Canadian Economic News

[joeiannuzzi]

Bank to stay vigilant on inflation: Carney

Mark Carney hammered home the message Thursday evening that the Bank of Canada has switched its focus squarely to inflation as the global economy grapples with one of the biggest run-ups in commodity prices in history.

While other central bank officials have dialed back their inflation-fighting rhetoric in the face of a violent rise in bond yields in recent days, the governor of the Bank of Canada emphasized that lessons from the previous commodity boom underscore that a relentless focus on inflation is paramount.

http://www.financialpost.com/story.html?id=599698

 

[joeiannuzzi]

Gasoline prices push inflation rate above two per cent

OTTAWA

Canada`s inflation shot past the two per cent level for the first time in four months in May, as rising gasoline prices boosted the annual rate a half-point higher to 2.2 per cent.

Statistics Canada said the 0.5 per cent hike was the biggest since September, and the one per cent monthly jump from April to May was the most since January 1991.

Private-sector economists had been expecting inflation to accelerate but at a slower pace, forecasting the year-over-year increase at 1.9 per cent in May.

http://news.therecord.com/Business/article/370584

 

[joeiannuzzi]

McCain won`t renegotiate NAFTA agreement

OTTAWA -- Though he insisted he wasn`t politicking for the White House on foreign soil, American Senator John McCain vowed to close down Guantanamo Bay prison, be an environmental crusader and continue to defend free trade if he becomes U.S. president.

"This is not a political campaign trip," McCain insisted after a speech in Ottawa to a largely business audience of 400 that paid hundreds of dollars to hear the presumptive Republican nominee.

McCain did not disappoint his audience of business leaders, diplomats, current and former politicians -- including a handful of Canadian Conservatives -- who applauded his defence of the North American Free Trade Agreement, "without equivocation in political debate."

http://www.canada.com/reginaleaderpost/new...70-048f0ed3bf9a

 

[joeiannuzzi]

Takeovers boost Canada`s foreign investments

OTTAWA --An increase in Canadian corporate takeovers of foreign companies, plus a retreat in the value of the Canadian dollar, boosted Canada`s net international investment position in the first quarter of the year, Statistics Canada said Friday.

"Canada`s net international investment position improved in the first quarter of 2008, largely reflecting both a pickup in Canadian direct investment abroad as well as the effect of a depreciating domestic currency, especially against non-U.S. currencies, on Canadian holdings of foreign securities," the federal agency said.

http://www.canada.com/reginaleaderpost/new...b3-7ba6ecef984f

 

[joeiannuzzi]

Churches kickstart suburban sprawl, study shows

Fast-growing churches, frustrated with the slow pace of municipal planning, often find themselves pushed into setting up shop in rural areas on the edge of town, where they end up contributing to suburban sprawl, a Ryerson University study has found.

"They rapidly gobble up prime agricultural land, adding to the sprawl and causing burden on the city`s infrastructure," says the study by Sandeep Kumar Agrawal, an associate professor of urban planning.

http://www.thestar.com/living/Religion/article/447409

 

[joeiannuzzi]

Larger debt loads make for richer Canadians: StatsCan

OTTAWA - Canadian families are deeper in debt and richer for it, a new study suggests.

Canadian families went deeper into debt during the first half of the decade with their debts rising a lot faster than their incomes, Statistics Canada said Monday.

However, they also became wealthier as the value of their assets rose faster than their liabilities.

http://www.canada.com/edmontonjournal/news...c3-404c85ebf345

 

[joeiannuzzi]

Mutual funds underperform indexes, S&P reports

OTTAWA -- Only 8.2 per cent of Canadian equity fund managers active in broadly based funds beat the S&P/TSX composite index in the first quarter of 2008, results released Tuesday by index manager Standard & Poor`s show.

In Canadian equity funds focused on smaller and mid-sized companies, the results were better, with 24.1 per cent outpacing the benchmark TSX completion index, which comprises the stocks in the composite index, minus the 60 largest companies that make up the TSX-60.

http://www.canada.com/vancouversun/news/bu...9d-6c7924825db3

 

[joeiannuzzi]

Canadian surplus hits $28.1-billion

OTTAWA -- The combined surplus for all Canadian governments exceeded $20-billion in fiscal 2008 for the fourth consecutive year, Statistics Canada said Wednesday.

Federal, provincial/territorial and local governments -- as well as the Canada/Quebec Pension Plans -- together posted a surplus of $28.1-billion in the fiscal year ended March 31, 2008, the federal agency said. That was just below the record surplus of $28.6-billion in 2001.

"The consolidated government surplus was driven by large, continuing surpluses for the federal government and the Canada/Quebec pension plans, both of which hit record highs in fiscal year ending 2008,"the agency said.

http://www.nationalpost.com/news/story.html?id=613220

 

[joeiannuzzi]

Soaring gas prices will force vehicles off U.S. roads: CIBC

TORONTO -- The United States is on the cusp of a sweeping change to its driving culture that will slam the country`s mania for automobiles into reverse and cause automakers to hemorrhage sales, a new report by CIBC World Markets says.

After a steady increase in the number of cars and trucks in U.S. driveways since the 1980s, soaring gasoline prices will trigger the greatest mass exodus of vehicles in history off America`s roads, the report says.

By 2012, it predicts, there will be 10 million fewer vehicles in the United States than there are today. Average miles driven will fall by as much as 15 per cent. The decline in driving will dwarf all previous adjustments after major economic events, including the two last oil crises, the report says.

http://www.canada.com/saskatoonstarphoenix...3b-ac41f4083fba

 

[joeiannuzzi]

Internet domain names expanded

The internet`s key oversight agency relaxed rules yesterday to permit the introduction of hundreds, perhaps thousands, of new internet domain names to join ".com,`` making the first sweeping changes in the network`s 25-year-old addressing system.

The Internet Corporation for Assigned Names and Numbers unanimously approved the new guidelines on the final day of weeklong meetings in Paris. It also voted unanimously to open public comment on a separate proposal to permit addresses entirely in non-English languages for the first time.

New names likely won`t start appearing until at least next year, and ICANN won`t be deciding on specific ones quite yet. The organization still must work out many details, including fees for obtaining new names, expected to exceed $100,000 US apiece to help ICANN cover up to $20 million in costs.

http://news.therecord.com/Business/article/374325

 

[joeiannuzzi]

Canada hosting fewer vacationers

OTTAWA -- While there was a drop in the number of international visitors to Canada during the first three months of 2008, more Canadians took vacations at home, according to a report released by Statistics Canada Friday.

In total, tourism spending in Canada in the first quarter of 2008 amounted to $14.1 billion, 8.6 per cent more than in the same period last year.

Spending by Canadians on travel within Canada was up 2.3 per cent during the first quarter of 2008, marking the fastest period of growth since 2006. The increase, according to the report, came at a time of increasing employment and disposable income.

http://www.canada.com/reginaleaderpost/new...5c-3088c259cd6c

 

[joeiannuzzi]

Raw material and industrial prices rise

OTTAWA -- Prices for both industrial products and raw materials rose last month in Canada due to higher energy costs, Statistics Canada said Friday.

The industrial product price index -- or the cost of goods from the factory -- increased 0.6 per cent in May from a rate of 1.6 per cent the previous month, the federal agency said.

However, without energy costs the product price index would have fallen 0.5 per cent -- the first decline in six months.

http://www.canada.com/reginaleaderpost/new...c5-0b51739e6fad

 

[joeiannuzzi]

Signs of property slide show up in India

NEW DELHI -- The real estate slump that has hit the U.S. and the U.K. is showing signs of impacting India, ending a five-year property boom.

The housing supply is increasing, borrowing costs are rising and a stock market rout is eroding buying power, according to two mortgage lenders.

http://www.canada.com/victoriatimescolonis...82-6240c8b28e55

 

[joeiannuzzi]

Resource-rich Canada lags in performance

Canada, which turns a year older Tuesday, is not aging well, according to an annual report card that finds it is slipping further behind its peers economically, environmentally, and with regard to the health and quality of life of its citizens.

The Conference Board of Canada, in its annual report card, notes that it`s a lagging performance that has eroded Canada`s economic standing among the 17 most advanced economies to 11th from third in 1970s.

It`s a continuing deterioration that, in recent years, is being masked by high prices for the commodities that Canada produces and exports, it said.

http://www.canada.com/calgaryherald/news/s...1d-4b38cbf9b116

 

[joeiannuzzi]

Canadian economy on the rebound

Canadians should have an extra reason to celebrate Canada Day Tuesday, which will follow expected news Monday that, after two months of shrinkage and a first-quarter decline, the economy rebounded in April.

"We are expecting a decent gain in real GDP in April after two months of negative economic growth, in part due to adverse winter weather which kept consumers shoveling snow rather than shopping and resulted in the first quarterly decline in five years," said Scotiabank economist Mary Webb. "Wholesale and retail sales rebounded during the month, along with manufacturing shipments, supported by strong wage growth and continued employment gains."

http://www.canada.com/calgaryherald/news/c...89-c73ba2147940

 

[joeiannuzzi]

Can`t donate time? There are other ways to give back

No time to volunteer? No problem.

Small business owners hard-pressed to find the time in their schedules to organize volunteer activities with their employees can find other ways to give back to the community, says Brian Bowman of the United Way in Calgary.

"There are three buckets that we would look at," says the senior director of campaign and resource development, referring to how a company or individual can contribute.

http://www.canada.com/calgaryherald/news/c...c2-c57948fa709a

 

[joeiannuzzi]

Canadians differ about what retirement actually means

What`s in a word?

Well, not much and quite a bit, depending on whether you`re a Canadian in or approaching the "R" period of your life or a financial service organization that bothers to study such things.

The media is full of stories today about how Canadians` attitudes towards retirement are changing.

People are working longer in different types of employment arrangements, they are more active and the whole approach to financing their last years is shifting from accumulating assets to managing risks and building a secure retirement income.

http://www.albertalocalnews.com/reddeeradv...ally_means.html