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May 28, 2013

Canada may settle for markets watchdog with less bite

OTTAWA/TORONTO, May 28 (Reuters) – Canada is pushing ahead
with plans to create a new but watered-down version of a
national securities regulator as its campaign to create a more
powerful watchdog like the U.S. Securities and Exchange
Commission appears to be headed toward failure.

The Conservative government’s new plan would bypass the
country’s powerful provinces and focus on detecting market risk,
sources familiar with the process told Reuters. This
alternative, however, is unlikely to impress investors and the
financial industry given its limited powers and the potential
for duplication and more bureaucracy, industry officials say.

May 2, 2013

Surprise Bank of Canada chief stands ready to nurture economy

OTTAWA, May 2 (Reuters) – Canada tapped an outsider on
Thursday to head its central bank, bringing in the
well-respected head of the Canadian export credit agency, who
immediately stressed the need to nurture a choppy economic
recovery.

Incoming Bank of Canada Governor Stephen Poloz, 57, worked
at the central bank for 14 years earlier in his career. But he
has spent the last 14 years at Export Development Canada.

Apr 30, 2013

Canadian economy gathers speed in February

OTTAWA, April 30 (Reuters) – Canada’s economy gathered
momentum in February, beating market expectations and pointing
to a more solid performance in the first quarter, although the
data is unlikely to prompt the central bank to raise interest
rates any time soon.

Monthly gross domestic product by industry grew 0.3 percent,
Statistics Canada said Tuesday, while also revising upward its
growth estimate for January, to 0.3 percent from 0.2 percent.

Apr 23, 2013

Bank of Canada’s Carney sees little rate-hike pressure

OTTAWA, April 23 (Reuters) – Outgoing Bank of Canada
Governor Mark Carney signaled on Tuesday he feels little
pressure to raise interest rates any time soon, saying he was
“very encouraged” that Canadians were stabilizing their debt
loads and that the housing market was cooling.

“I would say that as we sit here today, we are encouraged by
the fact that the rate of debt accumulation has slowed,” Carney
told lawmakers.

Apr 19, 2013

G20 agrees not to set hard targets on debt reduction

By Anna Yukhananov and Louise Egan

(Reuters) – Finance leaders of the G20 economies said on Friday they agreed they did not need to set hard targets for reducing national debt levels, and said they would be watching for negative effects from massive monetary stimulus efforts, such as Japan.

Russian Finance Minister Anton Siluanov said at a news conference that finance officials from the Group of 20 nations believed overall debt reduction was more important than specific figures.

Apr 18, 2013

FSB’s Carney wants Libor reform tackled by spring 2014

WASHINGTON, April 18 (Reuters) – Global regulators will
provide more clarity in a year’s time on guidelines for
financial benchmarks like Libor, Bank of Canada Governor Mark
Carney said on Thursday, after a global rate-rigging scandal led
to calls for reform of the system.

Carney, also head of the Financial Stability Board (FSB),
which coordinates financial regulations worldwide, said the FSB
might have a coordinating role in ensuring that any reforms to
reference rates around the world live up to standards of
transparency and good governance.

Apr 18, 2013

Mark Carney, next Bank of England chief, praises U.S. rate signals

WASHINGTON (Reuters) – The Bank of England’s next governor praised the U.S. central bank for signalling when it might start thinking about raising interest rates, as British policymakers start to thrash out their differences over following suit.

Financial markets have begun to contemplate the end of the U.S. central bank’s massive economic stimulus, more than four years after it slashed interest rates to nearly zero to fight off the financial crisis.

Apr 18, 2013

Next Bank of England chief praises U.S. rate signals

WASHINGTON, April 18 (Reuters) – The Bank of England’s next
governor praised the U.S. central bank for signaling when it
might start thinking about raising interest rates, as British
policymakers start to thrash out their differences over
following suit.

Financial markets have begun to contemplate the end of the
U.S. central bank’s massive economic stimulus, more than four
years after it slashed interest rates to nearly zero to fight
off the financial crisis.

Apr 17, 2013

Bank of Canada cuts growth forecast, warns again of higher rates

OTTAWA, April 17 (Reuters) – The Bank of Canada on Wednesday
chopped its economic growth forecast for the country and left
interest rates unchanged but still insisted the next move in
interest rates would likely be a hike.

It cut its prediction for 2013 economic growth to 1.5
percent — matching this week’s International Monetary Fund
forecast — from the 2.0 percent it saw in January, and hopes
for 2.8 percent growth in 2014.

Apr 15, 2013

Analysis: Canadians losing faith in economic “miracle”

OTTAWA/TORONTO (Reuters) – Factory worker Nelson Claros has little time for talk of the Canadian economic miracle.

The 50-year-old was laid off last year from his job of 22 years at a bus-assembly plant northwest of Toronto, and has since applied for 130 jobs. His best offer: A job at $12 an hour, half his previous wage and not enough to pay his bills.

    • About Louise

      "I cover Canadian economic news, central banking and politics. I am based in Ottawa and have been in my current role since 2006. Before that, I wrote about Latin America from Buenos Aires and Santiago, Chile."
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