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.
OTTAWA, April 8 (Reuters) – Canadian businesses see a
challenging year ahead after surviving the weakest two quarters
of growth since the 2008-09 recession, and they expect only
modest sales growth, cautious investment, and tame inflation, a
Bank of Canada poll showed on Monday.
The results of the survey of senior managers, taken from
mid-February to mid-March, support market expectations that the
central bank is under no pressure to raise interest rates.
OTTAWA (Reuters) – Countries that impose capital controls and accumulate reserves are delaying the adjustments needed to help the global economy grow fully, Bank of Canada Deputy Governor John Murray said on Tuesday, adding that he did not want to blame anyone country.
“There is a sense that, as indicated by the reserves that have been accumulated and the capital controls, there certainly has been resistance on certain fronts,” Murray said in a presentation in Washington that was webcast.
OTTAWA, April 2 (Reuters) – Countries that impose capital
controls and accumulate reserves are delaying the adjustments
needed to help the global economy grow fully, Bank of Canada
Deputy Governor John Murray said on Tuesday, adding that he did
not want to blame any one country.
“There is a sense that, as indicated by the reserves that
have been accumulated and the capital controls, there certainly
has been resistance on certain fronts,” Murray said in a
presentation in Washington that was webcast.
OTTAWA, March 28 (Reuters) – Canada’s economy bounced back
from a year-end slump in January thanks to factories, mines and
the return of professional ice hockey, but growth still looks
too weak to match the central bank’s upbeat outlook and interest
rates are unlikely to budge until 2014.
Gross domestic product expanded by 0.2 percent in the month,
Statistics Canada said on Thursday, following the weakest two
quarters since the 2008-09 recession and a 0.2 percent
contraction in December.
OTTAWA, March 28 (Reuters) – The search for a new Bank of
Canada chief to replace Mark Carney has pitted internal
front-runner Tiff Macklem against a range of external candidates
as officials look outside the bank for people who may have more
hands-on business experience.
Most central bank watchers believe Macklem, currently
second-in-command at the bank, has outstanding credentials and
deserves to take over when his boss leaves.
OTTAWA, March 21 (Reuters) – Canada’s Conservative
government pledged on Thursday to close tax loopholes and curb
spending to erase its budget deficit in time for the 2015
election, even as it found new cash for infrastructure spending
and extended a manufacturing tax credit.
The projected deficit in the fiscal year ending March 31 is
roughly in line with Ottawa’s previous forecast in November, at
C$25.9 billion ($25.4 billion). The deficit would be about 1.4
percent of the size of the economy, compared to about 5.6
percent for the U.S. deficit.
OTTAWA, March 19 (Reuters) – Canada’s hard-hit manufacturers
failed to bounce back in January after a dismal year-end
performance, an early sign that the economy may continue to
stumble in early 2013, partially offset by more upbeat wholesale
activity in the month.
Factory sales slipped 0.2 percent in the month due to weak
production in the volatile aerospace industry as well as in the
auto and energy industries, Statistics Canada said on Tuesday.
OTTAWA, March 18 (Reuters) – A Canadian government measure
allowing hard-hit manufacturers to write off investments more
quickly has been a success, Industry Minister Christian Paradis
said on Monday, but he could not guarantee the upcoming federal
budget would extend the measure.
Ottawa first introduced the accelerated capital cost
allowance in 2007 to help manufacturers hit by the strong
OTTAWA, March 18 (Reuters) – The Canadian government’s
budget on Thursday will grapple with how to compensate for a
C$2.1 billion ($2.06 billion) drop in revenues, a government
official said on Monday.
The official, who declined to be named, said the C$2.1
billion figure is based on a cut to a 2013 government forecast
for nominal gross domestic product to 3.3 percent from an
earlier forecast 4 percent.