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Mar 1, 2013

Canadian economy weak in 4th quarter, shrinks in Dec

OTTAWA, March 1 (Reuters) – Canada’s economy sputtered in
the final quarter of 2012 as businesses sharply cut back
inventories, resulting in the weakest six months since the
2008-09 recession, Statistics Canada data showed on Friday.

The report also showed the economy shrank in December, and
the slowdown will likely add pressure on the Bank of Canada to
keep stimulus in place for longer and weigh on the Conservative
government as it prepares its next budget.

Feb 28, 2013

Canadian exports help trim large current account gap

OTTAWA, Feb 28 (Reuters) – Canada’s current account deficit
narrowed in the fourth quarter of 2012 as the country exported
more goods to the United States, but the gap remained near
record levels and analysts maintained their glum outlook for
Canadian economic growth and trade.

The current account deficit for the quarter totaled C$17.3
billion ($16.9 billion), Statistics Canada said on Thursday.
That was slightly bigger than the C$17 billion forecast by
analysts in a Reuters poll, and smaller than the revised C$18.04
billion gap in the third quarter.

Feb 27, 2013

Former SNC-Lavalin CEO faces new corruption charges

OTTAWA, Feb 27 (Reuters) – The former chief executive of
SNC-Lavalin Group Inc, a Canadian construction and
engineering company caught in a far-reaching misconduct scandal,
faces six new fraud-related charges, police said on Wednesday
after issuing a warrant for his arrest.

The province of Quebec’s anti-corruption police unit alleges
that ex-CEO Pierre Duhaime, who resigned from the Montreal-based
company last year, committed fraud and other criminal offenses.

Feb 19, 2013

Canada’s wholesale slump confirms bad ending to 2012

OTTAWA, Feb 19 (Reuters) – Canadian wholesale trade shrank
more than expected in December in the latest sign the economy is
sputtering, adding pressure on the government as it seeks to
strike a balance between spending cuts and growth-boosting
measures in its next budget.

Wholesale trade fell 0.9 percent on a reversal of November’s
gains in the computer and communications equipment industry,
Statistics Canada said on Tuesday.

Feb 15, 2013

Canada factories see biggest sales drop since May 2009

OTTAWA, Feb 15 (Reuters) – Canadian manufacturing sales
recorded the biggest decline in about 3-1/2 years in December,
due mainly to weaker auto production but also on lower sales
across most other industries, Statistics Canada said on Friday.

Factory sales tumbled 3.1 percent in the month, the sharpest
fall since May 2009 in seasonally-adjusted terms, compared with
market forecasts for a 0.8 percent decline. The setback more
than erased the 1.9 percent gain in November, revised from 1.7
percent previously.

Feb 14, 2013

IMF says Canada housing is still overvalued

OTTAWA, Feb 14 (Reuters) – Canadian housing prices were
about 10 percent overvalued at the end of 2012 despite
government efforts to rein in the market, the IMF said on
Thursday, and it warned that authorities may have to intervene a
fifth time in the mortgage market if personal debt levels do not
stabilize.

The International Monetary Fund, in its annual report on
Canada, also said Canadian dollar was between 5 and 15 percent
higher than warranted by long-term economic fundamentals.

Feb 14, 2013

IMF says Canada housing overvalued, urges more action if needed

OTTAWA, Feb 14 (Reuters) – Canadian housing prices were
still about 10 percent overvalued at the end of 2012, the IMF
said on Thursday, and it warned that authorities may have to
intervene a fifth time in the mortgage market if personal debt
levels rise further.

The International Monetary Fund, in its annual report on
Canada, also said the country’s currency was between 5 and 15
percent higher than warranted by long-term economic
fundamentals, lifted in part by commodity prices and the
country’s safe-haven status for investors.

Feb 8, 2013

Canada job losses, weak housing starts reflect slowdown

OTTAWA, Feb 8 (Reuters) – Canada’s economy unexpectedly shed
21,900 jobs in January, delivering a reality check after months
of outsized employment growth and confirming forecasts of
slowing economic expansion.

A drop in the number of people seeking work pushed the
unemployment rate down to a four-year low of 7.0 percent,
Statistics Canada data said on Friday.

Jan 25, 2013

Analysis: Canada’s Carney may ruffle feathers at Bank of England

OTTAWA (Reuters) – Mark Carney, the next head of the Bank of England, has shaken up the stuffy culture at the Bank of Canada with his unconventional approach. The big question is will he be able to do the same at an even more hierarchical institution – the Bank of England.

Carney is known as a whipsmart central banker and financial regulator. But Reuters’ interviews with former central bank officials reveal his behind-the-scenes role in changing the way the secretive Canadian central bank is run.

Jan 25, 2013

Canada’s Carney may ruffle feathers at Bank of England

OTTAWA, Jan 25 (Reuters) – Mark Carney, the next head of the
Bank of England, has shaken up the stuffy culture at the Bank of
Canada with his unconventional approach. The big question is
will he be able to do the same at an even more hierarchical
institution – the Bank of England.

Carney is known as a whipsmart central banker and financial
regulator. But Reuters’ interviews with former central bank
officials reveal his behind-the-scenes role in changing the way
the secretive Canadian central bank is run.

    • 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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