OTTAWA (Reuters) – Musings on unorthodox monetary policies are giving incoming Bank of England Governor Mark Carney a “radical” image before he even sets foot in his future home, but his record as head of Canada’s central bank reveals him as a free-thinker on paper rather than in practice.
At three crucial crossroads during his mandate at the Bank of Canada, Carney talked about delving into bold, new frontiers of monetary policy. But when each decision time came, he opted for the more conservative path.
OTTAWA, Dec 20 (Reuters) – Musings on unorthodox monetary
policies are giving incoming Bank of England Governor Mark
Carney a “radical” image before he even sets foot in his future
home, but his record as head of Canada’s central bank reveals
him as a free-thinker on paper rather than in practice.
At three crucial crossroads during his mandate at the Bank
of Canada, Carney talked about delving into bold, new frontiers
of monetary policy. But when each decision time came, he opted
for the more conservative path.
OTTAWA, Dec 17 (Reuters) – Bank of Canada Governor Mark
Carney did not breach conflict of interest policy by vacationing
at the home of a Liberal Party lawmaker, his chief spokesman
said on Monday, following a report that the visit occurred while
the opposition party was seeking to recruit him.
Carney, who will become the Bank of England governor in
July, finds himself at the center of controversy after the Globe
and Mail newspaper reported new details on Saturday about the
Liberals’ efforts earlier this year to woo him into running for
leadership of the third-place political party.
OTTAWA, Dec 17 (Reuters) – The Bank of Canada’s general
counsel has determined that Governor Mark Carney did not engage
in a conflict of interest when he and his family stayed at the
home of Liberal legislator and finance critic Scott Brison,
Carney spokesman Jeremy Harrison said on Monday.
Harrison confirmed that Carney and his family stayed at a
home owned by Brison in Nova Scotia during part of their summer
vacation this year, news that was revealed in a Globe and Mail
story on Saturday on Liberal attempts to get Carney to run for
leader of the party. Harrison said Carney and Brison have been
personal friends for about a decade.
OTTAWA, Dec 13 (Reuters) – Canadians continued to pile on
personal debt in the third quarter, pushing the debt-to-income
ratio to a record high in what has become the biggest headache
for central bank chief Mark Carney as he keeps interest rates
low to spur growth.
There was evidence, however, that Canadians are curbing
their appetite for mortgage credit as the country’s housing
OTTAWA, Dec 11 (Reuters) – The Bank of Canada’s pick to fill
a vacancy on its rate-setting council could offer clues on the
priorities of the well-respected central bank as it gets ready
to replace Governor Mark Carney, named last month as the next
chief of the Bank of England.
As it seeks to replace outgoing deputy governor Jean Boivin,
the bank’s hiring committee will weigh the advantages of
academic candidates or those with an inside view of central bank
operations against those who may have a deeper knowledge of
financial markets, an asset Carney brought and which some say
propelled him to central banking stardom.
OTTAWA (Reuters) – Shares of Nexen Inc and Progress Energy Resources Corp tumbled after the Canadian government scheduled a media briefing on Friday amid expectations that it would announce decisions on high-profile bids by China’s CNOOC Ltd and Malaysia’s Petronas to buy the energy producers.
The rulings would follow months of debate over how much of Canada’s energy sector should be controlled foreign oil companies. Investors have watched closely developments. The government is also expected to release broad new guidelines on acquisitions of Canadian companies by state-owned enterprises,
OTTAWA, Dec 7 (Reuters) – Canada’s economy churned out far
more jobs than expected in November in a surprising comeback at
a time of sluggish growth, offering hope of stronger fourth
quarter economic showing.
However, Statistics Canada’s report on Friday was
accompanied by a negative report on the labor productivity of
Canadian businesses, which fell 0.5 percent in the third
quarter, in contrast to a 0.6 percent rise in U.S. productivity.
OTTAWA, Dec 7 (Reuters) – Canada’s job market bounced back
in November after a sluggish October, the economy creating the
most jobs in eight months, according to data that offered hope
of stronger economic growth in the fourth quarter.
The economy added 59,300 net new jobs in the month, mostly
full-time positions and in the private sector, Statistics Canada
said on Friday in its Labour Force Survey.
OTTAWA, Dec 6 (Reuters) – High household debt and a heated
housing market remain the biggest domestic threats to Canada’s
financial system, the Bank of Canada said on Thursday, despite
tighter mortgage rules introduced by the government in July.
“The most important domestic risk to financial stability in
Canada continues to stem from the elevated level of household
indebtedness and stretched valuations in some segments of the
housing market,” the central bank said in its semi-annual
Financial System Review.