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Oct 1, 2013

Analysis: Bank of Canada loosens grip on what its deputies can say

OTTAWA (Reuters) – A candid and forward-looking speech from the No. 2 at Canada’s central bank could signal a period of greater transparency under new Governor Stephen Poloz, and a move away from a tightly scripted communications policy that contrasted with that of the U.S. Federal Reserve.

The Bank of Canada has traditionally insisted that all members of its governing council deliver the same message to avoid wrong-footing financial markets, while Fed officials have often issued conflicting views on monetary policy, confusing markets in the process.

Oct 1, 2013

Bank of Canada loosens grip on what its deputies can say

OTTAWA, Oct 1 (Reuters) – A candid and forward-looking
speech from the No. 2 at Canada’s central bank could signal a
period of greater transparency under new Governor Stephen Poloz,
and a move away from a tightly scripted communications policy
that contrasted with that of the U.S. Federal Reserve.

The Bank of Canada has traditionally insisted that all
members of its governing council deliver the same message to
avoid wrong-footing financial markets, while Fed officials have
often issued conflicting views on monetary policy, confusing
markets in the process.

Sep 27, 2013

Canada July budget deficit widens on hit to revenues

OTTAWA, Sept 27 (Reuters) – Canada had bigger budget
deficits in July and in the April-July period than it did in the
same periods last year due to a sharp drop in corporate income
tax revenues, which the government said would be reversed in
August.

The federal budget deficit widened to C$1.98 billion ($1.92
billion) in July, compared with a shortfall of C$1.35 billion in
July 2012, the Department of Finance said on Friday in a monthly
report. The government ran a C$158 million surplus in the month
of June.

Sep 26, 2013

Canada shifts debt-reduction burden to provinces -budget officer

OTTAWA, Sept 26 (Reuters) – A move by Canada’s federal
government to offload some healthcare costs onto the country’s
provinces will leave provincial governments facing ballooning
debt unless they raise taxes or cut spending, the parliamentary
budget office (PBO)says.

The federal government is in good fiscal health after it
introduced broad spending cuts with the goal of eliminating its
budget deficit by 2015, the PBO said in a report on Thursday on
the long-term fiscal sustainability of Canada’s various levels
of government.

Sep 24, 2013

Bank of Canada says economy no excuse to delay financial reforms

OTTAWA, Sept 24 (Reuters) – A senior Bank of Canada official
urged global policymakers on Tuesday to push ahead with
financial system reforms despite economic weakness, saying
financial stability is an important precondition for growth.

“Some have argued that, given the weak recovery, now is not
the time for the broad financial sector reform being promoted by
the FSB (Financial Stability Board). That argument is
wrong-headed,” Lawrence Schembri said in his first speech since
being appointed as a central bank deputy governor in February.

Sep 24, 2013

Canada may be set for growth spurt after July retail bounce

OTTAWA, Sept 24 (Reuters) – Canadian retail sales rose a
solid 0.6 percent in July, making up for losses in June and
setting up the economy to show firm growth in the month and in
the third quarter after a recent rough patch.

Sales growth was pumped largely by gasoline stations, where
both prices and volumes rose, according to a Statistics Canada
report on Tuesday.

Sep 23, 2013

No big U.S. telecoms in Canada auction, boosting domestics

OTTAWA (Reuters) – Major foreign telecommunications companies have not registered for a Canadian wireless spectrum auction, raising questions about the government’s plans to introduce more competition into the mobile telephone sector.

The lack of major foreign entrants in a list of bidders that the government published on Monday is good news for the dominant Canadian companies – Rogers Communications Inc, BCE Inc and Telus Corp. The three had complained that the auction rules favored foreigners.

Sep 20, 2013

Canada annual inflation eases in August to 1.1 pct

OTTAWA, Sept 20 (Reuters) – Canada’s annual inflation rate
edged down in August to 1.1 percent from 1.3 percent in July, as
expected, ensuring there is no pressure on the Bank of Canada to
raise interest rates any time soon.

Higher shelter costs, particularly rent and natural gas,
were the main driver of inflation in the 12-month period,
Statistics Canada said on Friday.

Sep 19, 2013

Canada to set up new markets watchdog, but scope limited

OTTAWA (Reuters) – Canada’s federal government and two of its provinces will set up a common securities regulator as a first step toward their ultimate goal of replacing the current patchwork of provincial agencies with a more efficient national markets watchdog.

Federal Finance Minister Jim Flaherty and his counterparts from Ontario and British Columbia unveiled details of the plan on Thursday. Together, Ontario and British Columbia are home to about two-thirds of the country’s capital markets.

Sep 19, 2013

Canada to set up securities regulator with Ontario, B.C.

OTTAWA, Sept 19 (Reuters) – Canada’s federal government and
two of its provinces will set up a common securities regulator
to try to replace the current patchwork of provincial
regulation, but most provinces, notably the French-speaking
province of Quebec, have not signed on.

Federal Finance Minister Jim Flaherty and his counterparts
from Ontario, home to the country’s predominant capital market,
and British Columbia unveiled details of their plan on Thursday.

    • 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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