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Apr 3, 2014

Bank of Canada should tap internal talent for top jobs -analysts

OTTAWA, April 3 (Reuters) – As a decision nears on naming
the Bank of Canada’s new No. 2 policymaker, one of two vacancies
on its key rate-setting committee, analysts say the bank should
tap internal talent for at least one of the jobs instead of
looking outside.

The appointments give Bank of Canada Governor Stephen Poloz,
who is just 10 months into his job, a chance to put his stamp on
the bank’s six-member governing council. Senior Deputy Governor
Tiff Macklem will leave for a new job on May 1, and John Murray,
one of four deputy governors, is retiring at the same time.

Mar 21, 2014

Canada inflation exceeds forecast, retail sales rebound

OTTAWA, March 21 (Reuters) – Canada’s inflation rate slowed
in February but stayed within the central bank’s comfort zone,
news that may reassure policymakers somewhat but is unlikely to
trigger a change in their neutral stance on interest rates.

Consumer prices rose 1.1 percent in the year to February,
down from a 1-1/2-year high of 1.5 percent in January but above
the market forecast of a 0.9 percent increase, Statistics Canada
data showed on Friday. Lower gasoline prices partially offset
higher shelter and food costs in February, it said.

Mar 19, 2014

Canada names Keystone XL advocate Oliver as new finance minister

OTTAWA, March 19 (Reuters) – Joe Oliver, a veteran banker
and former energy minister who championed the controversial
Keystone XL pipeline, was named Canada’s new finance minister on
Wednesday, signaling a stay-the-course approach to fiscal and
economic policy.

“I just named Joe Oliver Canada’s new finance minister,”
Conservative Prime Minister Stephen Harper wrote on his official
Twitter feed. “He will continue to strengthen the economy and
balance the budget by 2015.”

Mar 19, 2014

Canada’s energy minister to be named new finance minister -source

OTTAWA, March 19 (Reuters) – Canada’s energy minister, Joe
Oliver, will be sworn in on Wednesday as the country’s new
finance minister, a government official familiar with the
process said, signaling a stay-the-course approach to fiscal

Oliver has extensive experience in the financial industry,
having served at the Ontario Securities Commission, Investment
Dealers Association of Canada and Merrill Lynch.

Mar 18, 2014

Canada’s veteran finance minister quits, budget surplus in sight

OTTAWA, March 18 (Reuters) – Canada’s Jim Flaherty, the
long-serving Conservative finance minister who helped steer the
economy through the global financial crisis, resigned from
politics on Tuesday, leaving the country on track to balance its
books by 2015.

Flaherty, 64, ends the third-longest stint as finance
minister in the country’s history. He has been suffering acutely
from a rare skin disease, though he denied his resignation had
anything to do with health.

Mar 18, 2014

Outspoken Canada Finance Minister Flaherty quits

OTTAWA, March 18 (Reuters) – Canada’s straight-talking
finance minister, Jim Flaherty, is stepping down after eight
years overseeing an economy that fared better than most in the
global financial crisis but before he reached his goal of
balancing the government’s books.

Flaherty, 64, announced his resignation on Tuesday after
months of speculation he would step down to attend to his
health. He suffers from a rare skin disease that has forced him
to dramatically reduce his public appearances and travel.

Mar 18, 2014

Canada factory sales bounce back after weather hit

OTTAWA, March 18 (Reuters) – Canadian manufacturing sales
bounced back more quickly than expected in January in a sign
that the economy may be recovering from weather-related weakness
at the end of last year.

Factory sales climbed 1.5 percent in January from December,
Statistics Canada said on Tuesday. It was the briskest pace in
nearly a year and well above the market forecast of a 0.6
percent gain, making up for the revised 1.5 percent downturn in

Mar 17, 2014

Bank of Canada creates COO position, redefines role of its No. 2

OTTAWA, March 17 (Reuters) – Canada’s central bank is
redefining the role of its No. 2 policymaker, introducing
changes that may attract a broader range of candidates to fill
the job when the current second-in-command, Tiff Macklem, steps
down later this year.

To split off some of the responsibilities now undertaken by
Macklem, the Bank of Canada’s senior deputy governor, the bank
is creating the position of chief operating officer (COO),
according to a job vacancy posted online by executive
recruitment firm Boyden.

Mar 7, 2014

Canada suffers jobs setback in Feb; Jan trade gap narrows

OTTAWA, March 7 (Reuters) – The Canadian economy
unexpectedly lost 7,000 jobs in February, giving little reason
for the Bank of Canada to change its neutral stance on interest
rates after strong hiring in January had raised hopes of renewed
vigor in the labor market.

Statistics Canada’s employment report, released on Friday,
was mixed, showing 18,900 full-time jobs were created in the
month while 25,900 part-time positions disappeared. The private
sector hired 35,200 new workers while the public sector shed
50,700. The services sector was hardest hit.

Mar 5, 2014

Bank of Canada holds rates, frets about low inflation

OTTAWA, March 5 (Reuters) – The Bank of Canada continued to
express concerns about weak inflation on Wednesday, even after
consumer prices picked up markedly in January, and it repeated
that its next move on interest rates could be either up or down.

The central bank left its benchmark interest rate unchanged
at 1.0 percent, as expected, extending a freeze that has lasted
more than three years. Analysts do not expect the bank to move
on rates until the third quarter of next year.

    • 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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