admin — Tue, 21 May 2013 23:24:28 +0000

OTTAWA, ONTARIO–(Marketwired – May 21, 2013) – UN Women National Committee Canada urges Canadians to help fight global poverty and take part at one of ten World Partnership Walk events held on May 26th, June 2nd and June 9th in cities across Canada. The World Partnership Walk is Canada’s largest annual event dedicated to raising funds and awareness to fight global poverty.

“Supporting the World Partnership Walk is in line with our core UN Women priority which is to advance women’s economic security and rights,” said Almas Jiwani, President, UN Women National Committee Canada. “Women bear a disproportionate burden of the world’s poverty. Across the world, over sixteen million women and children are impacted by the brunt of poverty. They are more likely than men to be poor because of the discrimination they face in education, health care and employment. Gender discrimination undermines efforts towards poverty eradication, thwarts progress and suppresses viable contributions of half the world’s population to improve global economic conditions. Join us at the World Partnership Walk. Together, we can take action, together we can mobilize partners for change, together we can end poverty and suffering.”

Since its start almost 30 years ago, the Walk has raised over $75 million for international development programs and initiatives supported by Aga Khan Foundation Canada. One hundred per cent of funds raised by the World Partnership Walk go directly to fund international development projects. Organized by volunteers in ten cities across Canada, nearly 40,000 Canadians came together to raise more than $7 million in 2012.

Walks will be held in Regina, Toronto, Vancouver, Victoria, London, Ottawa, Calgary, Edmonton, Kitchener- Waterloo and Montreal. The Montreal Walk will be held on Sunday, June 2 at Parc Jean-Drapeau and will include a special performance by singer/songwriter and two-time Juno award nominee Belinda Brady.

“The Walk welcomes the ongoing support of UN Women in helping put an end to global poverty,” said Ashina Sheriff, Volunteer Convenor for the Walk in Montreal. “We share the conviction that women are agents of change in our world. By participating in the Walk, we put this belief into action, by giving women and girls in the developing world a chance to become partners in development.”

With only 1000 days left for the 2015 MDG deadline, UN Women National Committee Canada and its civil society allies are working hard to fulfil MDG # 8 – Building Global Partnership for Development. By participating in the World Partnership Walk, UN Women National Committee Canada is helping to put spotlight on the formidable role of civil society in eradicating poverty collectively.

To join the walk and raise funds please visit: http://www.worldpartnershipwalk.com.

About UN Women National Committee Canada

UN Women National Committee Canada raises UN Women’s profile and promotes its work in Canada; raises funds for UN Women projects; creates awareness within the Canadian governments for increased funding for UN Women projects; and encourages non-governmental organizations to promote and support UN Women initiatives. http://www.unwomencanada.org/.

About Aga Khan Foundation Canada

Aga Khan Foundation Canada (AKFC) is a non-profit international development agency, working in Asia and Africa to find sustainable solutions to the complex problems causing global poverty. Established in 1980, AKFC is a registered Canadian charity and an agency of the worldwide Aga Khan Development Network. http://www.akfc.ca.

Article source: http://finance.yahoo.com/news/un-women-canada-nc-join-183704375.html

Carney Says Europe Could Benefit From Canada Economic Policies

admin — Tue, 21 May 2013 23:24:26 +0000

Future Bank of England Governor Mark Carney said while his Canadian experience may offer lessons to
other countries, he will seek help from his colleagues and not
try to run the London-based central bank as a one-man show.

Carney declined to comment on what stimulus policies he
would seek at the Bank of England, speaking to reporters in
Montreal yesterday. He said he agreed with current Governor
Mervyn King’s comment in a Sky News interview last weekend that
the institution isn’t a “one-man show.”

“That is one of the strengths of the institutional
setup,” Carney said. The Bank of England “has tremendous
responsibilities, but each of those responsibilities are
discharged by committees, of which the Governor of the Bank of
England is only one member,” he said, adding that King’s
comments were “absolutely right.”

Most of Carney’s final speech as Bank of Canada Governor,
ahead of his June 1 departure, focused on how Europe could look
to Canada as a model as the continent’s economy struggles to
grow. Canada emerged faster than other developed countries from
the 2008 global financial turmoil, aided by Carney’s monetary
stimulus, domestic banks that kept lending and record public
works spending by the federal government.

“Relative to our peers, Canada is working,” Carney, 48,
said during the speech. “Canada could adjust quickly to the
shock of the global financial crisis,” Carney said, adding that
today the country needs to “build” rather than “repair” its
economy.

‘Critical Anchor’

The nation’s inflation-targeting regime was a “critical
anchor” during the crisis, with the bank’s conditional
commitment to keep interest rates unchanged maximizing the
effect of the policy rate, Carney said.

Europe’s economy remains hobbled by spending restraint, low
confidence and tight credit conditions, Carney said. “Without
sustained and significant reforms, a decade of stagnation
threatens,” he said. Europe could also take lessons from Japan
about the need to take bold measures, he said.

Carney helped ease the global slump’s impact on Canada
after his term began on Feb. 1, 2008, cutting the bank’s
benchmark rate from 4 percent to 0.25 percent in April 2009, the
lowest since it was founded in 1934. He also made a
“conditional commitment” to keep rates low for a fixed period,
while avoiding the purchase of bonds to stimulate the economy,
an approach known as “quantitative easing.”

Carney said in response to a question about future Bank of
England policies that “it would be totally inappropriate for me
to make any judgment on what those decisions could be.”

Final Forecasts

Governor King on May 15 declared a U.K. recovery is now
“in sight” as he presented his final forecasts with an
improved economic outlook.

Bank of Canada policy makers said in their last rate
decision April 17 that the economy wouldn’t reach full capacity
until mid-2015. Growth in the world’s 11th-largest economy
probably picked up to a 2 percent annualized first quarter pace
after slumping to 0.6 percent at the end of last year, according
to a Bloomberg economist survey.

The annual inflation rate slowed to 0.4 percent in April,
the lowest in more than three years and outside the central
bank’s 1 percent to 3 percent target band, Statistics Canada
reported last week.

Carney’s comments avoided a detailed outlook for the
Canadian economy. In his speech, he reiterated that Canada’s
challenge will be to “rotate sources of growth toward net
exports and business investment.” At the press conference,
Carney restated his view that the risks from a housing and
consumer-debt boom are moderating.

“We cannot grow indefinitely by relying on Canadian
households increasing their borrowing relative to income,” he
said.

Tightening Bias

Carney also said the central bank has maintained its
tightening bias on interest rates — the only central bank in
the Group of Seven to say its next move may be to raise rates –
partly to complement efforts by other policy makers to curb
household debt.

He said the stimulus of low interest rates will be
“withdrawn appropriately as threats diminish.”

While rising commodity prices tend to benefit resource-rich
provinces such as Alberta, other provinces still benefit from a
stronger currency because of a decline in the cost of inputs
that improve competitiveness and a surge in trade within the
country, Carney said.

Canada’s system of transfers to poor provinces, its
employment-insurance system and labor-market flexibility also
offset shocks, he said. “One of the building blocks of European
fiscal federalism could be a pan-European employment insurance
scheme built on a common European labor market,” Carney said.

Banking System

He also highlighted the differences between Canada’s and
Europe’s banking systems, saying the euro region will remain
weakened without “major reforms to create a banking union.”

Carney’s last official Canadian business is a May 29
decision where economists forecast he will keep the policy
interest rate at 1 percent, where it’s been since September 2010
in the longest pause since the 1950s. He isn’t expected to make
a public statement that day and leaves June 1 to take over the
Bank of England a month later. His replacement is Stephen Poloz,
head of the country’s export-finance agency.

Today Carney said he hasn’t had much time to think about
his legacy and he declined to lay out advice for Poloz, saying
he is a “capable” leader.

To contact the reporters on this story:
Andrew Mayeda in Ottawa at
amayeda@bloomberg.net;
Greg Quinn in Montreal at
gquinn1@bloomberg.net

To contact the editor responsible for this story:
Chris Wellisz at
cwellisz@bloomberg.net

Article source: http://www.bloomberg.com/news/2013-05-21/carney-says-europe-could-benefit-from-canada-economic-policies.html

Canada bank regulator says watching housing risk, pleased so far

admin — Tue, 21 May 2013 23:24:25 +0000

By Andrea Hopkins

TORONTO (Reuters) – Canada’s top banking regulator said on Tuesday she is focused on the risk Canada’s big banks face from low interest rates and real estate lending, but is happy that the housing market is moving into more balanced territory.

Julie Dickson, head of the Office of the Superintendent of Financial Institutions, or OSFI, said the impact of low interest rates can clearly be seen in the Canadian real estate market.

Canada’s housing market was red hot in the years following the recession. But it began cooling in the middle of 2012 in the wake of government moves to tighten mortgage lending rules, even though rates remain near historic lows.

“The real estate lending market has been a significant area of focus for OSFI, because of the significant incentives for consumers to borrow and for banks to maintain revenues, the size of mortgage lending portfolios, the concerns about some markets being over-valued, and the possibility that customers’ debt serviceability could be masked by low interest rates,” Dickson said in remarks to the Bloomberg Canada Economic Summit.

“We’re happy to see there has been some adjustment in the real estate market. We’re seeing a more balanced situation now, but one has to always pay attention.”

The tighter lending rules were aimed at preventing consumers from taking on too much debt to get into an expensive housing market.

The changes shortened the maximum term of an insured mortgage loan to 25 years and limited the amount of equity that could be taken out of a home using an insured mortgage.

The move to rein in lending was a bid by the government to prevent a U.S.-style housing crash and banking system meltdown.

Dickson noted that Canada’s big banks, named soundest in the world for five straight years by the World Economic Forum, are already in compliance with Basel III capital requirements, aimed at bolstering the global banking system against future shocks.

She also noted that the bulk of the banks’ mortgage portfolio is insured by the Canada Mortgage and Housing Corp., a government-backed agency.

Canada’s top six lenders in order of size are: Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce and National Bank of Canada.

Dickson, who has drawn praise for her firm supervision of the banks, also said she did not intend to seek a new term as Canada’s regulator when her term ends in mid-2014.

“I love Canada’s banks but I do not want another seven years in that role,” she said. “On July 4, 2014, I will be on my way.”

(Editing by Jeffrey Hodgson and Dan Grebler)

Article source: http://news.yahoo.com/canada-bank-regulator-says-watching-housing-risk-pleased-145624553.html

Governor of the Bank of Canada

admin — Tue, 21 May 2013 17:22:24 +0000

Remarks – Mark Carney
Governor of the Bank of Canada
Presented to: Chambre de commerce du Montréal métropolitain (CCMM)/Board of Trade of Metropolitan Montreal
Montréal, Quebec
21 May 2013

Introduction

It is almost six years since the start of the global financial crisis, and its dynamics still dominate the economic outlook.

In the United States, households are emerging from a painful period of deleveraging. Their economic expansion continues at a modest pace, with gradually strengthening private demand partly offset by accelerated fiscal consolidation. Despite recent progress, the U.S. economy has not yet achieved escape velocity.

Europe remains in recession, with economic activity constrained by fiscal austerity, low confidence and tight credit conditions. Deep challenges persist in its financial system. Without sustained and significant reforms, a decade of stagnation threatens.

Europe can draw lessons from Japan on the dangers of half measures. It is now more than two decades since the Japanese financial crisis erupted. To end its debilitating legacy, Japan has just embarked on a bold policy experiment. Its success or failure will have a major impact on the outlook over the coming years.

Amongst the G-7, Canada is unique. For us, the global financial crisis was an external rather than internal shock. When Canadian policy-makers responded quickly and forcefully, our financial system channelled credit to where it was needed and our economy adjusted smartly.

As painful as our recession was, Canada suffered less. By the start of 2011, all of the output and all of the jobs lost during the recession had been recovered (Charts 1 and 2). A further 480,000 jobs have been created since, with the vast majority of them full-time and in the private sector. Nearly all the new jobs are in industries that pay above-average wages.

Relative to our peers, Canada is working.

Why did we fare better? Our outperformance reflects four critical advantages:

responsible fiscal policy,

sound monetary policy,

a resilient financial system, and

a monetary union that works.

I will discuss these foundations of our prosperity in more detail, but I don’t intend to oversell them. These are the cornerstones of Canada’s prosperity, but lasting growth depends on what is built on this foundation through longer-term investments in infrastructure, human capital, innovation and new markets.

A Monetary Union That Works

Canada’s monetary union has the essential elements of an effective currency union: an integrated economy, fiscal federalism and labour market flexibility. Allow me to elaborate.

An integrated economy

While the composition of provincial output varies, the Canadian economy is highly integrated. Consider the case of commodities.

When commodity prices increase, all provinces benefit. All else equal, the Canadian dollar appreciates. Its adverse impact on our non-commodity exports is partially offset by the fact that a stronger currency reduces the cost of productivity-enhancing machinery and equipment and imported inputs to production.¹ Various mechanisms distribute benefits across provinces: fiscal policy; increases in personal wealth through income and ownership of stock; and movements in internal real exchange rates and interprovincial trade.²

During the recession and its aftermath, the importance of interprovincial trade was clear. For example, the increased demand from other provinces for Quebec’s goods and services significantly offset lost international exports (Chart 3).

Movements in provincial real exchange rates are another important part of the adjustment process. Although there is one exchange rate for Canada as a whole (we all use Canadian dollars), price differentials across the country yield different real provincial exchange rates.

This matters.

Consider the Alberta/Quebec real exchange rate (Chart 4). When higher energy prices stimulate production and investment in Alberta, extraction, construction and labour costs there rise. This increases the real Alberta exchange rate, making goods and services from the other provinces, including Quebec, more competitive. Interprovincial trade is boosted, spreading benefits from energy price increases throughout the economy.

It is interesting to compare developments in the Canadian and European internal exchange rates. For example, since the euro was introduced, Spanish competitiveness (as measured by GDP deflators) has fallen by about 30 per cent relative to Germany. During the same period, the Alberta exchange rate moved even more dramatically, rising 40 per cent relative to Quebec (Chart 5). Intra-regional exchange rates in Canada have generally been more volatile on average than most internal exchange rates in the euro area (See Tables 1 and 2, Appendix).

And yet, the challenges of regaining competitiveness are central to the economic travails of Spain. This is because Spain is experiencing a balance of payments crisis. In the years following monetary union, Spain ran large intra-euro-area current account deficits, funded in part by foreign purchases of real estate and inflows to the Spanish banking system. When these dried up, domestic activity collapsed. There are few institutional mechanisms within the Economic and Monetary Union (EMU) at present to offset the shock.

In Alberta’s case, a rising tide has lifted all boats. That is because the Canadian monetary union has what Europe does not: a single financial market; a flexible, national labour market; and significant fiscal transfers. These smooth the adjustments brought about by the large shifts in relative prices.

Fiscal federalism helps to share risks

Despite the equilibrating movement of real provincial exchange rates, shocks to our economy can still have a more significant impact on some regions than others. Since monetary policy works at an aggregate level to support aggregate demand, it cannot easily deal with such distributional consequences.

Fiscal transfers are thus an important element of a successful monetary union. They are sizeable in Canada, representing 8 per cent of GDP across all levels of government (Charts 6 and 7).

Canada’s equalization program helps stabilize the impact of asymmetric shocks. For example, between 2006 and 2011, federal support programs, including equalization payments and Canadian social and health transfers, grew more rapidly for provinces whose economies were hardest hit by the crisis (Chart 8).³

The Employment Insurance program also shares risk. Through transfers to 2 per cent of the working-age population, the program particularly benefits provinces with higher unemployment rates (Chart 9).

In the medium term, one of the building blocks of European fiscal federalism could be a pan-European employment insurance scheme built on a common European labour market. This would reduce impediments for those looking across the continent for work, while providing a cross-country automatic stabilizer.

Labour market flexibility

For Canada and Canadians to work, workers must be able to move to different jobs, and wages must adjust to help maintain full employment.

By international standards, the Canadian labour market is highly flexible, although there is still room for improvement.⁴ Our labour mobility as a whole is similar to that in the United States. By some estimates, the Canadian labour market is almost four times as flexible as the European labour market.⁵

An obvious example of this flexibility is the way that Canadians have responded to the higher wages and employment opportunities in the energy sector. Last year, there was a net inflow of more than 40,000 people into Alberta from the rest of Canada, a level of mobility that approaches its previous peak (Chart 10).

As a consequence, labour markets are becoming more similar across the provinces. In particular, the dispersion of employment rates in Canada has fallen steadily over the past 30 years to levels comparable with those in the United States. Again the contrast with Europe, where it has risen substantially, is striking (Chart 11).

Bank of Canada research suggests that the main reason behind these improvements has been the increased sensitivity of provincial population growth to labour market opportunities – Canadians are going where the jobs are.⁶

Finally, wages are flexible in Canada. Results from the Bank of Canada’s wage setting survey indicate that, while firms are typically reluctant to reduce base wages, incentive pay offers a possible source of downward flexibility in total compensation.⁷ About 90 per cent of Canadian private sector firms currently use short-term incentive pay plans.⁸ Such risk sharing is an effective way to maintain employment and profitability during uncertain and volatile times.

A Resilient Financial System

An important lesson from Europe’s experience is the critical role that a sound financial system plays in the monetary policy transmission mechanism. It helps to ensure that changes in central bank policy are transmitted effectively to all regions to support growth and employment. When a sizeable share of a country’s banking sector has (or is perceived to have) deficient capital and liquidity positions, credit doesn’t flow to where it is needed.

Recent experience in Europe has shown the particular problems a monetary union faces when banks become less willing to lend across borders within the union. This fragmentation has reinforced the links between sovereign and bank solvency. As European leaders now recognise, without major reforms to create a banking union, EMU is fundamentally weakened.

In Canada, the existence of largely centralized prudential regulation and deposit insurance pools risk across the country. When combined with a large number of national banking institutions, this greatly reduces the risk that localized economic and financial disruptions impair provincial solvency.

Since the strength of the Canadian banking system has been well documented, I will concentrate on Canada’s sound regulatory framework. Its key elements are:

First, supervision is focused and proactive. Consolidated prudential supervision is not burdened by other objectives such as the promotion of home ownership or community reinvestment. The staged intervention approach of the Office of the Superintendent of Financial Institutions (OSFI) means it works with institutions to correct problems at an early stage, while they are still manageable.

Second, efforts to promote financial stability are coordinated. Federal authorities consistently share information, coordinate actions, and pool advice to the federal government on financial sector policy. Most notable in this regard has been a series of actions to slow the rate of increase in household debt. The Bank of Canada also works with provincial authorities to implement a number of global initiatives.

Third, Canada has clear and credible recovery and resolution mechanisms, including lender-of-last-resort policies, a deposit insurance scheme with risk-weighted premiums, and bridge-banking powers that enable the rapid closure of failing institutions and the swift re-opening of their viable operations. In its most recent budget, the federal government announced it will consult stakeholders on how best to implement a bail-in regime to recapitalize failing Canadian banks that are systemically important to our domestic economy through the very rapid conversion of certain bank liabilities into regulatory capital.

Fourth, bank capital regulation is prudent. Prior to the crisis, Canadian capital requirements were higher than international norms thanks to OSFI’s insistence that common equity form a large share of required capital. Since the crisis, Canadian banks have become considerably stronger. Their common equity capital has increased by 80 per cent, or $77 billion, and they already meet the new Basel III capital requirements six full years ahead of schedule.

Finally, the entire financial framework is regularly reviewed and updated, in accord with the statutory requirement to renew the federal legislative and regulatory framework for the financial system every five years. This has proven invaluable given the pace of change in the financial system. In addition, Canada’s regulatory system is subject to regular, rigorous external examinations.

A Massive and Disciplined Policy Response

Allow me to review. The structure of the Canadian economy, the risk sharing across the federation, labour market flexibility and financial stability together meant that Canada could adjust quickly to the shock of the global financial crisis.

It also meant that when Canadian policy-makers responded, they were able to do so swiftly and massively.

During the crisis, the Bank of Canada aggressively cut our policy rate until it reached one-quarter of one per cent, the lowest it can effectively go. The Bank then provided extraordinary guidance on the likely path of interest rates necessary to achieve the inflation target in order to maximise the monetary stimulus from its policy rate.

Canada’s inflation-targeting regime was a critical anchor during those turbulent times. It gave the Bank a simple, unwavering goal to guide its policy actions. It provided financial markets and Canadians with a clear means to understand why the Bank did what it did. And that understanding kept inflation expectations well anchored around the 2 per cent target throughout the period, maximising the stimulative impact of our policies.

Although fiscal policy is always less nimble than monetary policy, it also responded aggressively. Government expenditures rose by almost 3 percentage points of GDP within a year, with government contributing about one-third of GDP growth in 2010 (Chart 12).

The effectiveness of fiscal policy was underpinned by Canada’s strong fiscal position.

From the mid-1990s onwards, successive governments ran more than a decade of surpluses, cutting the government debt-to-GDP ratio from almost 70 per cent in 1995 to 22 per cent in 2008. As a result, Canada’s net debt relative to GDP went from being the second-highest ratio among the G-7 countries in 1995 to the lowest (Chart 13).

This fiscal flexibility provided leeway for governments to respond while maintaining our credit standing at the highest levels.

Having clear policy frameworks has disciplined the post-crisis response. Fiscal consolidation has begun, with the combined deficits of all levels of government falling from 4.8 per cent in 2009 to an expected 2.8 per cent this year.⁹

Disciplined by its inflation target and reflecting the relative strength of the economy, the Bank of Canada was the only G-7 central bank not to engage in quantitative easing, and we have been the only one to move away from emergency settings of interest rates. In addition, mindful of the risks to financial stability arising from rapid increases in household debt, the Bank has maintained a tightening bias on interest rates over the past year, in part to complement efforts of the federal government and OSFI to achieve a constructive evolution of household debt.

Conclusion

In the immediate aftermath of the crisis, the broad economic strategy in Canada has been to grow domestic demand and to encourage Canadian businesses to retool and reorient to the new global economy.

Stimulative monetary and fiscal policies proved highly effective in supporting robust growth in domestic demand, particularly household expenditures, which grew to record levels.

As effective as it has been, the limits of this growth model have been clear for some time. We cannot grow indefinitely by relying on Canadian households increasing their borrowing relative to income (Chart 14). Nor can residential investment remain near a record share of GDP, particularly given signs of overbuilding and overvaluation in segments of the real estate market.

Domestic demand, which pulled Canada out of the recession, is now slowing. Consumer spending is expected to grow at a moderate pace over the next few years. The Bank expects residential investment to decline further from historically high levels. The contribution of direct government expenditures should be modest for some time, consistent with the ongoing need to consolidate budgetary positions.

Thus, the challenge for Canada is to rotate the sources of growth toward net exports and business investment.

Exports are currently more than $130 billion less than they would have been had this been a “typical” postwar recovery (Chart 15).

In the short term, the Bank forecasts some rebalancing and a pickup in real GDP growth. However, relative to previous cycles, investment is expected to remain below average and the contribution of net exports to be very weak (Chart 16).

Is that really the best we can do?

Yes, there are immense uncertainties in the world economy, but we need to focus on what we can control. We cannot save the euro or fix America’s fiscal challenges.

Should we just wait out a decade-long deleveraging process in the rest of the G-7? Or should we control our destiny by building on our strengths in the new global environment?

To find and compete in new markets will require a concerted, multi-year effort by workers, firms and governments. These efforts should be guided by three principles.

Openness is better than protectionism. Trade brings innovation, growth and jobs. That is why Canada is pursuing a series of bilateral trade discussions with economies such as the European Union and India, and will participate in the multilateral negotiations of the Trans-Pacific Partnership involving a number of Asian countries. Emerging-market economies do not just account for one-half of all of global import growth, they also are essential to securing Canada’s positions in global supply chains.

Economic flexibility is essential. Markets change, industries rise and fall, exciting new products emerge and then become commoditized. In a rapidly shifting world, only sustained education, ingenuity and investment can maintain competitiveness. This means we must continuously invest in our workforce. With technology and trade transforming the workplace, the need to improve skills across the spectrum of work has never been greater.

Sound macroeconomic policy is the cornerstone of prosperity. Fiscal profligacy erodes economic sovereignty; price stability is paramount.

The advantages I have discussed today are self-reinforcing. Our monetary union – with its resilient, national financial system at its core – gives monetary and fiscal policy traction. A strong fiscal position means that Canadian governments have had the flexibility to respond as needed. Our principles-based macroeconomic policy frameworks help ensure that extraordinary actions do not give rise to extraordinary fears. And the discipline they instil means that stimulus will be withdrawn appropriately as threats diminish.

All of this has meant that, unlike the rest of the G-7, Canada does not need to repair.

To keep Canada working, we need to build.

M. Carney, “Dutch Disease,” a speech delivered at the Spruce Meadows Round Table, Calgary, Alberta, 7 September 2012. [←]

Internal trade has been supported by the removal of interprovincial barriers following the implementation of Canada’s Agreement on Internal Trade in 1995. [←]

The amount of transfers to Alberta has been adjusted to exclude a one-time cash increase occurring in 2007–08 which resulted from a transitional change toward a per capita cost allocation. The decline in fiscal support for Newfoundland and Labrador is due to the fact that the province no longer qualifies for equalization payments (as of 2008/9). [←]

D. Amirault, D. de Munnik and S. Miller, “Explaining Canada’s Regional Migration Patterns,” Bank of Canada Review (Spring 2013): 16-28. [←]

Based on the 2006 Census, the migration rate in Canada was 4.6 per cent compared with 4.8 per cent for the United States. Bayoumi et al. (2006) find that Canadian labour markets respond in a similar manner to their U.S. counterparts and are more flexible than those in major euro-area countries, while Partridge and Rickman (2009) find little overall evidence to suggest that provincial labour markets are more sluggish or less flexible than U.S. state labour markets. A recent report by McKinsey Company shows that cross-border labour mobility in the European Union is low (0.18 per cent in 2008). See T. Bayoumi, B. Sutton and A. Swiston, “Shocking Aspects of Canadian Labor Markets,” International Monetary Fund Working Paper 06/83, March 2006; M. Partridge and D. Rickman, “Canadian Regional Labour Market Evolutions: A Long-Run Restrictions SVAR Analysis,” Applied Economics, Taylor and Francis Journals, vol. 41(15), p. 1855-71, 2009; and F. Mattern, E. Windhagen, M. Habbel, J. Mu?hoff,
H-H. Kotz and W. Rall, The Future of the Euro, An Economic Perspective on the Eurozone Crisis, McKinsey Co., January 2012. [←]

D. Leung and S. Cao, “The Changing Pace of Labour Reallocation in Canada: Causes and Consequences,” Bank of Canada Review (Summer 2009): 31-41. [←]

D. Amirault, P. Fenton and T. Laflèche, “Asking About Wages: Results from the Bank of Canada’s Wage Setting Survey of Canadian Companies,” Bank of Canada Discussion Paper 2013-1, February 2013. [←]

Conference Board of Canada, Compensation Planning Outlook 2013, October 2012. [←]

International Monetary Fund, Fiscal Monitor, Statistical Table 1, April 2013. [←]

Article source: http://www.bankofcanada.ca/2013/05/speeches/canada-works/

BMO Hires U.S. Ambassador to Canada Jacobson as a Vice Chairman

admin — Tue, 21 May 2013 17:22:22 +0000

Bank of Montreal, Canada’s fourth-largest lender by assets, hired David Jacobson, the U.S.
ambassador to Canada, as a vice chairman.

Jacobson, 61, will start in October and be based in
Chicago, the Toronto-based bank said today in a statement. He’ll
be responsible for building and reinforcing customer
relationships and business development, the company said.

Jacobson was a special assistant to the president for
presidential personnel prior to becoming an ambassador. Before
working in the White House, he spent 30 years as a lawyer in
Chicago.

Bank of Montreal (BMO) said April 17 it hired Brian Tobin, a
former Newfoundland and Labrador premier, as vice chairman of
its BMO Capital Markets investment-banking unit. The lender also
hired former Canadian bureaucrat Kevin Lynch in March 2010 for a
new role as a vice chairman. Lynch, a former Clerk of the Privy
Council, spent 33 years working with the government.

Canadian Imperial Bank of Commerce, the fifth-biggest bank
in the country, hired former federal Environment Minister Jim Prentice in January 2011 as a vice chairman. Toronto-Dominion
Bank, the second-largest lender, hired Frank McKenna, a former
New Brunswick premier and ex-Canadian ambassador to the U.S., as
a deputy chairman in May 2006.

To contact the reporter on this story:
Doug Alexander in Toronto at
dalexander3@bloomberg.net

To contact the editors responsible for this story:
David Scheer at
dscheer@bloomberg.net;
David Scanlan at
dscanlan@bloomberg.net

Article source: http://www.bloomberg.com/news/2013-05-21/bmo-hires-u-s-ambassador-to-canada-jacobson-as-a-vice-chairman.html

Martin Brodeur joins Hockey Night in Canada – CBC

admin — Tue, 21 May 2013 17:22:21 +0000

The Hockey Night In Canada team added some serious playoff experience to its lineup, bringing three more Stanley Cups to its roster on Tuesday.

Martin Brodeur will join the Studio 42 panel as a guest analyst starting with Game 4 between the Pittsburgh Penguins and Ottawa Senators on Wednesday (CBC, CBCSports.ca, 7 p.m. ET).

Brodeur joins host Ron MacLean, P.J. Stock, Elliotte Friedman, Glenn Healy, Kevin Weekes, and Andi Petrillo in studio between periods, adding further analysis to CBC’s playoff broadcasts.

“With so much playoff experience and success, Martin brings an extra layer of insight and expertise to our already stellar team,” Trevor Pilling, CBC’s head of sports programming, said in a release.“He’s a future Hall of Famer and our viewers will no doubt benefit from his experience and playoff wisdom. He adds a new point of view to the broadcast and we’re excited to have him as part of the Hockey Night in Canada family.”

Largely considered one of the greatest goaltenders of all time, Brodeur is a four-time Vezina Trophy winner and a five-time Jennings Trophy winner. He won the the Calder Trophy as the league’s rookie of the year in 1994 and participated in 10 NHL All-Star games.

Brodeur also holds several NHL all-time records, including most wins (669), most regular-season shut-out wins (121), most playoff shut-out wins (24), and most wins in a single season (48).

“I am thrilled to join the esteemed team of broadcasters at Hockey Night in Canada, and look forward to sharing my insight and perspective with viewers,” Brodeur said.

Article source: http://www.cbc.ca/sports/hockey/nhl/story/2013/05/21/sp-nhl-hockey-night-in-canada-martin-brodeur.html

Research and Markets: Plant Oil Market in Canada: Business Report 2013

admin — Tue, 21 May 2013 11:21:24 +0000

Dollar Firms as Fed Suspense Builds, Shares Off HighsReuters
The dollar edged up, gold steadied and European shares held near five-year highs on Tuesday as investors look out …

Article source: http://finance.yahoo.com/news/research-markets-plant-oil-market-090100584.html

Canada trying to lure Silicon Valley tech workers

admin — Tue, 21 May 2013 11:21:23 +0000

The Canadian government has launched an aggressive campaign to lure Silicon Valley tech workers frustrated by U.S. visa policies northward, just as Congress wrestles with a long-sought overhaul of America’s immigration system.

Canada’s minister of citizenship, immigration and multiculturalism, Jason Kenney, arrived in the San Francisco Bay area Friday for a four-day visit aimed at snapping up talent for his country’s high-tech economy by offering startup entrepreneurs a new visa.

“I think everyone knows the American system is pretty dysfunctional,” Keanney said in an interview with The San Jose Mercury News. “I’m going to the Bay Area to spread the message that Canada is open for business; we’re open for newcomers. If they qualify, we’ll give them the Canadian equivalent of a green card as soon as they arrive.”

The new “startup visa” will grant permanent residency to entrepreneurs who can start a business in Canada and raise enough venture capital.

Earlier this week, a billboard sporting a giant red maple leaf went up in South San Francisco, part of a Canadian ad campaign encouraging tech workers to head north.

“H-1B problems?” asks the billboard on the road to Silicon Valley, referencing the temporary visa issued to skilled foreign workers in the U.S. “Pivot to Canada.”

The current immigration bill before the U.S. Senate – the result of months of negotiations among eight influential senators – is on track to greatly increase the number of highly skilled foreign workers allowed to work in the U.S. under an H-1B visa, from 65,000 to 110,000.

“The Canadian perspective is they would love to re-create Silicon Valley in Canada,” said Irene Bloemraad, a professor who chairs the Canadian studies program at UC Berkeley. “And they recognize that under the current immigration system in the United States … there are people who are having a hard time getting permanent legal status.”

Bloemraad said Kenney’s trip would underscore the differences between U.S. and Canada immigration systems. While two-thirds of immigrants to the U.S. gain their permanent residency thanks to family connections, she said, Canada’s points-based ranking system means that two-thirds of immigrants are chosen for their work skills.

Under the current H-1B system, thousands of foreign tech workers in the Silicon Valley can stay in the United States for a maximum of six years, and must stick with the employer who sponsored them.

Kenney plans to promote the new visa and to meet with tech leaders, speak with Stanford students and run the Canadian booth at this weekend’s TiEcon entrepreneurship conference in Santa Clara.

“There’s an option,” said Kenney, a member of his country’s ruling Conservative Party. “It’s north of the 49th parallel.”

#mapleleaf #billboard in SF, #Canada luring foreign techies to launch #startups- silicon valley north? @10:14@KTVU twitter.com/deboraktvu/sta…

— Debora Villalon (@deboraktvu) May 18, 2013

Article source: http://www.cbsnews.com/8301-205_162-57585274/canada-trying-to-lure-silicon-valley-tech-workers/

Canada called ‘a natural fit’ for Pacific Alliance

admin — Tue, 21 May 2013 11:21:20 +0000

On the eve of Prime Minister Stephen Harper’s trip to Latin America, Mexico – keen on putting some new zip into its relations with Ottawa – sees Canada as an ideal fit for the new Pacific Alliance trading bloc that is rapidly emerging.

Mexico’s vice-minister of foreign affairs, Sergio Alcocer, says Canada would see benefits in Latin America and Asia – if it’s willing to do what’s necessary to meet the group’s ambitious goals. Mr. Alcocer’s visit to Ottawa to discuss a relaunch of Mexico-Canada relations came just as Mr. Harper was preparing to leave Tuesday for a one-day stop in Peru before going on to Cali, Colombia, to meet leaders from Pacific Alliance countries as he eyes a move toward membership in the bloc.

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Canada is already an observer in the Pacific Alliance, which currently includes Mexico, Chile, Colombia and Peru. Andrew MacDougall, Mr. Harper’s spokesman, said Friday that the Pacific Alliance summit “will really be just a sounding out for us to see what the Alliance has to offer.” But officials from Alliance countries are watching to see if he will upgrade Canada’s status to “observer-candidate” – a signal Canada intends to join.

“I think Canada is a natural fit,” Mr. Alcocer said Friday in an interview with The Globe and Mail. But he added: “There are things that have to be accomplished in order to move from observer to candidate and eventually to full member. And the rules are there, so, if the Canadian government is interested in pursuing this, well, there are these things that have to be met.”

Canada already has free-trade agreements with all four Pacific Alliance countries. However, joining the group means signing onto goals that would require significant concessions: dropping all tariffs, including in politically sensitive sectors like dairy products, and getting rid of visitor-visa requirements for citizens of Pacific Alliance countries.

But Mr. Alcocer argues that the Alliance is moving faster to break down barriers between emerging Latin American economies than another prospective Pacific Rim bloc now being negotiated, the Trans-Pacific Partnership.

“The Pacific Alliance is going faster than the TPP. The agreements from the Pacific Alliance have been implemented already, some of them, while the TPP is still under discussion, it’s going to take time to be implemented,” he said.

And while the 16-country TPP talks are bigger, and include Asian nations like Japan, Vietnam and Malaysia, Mr. Alcocer argued the Pacific Alliance, focused on making trade deals across the Pacific, could open up Asian markets sooner.

For Canada, a major hurdle will be the Pacific Alliance demand that members agree to visa-free travel – a difficult issue for Ottawa, which imposes visa restrictions not only to screen for security risks, but to keep out people who might seek refugee status in Canada. Some sources, however, suggest that Mr. Harper offer a compromise to allow Canada to join, delaying the removal of visa restrictions for years but offering programs to alleviate the visa burden for Pacific Alliance countries.

Mr. Alcocer, in fact, said Mexico thinks Canada could find ways to ease the process through electronic visas or faster applications for people who have previously obtained visas to enter Canada or the United States.

The Harper government’s 2009 move to impose visa requirements on Mexicans to prevent asylum-seekers from coming to Canada has been a major thorn in bilateral relations.

Ottawa signalled this year it is seeking to lift the requirement, and has added Mexico to a list of countries whose citizens are

fast-tracked through the Canadian refugee system.

Mr. Alcocer said it’s not just the inconvenience that matters, but also the “political signal” that “the interest in the relations may be kind of diminished.” He added, however, that Mexico feels it’s time for the two countries to “relaunch their mutual interest.”

Canadian Foreign Affairs Minister John Baird visited in February to send a similar signal to the administration of new President Enrique Pena Nieto. His plans to open up Mexico’s state energy sector are being closely watched by Canadian business.

Mr. Alcocer said Mexico and Canada are both looking at ways to increase the number of students who attend each other’s universities, and at working together to convince Washington to improve border infrastructure to increase North America’s competitiveness. “I think it’s important for both of us to learn better what’s going on in each country. We have a huge neighbour in the middle, and sometimes our attention gets lost with what’s going on in the U.S. But we already have a very good relationship and there’s room for improvement.”

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Pacific Alliance
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Article source: http://www.theglobeandmail.com/news/politics/canada-called-a-natural-fit-for-pacific-alliance/article12032919/?cmpid=rss1

Canada called ‘a natural fit’ for Pacific Alliance

admin — Tue, 21 May 2013 05:19:40 +0000

On the eve of Prime Minister Stephen Harper’s trip to Latin America, Mexico – keen on putting some new zip into its relations with Ottawa – sees Canada as an ideal fit for the new Pacific Alliance trading bloc that is rapidly emerging.

Mexico’s vice-minister of foreign affairs, Sergio Alcocer, says Canada would see benefits in Latin America and Asia – if it’s willing to do what’s necessary to meet the group’s ambitious goals. Mr. Alcocer’s visit to Ottawa to discuss a relaunch of Mexico-Canada relations came just as Mr. Harper was preparing to leave Tuesday for a one-day stop in Peru before going on to Cali, Colombia, to meet leaders from Pacific Alliance countries as he eyes a move toward membership in the bloc.

More Related to this Story

Canada makes ties with new Pacific Alliance trading bloc

TRADE
With eyes on trade, Canada courts resurgent Mexico

CARLO DADE
Is this Canada’s Latin path to Asia?

Canada is already an observer in the Pacific Alliance, which currently includes Mexico, Chile, Colombia and Peru. Andrew MacDougall, Mr. Harper’s spokesman, said Friday that the Pacific Alliance summit “will really be just a sounding out for us to see what the Alliance has to offer.” But officials from Alliance countries are watching to see if he will upgrade Canada’s status to “observer-candidate” – a signal Canada intends to join.

“I think Canada is a natural fit,” Mr. Alcocer said Friday in an interview with The Globe and Mail. But he added: “There are things that have to be accomplished in order to move from observer to candidate and eventually to full member. And the rules are there, so, if the Canadian government is interested in pursuing this, well, there are these things that have to be met.”

Canada already has free-trade agreements with all four Pacific Alliance countries. However, joining the group means signing onto goals that would require significant concessions: dropping all tariffs, including in politically sensitive sectors like dairy products, and getting rid of visitor-visa requirements for citizens of Pacific Alliance countries.

But Mr. Alcocer argues that the Alliance is moving faster to break down barriers between emerging Latin American economies than another prospective Pacific Rim bloc now being negotiated, the Trans-Pacific Partnership.

“The Pacific Alliance is going faster than the TPP. The agreements from the Pacific Alliance have been implemented already, some of them, while the TPP is still under discussion, it’s going to take time to be implemented,” he said.

And while the 16-country TPP talks are bigger, and include Asian nations like Japan, Vietnam and Malaysia, Mr. Alcocer argued the Pacific Alliance, focused on making trade deals across the Pacific, could open up Asian markets sooner.

For Canada, a major hurdle will be the Pacific Alliance demand that members agree to visa-free travel – a difficult issue for Ottawa, which imposes visa restrictions not only to screen for security risks, but to keep out people who might seek refugee status in Canada. Some sources, however, suggest that Mr. Harper offer a compromise to allow Canada to join, delaying the removal of visa restrictions for years but offering programs to alleviate the visa burden for Pacific Alliance countries.

Mr. Alcocer, in fact, said Mexico thinks Canada could find ways to ease the process through electronic visas or faster applications for people who have previously obtained visas to enter Canada or the United States.

The Harper government’s 2009 move to impose visa requirements on Mexicans to prevent asylum-seekers from coming to Canada has been a major thorn in bilateral relations.

Ottawa signalled this year it is seeking to lift the requirement, and has added Mexico to a list of countries whose citizens are

fast-tracked through the Canadian refugee system.

Mr. Alcocer said it’s not just the inconvenience that matters, but also the “political signal” that “the interest in the relations may be kind of diminished.” He added, however, that Mexico feels it’s time for the two countries to “relaunch their mutual interest.”

Canadian Foreign Affairs Minister John Baird visited in February to send a similar signal to the administration of new President Enrique Pena Nieto. His plans to open up Mexico’s state energy sector are being closely watched by Canadian business.

Mr. Alcocer said Mexico and Canada are both looking at ways to increase the number of students who attend each other’s universities, and at working together to convince Washington to improve border infrastructure to increase North America’s competitiveness. “I think it’s important for both of us to learn better what’s going on in each country. We have a huge neighbour in the middle, and sometimes our attention gets lost with what’s going on in the U.S. But we already have a very good relationship and there’s room for improvement.”

More Related to this Story

Ottawa hopes to warm ties with Caracas

Pacific Alliance
Trade talks squeeze Canada’s refugee-protection system

POLITICS
Ottawa announces deal to fast-track Mexican refugees

Harper faces new dynamic with rise of South American economies

JENNIFER JEFFS
The time is right for a WTO leader from Latin America

We need Latin America more than it needs us

Article source: http://www.theglobeandmail.com/news/politics/canada-called-a-natural-fit-for-pacific-alliance/article12032919/

CIBC Targets Central Canada to Expand Private-Wealth Business

admin — Tue, 21 May 2013 05:19:37 +0000

Canadian Imperial Bank of Commerce,
the country’s fifth-biggest bank, plans to expand its private-wealth business, focusing on Central Canada and the Atlantic
provinces.

“We see a lot more wealth now in Central Canada –Manitoba
and Saskatchewan — so we feel we need to have a presence
there,” Gary Whitfield, head of private-wealth management in
Canada, said in an interview. “You’ve seen growth of the
economy in Saskatchewan, so that’s a place for us to look.”

Canadian Imperial seeks to add offices and advisers that
offer services to wealthy clients and build on its takeover of
MFS McLean Budden’s private-wealth business from Sun Life
Financial Inc. (SLF) in September. The business is part of the wealth-management unit of the Toronto-based bank. Whitfield said growth
will come from both internal expansion and acquisitions.

CIBC opened a private-wealth office in the Toronto suburb
of Vaughan, Ontario, in April, the third such branch to open
near Canada’s most-populous city in the past two years. The firm
also added offices in Victoria, British Columbia, and Winnipeg,
Manitoba, in that period, bringing the total to 15 across the
country.

“The one missing piece of our platform is Atlantic
Canada,” Whitfield said. “We used to have more in there but
after 2008 we really put it on hold, and now we need to
reestablish our presence.”

Grow ‘Quickly’

Canadian Imperial sees opportunities to expand as the
number of wealthy Canadians increases and an aging, affluent
population seeks higher yield on investments, Whitfield said.
About 60 percent of investment assets in Canada are held by
high-net-worth individuals, Whitfield said, which he defined as
those with C$1 million ($973,425) to invest or an annual income
of C$250,000 or more.

CIBC also has expanded in the U.S. Last month, the lender
agreed to buy Atlantic Trust Private Wealth Management from
Invesco Ltd. (IVZ) for $210 million.

The bank has a medium-term goal of having wealth management
represent 15 percent of earnings, up from about 10 percent last
year. Whitfield said he sees private wealth as a key
contributor.

“We can grow this business quickly, which means that we
should, hopefully over time, become and increasingly important
part of wealth management,” he said.

To contact the reporter on this story:
Doug Alexander in Toronto at
dalexander3@bloomberg.net

To contact the editors responsible for this story:
David Scheer at
dscheer@bloomberg.net;
David Scanlan at
dscanlan@bloomberg.net

Article source: http://www.bloomberg.com/news/2013-05-21/cibc-targets-central-canada-to-expand-private-wealth-business.html

Canada’s Harper under cloud after chief of staff resigns

admin — Tue, 21 May 2013 05:19:36 +0000

By Randall Palmer

OTTAWA |
Mon May 20, 2013 4:54pm EDT

OTTAWA (Reuters) – Canada’s Conservative Prime Minister Stephen Harper was under intense pressure on Monday to reassure voters that his administration is above reproach amid questions surrounding a secret check paid to Senator Mike Duffy.

“There’s been nothing under this prime minister’s watch that’s tied him so closely to such a massive ethical scandal. We need to see him show leadership,” opposition New Democratic Party Member of Parliament Charlie Angus told a news conference.

Harper’s chief of staff, Nigel Wright, resigned on Sunday after news broke that he had written a check from his own bank account for C$90,000 ($88,000) to enable Duffy to repay to the government housing allowances which should not have been claimed.

Senators are banned by their ethics rules from receiving gifts related to their position, and Harper has given no indication of disapproval, saying on Sunday that he accepted that “Nigel believed he was acting in the public interest.”

Harper led the Conservatives into office in 2006 on a promise of cleaning up the misdeeds of the previous Liberal government, and has since been reelected twice.

Though he has a parliamentary majority, he is facing a restive caucus and polling numbers that bode trouble for his party in the October 2015 general election, if things are not turned around.

On behalf of the New Democrats, Angus wrote to the Royal Canadian Mounted Police on Monday to ask for an investigation into the C$90,000 check.

In particular, he cited news reports that an arrangement was made under which Duffy would stay silent, and that a Senate committee report into Duffy’s expense claims were altered or “white-washed.”

The Senate committee denied any pressure from the prime minister’s office, though it has reopened its investigation after new questions were raised about Duffy’s expenses. Duffy said when he resigned from the Conservative caucus on Thursday that he had “sought only to do the right thing” throughout the entire situation.

Harper has called a special meeting of the Conservative parliamentary caucus on Tuesday morning before heading to Latin America on a planned visit, where he is expected to urge probity but is also likely to face complaints from legislators.

“Conservatives are angry and want to get to the bottom of it,” Conservative strategist Tim Powers told CBC television.

He added that he wished Duffy and Pam Wallin, another Harper appointee whose expenses are under question and who has resigned from caucus, would go further and resign from the Senate.

Outspoken Conservative Member of Parliament Brent Rathgeber told Global television on Sunday about anger back home: “Any suggestion that taxpayers are treated disrespectfully is met with significant concern, I would say even angst.”

One prominent New Democrat legislator, Peter Julian, even went so far as to send out a Tweet with the hash tag #PMHarperMustResign, saying the Conservatives’ “poor financial management… scandals entitlement” were only matched by the former Liberal government.

In a subsequent email to Reuters he clarified that he did not necessarily endorse the #PMHarperMustResign slogan, which did not originate with him, but wanted to contribute to the discussion about it some elements that had not been mentioned.

NDP spokesman Kiavash Najafi said the party was not calling for Harper’s resignation.

($1=$1.02 Canadian)

(Editing by Cynthia Osterman)

Article source: http://www.reuters.com/article/2013/05/20/us-canada-scandal-idUSBRE94J0TH20130520

Canada Approves Dow's Enlist DuoTech

admin — Mon, 20 May 2013 23:18:45 +0000

Dow AgroSciences LLC, a unit of The Dow Chemical Company (DOW), announced that Health Canada’s Pest Management Regulatory Agency (PMRA) has approved its Enlist Duo herbicide with Colex-D Technology for use in Canada.

With the approval, both components of the Enlist Weed Control System in corn and soybeans have been approved for use in Canada. Canada is the first nation to authorize the new herbicide.

The Enlist weed control system possesses new traits, herbicides, and stewardship to provide the farmers the weed control that they urgently need to sustain. The Colex-D technology equips Enlist Duo with unique features like near-zero volatility, minimized potential for drift, lower odor, and better handling characteristics. Thus, the technology is a welcome solution to the farmers who have to manage hard-to-control and resistant weeds.

Dow will speed up the production and its supply of Enlist Duo herbicide with Colex-D Technology to support the expected Enlist launch. In order to ensure the availability of the technology in most places and to increase its commercialization, Dow is working with other regulatory agencies.

Recently, Dow AgroSciences also received approval from the U.S. regulatory authorities to market its new insecticidal active ingredient, Sulfoxaflor, as Transform and Closer. Sulfoxaflor registrations in the U.S. and Canada were accomplished after a Global Joint Review which also included Australia.

Dow posted its first-quarter 2013 results last month. The company posted a profit of $550 million or 46 cents a share, a roughly 33% rise from $412 million or 35 cents a share earned a year ago. Profits soared on the strength of the agriculture science business, which witnessed record sales of seeds and crop protection products.

Barring one-time items (including charges associated with tax adjustments and a loss on early extinguishment of debt), Dow earned 69 cents a share in the quarter, up from 61 cents a year ago. It comfortably beat the Zacks Consensus Estimate of 60 cents.

Dow will focus on organically growing its attractive businesses and driving earnings, leveraging its feedstock strength. The company will also continue to pursue its cost reduction and efficiency programs while reducing debt and maximizing shareholder returns. However, Dow does not see a material improvement in the macroeconomic environment this year.

Dow currently holds a Zacks Rank #3 (Hold).

Other companies in the chemical industry having favorable Zacks Rank are Shin-Etsu Chemical Co., Ltd. (SHECY), Celanese Corporation (CE) and Methanex Corporation (MEOH). All of them retain Zacks Rank #1 (Strong Buy).

Read the Full Research Report on DOW
Read the Full Research Report on MEOH

Read the Full Research Report on CE

Read the Full Research Report on SHECY

Zacks Investment Research

More From Zacks.com

Read the analyst report on DOW,MEOH,CE,SHECY

Article source: http://finance.yahoo.com/news/canada-approves-dows-enlist-duotech-163002693.html

Canada’s 375 containers of military gear stranded in Kandahar

admin — Mon, 20 May 2013 23:18:43 +0000

Radio Canada photoCanada’s 10-year combat mission in Afghanistan created a lot of baggage, and I don’t mean the figurative kind. Some of it is still over there.

The Canadian Press reports a team of soldiers has been sent to Kandahar, the hub of Canada’s operations in Afghanistan until 2011, to determine if hundreds of shipping containers containing military equipment are still in good enough shape for the sea voyage home.

The 375 containers of what’s been termed low-priority material, have been stranded at Kandahar Air Base for almost 18 months because Pakistan had closed the main exit point from Afghanistan for several months, CP said.

The certification of up to 150 containers has expired and the 15-member technical assistance team will assess whether they still meet standards set by international shipping companies, Capt. Jennifer Stadnyk of the military’s operational command told CP.

The stranded equipment includes tires, spare parts, tents and other gear that was intended to be brought home and reissued to units here.

Sensitive and high-value equipment was flown out of Kandahar on Canadian military and rented cargo planes.

[ Related: The good, the bad and the ugly of Canada’s Afghanistan mission ]

Defence sources told CP that if the containers containing the marooned gear don’t pass muster, some way will have to be found to dispose of the contents locally.

Only 186 of the 632 Canadian containers made it out of Afghanistan before Pakistan closed the border following a U.S. air strike that killed 24 Pakistani soldiers in November 2011. The crossing remained shut until July 2012.

The logistical snafu has added to the cost of Canada’s Afghan mission. The government’s tally as of mid-2011 totalled $11.3 billion, including “mission close-out costs.” It doesn’t include the costs of caring for veterans suffering physical or mental wounds from their Afghan service or an estimated $500 million for keeping 950 Canadian soldiers in the Kabul area to train the Afghan National Army until next March.

But even if the stranded containers make it home, there’s a good chance they’ll have been looted, CP noted. Documents obtained by the news service under access-to-information legislation found the average loss rate of the returned containers was 27 per cent. Thieves broke into containers, took what they wanted and replaced it with sandbags and weights before resealing them.

[ Related: Canadian Forces face danger pay cuts in Afghanistan ]

The U.S. military, whose Afghan deployment wraps up at the end of next year, is dealing with the same challenge of pulling out its equipment but on a much larger scale.

Bloomberg News reports the withdrawal will cost US$7 billion, requiring the repatriation of everything from Blackhawk helicopters and drones to trucks and Humvees.

The U.S. Army estimates it has about US$27 billion worth of gear in Afghanistan. Some 80 per cent will be returned, with the rest left behind or destroyed, Bloomberg said.

Article source: http://ca.news.yahoo.com/blogs/dailybrew/canada-375-containers-military-gear-stranded-kandahar-202754098.html

Canada Hosts Panel on Mental Health at the World Health Assembly

admin — Mon, 20 May 2013 23:18:35 +0000

GENEVA, SWITZERLAND–(Marketwired – May 20, 2013) –

Editors Note: There is a photo associated with this press release.

Experts from Canada, the US, Australia, Chile and Ethiopia took part on a panel at the World Health Assembly today to share their experiences and innovative approaches in addressing mental health.

Hosted by the Honourable Leona Aglukkaq, Minister of Health, panellists representing sectors both inside and outside of government, provided success stories on how various sectors of society can work together to promote mental well-being, prevent mental disorders and support recovery.

“Addressing mental health requires the combined efforts of all levels of government, health professionals, communities, workplaces and individuals,” said Minister Aglukkaq. “We need to reach out to these groups and explore how we can work more collaboratively.”

Mary Deacon, Canada’s representative on the panel and Chair of the Bell Let’s Talk mental health initiative, provided a private sector perspective. Bell Canada has committed over $62 million to promote and improve Canadian mental health through national anti-stigma campaigns and funding for new care, research and corporate workplace initiatives.

“Bell is very pleased to participate in this discussion about mental health at the World Health Assembly. Mental illness is one of the most pervasive yet misunderstood health issues, and is the leading cause of workplace disability in Canada,” said Ms. Deacon. “Fighting the stigma by growing the conversation about mental health – the focus of the annual Bell Let’s Talk Day – is crucial to improving care and ensuring a healthier society and economy.”

“More than one in five Canadians will experience a mental health problem or illness in their lifetime,” said Minister Aglukkaq. “Helping Canadians better understand the impact of their mental health on their overall well-being is critical to improving health outcomes in this country.”

The Government of Canada continues to make significant investments in mental health that directly contribute to improved mental health of children, youth and their families. Recently the Government committed up to $100 million in matched funding to support Canadian neuroscience research by establishing the Canada Brain Research Fund, in partnership with Brain Canada and with support from Bell, to advance the knowledge and treatment of brain disease and mental disorders.

In addition, the Government of Canada’s ongoing financial support to the Mental Health Commission of Canada led to the release of Canada’s first mental health strategy. Changing Directions, Changing Lives: The Mental Health Strategy for Canada, released in May 2012, drew on the wisdom and experience of thousands of Canadians and was designed to help all jurisdictions and sectors improve mental health outcomes.

The World Health Assembly is the main governing body of the World Health Organization (WHO), representing over 194 countries. Canada has been a member of the WHO since its inception in 1948.

Également disponible en français

Health Canada news releases are available on the Internet at www.healthcanada.gc.ca/media.

To view the photo associated with this press release, please visit the following link:

XXX

Media Inquiries:
Health Canada
(613) 957-2983
Health Canada
Cailin Rodgers
Office of the Honourable Leona Aglukkaq
Federal Minister of Health
(613) 957-0200
Public Enquiries:
(613) 957-2991
1-866-225-0709

Article source: http://finance.yahoo.com/news/canada-hosts-panel-mental-health-195807507.html

Canada’s banks expected to dig deeper for good news

admin — Mon, 20 May 2013 17:18:26 +0000

The housing market is slowing. Consumer debt levels are sky high. But don’t count Canada’s banks out yet.

For the past few quarters, the banks faced the same headwinds, but every three months analysts and investors were pleasantly surprised with their results.

So this earnings season, which Toronto-Dominion Bank kicks off on Thursday, analysts are considering the possibility of another surprise, even though home sales slowed this spring after Ottawa tightened mortgage rules and capital markets underwriting and advisory activity has been soft.

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In fact, analysts are predicting year-over-year bank earnings will jump – with the caveat that the bottom lines won’t be as strong as the spectacular first quarter, when Royal Bank of Canada posted a stunning $2.1-billion profit.

Working in favour of surprise is the fact that banks keep catching lucky breaks. Despite the tighter mortgage rules, yields on Canadian bonds dipped this spring. These yields are the benchmark from which mortgages rates are derived, and their drop prompted the likes of Bank of Montreal to offer, and later drop, its controversial 2.99-per-cent interest rate mortgage.

Canada’s Big Six are also increasingly international. Both TD and Bank of Nova Scotia have substantial foreign retail banking operations, in the United States and Latin America, respectively, and RBC has a sizeable global capital markets business. These geographic mixes are expected to help their results because Canada has been a slower-growth country.

Still, analysts stress that the banks can only count on so many surprises. “We fear that that banks may be running out of items in their bag of tricks,” Barclays Capital analyst John Aiken wrote in a research note for clients.

TD Securities analyst Jason Bilodeau echoes that sentiment: “It is not clear that the surprises of [the first quarter] can repeat. Wholesale results handily exceeded our expectations … but looked to be running at unsustainable levels in our view, particularly with recent weakness in the key mining and energy sectors.” He noted the banks were boosted by paper profits on lower credit provisions that can easily fluctuate each quarter.

However, if the banks do surprise again, investors shouldn’t count on solid gains in their stock prices. Despite respectable quarterly results in the recent past, investors appear to have priced in an expected slowdown, meaning they expect it to come, they just don’t know when.

“While these are not boom times for the Canadian banking sector, the recent share performance of the sector as a whole is, in our view, more pessimistic than fundamentals would suggest,” CIBC World Markets analyst Rob Sedran wrote in a research note. Investors should remember that credit-card loss rates are stable and economic output is “uninspiring” but still on par with estimates, he added.

Banks worried about their stock prices have the option to boost dividends, but this quarter the only key candidate for a hike is National Bank of Canada , according to analyst John Reucassel at BMO Nesbitt Burns. In large part that is because many other banks, including RBC and TD, raised their dividends last quarter.

Should no surprises materialize, investors will look to cost cutting as a way to boost profit. Though the banks have already focused on keeping them low, slower revenue growth will put an even bigger spotlight on the second half of the income statement.

“Expense management will remain critically important in delivering earnings growth, particularly in what we expect will continue to be the revenue challenged domestic personal and commercial banking segments,” Mr. Bilodeau noted.

TD-T

RY-T

NA-T

CM-T

BNS-T

BMO-T

More Discussion on TD-T

More Discussion on RY-T

More Discussion on NA-T

More Discussion on CM-T

More Discussion on BNS-T

More Discussion on BMO-T

More Related to this Story

SCOTT BARLOW
How Abenomics may be boosting Canadian bank stocks

INVESTMENTS
Meet the man who’s selling Canada short

REAL ESTATE
Flaherty’s concerns throw thirty-year mortgages in spotlight again

Article source: http://www.theglobeandmail.com/globe-investor/canadas-banks-expected-to-dig-deeper-for-good-news/article12022408/

Canada’s banks expected to dig deeper for good news

admin — Mon, 20 May 2013 17:18:26 +0000

The housing market is slowing. Consumer debt levels are sky high. But don’t count Canada’s banks out yet.

For the past few quarters, the banks faced the same headwinds, but every three months analysts and investors were pleasantly surprised with their results.

So this earnings season, which Toronto-Dominion Bank kicks off on Thursday, analysts are considering the possibility of another surprise, even though home sales slowed this spring after Ottawa tightened mortgage rules and capital markets underwriting and advisory activity has been soft.

More Related to this Story

Signs of spring – and a soft landing – in Canadian real estate

Banks
Another hedge fund manager bets against Canada’s big banks

DAVE MORRIS
Flaherty’s real estate interventions trump Bernanke’s market tweaks

Market View

Video: Market View: Even bullish investors dumbfounded by markets’ rise

AP

financial

Video: Smartphone fraud on the rise in banking sector

In fact, analysts are predicting year-over-year bank earnings will jump – with the caveat that the bottom lines won’t be as strong as the spectacular first quarter, when Royal Bank of Canada posted a stunning $2.1-billion profit.

Working in favour of surprise is the fact that banks keep catching lucky breaks. Despite the tighter mortgage rules, yields on Canadian bonds dipped this spring. These yields are the benchmark from which mortgages rates are derived, and their drop prompted the likes of Bank of Montreal to offer, and later drop, its controversial 2.99-per-cent interest rate mortgage.

Canada’s Big Six are also increasingly international. Both TD and Bank of Nova Scotia have substantial foreign retail banking operations, in the United States and Latin America, respectively, and RBC has a sizeable global capital markets business. These geographic mixes are expected to help their results because Canada has been a slower-growth country.

Still, analysts stress that the banks can only count on so many surprises. “We fear that that banks may be running out of items in their bag of tricks,” Barclays Capital analyst John Aiken wrote in a research note for clients.

TD Securities analyst Jason Bilodeau echoes that sentiment: “It is not clear that the surprises of [the first quarter] can repeat. Wholesale results handily exceeded our expectations … but looked to be running at unsustainable levels in our view, particularly with recent weakness in the key mining and energy sectors.” He noted the banks were boosted by paper profits on lower credit provisions that can easily fluctuate each quarter.

However, if the banks do surprise again, investors shouldn’t count on solid gains in their stock prices. Despite respectable quarterly results in the recent past, investors appear to have priced in an expected slowdown, meaning they expect it to come, they just don’t know when.

“While these are not boom times for the Canadian banking sector, the recent share performance of the sector as a whole is, in our view, more pessimistic than fundamentals would suggest,” CIBC World Markets analyst Rob Sedran wrote in a research note. Investors should remember that credit-card loss rates are stable and economic output is “uninspiring” but still on par with estimates, he added.

Banks worried about their stock prices have the option to boost dividends, but this quarter the only key candidate for a hike is National Bank of Canada , according to analyst John Reucassel at BMO Nesbitt Burns. In large part that is because many other banks, including RBC and TD, raised their dividends last quarter.

Should no surprises materialize, investors will look to cost cutting as a way to boost profit. Though the banks have already focused on keeping them low, slower revenue growth will put an even bigger spotlight on the second half of the income statement.

“Expense management will remain critically important in delivering earnings growth, particularly in what we expect will continue to be the revenue challenged domestic personal and commercial banking segments,” Mr. Bilodeau noted.

TD-T

RY-T

NA-T

CM-T

BNS-T

BMO-T

More Discussion on TD-T

More Discussion on RY-T

More Discussion on NA-T

More Discussion on CM-T

More Discussion on BNS-T

More Discussion on BMO-T

More Related to this Story

SCOTT BARLOW
How Abenomics may be boosting Canadian bank stocks

INVESTMENTS
Meet the man who’s selling Canada short

REAL ESTATE
Flaherty’s concerns throw thirty-year mortgages in spotlight again

Article source: http://www.theglobeandmail.com/globe-investor/canadas-banks-expected-to-dig-deeper-for-good-news/article12022408/

Canada’s banks expected to dig deeper for good news

admin — Mon, 20 May 2013 17:18:26 +0000

The housing market is slowing. Consumer debt levels are sky high. But don’t count Canada’s banks out yet.

For the past few quarters, the banks faced the same headwinds, but every three months analysts and investors were pleasantly surprised with their results.

So this earnings season, which Toronto-Dominion Bank kicks off on Thursday, analysts are considering the possibility of another surprise, even though home sales slowed this spring after Ottawa tightened mortgage rules and capital markets underwriting and advisory activity has been soft.

More Related to this Story

Signs of spring – and a soft landing – in Canadian real estate

Banks
Another hedge fund manager bets against Canada’s big banks

DAVE MORRIS
Flaherty’s real estate interventions trump Bernanke’s market tweaks

Market View

Video: Market View: Even bullish investors dumbfounded by markets’ rise

AP

financial

Video: Smartphone fraud on the rise in banking sector

In fact, analysts are predicting year-over-year bank earnings will jump – with the caveat that the bottom lines won’t be as strong as the spectacular first quarter, when Royal Bank of Canada posted a stunning $2.1-billion profit.

Working in favour of surprise is the fact that banks keep catching lucky breaks. Despite the tighter mortgage rules, yields on Canadian bonds dipped this spring. These yields are the benchmark from which mortgages rates are derived, and their drop prompted the likes of Bank of Montreal to offer, and later drop, its controversial 2.99-per-cent interest rate mortgage.

Canada’s Big Six are also increasingly international. Both TD and Bank of Nova Scotia have substantial foreign retail banking operations, in the United States and Latin America, respectively, and RBC has a sizeable global capital markets business. These geographic mixes are expected to help their results because Canada has been a slower-growth country.

Still, analysts stress that the banks can only count on so many surprises. “We fear that that banks may be running out of items in their bag of tricks,” Barclays Capital analyst John Aiken wrote in a research note for clients.

TD Securities analyst Jason Bilodeau echoes that sentiment: “It is not clear that the surprises of [the first quarter] can repeat. Wholesale results handily exceeded our expectations … but looked to be running at unsustainable levels in our view, particularly with recent weakness in the key mining and energy sectors.” He noted the banks were boosted by paper profits on lower credit provisions that can easily fluctuate each quarter.

However, if the banks do surprise again, investors shouldn’t count on solid gains in their stock prices. Despite respectable quarterly results in the recent past, investors appear to have priced in an expected slowdown, meaning they expect it to come, they just don’t know when.

“While these are not boom times for the Canadian banking sector, the recent share performance of the sector as a whole is, in our view, more pessimistic than fundamentals would suggest,” CIBC World Markets analyst Rob Sedran wrote in a research note. Investors should remember that credit-card loss rates are stable and economic output is “uninspiring” but still on par with estimates, he added.

Banks worried about their stock prices have the option to boost dividends, but this quarter the only key candidate for a hike is National Bank of Canada , according to analyst John Reucassel at BMO Nesbitt Burns. In large part that is because many other banks, including RBC and TD, raised their dividends last quarter.

Should no surprises materialize, investors will look to cost cutting as a way to boost profit. Though the banks have already focused on keeping them low, slower revenue growth will put an even bigger spotlight on the second half of the income statement.

“Expense management will remain critically important in delivering earnings growth, particularly in what we expect will continue to be the revenue challenged domestic personal and commercial banking segments,” Mr. Bilodeau noted.

TD-T

RY-T

NA-T

CM-T

BNS-T

BMO-T

More Discussion on TD-T

More Discussion on RY-T

More Discussion on NA-T

More Discussion on CM-T

More Discussion on BNS-T

More Discussion on BMO-T

More Related to this Story

SCOTT BARLOW
How Abenomics may be boosting Canadian bank stocks

INVESTMENTS
Meet the man who’s selling Canada short

REAL ESTATE
Flaherty’s concerns throw thirty-year mortgages in spotlight again

Article source: http://www.theglobeandmail.com/globe-investor/canadas-banks-expected-to-dig-deeper-for-good-news/article12022408/

Canada Tries To Poach High-Tech Workers From The US

admin — Mon, 20 May 2013 17:18:23 +0000

Alongside a freeway in Northern California is a billboard which reads: Pivot to Canada. The billboard is urging high-tech immigrants living in the U.S. to pay attention to Canada. Canada wants to attract highly-skilled, foreign-born tech workers who are fed up with the visa process that they must follow to remain in the U.S.

Article source: http://www.npr.org/2013/05/20/185458141/the-last-word-in-business

Canada Tries To Poach High-Tech Workers From The US

admin — Mon, 20 May 2013 17:18:23 +0000

Alongside a freeway in Northern California is a billboard which reads: Pivot to Canada. The billboard is urging high-tech immigrants living in the U.S. to pay attention to Canada. Canada wants to attract highly-skilled, foreign-born tech workers who are fed up with the visa process that they must follow to remain in the U.S.

Article source: http://www.npr.org/2013/05/20/185458141/the-last-word-in-business

Canada Tries To Poach High-Tech Workers From The US

admin — Mon, 20 May 2013 17:18:23 +0000

Alongside a freeway in Northern California is a billboard which reads: Pivot to Canada. The billboard is urging high-tech immigrants living in the U.S. to pay attention to Canada. Canada wants to attract highly-skilled, foreign-born tech workers who are fed up with the visa process that they must follow to remain in the U.S.

Article source: http://www.npr.org/2013/05/20/185458141/the-last-word-in-business

Canada trying to lure Silicon Valley tech workers

admin — Mon, 20 May 2013 17:18:21 +0000

The Canadian government has launched an aggressive campaign to lure Silicon Valley tech workers frustrated by U.S. visa policies northward, just as Congress wrestles with a long-sought overhaul of America’s immigration system.

Canada’s minister of citizenship, immigration and multiculturalism, Jason Kenney, arrived in the San Francisco Bay area Friday for a four-day visit aimed at snapping up talent for his country’s high-tech economy by offering startup entrepreneurs a new visa.

“I think everyone knows the American system is pretty dysfunctional,” Keanney said in an interview with The San Jose Mercury News. “I’m going to the Bay Area to spread the message that Canada is open for business; we’re open for newcomers. If they qualify, we’ll give them the Canadian equivalent of a green card as soon as they arrive.”

The new “startup visa” will grant permanent residency to entrepreneurs who can start a business in Canada and raise enough venture capital.

Earlier this week, a billboard sporting a giant red maple leaf went up in South San Francisco, part of a Canadian ad campaign encouraging tech workers to head north.

“H-1B problems?” asks the billboard on the road to Silicon Valley, referencing the temporary visa issued to skilled foreign workers in the U.S. “Pivot to Canada.”

The current immigration bill before the U.S. Senate – the result of months of negotiations among eight influential senators – is on track to greatly increase the number of highly skilled foreign workers allowed to work in the U.S. under an H-1B visa, from 65,000 to 110,000.

“The Canadian perspective is they would love to re-create Silicon Valley in Canada,” said Irene Bloemraad, a professor who chairs the Canadian studies program at UC Berkeley. “And they recognize that under the current immigration system in the United States … there are people who are having a hard time getting permanent legal status.”

Bloemraad said Kenney’s trip would underscore the differences between U.S. and Canada immigration systems. While two-thirds of immigrants to the U.S. gain their permanent residency thanks to family connections, she said, Canada’s points-based ranking system means that two-thirds of immigrants are chosen for their work skills.

Under the current H-1B system, thousands of foreign tech workers in the Silicon Valley can stay in the United States for a maximum of six years, and must stick with the employer who sponsored them.

Kenney plans to promote the new visa and to meet with tech leaders, speak with Stanford students and run the Canadian booth at this weekend’s TiEcon entrepreneurship conference in Santa Clara.

“There’s an option,” said Kenney, a member of his country’s ruling Conservative Party. “It’s north of the 49th parallel.”

#mapleleaf #billboard in SF, #Canada luring foreign techies to launch #startups- silicon valley north? @10:14@KTVU twitter.com/deboraktvu/sta…

— Debora Villalon (@deboraktvu) May 18, 2013

Article source: http://www.cbsnews.com/8301-205_162-57585274/canada-trying-to-lure-silicon-valley-tech-workers/

Canada trying to lure Silicon Valley tech workers

admin — Mon, 20 May 2013 17:18:21 +0000

The Canadian government has launched an aggressive campaign to lure Silicon Valley tech workers frustrated by U.S. visa policies northward, just as Congress wrestles with a long-sought overhaul of America’s immigration system.

Canada’s minister of citizenship, immigration and multiculturalism, Jason Kenney, arrived in the San Francisco Bay area Friday for a four-day visit aimed at snapping up talent for his country’s high-tech economy by offering startup entrepreneurs a new visa.

“I think everyone knows the American system is pretty dysfunctional,” Keanney said in an interview with The San Jose Mercury News. “I’m going to the Bay Area to spread the message that Canada is open for business; we’re open for newcomers. If they qualify, we’ll give them the Canadian equivalent of a green card as soon as they arrive.”

The new “startup visa” will grant permanent residency to entrepreneurs who can start a business in Canada and raise enough venture capital.

Earlier this week, a billboard sporting a giant red maple leaf went up in South San Francisco, part of a Canadian ad campaign encouraging tech workers to head north.

“H-1B problems?” asks the billboard on the road to Silicon Valley, referencing the temporary visa issued to skilled foreign workers in the U.S. “Pivot to Canada.”

The current immigration bill before the U.S. Senate – the result of months of negotiations among eight influential senators – is on track to greatly increase the number of highly skilled foreign workers allowed to work in the U.S. under an H-1B visa, from 65,000 to 110,000.

“The Canadian perspective is they would love to re-create Silicon Valley in Canada,” said Irene Bloemraad, a professor who chairs the Canadian studies program at UC Berkeley. “And they recognize that under the current immigration system in the United States … there are people who are having a hard time getting permanent legal status.”

Bloemraad said Kenney’s trip would underscore the differences between U.S. and Canada immigration systems. While two-thirds of immigrants to the U.S. gain their permanent residency thanks to family connections, she said, Canada’s points-based ranking system means that two-thirds of immigrants are chosen for their work skills.

Under the current H-1B system, thousands of foreign tech workers in the Silicon Valley can stay in the United States for a maximum of six years, and must stick with the employer who sponsored them.

Kenney plans to promote the new visa and to meet with tech leaders, speak with Stanford students and run the Canadian booth at this weekend’s TiEcon entrepreneurship conference in Santa Clara.

“There’s an option,” said Kenney, a member of his country’s ruling Conservative Party. “It’s north of the 49th parallel.”

#mapleleaf #billboard in SF, #Canada luring foreign techies to launch #startups- silicon valley north? @10:14@KTVU twitter.com/deboraktvu/sta…

— Debora Villalon (@deboraktvu) May 18, 2013

Article source: http://www.cbsnews.com/8301-205_162-57585274/canada-trying-to-lure-silicon-valley-tech-workers/

Canada trying to lure Silicon Valley tech workers

admin — Mon, 20 May 2013 17:18:21 +0000

The Canadian government has launched an aggressive campaign to lure Silicon Valley tech workers frustrated by U.S. visa policies northward, just as Congress wrestles with a long-sought overhaul of America’s immigration system.

Canada’s minister of citizenship, immigration and multiculturalism, Jason Kenney, arrived in the San Francisco Bay area Friday for a four-day visit aimed at snapping up talent for his country’s high-tech economy by offering startup entrepreneurs a new visa.

“I think everyone knows the American system is pretty dysfunctional,” Keanney said in an interview with The San Jose Mercury News. “I’m going to the Bay Area to spread the message that Canada is open for business; we’re open for newcomers. If they qualify, we’ll give them the Canadian equivalent of a green card as soon as they arrive.”

The new “startup visa” will grant permanent residency to entrepreneurs who can start a business in Canada and raise enough venture capital.

Earlier this week, a billboard sporting a giant red maple leaf went up in South San Francisco, part of a Canadian ad campaign encouraging tech workers to head north.

“H-1B problems?” asks the billboard on the road to Silicon Valley, referencing the temporary visa issued to skilled foreign workers in the U.S. “Pivot to Canada.”

The current immigration bill before the U.S. Senate – the result of months of negotiations among eight influential senators – is on track to greatly increase the number of highly skilled foreign workers allowed to work in the U.S. under an H-1B visa, from 65,000 to 110,000.

“The Canadian perspective is they would love to re-create Silicon Valley in Canada,” said Irene Bloemraad, a professor who chairs the Canadian studies program at UC Berkeley. “And they recognize that under the current immigration system in the United States … there are people who are having a hard time getting permanent legal status.”

Bloemraad said Kenney’s trip would underscore the differences between U.S. and Canada immigration systems. While two-thirds of immigrants to the U.S. gain their permanent residency thanks to family connections, she said, Canada’s points-based ranking system means that two-thirds of immigrants are chosen for their work skills.

Under the current H-1B system, thousands of foreign tech workers in the Silicon Valley can stay in the United States for a maximum of six years, and must stick with the employer who sponsored them.

Kenney plans to promote the new visa and to meet with tech leaders, speak with Stanford students and run the Canadian booth at this weekend’s TiEcon entrepreneurship conference in Santa Clara.

“There’s an option,” said Kenney, a member of his country’s ruling Conservative Party. “It’s north of the 49th parallel.”

#mapleleaf #billboard in SF, #Canada luring foreign techies to launch #startups- silicon valley north? @10:14@KTVU twitter.com/deboraktvu/sta…

— Debora Villalon (@deboraktvu) May 18, 2013

Article source: http://www.cbsnews.com/8301-205_162-57585274/canada-trying-to-lure-silicon-valley-tech-workers/

Canada comes to Silicon Valley to poach high-tech workers struggling with immigration problems

admin — Mon, 20 May 2013 11:18:21 +0000

Canada has landed in Silicon Valley with a brazen message: Give us your smart, your restless, your huddled Googleplex workers yearning to breathe life into the high-tech economy up north.

As the U.S. Congress wrestles with a long-sought overhaul of America’s immigration system, the Canadian government is trying to poach talented immigrants frustrated by U.S. visa policy. The campaign begins Friday with a four-day visit to the Bay Area by Jason Kenney, Canada’s minister of citizenship, immigration and multiculturalism.

“I think everyone knows the American system is pretty dysfunctional,” Kenney said Thursday in an interview from Vancouver, B.C. “I’m going to the Bay Area to spread the message that Canada is open for business; we’re open for newcomers. If they qualify, we’ll give them the Canadian equivalent of a green card as soon as they arrive.”

On Tuesday, just days before Kenney was set to tour San Francisco and the South Bay to promote his new visa for startup entrepreneurs, a giant red maple leaf emerged on a billboard off Highway 101 on the route from San Francisco to the heart of Silicon Valley, part of a Canadian advertisement encouraging tech workers here temporarily to migrate north permanently.

Modeled on an idea first introduced but never passed in the U.S. Congress, Canada’s new “startup visa” grants permanent residency to entrepreneurs who can raise enough venture capital and start a Canadian business.

“H-1B problems?” asks the South San Francisco billboard, referencing America’s temporary visa for skilled foreign workers. “Pivot to Canada.”

Kenney, a member of his country’s ruling Conservative Party, is meeting with tech executives, speaking to Stanford students and running the Canadian booth at the TiEcon entrepreneurship conference in Santa Clara this weekend.

“The Canadian perspective is they would love to re-create Silicon Valley in Canada,” said Irene Bloemraad, a professor who chairs the Canadian studies program at UC Berkeley. “And they recognize that under the current immigration system in the United States … there are people who are having a hard time getting permanent legal status.”

Silicon Valley’s thousands of foreign tech workers can stay in the United States on their H-1B visas for no more than six years. In addition, they must stick with the employer who sponsored them — restrictions that many have argued impedes their upward mobility.

“There’s an option,” Kenney said, “and it’s north of the 49th parallel.”

His visit also exposes broader differences between Canadian and U.S. immigration laws and philosophies — differences that could narrow if Congress passes a bipartisan Senate plan that follows the Canadian model by moving to a more skills-based admissions system.

In the 1960s, Bloemraad said, both the U.S. and Canada dramatically reconfigured how they welcomed immigrants: America ended up with a system where two-thirds of immigrants now gain permanent residency through family connections, while Canada pioneered a points-based ranking that results where two-thirds of immigrants are chosen for their work skills.

The Senate plan would shift to a more Canadian approach in adopting a new “merit visa” to award permanent U.S. residency to the highest scorers in a points system favoring those who are young, highly educated, fluent in English and working in high-demand fields.

Opinion surveys show Canadians are among the most pro-immigrant people in the world, even during economic troubles, in part because they value their points-based system as good for the economy and multicultural nation building — and because their geographic isolation makes illegal immigration a minor problem, Bloemraad said.

“There’s less of a feeling of threat. But beyond that, there’s a sense of control,” she said. “In Canada, there’s more of a sense that the government’s on top of things.”

Some Republicans have been looking to their Canadian conservative counterparts not just as a model for immigration, but for future political success as the United States grows more diverse. To them, Kenney — known for his weekly forays to ethnic festivals and his unabashedly pro-immigrant outlook — has been offering some words of advice.

“The basic strategy has been to appeal to people on the basis of shared values,” he said. “We believe most immigrants are natural conservatives in their values and the ways they live their lives, in their work ethic and strong tendency toward entrepreneurship.”

Article source: http://www.denverpost.com/technology/ci_23281230/canada-comes-silicon-valley-poach-high-tech-workers?source=rss

Canada expenses: PM Harper’s aide Nigel Wright quits

admin — Mon, 20 May 2013 05:17:45 +0000

19 May 2013
Last updated at 18:08 ET

Nigel Wright said he had not informed the prime minister about the cheque at the time

Canadian Prime Minister Stephen Harper’s top aide has resigned over his role in a growing expenses scandal.

Nigel Wright quit after revelations he had secretly given a senator a C$90,000 (£58,000; $87,000) cheque to help repay improperly claimed housing expenses.

The conservative prime minister said he had accepted the resignation of his chief of staff “with great regret”.

Mr Wright is now expected to be replaced by Ray Novak, media reports in Canada say.

Sen Mike Duffy, a former journalist, resigned from the Conservative caucus on Thursday two days after revelations about the cheque emerged.

Nigel Wright is a managing director of a major Canadian private equity firm who has been on secondment to the prime minister’s office since 2011.

Opposition lawmakers say his cheque broke ethics rules barring senators from taking presents.

On Sunday, Mr Wright said in a statement that he had decided to step down “in light of the controversy surrounding my handling of matters involving Senator Duffy”.

“I regret the impact of this matter on the government, our caucus, and all of my colleagues,” he added.

He stressed that he had not informed the prime minister about the cheque.

The federal ethics commissioner is now examining the matter.

The prime minister thanked his chief of staff for his work since 2011, accepting that he believed he had acted in the public interest.

Ray Novak, who is reportedly replacing Nigel Wright, has acted as Mr Harper’s principal secretary for several years.

Article source: http://www.bbc.co.uk/news/world-us-canada-22592273

Petition looks to rename Victoria Day

admin — Mon, 20 May 2013 05:17:42 +0000

A group that includes some prominent Canadian actors, writers and politicians is calling on Prime Minister Stephen Harper to change the name of Victoria Day.

Author Margaret Atwood, Green Party leader Elizabeth May and actor Gordon Pinsent are among those behind an online petition to rename the public holiday, which is celebrated on Monday, as “Victoria and First Peoples Day.”

Peter Keleghan, an actor and spokesman for the group, says the new name would give Canadians a chance to honour both the Crown and the indigenous peoples of Canada.

“I know there is a great deal of monarchists in this country but I think also that there is also an awful lot of talk about how First Nations people, Inuit people, indigenous people in this country are being treated,” he said Sunday.

Victoria Day marks the birthday of Queen Victoria and is celebrated every year on the last Monday before May 25. Quebec celebrates National Patriots’ Day on the same day, to honour the rebellion against the British in 1837.

Commemorates ‘venerable relationship’

There is already a day to honour Canada’s indigenous peoples, but Keleghan pointed out it’s not recognized as a federal public holiday.

National Aboriginal Day is celebrated every year on June 21.

Keleghan said the group is trying to spread the word about the proposed name change on social media. He’s hopeful the message will gain traction in the days to come.

The petition, which is posted on the group’s website, victoriaandfirstpeoplesday.ca, calls on Harper to recognize the country’s history.

“For centuries, Canadians, the First Nations, the Inuit, and the Métis have had a close affinity with the British Monarchy,” the petition says.

“The newly named holiday would be an opportunity to commemorate that venerable relationship, to celebrate unique Indigenous cultures, to revisit our shared history, and to provide an opportunity for all Canadians to participate in the diverse and extraordinary heritage of our country.”

Singer-songwriter Susan Aglukark, one-time NDP leadership candidate Brian Topp and Thomas King, an author who often writes on First Nations issues, have also signed the petition.

© The Canadian Press, 2013

Article source: http://www.cbc.ca/news/canada/story/2013/05/19/victoria-day-rename.html

Canada’s Paul Henderson, Danielle Goyette enter IIHF Hall of Fame – CBC

admin — Mon, 20 May 2013 05:17:41 +0000

Paul Henderson is having such a good year, he threatened to steal Mats Sundin’s No. 13 at the International Ice Hockey Hall of Fame induction in Stockholm, Sweden on Sunday.

It’s been non-stop recognition in 2013 for Henderson and his heroics for Canada in the 1972 Summit Series against the Soviet Union.

Henderson joined Sundin in a class of IIHF player inductees on Sunday, which also included Sweden’s Peter Forsberg, Finland’s Teppo Numminen and Canada’s Danielle Goyette.

Henderson, 70, received the Order of Canada earlier this month and the Order of Hockey in Canada last month.

“It has been a good year, 2013,” Henderson declared. “”I always wore 19 but I’m seriously thinking of changing to 13.

“Thirteen is great number big boy,” he told Sundin. “I’m going to take it up from here.”

Children watched on televisions in their school classrooms almost 41 years ago as Canada and the Soviet Union met in the eighth and final game of the series in Moscow.

Henderson, from Lucknow, Ont., scored the winning goals in Game 6 and Game 7 to help Canada pull even in the series.

It was his electrifying goal with 34 seconds remaining in Game 8, however, that prompts people of a certain generation to stop him on the street and tell him where they were, what they were doing and how they felt at that moment.

Henderson never played in an Olympics and world championship during his professional career, but Canadians associate him with one of Canada’s greatest international hockey triumphs.

The recent rush to fete Henderson is due to his health. Diagnosed with chronic lymphocytic leukemia in November, 2009, Henderson lost weight and had a tumour “the size of a grapefruit” last year. He credits his wife of 50 years, Eleanor, for getting him into a clinical trial that reversed his condition.

“If I can just stay alive, this is working out well,” Henderson said. “I’m actually doing quite well.

“I got into a clinical study in the States back in September, I’ve put on 20 pounds since then. A growth the size of a grapefruit is now the size of the end of my finger.”

The goaltender Henderson scored those goals on, Vladislav Tretiak, introduced his friend and former nemesis at the induction ceremony.

“I remember 1972 all my life because it was the best time,” Tretiak said. “Paul Henderson scored three games the winning goals and last game, number eight, an amazing goal. I think God gave him the chances for his talent and hard work.”

The recognition Henderson has received from these institutions could increase the lobby to get Henderson into the Hockey Hall of Fame in Toronto. Tretiak is a member, but Henderson is not.

Former IIHF general secretary Jan-Ake Edvinsson of Sweden was inducted as a builder and the Soviet Union’s 1954 world championship team earned the IIHF’s milestone award. TSN’s Gord Miller of Edmonton received the Paul Loicq Award given annually for outstanding service to international hockey.

Goyette 3rd Canadian woman inducted

Goyette, from St-Nazaire, Que., is the sixth female player the IIHF has inducted. She joins Canadians Angela James and Geraldine Heaney, who entered in 2008.

Goyette was 41 years old when she played her final game for Canada at the 2007 world championship. She won Olympic gold in 2002 and 2006 as well as eight world championships.

“Danielle Goyette developed every year,” former Swedish women’s coach Peter Elander said. “She was a better player as a 41-year-old than a 26-year-old.”

Her 114 goals and 105 assists in 172 career game ranks her fourth all-time in national team points.

“I didn’t have role models as a female hockey player,” Goyette said. “My role models were the guys I got inducted with. That’s pretty amazing, Peter Forsberg, Mats Sundin.

“Paul Henderson, you hear about that goal all the time and I can’t tell you where I was that day, but I can tell you I heard about that goal year after year and that’s what made it special today.”

Now 47, Goyette is currently the head coach of the University of Calgary women’s hockey team and will be an assistant coach to Dan Church on the Olympic women’s team.

“When you think about what you want to leave behind, it’s a chance for girls to be able to play hockey and it to be normal to play hockey,” she said.

“When the girls start to play hockey at five years old and on a girls’ team, I think we did a pretty good job and not just talking about me, but all my teammates who have been through it.”

Forsberg is the only player to win hockey’s three most coveted trophies — an Olympic gold, a world championship and a Stanley Cup — twice.

Sundin was the first European to be the No. 1 selection in an NHL draft when the Quebec Nordiques called his name in 1989. The former Toronto Maple Leafs captain was also Sweden’s captain when the country won Olympic gold in 2006. Sundin also earned three world titles during his international career.

Numminen, a former Winnipeg Jets and Phoenix Coyotes defenceman, won three medals in four Olympics Games for Finland and represented his country in another eight international events.

Henderson is enjoying more than ever his role in an event that transcended sport and became part of Canadian history.

“To a certain degree, I think hockey in Canada is in our DNA and I think that moment brought us together probably as much as any other event in probably the history of Canada because we’re so passionate about the game of hockey,” he said.

“The way it turned out, we got down badly and we had to come back. The people got behind us. I suggest to you we would never have won that series without the 3,000 crazy Canadians that went to Moscow and cheered us on. It was win for Canada, a win for the NHL and certainly a win for hockey fans and certainly the Paul Henderson family.”

© The Canadian Press, 2013

Article source: http://www.cbc.ca/sports/hockey/nhl/story/2013/05/19/sp-hockey-iihf-hall-of-fame-henderson-goyette.html

Canada's Paul Henderson, Danielle Goyette enter IIHF Hall of Fame

admin — Sun, 19 May 2013 23:17:39 +0000

STOCKHOLM – Paul Henderson is having such a good year, he threatened to steal Mats Sundin’s No. 13 at the International Ice Hockey Hall of Fame induction.

It’s been non-stop recognition in 2013 for Henderson and his heroics for Canada in the 1972 Summit Series against the Soviet Union.

Henderson joined Sundin in a class of IIHF player inductees on Sunday, which also included Sweden’s Peter Forsberg, Finland’s Teppo Numminen and Canada’s Danielle Goyette.

Henderson, 70, received the Order of Canada earlier this month and the Order of Hockey in Canada last month.

“It has been a good year, 2013,” Henderson declared. “”I always wore 19 but I’m seriously thinking of changing to 13.

“Thirteen is great number big boy,” he told Sundin. “I’m going to take it up from here.”

Children watched on televisions in their school classrooms almost 41 years ago as Canada and the Soviet Union met in the eighth and final game of the series in Moscow.

Henderson, from Kincardine, Ont., scored the winning goals in Game 6 and Game 7 to help Canada pull even in the series.

It was his electrifying goal with 34 seconds remaining in Game 8, however, that prompts people of a certain generation to stop him on the street and tell him where they were, what they were doing and how they felt at that moment.

Henderson never played in an Olympics and world championship during his professional career, but Canadians associate him with one of Canada’s greatest international hockey triumphs.

The recent rush to fete Henderson is due to his health. Diagnosed with chronic lymphocytic leukemia in November, 2009, Henderson lost weight and had a tumour “the size of a grapefruit” last year. He credits his wife of 50 years, Eleanor, for getting him into a clinical trial that reversed his condition.

“If I can just stay alive, this is working out well,” Henderson said. “I’m actually doing quite well.

“I got into a clinical study in the States back in September, I’ve put on 20 pounds since then. A growth the size of a grapefruit is now the size of the end of my finger.”

The goaltender Henderson scored those goals on, Vladislav Tretiak, introduced his friend and former nemesis at the induction ceremony.

“I remember 1972 all my life because it was the best time,” Tretiak said. “Paul Henderson scored three games the winning goals and last game, number eight, an amazing goal. I think God gave him the chances for his talent and hard work.”

The recognition Henderson has received from these institutions could increase the lobby to get Henderson into the Hockey Hall of Fame in Toronto. Tretiak is a member, but Henderson is not.

Former IIHF general secretary Jan-Ake Edvinsson of Sweden was inducted as a builder and the Soviet Union’s 1954 world championship team earned the IIHF’s milestone award. TSN’s Gord Miller of Edmonton received the Paul Loicq Award given annually for outstanding service to international hockey.

Goyette, from St-Nazaire, Que., is the sixth female player the IIHF has inducted. She joins Canadians Angela James and Geraldine Heaney, who entered in 2008.

Goyette was 41 years old when she played her final game for Canada at the 2007 world championship. She won Olympic gold in 2002 and 2006 as well as eight world championships.

“Danielle Goyette developed every year,” former Swedish women’s coach Peter Elander said. “She was a better player as a 41-year-old than a 26-year-old.”

Her 114 goals and 105 assists in 172 career game ranks her fourth all-time in national team points.

“I didn’t have role models as a female hockey player,” Goyette said. “My role models were the guys I got inducted with. That’s pretty amazing, Peter Forsberg, Mats Sundin.

“Paul Henderson, you hear about that goal all the time and I can’t tell you where I was that day, but I can tell you I heard about that goal year after year and that’s what made it special today.”

Now 47, Goyette is currently the head coach of the University of Calgary women’s hockey team and will be an assistant coach to Dan Church on the Olympic women’s team.

“When you think about what you want to leave behind, it’s a chance for girls to be able to play hockey and it to be normal to play hockey,” she said.

“When the girls start to play hockey at five years old and on a girls’ team, I think we did a pretty good job and not just talking about me, but all my teammates who have been through it.”

Forsberg is the only player to win hockey’s three most coveted trophies — an Olympic gold, a world championship and a Stanley Cup — twice.

Sundin was the first European to be the No. 1 selection in an NHL draft when the Quebec Nordiques called his name in 1989. The former Toronto Maple Leafs captain was also Sweden’s captain when the country won Olympic gold in 2006. Sundin also earned three world titles during his international career.

Numminen, a former Winnipeg Jets and Phoenix Coyotes defenceman, won three medals in four Olympics Games for Finland and represented his country in another eight international events.

Henderson is enjoying more than ever his role in an event that transcended sport and became part of Canadian history.

“To a certain degree, I think hockey in Canada is in our DNA and I think that moment brought us together probably as much as any other event in probably the history of Canada because we’re so passionate about the game of hockey,” he said.

“The way it turned out, we got down badly and we had to come back. The people got behind us. I suggest to you we would never have won that series without the 3,000 crazy Canadians that went to Moscow and cheered us on. It was win for Canada, a win for the NHL and certainly a win for hockey fans and certainly the Paul Henderson family.”

Article source: http://ca.sports.yahoo.com/news/canadas-paul-henderson-danielle-goyette-enter-iihf-hall-172448326.html

Charles as prince regent? Possibility raises a puzzle for Canada

admin — Sun, 19 May 2013 17:17:00 +0000

As Canadians prepare to celebrate Victoria Day, the official date of birthday honours for the reigning monarch, there is increasing speculation that Queen Elizabeth is about to make a decision that could have constitutional implications for Canada.

When Queen Elizabeth II opened the British parliament last week, her son, Prince Charles, was in attendance for the first time in 17 years, along with his wife Camilla.

Some royal watchers interpret the couple’s presence as a signal that the 87-year-old monarch might be preparing to offload some of her duties by elevating Charles to a prince regent.

Britain’s Regency Acts dictate what happens when a monarch becomes physically or mentally incapable of fulfilling his or her duties, royal commentator Rafe Heydel-Mankoo told CTV’s Question Period.

If Charles were to become prince regent it would pose a conundrum for Canada, which does not have regency acts of its own, Heydel-Mankoo said.

Canadian constitutional experts would need to decide whether a prince regent can appoint the next governor general.

But Heydel-Mankoo suggested such a scenario is highly unlikely.

“It’s a legal impossibility to become prince regent whilst her majesty remains in robust health, physically and mentally,” Heydel-Mankoo said.

He added that while there’s no possibility of the prince becoming a regent in the foreseeable future, Charles is likely to take on more royal duties over the next few years.

The queen announced earlier this month that she would send Charles to the Commonwealth heads of government meeting in Sri Lanka in November, marking the first time she has skipped the gathering since 1971.

Buckingham Palace said it was reviewing the queen’s amount of long-haul travel.

As a counsellor of state, Prince Charles already fulfills royal duties at home when the Queen is abroad.

Queen Elizabeth was briefly hospitalized for a stomach illness earlier this year, and she skipped the Commonwealth Day Observance service at Westminster Abbey on March 11.

According to the Regency Act of 1937, in order to be declared unfit to rule, at least three of the following people — the Lord Chancellor, the Speaker of the House of Commons, the Lord Chief Justice of England, the Master of the Rolls and the spouse of the sovereign — would have to agree in writing, after seeing medical evidence, that the monarch is physically or mentally incapacitated.

Article source: http://www.ctvnews.ca/politics/charles-as-prince-regent-possibility-raises-a-puzzle-for-canada-1.1288204

Harper chief of staff resigns amid Senate expense scandal

admin — Sun, 19 May 2013 17:16:59 +0000

Nigel Wright has resigned as Prime Minister Stephen Harper’s chief of staff, following revelations he wrote a $90,000 cheque to repay improperly claimed housing expenses for Senator Mike Duffy.

In a statement issued Sunday, Wright said Harper has accepted his resignation “in light of the controversy surrounding my handling of matters involving Senator Duffy.”

“My actions were intended solely to secure the repayment of funds, which I considered to be in the public interest, and I accept sole responsibility.

Read reaction to Nigel Wright’s resignation

“I did not advise the prime minister of the means by which Senator Duffy’s expenses were repaid, either before or after the fact,” said Wright, who had been Harper’s chief of staff since January 2011.

He said he regrets the impact the matter has had on the government, the Tory caucus and all his colleagues.

Ray Novak, Harper’s principal secretary since 2008, will take over as chief of staff, the CBC’s Hannah Thibedeau reports.

Wright is the former managing director of Onex, the largest private sector employer in Canada. Onex owns or manages companies such as Indigo, Cineplex, Allison Transmission, Hawker Beechcraft and ResCare.

‘Nigel believed he was acting in the public interest’

Harper issued his own statement on Sunday, confirming Wright’s decision.

“It is with great regret that I have accepted the resignation of Nigel Wright as my chief of staff. I accept that Nigel believed he was acting in the public interest, but I understand the decision he has taken to resign.

“I want to thank Nigel for his tremendous contribution to our government over the past two and a half years,” the prime minister said.

The Prime Minister’s Office had been insisting as recently as Friday that Wright had the “full confidence” of the prime minister and would be “staying on.”

Harper will meet with his Conservative caucus on Tuesday, one day earlier than usual, before departing on an official four-day trip to South America.

Nigel Wright has ‘full confidence’ of PM after Duffy cheque

Senator Mike Duffy quits Tory caucus

Duffy campaign invoice contradicts expense claim

Duffy announced last month that he had repaid, on March 25, about $90,000 claimed over the last three years for his Senate housing and living expenses.

He is one of three senators who have been at the centre of an external audit since December over expense claims.

The former journalist resigned from the Conservative caucus on Thursday, a week after audit and Senate committee reports were released on his expenses, as well as those of Conservative Senator Patrick Brazeau and Liberal Senator Mac Harb.

Mike Duffy, a former broadcaster, quit the Conservative caucus late Thursday. (Chris Wattie/Reuters)
A Senate committee concluded earlier this month that Harb owes $51,482 in housing-related expenses, a finding that prompted him to quit the Liberal caucus and sit as an independent.

The committee said that Sen. Patrick Brazeau — expelled from the Conservative caucus after he was charged in February with assault and sexual assault — should repay $48,744 in expenses.

An audit is still being conducted on the expenses of Senator Pamela Wallin, who stepped aside from the Conservative caucus on Friday.

‘Nigel Wright needs to come clean on the details of the deal he negotiated to cover up for Senator Duffy’s expense claims and whitewash the Senate committee report.’—NDP ethics critic Charlie Angus

Liberal MP Bob Rae said someone needs to take a “hard look” at whether more than just ethics rules were broken when Wright wrote a personal cheque to cover Duffy’s expenses.

“There are provisions, not only in the Senate ethical code, but there are also provisions in the Criminal Code of Canada. People can’t accept payments if you’re a public office holder which have the effect of changing the activities of government.”

Rae said the $90,000 payment had a “direct impact on the conduct of an audit into the activities of Senator Duffy and other senators.”

PM in ‘full-fledged damage control,’ NDP says

“We know that Senator Duffy’s audit was shortened, was changed, because of the fact that he made this $90,000 payment and that he made this payment because Mr. Wright gave him the money to make the payment,” he told CBC News.

NDP ethics critic Charlie Angus also pressed for more answers on Sunday and said the Conservatives “are now in full-out political panic” over the payment.

“I think what the resignation tells us is that the prime minister is now in full-fledged damage control. They pushed Pamela Wallin off the ship on Friday, Mike Duffy went for the high jump the day before, now Nigel Wright’s gone, the prime minister’s taking off for Peru,” he said.

“Nigel Wright needs to come clean on the details of the deal he negotiated to cover up for Senator Duffy’s expense claims and whitewash the Senate committee report,” Angus said, adding it’s important to have an independent investigation to determine exactly what happened.

Article source: http://www.cbc.ca/news/canada/story/2013/05/19/pol-nigel-wright-resigns.html

Six uncapped in Ireland squad to tour US and Canada

admin — Sun, 19 May 2013 17:16:57 +0000

Rory Best will lead Ireland’s 28-man squad for their tour to the United States and Canada after being overlooked by the British and Irish Lions. Best was expected to be in action in Australia this summer, but was left out by Lions head coach Warren Gatland in favour of England’s Dylan Hartley.

The Ulster hooker, who was also captain of Ireland’s tour in 2009, leads a squad containing six uncapped players in scrum-half Kieran Marmion, centre Stuart Olding, scrumhalf Paul Marshall, fullback Robbie Henshaw, prop Jamie Hagan, openside Tommy O’Donnell and hooker Mike Sherry.

“We have selected a squad who have the right mix of youth and experience and I’m really looking forward to working with them over the next few weeks,” acting head coach Les Kiss said. “USA and Canada have improved enormously since the 2011 World Cup and we know we will be in for two tough Test matches.”

A number of players – Craig Gilroy (groin), Luke Marshall (concussion), Donnacha Ryan (shoulder), Stephen Ferris, Eoin Reddan, Luke Fitzgerald, Gordon D’Arcy, David McSharry, Keith Earls and Stephen Archer – were not considered because of injury.

A 26-man squad for the Georgia Tour has also been announced and will be captained by Leinster backrow Rhys Ruddock abd will also include his provincial team-mate Seán Cronin, who lost out to Mike Sherry for a place in the north America squad.

“The Georgian tour will be a great experience for the players, most of who have recently come through the Ireland underage system,” added Kiss. “It will be a tough tour with three games in 14 days and a smaller squad of 26 players, which should mean everyone getting significant game time.”

It was also confirmed today that Kiss will be part of incoming head coach Joe Schmidt’s team for the next three years.

Schmidt will arrive in the US before the first game on June 8th and will remain with the squad for the week in Canada before the second test in toronto on June 15th.

Ireland Squad (North American Tour – USA Canada)

Rory Best (Banbridge/Ulster), Isaac Boss (Terenure College/Leinster), Darren Cave (Belfast Harlequins/Ulster), Tom Court (Ulster), Declan Fitzpatrick (Belfast Harlequins/Ulster), Jamie Hagan (Old Belvedere/Leinster)*, Iain Henderson (Ballynahinch/Ulster), Chris Henry (Malone/Ulster), Robbie Henshaw (Buccaneers/Connacht)*, Paddy Jackson (Dungannon/Ulster), Felix Jones (Shannon/Munster), David Kilcoyne (UL Bohemians/Munster), Ian Madigan (Blackrock College/Leinster), Kieran Marmion (Galwegians/Connacht)*, Paul Marshall (Belfast Harlequins/Ulster)*, Mike McCarthy (Buccaneers/Connacht), Fergus McFadden (Old Belvedere/Leinster), Kevin McLaughlin (St. Marys/Leinster), Tommy O’Donnell (UL , ohemians/Munster)*, Stuart Olding (Belfast Harlequins/Ulster)*, Peter O’Mahony (Cork Constitution/Munster), Mike Ross (Clontarf/Leinster), Mike Sherry (Garryowen/Munster)*, Richardt Strauss (Old Wesley/Leinster), Devin Toner(Lansdowne/Leinster), Andrew Trimble (Ballymena/Ulster), Dan Tuohy (Ballymena/Ulster), Simon Zebo (Cork Constitution/Munster)

Emerging Ireland squad (Tblisi Cup, Georgia)

Michael Allen (Belfast Harlequins/Ulster)*, Michael Bent (Leinster), Andrew Conway (Blackrock/Leinster)*, John Cooney (Lansdowne/Leinster)*, Sean Cronin (St. Mary’s/Leinster), David Foley (UL Bohemian/Munster)*, Eoin Griffin (Galwegians/Connacht)*, Cathal Marsh ()*, Michael Heaney (Belfast Harlequins/Ulster)*, Robert Herring (Ballynahinch/Ulster)*, David Kearney (Lansdowne/Leinster)*, Ian Keatley (Young Munster/Munster), Richard Lutton (Belfast Harlequins/Ulster)*, Brendan Macken (Blackrock/Leinster)*, Jack McGrath (St. Mary’s/Leinster)*, Eoin McKeon (Galwegians/Connacht)*, Martin Moore (Lansdowne/Leinster)*, Niall Morris (Leicester/Exiles)*, Jordi Murphy (Lansdowne/Leinster)*,

Ian Nagle (Cork Constitution/Munster)*, Robbie Diack ()*, Tiernan O’Halloran (Galwegians/Connacht)*, Rhys Ruddock (St. Mary’s/Leinster), Dominic Ryan (Lansdowne/Leinster)*, John Ryan (Cork Constitution/Munster)*, Lewis Stevenson (Malone/Ulster)*

* denotes uncapped player

Article source: http://www.irishtimes.com/sport/rugby/international/six-uncapped-in-ireland-squad-to-tour-us-and-canada-1.1399130

Health Canada: Three Companies Voluntarily Recalling All Lots of Their Antipsychotic Medication Due to Possible …

admin — Sun, 19 May 2013 11:16:28 +0000

OTTAWA, ONTARIO–(Marketwired – May 18, 2013) –

The issue:

In consultation with Health Canada, three companies (Cobalt Pharmaceuticals Company, Laboratoires Riva Inc. and Sanis Health Inc.) are voluntarily recalling all lots of their antipsychotic product (Quetiapine) due to potential contamination with an antibiotic product (Clindamycin) during the manufacturing process. The recall affects the 25 mg, 100 mg, 200 mg and 300 mg doses of Co Quetiapine, Riva Quetiapine, and Sanis Quetiapine.

Quetiapine is used in the treatment of schizophrenia and bipolar disorder in adult patients. All three companies are advising health care professionals to contact their patients who have been supplied with any quetiapine (listed above) product to help ensure a safe transition over to alternative authorised and not affected Quetiapine products on the Canadian market.

Who is affected:

As of May 17, 2013, Health Canada has not received any adverse reactions associated with the possibility of contamination of Quetiapine and Clindamycin.

The population at risk includes those who are susceptible or hypersensitive to the antibiotics clindamycin or lincomycin. The risks include mild skin rashes; however, hives and in rare instances more serious skin disorders resembling Stevens-Johnson syndrome (a more severe rash with blisters and peeling skin), and a few cases of anaphylactoid reactions have also been reported during drug therapy with clindamycin.

What patients should do:

Immediately contact your healthcare practitioner with any questions or concerns regarding the use of quetiapine products.

Do not discontinue treatment and contact your health care professional to obtain medical advice.

Report any adverse reaction potentially related to these products to Health Canada.

Contact Health Canada’s toll-free line at 1-800-267-9675 with questions or complaints about these products.

What Health Canada is doing:

Health Canada has requested that all three manufacturers recall the affected product, which the companies have agreed to do. Further, Health Canada will monitor the recall to ensure it was effective.

Background:

During a recent inspection by European Directorate for the Quality of Medicines and Healthcare (EDQM) in March 2013 of Suzhou No. 4 Pharmaceutical Factory, China, a concern was identified related to the factory’s Good Manufacturing Practices. The active pharmaceutical ingredient quetiapine may have been contaminated with another active ingredient, clindamycin.

The EDQM noted that the API manufacturer’s cleaning records for a piece of common equipment were found to be inadequate. As such, the presence of trace amounts of clindamycin hydrochloride on that common equipment has not yet been ruled out and there’s a possibility of a serious allergic reaction in patients sensitive to clindamycin.

Three Canadian companies sell products that contain quetiapine sourced from the Suzhou manufacturing site: Cobalt Pharmaceuticals Company, Laboratoires Riva Inc. and Sanis Health Inc.

For most adult patients, exposure to trace amounts of clindamycin hydrochloride will not represent a health risk and there are no contraindications for taking the two medications together. However, for those who may have hypersensitivity to clindamycin (estimated at less than 1% of the population), even trace amounts may cause serious allergic reactions.

Products affected:

All lots of 25 mg, 100 mg, 200 mg and 300 mg doses of Co Quetiapine (Cobalt Pharmaceuticals Company), Riva Quetiapine (Laboratoires Riva Inc.), and Sanis Quetiapine (Sanis Health Inc.)

For more information:

Consumers and health professionals wanting more information about this advisory from Health Canada can contact the Public Enquiries Line at 613-957-2991, or toll free at 1-866-225-0709.

Media enquiries related to this Advisory should be directed to Health Canada Media Relations at 613-957-2983.

How to report side effects to health products:

To report suspected adverse reaction to these or other health products, please contact Health Canada’s Canada Vigilance Program toll-free at 1-866-234-2345, or complete a Canada Vigilance Reporting Form and send to us using one of these methods:

Fax: 1-866-678-6789

Internet: www.healthcanada.gc.ca/medeffect

Mail: Canada Vigilance Program
Marketed Health Products Directorate
Ottawa, ON, Address Locator 0701E
K1A 0K9

Stay connected with Health Canada and receive the latest advisories and product recalls using social media tools.

Également disponible en français

Media Inquiries:
Health Canada
613-957-2983
Public Inquiries:
613-957-2991
1-866-225-0709

Article source: http://finance.yahoo.com/news/health-canada-three-companies-voluntarily-233000891.html

Alzheimer’s leaves bilingual victims stranded in Canada

admin — Sun, 19 May 2013 05:16:05 +0000

Enlarge

The devastating effect of Alzheimer’s disease on bilingual people has been thrown into focus in Canada, where the sudden loss of a second language can leave sufferers feeling like strangers in their own country.

Despite increasing evidence that bilingualism can actually delay the onset of dementia, those grappling with the ravages of the disease often find themselves isolated by the lack of essential services in their language of choice.

When Alzheimer’s strikes, an people’s ability to communicate in their second language often erodes rapidly.

Sylvie Lavoie told AFP she noticed a steady deterioration in her mother’s ability to speak English fluently after she was diagnosed with the disease.

Her mother, Helene Tremblay-Lavoie, later took a test to measure her deterioration that provided conclusive evidence.

She scored nine marks out of 30 for a test in English contrasted with 19 out of 30 for the same test in French.

“The result was a terrible shock, a huge surprise,” Lavoie told AFP. “Talking in French to my mother I had not noticed that she had lost her English.

“I noticed that she was speaking less and less English to my husband, who is anglophone, but I attributed that to the illness and general fatigue.”

The case garnered attention in Canada. Tremblay-Lavoie was born in the French-speaking province of Quebec and lived in Toronto for 30 years, becoming fully bilingual.

However, when it came to finding a facility capable of caring for her mother, Lavoie discovered nothing was available for her mother in Toronto.

She eventually found a spot in a French-speaking hospice in the town of Welland, near Niagara Falls.

In response to the shortfall of spaces, the Helene Tremblay-Lavoie Foundation was set up last year with the goal of creating long-term care for francophones in the Toronto region.

“People who lose the ability to speak English are unilingual francophones who have learned English later in life,” said Guy Proulx, a professor at York University who specializes in the assessment and rehabilitation of cognitive disorders in people suffering from strokes or dementia.

Proulx, a director of the foundation, cautioned that individuals who had been bilingual since childhood were less likely to lose the use of their second language.

“A bilingual from childhood won’t lose it because it is automated, it is anchored in. When it is automated, it is more resistant to diseases like Alzheimer’s,” he explained.

Proulx and the foundation are hoping to set up a dedicated francophone clinic in the Toronto region that will feature a research center in the field of cognitive health and therapy for diseases like Alzheimer’s.

Nearly 90 percent of francophones in Toronto — some 125,000 people out of a population of 600,000 across Ontario — are in relationships with non-francophones. The aim is to ensure these people can stay together when the disease strikes.

“Health care services in French are available in Toronto but they are scattered. They need to be structured,” said Proulx.

Jean Roy, who chairs the foundation’s board, said it had the support of the provincial and federal governments.

“The project will cost Can$200,000 per year for three years and we already have the money. It is only going to be a matter of months.”

tjo/rcw/oh

Copyright AFP, 2013.

http://www.globalpost.com/dispatch/news/afp/130518/alzheimers-leaves-bilingual-victims-stranded-canada

Article source: http://www.globalpost.com/dispatch/news/afp/130518/alzheimers-leaves-bilingual-victims-stranded-canada

Why Canada should back Antarctica North

admin — Sun, 19 May 2013 05:16:02 +0000

Canada just assumed the chair of the Arctic Council. Predictably, the Harper government grabbed the gavel and announced that its priority will be to open up the vast territory for more business.

More business is coming to the Arctic, like it or not, courtesy of global warming, an issue that leaves the Harper government largely indifferent. Global warming is altering the geography of the Arctic, making it easier for shipping, drilling, mining and other activities. It’s also increasing the chances of more military activity.

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Accountability

Another kind of Canadian government would take this opportunity as Arctic Council chair to lead a diplomatic effort to demilitarize the region, to make it a northern Antarctica where, by international treaty, military activities are banned. Of course, the Arctic Council alone couldn’t bring about demilitarization since it has no such power, but it could become an important place to put the issue on the international agenda.

Canada should borrow a slogan from someone Americans love – Ronald Reagan, whose disarmament lexicon was “trust, but verify.” That’s exactly what Canada should strive for in the Arctic.

There would be no problem persuading the Swedes, Danes, Norwegians, Finns and Icelanders to consider demilitarizing the Arctic. They have no interest in projecting military force in that region, or anywhere else, and have a long and honourable tradition of constructive engagement in world affairs.

The stickier challenge would be to convince the Russians and the Americans, the other two permanent members of the Arctic Council. And to convince China, because it’s developing a blue-water navy and has just been granted observer status at the Arctic Council.

The Chinese consider themselves a burgeoning world power. The Arctic is part of their world vision, as a place for economic activity and eventual military presence.

The Arctic is evidently far from China’s territory and can hardly be defined as a “core interest,” to use the latest iteration from the Chinese government of what it considers a vital national interest. But the Chinese have major Arctic research projects at home, have sent scientists to northern Norway and have been knocking at the Arctic Council’s door for observer status.

So where does Canada’s geopolitical interest lie, apart from the business of business in the Arctic that consumes the current government?

The Arctic can be divided, roughly speaking, into two kinds of territories. The first is the land mass and the territorial waters of each Arctic country. The second is the vast area in the extreme far north that lies beyond the territorial waters of every country. Ice is receding rapidly in both kinds of waters, as even a cursory glance at the map reveals.

Countries can patrol and monitor within their own territorial waters, and there isn’t much other countries can do about it even if they tried. But the Far North is another matter: It belongs to the whole world, in the sense that no single country owns it.

As the ice recedes, more of this area will be blue water. It has been widely assumed for years that Great Power navies (read the U.S. and the Soviet Union/Russia) sent nuclear-powered submarines under the ice cap. Canada had no such capacity, having decided in the Mulroney years to scrap any idea of building nuclear-powered subs.

Why would the Americans be at least marginally interested in demilitarization? In a word: money.

The U.S. defence budget is stretched. It’s being hacksawed by spending cuts that will extend over many years. At a recent dinner, a senior U.S. military commander, asked about demilitarization of the Arctic, said that any part of the world where the U.S. does not deploy its military would be worth examining.

Russia’s instinct these days is to protect and project. If all the other Arctic countries proposed a demilitarized area, with appropriate verification, would Russia axiomatically be against the idea? Perhaps, but it would be worth finding out.

The Arctic is opening for business. Canada should lead an effort to close it for the military.

Article source: http://www.theglobeandmail.com/commentary/why-canada-should-back-antarctica-north/article11999471/

3 companies recall antipsychotic drug quetiapine: Health Canada

admin — Sun, 19 May 2013 05:16:00 +0000

OTTAWA, Ont. — Health Canada says three companies are voluntarily recalling all lots of the antipsychotic drug quetiapine.

A Health Canada news release says it’s due to potential contamination with the antibiotic product clindamycin during the manufacturing process.

Health Canada says quetiapine is used in the treatment of schizophrenia and bipolar disorder in adult patients.

Health Canada says it has not received any reports of adverse reactions from the product.

The government says those at risk includes people who are susceptible or hypersensitive to the antibiotics clindamycin or lincomycin, but estimates the number of patients in question is small.

Health Canada says the possibility of contamination was spotted at the pharmaceutical factory in China that produces quetiapine for the three companies — Cobalt Pharmaceuticals Company, Laboratoires Riva Inc. and Sanis Health Inc.

Health Canada says the products affected include all lots of 25 mg, 100 mg, 200 mg and 300 mg doses of Co Quetiapine (Cobalt Pharmaceuticals Company), Riva Quetiapine (Laboratoires Riva Inc.), and Sanis Quetiapine (Sanis Health Inc.)

Health Canada said in an email that the recall represents less than 25 per cent of the quetiapine marketed in Canada.

Article source: http://www.ctvnews.ca/health/3-companies-recall-antipsychotic-drug-quetiapine-health-canada-1.1287927

Canada Dollar Falls Most in Year as Inflation Slows to 2009 Low

admin — Sat, 18 May 2013 23:15:50 +0000

The Canadian dollar posted its
biggest loss in a year against its U.S. peer as the nation’s
annual inflation rate fell in April to its slowest in more than
three years, bolstering the case for relaxing monetary policy.

Canada’s currency reached its lowest point in two months
against the greenback as three U.S. policy makers called for the
Federal Reserve to taper asset purchases that have devalued the
currency. Canada’s dollar fell against the majority of its 16
most-traded peers before data May 22 forecast to show retail
sales slowed. The slowest pace of inflation since October 2009
is sparking bets incoming Bank of Canada Governor Stephen Poloz
may remove Mark Carney’s bias toward raising interest rates.

“It’s a strong argument for the Bank of Canada dropping
any residual hawkish tilt and perhaps leading to a dovish
bias,” Shahab Jalinoos, a senior currency strategist for UBS AG
in Stamford, Connecticut, said yesterday in a phone interview.
“That’s an important development in a world that is obsessed
with currency wars and relative monetary policy.”

The loonie, as the Canadian dollar is known for the image
of the waterfowl on the C$1 coin, fell 1.8 percent to C$1.0281
per U.S. dollar in the past week in Toronto, the biggest drop
since the week ending May 18, 2012. One loonie buys 97.27 U.S.
cents.

Bonds Drop

Canada’s benchmark 10-year government bonds declined, with
yields rising four basis points, or 0.04 percentage point, to
1.92 percent. The 1.5 percent security maturing in June 2023
dropped 30 cents to C$96.19.

Futures on crude oil, the country’s largest export, were
little changed at $96.02 per barrel, after three weeks of gains.
The Standard Poor’s 500 Index (SPX) of U.S. stocks hit record highs,
gaining 1 percent.

The loonie tumbled yesterday after Canada’s consumer price
index rose 0.4 percent in April from a year ago, compared with a
1 percent annual gain the prior month, according to Statistics
Canada. That’s the slowest since the country experienced a
period of deflation at the end of the last recession.

All 24 economists in a Bloomberg survey forecast the
central bank will keep the benchmark rate at 1 percent into next
year. The Bank of Canada targets an inflation rate between 1 and
3 percent.

BOC’s Move

“If the inflation rate is not really an issue, who knows
what the next move of the Bank of Canada will be?” Clement Gignac, chief economist at Industrial Alliance Insurance and
Financial Services Inc., said yesterday by phone from Quebec
City. “There will be a change in the leadership at the Bank of
Canada, so we will see what will be the next move of the Bank of
Canada. Is it upward or is it down? The question is open.”

Growth in Canadian retail sales slowed in March to 0.1
percent from 0.8 percent the previous month a report next week
will show, according to the median estimate of a Bloomberg
survey of 22 economists.

The cost to insure against declines in the loonie versus
its U.S. counterpart reached its highest point in eight months.
The three-month 25-delta risk reversal rate reached 1.7 percent,
up from the low this year of 0.77 percent on Jan. 18 and the
highest since Sept 3.

Implied volatility for three-month options on the Canadian
dollar versus its U.S. counterpart reached 7.9 percent, the
highest level since July 25. Implied volatility, which traders
quote and use to set option prices, signals the expected pace of
currency swings.

Fed ‘Uncertainty’

Three Fed regional bank presidents called for phasing out
the Fed’s monthly purchases of $40 billion in mortgage-backed
securities as the housing recovery shows signs of gaining
momentum.

“The currency market is reflecting that there’s
uncertainty over how much longer the Fed will maintain its
asset-purchase program,” said David Watt, chief economist at
the Canadian unit of HSBC Holding Plc., by phone from Toronto.
“There’s no story here that should suggest the Canadian dollar
should outperform.”

The Canadian dollar declined 0.3 percent this week among 10
developed-nation currencies tracked by the Bloomberg Correlation
Weighted Indexes. The dollars of fellow commodities exporters
Australian and New Zealand lead decliners, down 1.6 percent and
1.5 percent. The U.S. dollar rose 1.7 to lead gainers.

To contact the reporter on this story:
Ari Altstedter in Toronto at
aaltstedter@bloomberg.net

To contact the editor responsible for this story:
Dave Liedtka at
dliedtka@bloomberg.net

Article source: http://www.bloomberg.com/news/2013-05-18/canada-dollar-falls-most-in-year-as-inflation-slows-to-2009-low.html

Quake reported in eastern Canada

admin — Sat, 18 May 2013 23:15:49 +0000

(CNN) — Eastern Canada got the shakes on Friday. Even the northern U.S. twitched.

People on both sides of the border felt an earthquake originating around the Quebec and Ontario borders, the Canadian government said. Natural Resources Canada gave it a preliminary magnitude of 5.2; the U.S. Geological Survey put it at 4.4.

With an epicenter about 11 miles (18 kilometers) from Shawville, in western Quebec, the quake was felt in the Ottawa-Gatineau area and out to Toronto, more than 260 miles away. It hit a nerve in New York state and Cleveland, too.

“My house shook!” Ontario Premier Kathleen Wynne said in a tweet.

Authorities say it is unlikely the quake, which occurred at 9:43 a.m., caused significant damage. It was followed 10 minutes later by an aftershock measured at magnitude-4.1 by the Canadian agency and 3.6 by the U.S. bureau. Its epicenter was about 12 miles (19 kilometers) from Shawville.

“It kind of made me a little nervous and I booted it out of the house as quick as I could. It certainly got my heart racing,” said Jonathan Essiambre of Shawville, according to the Canadian Broadcasting Corporation.

“It was like a massive explosion that went off. It just started shaking and the walls of the bakery were moving,” Dan Duggan, who owns a bakery in Shawville, said, according to the CBC. “I thought it was my propane tanks exploding. We were evacuating employees out of the building. It lasted for about 25 seconds and it went on for about another minute.”

“We had a lot of shaking, that’s for sure,” said Kim Bulmer, town clerk of nearby Renfrew, Ontario. “But I just checked with the public works director, and there does not seem to be any reports of damage so far.”

New York Gov. Andrew Cuomo said state emergency officials were monitoring the quake, felt in parts of the state.

“At this time, there have been no reports of damage to any of the state’s critical infrastructure,” Cuomo said in a written statement.

Eastern Canada has a relatively low rate of earthquake activity, according to Natural Resources Canada, but there have been large earthquakes before, with about four exceeding magnitude 4 per year.

“A decade will, on average, include three events greater than magnitude 5,” the agency said.

Article source: http://www.cnn.com/2013/05/17/world/americas/canada-quake/index.html?eref=rss_mostpopular

Canada Dollar Falls Most in Year as Inflation Slows to 2009 Low

admin — Sat, 18 May 2013 17:15:07 +0000

The Canadian dollar posted its
biggest loss in a year against its U.S. peer as the nation’s
annual inflation rate fell in April to its slowest in more than
three years, bolstering the case for relaxing monetary policy.

Canada’s currency reached its lowest point in two months
against the greenback as three U.S. policy makers called for the
Federal Reserve to taper asset purchases that have devalued the
currency. Canada’s dollar fell against the majority of its 16
most-traded peers before data May 22 forecast to show retail
sales slowed. The slowest pace of inflation since October 2009
is sparking bets incoming Bank of Canada Governor Stephen Poloz
may remove Mark Carney’s bias toward raising interest rates.

“It’s a strong argument for the Bank of Canada dropping
any residual hawkish tilt and perhaps leading to a dovish
bias,” Shahab Jalinoos, a senior currency strategist for UBS AG
in Stamford, Connecticut, said yesterday in a phone interview.
“That’s an important development in a world that is obsessed
with currency wars and relative monetary policy.”

The loonie, as the Canadian dollar is known for the image
of the waterfowl on the C$1 coin, fell 1.8 percent to C$1.0281
per U.S. dollar in the past week in Toronto, the biggest drop
since the week ending May 18, 2012. One loonie buys 97.27 U.S.
cents.

Bonds Drop

Canada’s benchmark 10-year government bonds declined, with
yields rising four basis points, or 0.04 percentage point, to
1.92 percent. The 1.5 percent security maturing in June 2023
dropped 30 cents to C$96.19.

Futures on crude oil, the country’s largest export, were
little changed at $96.02 per barrel, after three weeks of gains.
The Standard Poor’s 500 Index (SPX) of U.S. stocks hit record highs,
gaining 1 percent.

The loonie tumbled yesterday after Canada’s consumer price
index rose 0.4 percent in April from a year ago, compared with a
1 percent annual gain the prior month, according to Statistics
Canada. That’s the slowest since the country experienced a
period of deflation at the end of the last recession.

All 24 economists in a Bloomberg survey forecast the
central bank will keep the benchmark rate at 1 percent into next
year. The Bank of Canada targets an inflation rate between 1 and
3 percent.

BOC’s Move

“If the inflation rate is not really an issue, who knows
what the next move of the Bank of Canada will be?” Clement Gignac, chief economist at Industrial Alliance Insurance and
Financial Services Inc., said yesterday by phone from Quebec
City. “There will be a change in the leadership at the Bank of
Canada, so we will see what will be the next move of the Bank of
Canada. Is it upward or is it down? The question is open.”

Growth in Canadian retail sales slowed in March to 0.1
percent from 0.8 percent the previous month a report next week
will show, according to the median estimate of a Bloomberg
survey of 22 economists.

The cost to insure against declines in the loonie versus
its U.S. counterpart reached its highest point in eight months.
The three-month 25-delta risk reversal rate reached 1.7 percent,
up from the low this year of 0.77 percent on Jan. 18 and the
highest since Sept 3.

Implied volatility for three-month options on the Canadian
dollar versus its U.S. counterpart reached 7.9 percent, the
highest level since July 25. Implied volatility, which traders
quote and use to set option prices, signals the expected pace of
currency swings.

Fed ‘Uncertainty’

Three Fed regional bank presidents called for phasing out
the Fed’s monthly purchases of $40 billion in mortgage-backed
securities as the housing recovery shows signs of gaining
momentum.

“The currency market is reflecting that there’s
uncertainty over how much longer the Fed will maintain its
asset-purchase program,” said David Watt, chief economist at
the Canadian unit of HSBC Holding Plc., by phone from Toronto.
“There’s no story here that should suggest the Canadian dollar
should outperform.”

The Canadian dollar declined 0.3 percent this week among 10
developed-nation currencies tracked by the Bloomberg Correlation
Weighted Indexes. The dollars of fellow commodities exporters
Australian and New Zealand lead decliners, down 1.6 percent and
1.5 percent. The U.S. dollar rose 1.7 to lead gainers.

To contact the reporter on this story:
Ari Altstedter in Toronto at
aaltstedter@bloomberg.net

To contact the editor responsible for this story:
Dave Liedtka at
dliedtka@bloomberg.net

Article source: http://www.bloomberg.com/news/2013-05-18/canada-dollar-falls-most-in-year-as-inflation-slows-to-2009-low.html

In Canada’s Ancient Water, New Life

admin — Sat, 18 May 2013 17:15:06 +0000

On a planet with an unchanging amount of water, and a pretty good idea where all of it is, scientists have uncovered something startling up in Ontario, Canada. Water locked deep under Canadian bedrock was slowly seeping out of tunnels that gold miners were drilling in the hills. When a few British scientists caught word, they asked to sample the water. They discovered it was more than one billion years old.

How do you test water’s age? Not easily, it turns out. Generally you need a large amount of water, and a laboratory to do complex chemical analysis. There are a few ways to date water, but the most common is by testing isotopes of hydrogen and helium. Both are found in large supply in the universe, and fortunately for chemists, both also decay at certain known intervals. Measuring those intervals essentially gives you a rough estimate of how long the water has been stagnant, without the introduction of new hydrogen or helium.

In this case, the isotopes were quite old. The scientists put the number at 1.5 billion years, but it could be older—by a magnitude of another billion, said geochemist Greg Holland. It was likely a remnant of ancient oceans before it was covered by today’s landmasses. Yet it’s not the water that really interests sceintists. Locked with that ancient water may be single-celled microbes that have pretty much been living on a different planet for nearly half of Earth’s existence. That’s longer than humans have lived on Earth. They’d pre-date the dinosaurs by more than 750 million years.

The polar caps of Mars have been closely studied for evidence that the Red Planet once held water. New Earth research suggests that planets like Mars might contain life under the surface. Photo by NASA

Why does it matter? That’s a question we often ask in science, sometimes with less-than-satisfying answers. This time, however, the purpose might be nothing short of helping explain the arc of evolution. These microbes may turn out to be some of the first aliens humans have discovered, and on our own planet to boot. They’ve evolved on different timeline in their own closed ecosystem, giving us a parallel track of Earth’s natural history. Understanding them could offer an alternate track to study evolution—and get us closer to knowing just how much life there could be locked underground on other planets.

Article source: http://newswatch.nationalgeographic.com/2013/05/16/in-canadas-ancient-water-new-life/

James DeGale beats Sebastien Demers in Canada

admin — Sat, 18 May 2013 17:15:03 +0000

British super-middleweight James DeGale needed little time to win in his maiden fight in North America.

The 27-year-old Beijing gold medallist beat Canada’s Sebastien Demers, 33, inside two rounds in Quebec for his 15th professional victory.

It was DeGale’s first bout since

he overcame Colombia’s Fulgencio Zuniga

in Hull in December.

“Good win, second round stoppage!!”

DeGale tweeted

afterwards. “Need to keep the momentum now!!”

DeGale was on top from the start against his opponent, who only took the fight this week and had not fought since 2011 but had won 31 of his previous 36 encounters.

The Briton troubled Demers in the opening round and put him down in the second round with a fierce uppercut which left the Canadian struggling and prompted the referee to call off the fight.

Article source: http://www.bbc.co.uk/sport/0/boxing/22579512

Canada prepares to target U.S. goods in meat-label spat

admin — Sat, 18 May 2013 11:13:58 +0000

MADRID, May 16 (Reuters) – Real Madrid defender Sergio Ramos put in an assured performance in front of the cameras after coach Jose Mourinho failed to appear in Thursday’s news conference ahead of the King’s Cup final. Better known for his tough tackles, powerful heading ability and nerves of steel when taking penalties, the 27-year-old Spain international appeared in the conference room to represent the club and deftly handled a string of awkward questions. “If I am here it is for a reason. I can also answer questions just like the boss,” Ramos said. …

Article source: http://news.yahoo.com/canada-target-u-products-meat-labels-dispute-152755255.html

Canada Inflation Falls to Slowest Since 2009 on Gasoline

admin — Sat, 18 May 2013 11:13:56 +0000

Canada’s annual inflation rate fell
in April to its slowest in more than three years, taking it
below the central bank’s target band and adding to evidence of
growing slack in the world’s 11th largest economy.

The consumer price index rose 0.4 percent in April from a
year ago compared with a 1 percent annual gain the prior month,
Statistics Canada said today from Ottawa. That’s the slowest
since October 2009, when the country experienced a period of
deflation at the end of the last recession.

The report is the last reading on inflation before Stephen Poloz takes over from Mark Carney as Bank of Canada Governor,
and gives him less scope to raise his key policy interest rate.
Economists forecast the central bank will keep the benchmark
rate at 1 percent into next year.

The data reinforce expectations the “Bank of Canada will
be on hold for an extended period,” said Camilla Sutton, head
of currency strategy at Bank of Nova Scotia in Toronto, in a
telephone interview.

Carney, alone among Group of Seven central bankers in
signaling the potential for higher borrowing costs, has been
softening his stance in recent interest rate announcements and
cutting growth forecasts. After the central bank’s last meeting,
on April 17, it predicted the economy wouldn’t reach full
capacity until mid-2015, compared with its January projection
for the second half of 2014.

Resisting Measures

Carney has resisted joining G-7 peers in taking
extraordinary measures to stimulate demand, even with inflation
around the bottom of the Bank of Canada’s target range, partly
out of concern that easing monetary policy would exacerbate
record household-debt levels.

If not for globally low interest rates and an “expansive”
view of the central bank’s mandate, “these types of CPI numbers
would arguably merit at least a hard look at measures to
stimulate the economy via the interest rate channel,” Derek Holt, vice president of economist at Bank of Nova Scotia (BNS) in
Toronto, said in a note to investors.

The central bank, which projects inflation will remain
below its 2 percent target until the second quarter of 2015,
sets interest rates to keep inflation in the middle of a 1
percent to 3 percent band.

The Canadian dollar extended losses following the report,
dropping 0.9 percent to C$1.0283 per U.S. dollar at 10:42 a.m.
in Toronto. One dollar buys 97.26 U.S. cents.

Core Inflation

Canada’s core inflation rate, which excludes eight volatile
products, decelerated to an annual pace of 1.1 percent after
gains of 1.4 percent in the prior two months.

Economists surveyed by Bloomberg forecast that the total
rate would slow to 0.6 percent and core would be 1.2 percent.

Transportation-related costs led the slowdown. Gasoline
prices were down 6 percent in April from a year earlier, the
biggest decline since October 2009, while prices of passenger
vehicles dropped 0.7 percent from a year ago.

The index was also affected by the elimination of a
harmonized sales tax in British Columbia. Prices in that
province fell 0.8 percent from a year earlier, after rising 0.5
percent in March.

On a monthly basis, total inflation fell 0.2 percent in
April, while the core rate rose 0.1 percent.

Economists surveyed by Bloomberg predicted that total
monthly prices would be unchanged and the core rate would
advance 0.2 percent.

Seasonally adjusted inflation fell 0.4 percent during the
month of April and the adjusted core rate was unchanged.

In a separate report, Statistics Canada said that wholesale
sales rose 0.3 percent in March to C$49.1 billion ($47.9
billion), led by gains in motor vehicles. Economists forecast a
0.4 percent gain in a Bloomberg survey with 17 responses. In
volume terms, excluding the impact of price changes, wholesalers
increased sales by 0.1 percent during the month.

To contact the reporter on this story:
Theophilos Argitis in Ottawa at
targitis@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.bloomberg.com/news/2013-05-17/canada-inflation-falls-to-slowest-since-2009-on-gasoline.html

OCR Canada Ltd. Acquires Aurora Bar Code Technologies Ltd.

admin — Sat, 18 May 2013 11:13:55 +0000

MARKHAM, ONTARIO–(Marketwired – May 17, 2013) – OCR Canada Ltd. announced today that it has completed the acquisition of Aurora Bar Code Technologies Ltd. in order to increase the OCR presence in Western Canada and expand its enterprise mobile computer, barcode scanner, RFID, and wireless network capabilities. With this acquisition, OCR will gain a strong presence in both Edmonton and Calgary, Alberta, building on OCR’s current locations in Vancouver, British Colombia; Toronto, Ontario; and Montreal, Quebec.

OCR’s CFO and Vice President of Operations Lesley English stated, “Proudly, Aurora Barcode and OCR Canada have a combined 62 years of experience serving over 10,000 Canadian corporations. We anticipate that large operational synergies will be achieved within the OCR headquarters in Markham, Ontario by blending the best-of-class internal processes and suppliers from each company. These efficiencies and buying power will translate to lower product costs for our customers, thereby ensuring that they are more competitive and profitable.”

Together the two companies will constitute Canada’s largest and most comprehensive provider of enterprise mobility solutions. OCR Canada’s combined expertise in wireless networks and mobile computers is capable of delivering systems for warehouse and logistics management, retail operations, and service industries.

Current clients of Aurora Barcode will now enjoy full access to such services as an online customer-support portal, repair facility, managed mobile device services, True Support Technical Help Desk and enhanced software services, including such professional services as onsite installation, onsite service and deployment assistance.

With its increased presence in Western Canada, OCR can better serve and support enterprise customers in the West and explore exciting new business opportunities. New software resources gained in the acquisition will strengthen OCR’s impressive software development capabilities. The acquisition also greatly enhances OCR’s ability to deliver Wi-Fi network and barcode products to the Canadian marketplace.

Successful integration of Aurora Bar Code’s services and products will enhance services for all clients across Canada. OCR Canada will maintain its headquarters in Markham, Ontario; assets of Aurora Bar Code will be transitioned to this location. Aurora staff will report to the Markham headquarters from their Calgary and Edmonton locations. Some components of the business, such as web presence, will continue to be known as Aurora Bar Code, a name now owned by OCR.

Speaking of the acquisition, OCR National Sales Director Tony Mastrangeli explained, “We are very excited to be welcoming new customers to OCR Canada who have been with Aurora Bar Code for over 30 years. We look forward to building and strengthening these new customer relationships through excellent customer service, local support, professional services and new technologies. This acquisition provides OCR Canada with wider sales, support and service coverage for our new customers as well as existing customers across Canada. We will dedicate ourselves to earning their business and respect and maintaining our reputation as Canada’s leader in barcode, RFID, and wireless network solutions.”

About OCR

For over 30 years, OCR Canada has assisted Fortune 500 companies with innovative data collection solutions. How? We combine our award-winning data capture and mobile computing solutions, expertise in software solution implementation, and superior lifetime support. It’s that extended reach and our commitment to serve broader business needs that make OCR’s 10,000-plus corporate customers proud to be part of the OCR difference.

www.ocr.ca

Article source: http://finance.yahoo.com/news/ocr-canada-ltd-acquires-aurora-160000651.html

America’s IRS Scandal Is Better Than Canada’s

admin — Sat, 18 May 2013 05:13:47 +0000

The IRS scandal offers plenty of reason to be upset. It also contains some nuggets of good news: The inspector general did his job. The administration fired the agency’s acting commissioner. And IRS investigators may now think twice before applying partisan filters.

In the end, the system worked.

If that seems too piddly to be thankful for, consider a similar case in Canada, where opponents of the government likewise found themselves in the taxman’s crosshairs. In January 2012, Canada’s minister of natural resources criticized environmental groups opposed to the government’s proposals to build oil sands pipelines, calling them “radical” and accusing them of taking foreign funding.

Two months later, the government gave the Canada Revenue Agency, the country’s equivalent of the IRS, additional money for “education and compliance activities with respect to political activities by charities.” Prominent groups that opposed the pipelines, such as Tides Canada, announced their charitable status was being audited. Opposition politicians called the audits “politically motivated.”

At this point, the two stories diverge. In his report released this week, the IRS inspector general, J. Russell George, wrote that he started his review because members of Congress complained. His review led to nine recommendations, seven of which the IRS has agreed to.

In Canada, by comparison, there was no investigation of complaints of political targeting. Heads didn’t roll. The audits continued (although the government had revoked just one charitable status by the end of March). The audit of Tides Canada is still open.

So while the IRS scandal is obviously upsetting, it’s also a chance to appreciate the system of checks and balances that help make this story unusual. That story revealed the power of individuals within the IRS to wreak havoc, but also the organizational restraints on that power — slow though they may be.

Unlike other scandals, the sweep of wrongdoing here wasn’t exposed by congressional hearings or dogged journalists (who probably would have found it out eventually), but by the agency itself. That’s small comfort, and it doesn’t absolve the administration of an ounce of responsibility. But in a situation like this, it’s what passes for good news.

(Christopher Flavelle is a member of the Bloomberg View editorial board. Follow him on Twitter.)

Article source: http://www.bloomberg.com/news/2013-05-17/america-s-irs-scandal-is-better-than-canada-s.html

Canada Dollar Falls to 2-Month Low as CPI Raises Rate-Cut Bets

admin — Sat, 18 May 2013 05:13:46 +0000

The Canadian dollar declined to a
two-month low versus its U.S. counterpart after the rate of
inflation slowed in April to the least in more than three years,
bolstering the case for relaxing monetary policy.

The dollar fell against most of its 16 most-traded peers
after Statistics Canada said consumer prices rose 0.4 percent
from a year ago, down from a 1 percent gain the prior month. The
slowest pace of inflation since October 2009 is sparking
speculation incoming Bank of Canada Governor Stephen Poloz may
remove Mark Carney’s bias toward raising rates.

“If the inflation rate is not really an issue, who knows
what the next move of the Bank of Canada will be?” said Clement Gignac, chief economist at Industrial Alliance Insurance and
Financial Services Inc., by phone from Quebec City. “There will
be a change in the leadership at the Bank of Canada, so we will
see what will be the next move of the Bank of Canada. Is it
upward or is it down? The question is open.”

The loonie, as the Canadian dollar is known for the image
of the aquatic bird on the C$1 coin, weakened 0.8 percent to
C$1.0281 per U.S. dollar at 5 p.m. in Toronto. Earlier, it
touched C$1.313, the least since March 8, and is down 1.9
percent on the week. One loonie buys 97.27 U.S. cents.

Bonds Fall

Canada’s benchmark 10-year government bonds fell, with
yields rising four basis point, or 0.04 percentage point, to
1.92 percent. The 1.5 percent note maturing in June 2023 dropped
32 cents to C$96.20.

Canada will auction C$1.4 billion of 3.5 percent notes
maturing in December 2045 on May 22.

Crude oil, Canada’s largest export, rose 0.8 percent to
$95.93 after reaching $96.45, the highest since May 9. The
Standard Poor’s 500 Index (SPX) of U.S. stocks added 1 percent.

Hedge funds and other large speculators decreased bets the
Canadian dollar will fall against its U.S. peer, data from the
Washington-based Commodity Futures Trading Commission show. The
difference in the number of wagers on a decline in the loonie
compared with those on a gain — so-called net shorts — fell to
44,417 contracts as of May 14, compared with 51,916 the week
before.

The CPI report is the last reading on inflation before
Poloz takes office and gives him less scope to raise the key
interest rate. Economists forecast the central bank will keep
the benchmark rate at 1 percent into next year. The Bank of
Canada targets an inflation rate between 1 and 3 percent.

Loonie Caution

“The change-over with the leadership at the Bank of Canada
suggests one would want to be slightly more cautious in
approaching the Canadian dollar,” David Watt, chief economist
at the Canadian unit of HSBC Holdings Plc, said by phone from
Toronto. “You’ve got a new central-bank governor, we don’t know
much about him, we don’t know how he’s going to approach
policy.”

The cost to insure against declines in the loonie versus
its U.S. counterpart reached its highest point in eight months.
The three-month 25-delta risk reversal rate reached 1.7 percent,
up from the low this year of 0.77 percent on Jan. 18 and the
highest since Sept 3.

Implied volatility for three-month options on the Canadian
dollar versus its U.S. counterpart touched 7.9 percent, the
highest level since July 25. Implied volatility, which traders
quote and use to set option prices, signals the expected pace of
currency swings.

Better-than-forecast U.S. employment reports have raised
speculation the Federal Reserve may cut short its monthly bond-buying program that has devalued the U.S. dollar.

‘Opposite Direction’

“It means loonie weakness because it means dollar
strength,” Shahab Jalinoos, a senior currency strategist for
UBS AG in Stamford, Connecticut, said in a phone interview.
“You do have underlying dollar strength across the board as
well, based on the view the U.S. is going in the opposite
direction with ongoing discussions about when the Fed will start
tapering its balance sheet, as highlighted by the Fed’s
William’s yesterday.”

The Canadian dollar has declined 0.3 percent this week
among 10 developed-nation currencies tracked by the Bloomberg
Correlation Weighted Indexes. The dollars of fellow commodities
exporters Australian and New Zealand lead decliners, down 1.6
percent and 1.5 percent. The U.S. dollar is up 1.7 to lead
gainers.

To contact the reporter on this story:
Ari Altstedter in Toronto at
aaltstedter@bloomberg.net

To contact the editor responsible for this story:
Dave Liedtka at
dliedtka@bloomberg.net

Article source: http://www.bloomberg.com/news/2013-05-17/canadian-dollar-falls-to-3-week-low-on-bets-inflation-stopped.html

Canada prepares to target US goods in meat-label spat

admin — Sat, 18 May 2013 05:13:44 +0000

By Rod Nickel

WINNIPEG, Manitoba |
Fri May 17, 2013 2:04pm EDT

WINNIPEG, Manitoba (Reuters) – Canada will put forward a list of U.S. products it wants to target in retaliation for U.S. country-of-origin meat labels if last-minute changes to U.S. label regulations don’t prove satisfactory, Canadian officials said on Friday.

The dispute stems from a 2009 U.S. requirement that retail outlets put the country of origin on labels on meat and other products in an effort to give U.S. consumers more information about their food.

Canada and Mexico complained that the rule caused a decline in U.S. imports of their cattle and pigs, and the World Trade Organization has ordered the United States to make changes by May 23.

“We will be putting forward a list of retaliatory products to make sure that the Americans have a further understanding of what that will be,” Ritz said at an unrelated news conference in Saskatoon, Saskatchewan. “The process requires that it goes back to the WTO for a ruling on whether or not their changes are acceptable. Should they not be, then those retaliatory measures are assessed and put into play, and that process can take some months if not a year.”

A spokesman for the minister, Jeffrey English, said later that Canada will not submit any list to the WTO until it sees what changes the U.S. government proposes. He said Canada still hopes the U.S. will comply with the WTO by May 23, but is planning its next steps in case it does not.

Ritz did not say what products Canada will seek to target, but last month he said he expects to go beyond targeting only U.S. beef and pork.

Carol Guthrie, spokeswoman for the U.S. Trade Representative, said the United States intends to comply by May 23, and therefore no retaliation should be authorized.

Canada is also aiming to build consumer confidence about the food it produces after a major recall of tainted beef last year from an Alberta packing plant. Ritz announced a plan on Friday that he said would result in better food inspection in Canada, including improved controls on E.coli bacteria in beef plants.

(Reporting by Rod Nickel in Winnipeg, Manitoba; additional reporting by Doug Palmer in Washington; Editing by Gerald E. McCormick, Sofina Mirza-Reid and Peter Galloway)

Article source: http://www.reuters.com/article/2013/05/17/us-meat-canada-usa-idUSBRE94G0JJ20130517

Canada boosts advertising budget for tar sands, Keystone XL

admin — Fri, 17 May 2013 23:13:23 +0000

Canada has increased their expenditure on advertising for tar sands and the Keystone XL pipeline from $9 million in 2012, to $16.5 million in 2013, Peixe writes. The advertising campaign is targeted at Obama administration officials, hoping to sway their opinion on Keystone XL.

By

Joao Peixe, Guest blogger /
May 17, 2013

The Suncor tar sands plant and tailings pond at their tar sands operation north of Fort McMurray, Alberta, Canada.

Todd Koro/Reuters/File

Enlarge

Canada’s tars sands may just be the most unpopular source of energy in the world. Never the less they are vitally important to Canada’s plans for the future, so they are keen to reverse this opinion, and have increased their expenditure on advertising by nearly 100% from $9 million in 2012, to $16.5 million in 2013.

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The Canadian government has begun an aggressive campaign to promote the tar sands just before Prime Minister Stephen Harper makes a visit to New York on Thursday to discuss issues on trade, energy security, and the Keystone XL pipeline.

Canada has been aiming its advertising campaign at the White House administration officials, hoping to sway their opinion on Keystone XL.

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Prime Minister Harper will begin his trip to New York with a question and answer session with the Council on Foreign Relations, before addressing American business leaders on the merits of trade. (Related article: Canada’s Oil Sands Threatened by Lack of Market)

A statement on Harpers website read: “I look forward to engaging with council members on pressing issues including the global economy, trade liberalisation, energy and security, as well as issues of importance to Canada and the US such as the Keystone XL pipeline.”

Obama is expected make his decision this year, and as the time draws closer Canada is throwing all it has into a last ditch effort to persuade the President to approve the project.

Canada’s advertising campaign is also aimed at Europe, who is set to vote on the classification of the tar sands. Placing them in a ‘highly polluting’ category on their own could severely hamper Canada’s ability to find a market for the tar sands oil, as countries will prefer to seek out less carbon intensive sources.

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Article source: http://www.csmonitor.com/Environment/Energy-Voices/2013/0517/Canada-boosts-advertising-budget-for-tar-sands-Keystone-XL

Canada April inflation well under forecast, Bank of Canada range

admin — Fri, 17 May 2013 23:13:19 +0000

(updates with quotes, details, adds byline) * Chest infection worsens, forcing Wiggins to withdraw * Defending champion Hesjedal also out * Italy’s Nibali leads as Uran takes over as Team Sky leader By Alasdair Fotheringham BUSSETO, Italy, May 17 (Reuters) – This year’s Giro d’Italia claimed two major victims when pre-race favourite Bradley Wiggins and defending champion Ryder Hesjedal withdrew prior to Friday’s 13th stage, the pair citing illness as the reason for abandoning the tour. …

Article source: http://news.yahoo.com/canada-april-inflation-well-under-forecast-bank-canada-124045309.html

Canada Continues to Support the Global Fight Against HIV/AIDS

admin — Fri, 17 May 2013 23:13:17 +0000

OTTAWA, ONTARIO–(Marketwired – May 17, 2013) – Canada recognizes the need to continue the global fight against HIV/AIDS and to find a solution that ends HIV/AIDS here at home and around the world. In recognition of World AIDS Vaccine Day on May 18, the Honourable Julian Fantino, Minister of International Cooperation, reaffirmed Canada’s contribution to this effort and announced the renewal of its support to the Joint United Nations Programme on HIV/AIDS (UNAIDS), the lead multilateral organization coordinating the global response to HIV/AIDS.

“Today, we remember the staggering human cost of HIV/AIDS, a disease that still affects more than 34 million people around the world-95 percent of them in developing countries,” said Minister Fantino. “New HIV infections have dropped in many of the world’s hardest-hit regions thanks to Canada’s ongoing support. There is greater hope than ever before that within our lifetimes, we will see the first AIDS-free generation.”

Canada’s renewal of funding will support better coordination of the global and country response to HIV/AIDS, a greater focus on eliminating gender inequality, and a stronger results-based agenda to reach the Millennium Development Goals by 2015.

Much of Canada’s focus is on the prevention of mother-to-child HIV transmission, including by supporting direct research in the field. This research is aligned closely with Canada’s commitment to the G-8 Muskoka Initiative on Maternal, Newborn and Child Health. Reducing the burden of diseases that affect mothers and children is one of the three paths of the Muskoka Initiative, and HIV continues to affect women and children profoundly across all regions. UNAIDS works to build political action and promote the rights of all people to better results for global health and development. Globally, it sets policy and is the source of HIV-related data.

“Enormous progress has been made in the response to HIV in recent years: new HIV infections among children have reduced by 24 percent in the last two years and access to antiretroviral treatment has increased by 63 percent,” said Michel Sidibé, Executive Director of UNAIDS. “This would not have been possible without global solidarity and action around HIV. The firm support of countries such as Canada will be essential in achieving our collective vision of zero new HIV infections, zero discrimination, and zero AIDS-related deaths.”

The Government of Canada is also working with the Bill Melinda Gates Foundation on the Canadian HIV Vaccine Initiative to help develop an affordable and globally-accessible HIV vaccine. Essential support to this effort includes advancing basic science, developing regulation, and building the capacity for conducting clinical trials in low- and middle-income countries.

Canada is a strong supporter of innovative approaches to addressing global health issues. Economic Action Plan 2013 affirms the Canada’s commitment to international development investments such as the fight against HIV/AIDS. The new Department of Foreign Affairs, Trade and Development will maintain the mandate of poverty alleviation and help achieve greater efficiency, accountability, and focus to continue to improve the lives of people in need around the world.

Article source: http://finance.yahoo.com/news/canada-continues-support-global-fight-204425914.html

Canada Abuzz Over Purported Crack Video of Mayor

admin — Fri, 17 May 2013 17:11:02 +0000

A video purportedly of Toronto’s mayor smoking crack has caused an uproar in Canada.

The video has not been released publicly and there is no way to verify whether it is authentic. Reports by gossip website Gawker and The Toronto Star said it was taken by a man who claimed he had sold crack to Mayor Rob Ford.

Ford said when he emerged from his house on Friday that the allegations are “ridiculous.”

He later made similar comments twice outside his office, but also added that it was “another story with respect to the Toronto Star going after me.”

A lawyer for Ford didn’t respond to messages seeking comment.

The Star said two reporters watched a video that appears to show Ford, sitting in a chair, inhaling from what appears to be a glass crack pipe. The Star said it did not obtain the video or pay to watch it.

The Star also alleges Ford made an anti-gay slur against federal Liberal Leader Justin Trudeau.

Ford later appeared Friday afternoon at a previously scheduled ceremony marking International Day Against Homophobia.

The mayor of Canada’s largest city has been embroiled in constant controversies about his behavior since being elected in 2010, but these are the most serious allegations he’s faced yet. He has been accused of flouting conflict of interest rules and making obscene gestures at residents from his car, and has had high-profile shouting altercations with a Toronto Transit worker as well as a Toronto Star reporter.

Ford, a right-wing city councilor for years, promised to end wasteful spending at city hall when he became mayor, tapping into a well of voter anger with his “stop the gravy train” message. Ford also said Toronto would be better off if it didn’t accept more immigrants. Half of Toronto’s population was born outside Canada.

Toronto deputy mayor Doug Holyday questioned the authenticity of the video, saying “video can be altered” and “drug dealers can’t be trusted.”

Holyday said he has not spoken to Ford or his staff since the allegations surfaced, but noted he still believes in the mayor “at this point.”

“I’m not sure who is behind this. I wouldn’t want my career or my credibility resting on the word of drug dealers,” Holyday said.

Councilor Adam Vaughan, a frequent opponent, called Ford a “bad mayor” and said the city council has been working around his controversies since the day he was elected.

The controversy drew comparisons to the 1990 arrest of then-Washington Mayor Marion Barry, who was videotaped smoking crack cocaine in a hotel room during an FBI sting operation. He served six months in federal prison on a misdemeanor drug possession conviction and was elected again to the D.C. Council in 1992. Barry won a fourth term as mayor in 1994. He returned to the council in 2004 and continues to represent one of the city’s poorest wards.

Article source: http://abcnews.go.com/International/wireStory/canada-abuzz-purported-crack-video-mayor-19201944

Canada PM on Pipeline Plan: Oil to Come Anyway

admin — Fri, 17 May 2013 17:11:01 +0000

A controversial oil pipeline to the U.S. Gulf Coast “absolutely needs to go ahead,” Canada’s prime minister said Thursday, and he warned that the oil will be transported through America one way or another.

Stephen Harper addressed the Keystone XL project, a flashpoint in the debate over climate change, during a visit to New York City. The long-delayed project carrying oil from Canada’s tar sands would need approval from the State Department, and Harper’s remarks — with the U.S. ambassador to Canada, David Jacobson, in the audience — were meant to apply some pressure.

“The only real immediate environmental issue here is, do we want to increase the flow of oil from Canada by pipeline or via rail?” Harper said. He called railroad transit “far more environmentally challenging.”

Dozens of protesters from groups including the Sierra Club chanted against the pipeline as Harper arrived at the Council on Foreign Relations.

The Obama administration is considering whether to approve the pipeline, which would carry 800,000 barrels of oil a day from Alberta across six U.S. states to the Texas Gulf Coast. A decision is expected this summer.

Republicans, and business and labor groups, have urged the Obama administration to approve the pipeline as a source of much-needed jobs and a step toward North American energy independence.

Environmental groups have been pressuring President Barack Obama to reject the pipeline, saying it would carry “dirty oil” that contributes to global warming. They also worry about a spill.

Obama’s initial rejection of the pipeline last year went over badly in Canada, which relies on the U.S. for 97 percent of its energy exports.

The pipeline is critical to Canada, which needs infrastructure in place to export its growing oil sands production. The northern Alberta region has the world’s third largest oil reserves, with 170 billion barrels of proven reserves.

John Manley, a former Canadian foreign minister who is now head of the Canadian Council of Chief Executives, said if Keystone XL is rejected the relationship between the Harper government and the Obama administration would be irreparably harmed.

“It would be really hard to recover from this,” Manley said. “It would be quite a blow to the relationship.”

A lack of pipelines and a bottleneck of oil in the U.S. Midwest have reduced the price of Canadian crude, costing oil producers and the federal and Alberta governments billions in revenue.

“I think all the facts are overwhelmingly on the side of approval of this,” Harper said Thursday. He added that climate-affecting emissions from oil sands are “almost nothing globally.”

Anticipating such comments, the National Resources Defense Council on Thursday announced a new Tar Sands Reality Check campaign that it launched with other environmental groups.

“Prime Minister Harper’s appeal to the U.S. won’t change the fact that the science has shown again and again that producing tar sands oil is much more greenhouse gas intensive than conventional oil,” the NDRC’s Canada director, Danielle Droitsch, wrote in a blog post Thursday.

Keith Stewart of Greenpeace Canada added in a blog post Thursday: “Rail can’t replace pipelines — at least not anytime soon or without massive new rail infrastructure.”

Harper seemed to dismiss the environmental protesters during comments about climate change.

“It is not a matter of just getting on a street corner and just yelling and that will somehow lead to a solution,” he said.

Article source: http://abcnews.go.com/International/wireStory/canada-pm-pipeline-plan-oil-19194971

Quake reported in eastern Canada

admin — Fri, 17 May 2013 17:11:00 +0000

(CNN) — An earthquake with a preliminary magnitude of 5.2 struck eastern Canada on Friday morning, the government said.

The quake was centered about 11 miles (18 kilometers) from Shawville, in western Quebec, near the Ontario border. It was felt in the Ottawa-Gatineau area and out to Toronto, more than 260 miles away, and in New York state.

Authorities say it is unlikely the quake, which occurred at 9:43 a.m., caused significant damage.

The quake was followed 10 minutes later by a magnitude-4.1 aftershock, about 12 miles (19 kilometers) from Shawville.

“We had a lot of shaking, that’s for sure,” said Kim Bulmer, town clerk of nearby Renfrew, Ontario. “But I just checked with the public works director, and there does not seem to be any reports of damage so far.”

New York Gov. Andrew Cuomo said state emergency officials were monitoring the quake, felt in parts of the state.

“At this time, there have been no reports of damage to any of the state’s critical infrastructure,” Cuomo said in a written statement.

Eastern Canada has a relatively low rate of earthquake activity, according to the Natural Resources Canada agency, but there have been large earthquakes before, with about four exceeding magnitude 4 per year.

“A decade will, on average, include three events greater than magnitude 5,” the agency said.

CNN’s Paula Newton and Joe Sterling contributed to this report.

Article source: http://www.cnn.com/2013/05/17/world/americas/canada-quake/?hpt=hp_t2

Minister Kent Announces Opening of 2013 Parks Canada Vacation Season

admin — Fri, 17 May 2013 11:10:56 +0000

Most Parks Canada locations to open this weekend!

OTTAWA, May 16, 2013 /CNW/ – The Honourable Peter Kent, Canada’s Environment Minister and Minister responsible for Parks Canada today launched the 2013 Parks Canada vacation season which opens this coming weekend in most Parks Canada locations, offering visitors amazing opportunities to discover Canada’s treasured natural and cultural places at their best.

“This year, exciting new projects like Parks Canada’s collaboration with Google Street View are being spearheaded across the country and are helping create a stronger connection between Canadians and their treasured places – and Canadians are taking notice – as pre-season online reservations for Parks Canada are up by 35% compared to this time last year,” said Minister Kent. “Plan your trip now to experience the wonders of nature in Canada or learn first-hand about our country’s remarkable history.”

Parks Canada has made significant efforts to proactively engage Canadians through exciting new opportunities like oTENTik tents, which have been installed in a number of national parks across the country, and the now expanded Learn-to-Camp program. Activities like these will introduce camping to families as well as help those who remember the camping experiences of their youth but no longer own the equipment.

As well, Parks Canada is committed to the preservation and protection of Canada’s natural environment and is a world leader in conservation. As such, Parks Canada is embarking on this country’s most aggressive ecological restoration program ever and Canadians will have a chance to not only learn about the work being done to protect our treasured places; they can take part in some of these projects as well.

The Government of Canada also believes strongly in the importance of promoting and celebrating Canada’s history. For example, this year Parks Canada will celebrate, through new and exciting visitor programs, the 300^th anniversary of the founding of Louisbourg at the Fortress of Louisbourg National Historic Site, and through efforts to promote Louisbourg300 celebrations in other locations around the country. Canadians can also rediscover the renovated Cave and Basin National Historic Site in Banff – the birthplace of Canada’s national parks.

“Canada’s national parks and national historic sites are the cornerstone of the tourism sector in Canada, and offer countless community and economic benefits,” added Minister Kent. “It is vitally important to continue supporting these special places, and this year our Government will be investing over $100 million into their infrastructure, through the Parks Canada budget, in every province and territory across the country.”

To find out more about how you can experience Canada’s national heritage places this season, visit the Parks Canada website (www.pc.gc.ca). You can also visit our new online reservation system to book your next visit at www.reservation.parkscanada.gc.ca.

Article source: http://finance.yahoo.com/news/minister-kent-announces-opening-2013-134000020.html

Canada Pension Posts 10% Return on Global Stock Market Rally

admin — Fri, 17 May 2013 11:10:53 +0000

Canada Pension Plan Investment Board,
the country’s second-largest public pension manager, posted a
return of 10 percent in the fiscal year after it boosted
exposure to international markets.

Investment income was C$16.7 billion ($16.4 billion) for
the year ended March 31, the Toronto-based fund manager said
today in a statement. Assets rose 13.4 percent to C$183.3
billion from last year.

“The world’s proportion of GDP is evolving from the
developed world to the developing world and as a long-term
investor we are trying to be ahead of that trend,” Chief
Executive Officer Mark Wiseman, who assumed the role from David
Denison in July, said in a phone interview from Toronto. “The
reality is, Canada as a developed economy is not going to
exhibit the same type of growth that those other economies are
going to exhibit.”

Canada Pension’s 10 percent return beat the 9.4 percent
median of Canadian pension funds in the 12 months to March 31,
according to RBC Investor Services.

The fund, which manages retirement savings for 18 million
people in every province except Quebec, continues to look
outside the country for growth, it said in a statement. In 2013,
Canada Pension acquired a 39 percent stake in Dorna Sports S.L.,
the organizer of the FIM Road Racing World Championship Grand
Prix, and an almost 50 percent stake in Grupo Costanera, the
largest urban toll road operator in Chile.

Canada Pension’s equity stake in foreign developed markets
grew 13 percent to C$64 billion from last year, and made up 35
percent of its equity portfolio at the end of March. Canadian
equities made up 8.4 percent and emerging markets 6.7 percent.

Canadian assets represented 36.7 percent of the portfolio
at C$67.4 billion, while foreign assets represented 63.3
percent. Equities made up 50 percent of the portfolio, or C$91.7
billion, while fixed income made up 33 percent and real assets
17 percent.

To contact the reporter on this story:
Katia Dmitrieva in Toronto at
edmitrieva1@bloomberg.net

To contact the editor responsible for this story:
David Scanlan at
dscanlan@bloomberg.net

Article source: http://www.bloomberg.com/news/2013-05-16/canada-pension-posts-10-return-on-global-stock-market-rally.html