OTTAWA/NEW YORK (Reuters) – As investigators try to piece together how a parked oil freight train broke free and demolished the heart of a small Quebec town last weekend, a barrage of litigation could soon be hitting everyone from the U.S. rail company to the Canadian government.
The key questions that will have to be answered in the coming weeks and months include whether any cases filed will be heard in Canada or the United States, which parties were most negligent and how liability for the crash is spread among them. Canadian authorities have launched an investigation and say they are looking into possible criminal negligence.
OTTAWA, July 8 (Reuters) – Canadian businesses expect higher
sales growth and more investment and employment in the year
ahead, helped by improving U.S. demand, but they remain wary
given the sluggish economy, a Bank of Canada poll showed on
The survey of senior managers, taken from May 21 to June 13,
showed the balance of opinion on past sales had turned modestly
positive and the future sales outlook was also somewhat
positive, though less so than a quarter earlier.
OTTAWA, June 13 (Reuters) – Canada’s housing market is
stabilizing after the heated conditions of the past several
years but progress will be slow, the Bank of Canada said on
Thursday as it also warned that record-high household debt
levels would persist through this year.
The bank added in a semi-annual report that the risks to the
economy posed by debt and the housing market remain unchanged at
“elevated”, even though the situation appears to have improved
over the past six months.
MONTREAL (Reuters) – Barclays PLC (BARC.L: Quote, Profile, Research, Stock Buzz) Chairman David Walker hit back on Monday against what he said has become the “political and media industry” of badmouthing banks and bankers, and insisted on banks’ vital role in a free-market economy.
“The persistence of hostility to banks and bankers, much more marked in Europe than elsewhere, is in my view seriously unhealthy,” he told the economic Conference of Montreal.
MONTREAL (Reuters) – Low inflation means the Federal Reserve can stick to an aggressive bond buying campaign if it decides that is warranted, even though the nation’s jobs market has perked up since the program was launched, a senior central banker said on Monday.
“Labor market conditions have improved since last summer, suggesting the Committee could slow the pace of purchases, but surprisingly low inflation readings may mean the Committee can maintain its aggressive program over a longer time frame,” said St. Louis Fed President James Bullard.
OTTAWA, June 7 (Reuters) – There’s a note of caution
surrounding the stunning gain of 95,000 Canadian jobs in May,
because the method Statistics Canada uses to get its figures
brings both volatility and a wide margin of error.
But Statscan experts still see a 95 percent chance that the
employment gains were between 37,600 and 152,400 in May – a very
substantial monthly increase given the overall size of the
OTTAWA, June 6 (Reuters) – The new governor of the Bank of
Canada said on Thursday that interest rates will rise one day,
but he stopped short of repeating his predecessor’s explicit
guidance on the likely need for rate hikes, rather than cuts, in
In his first public appearance since taking the reins at the
central bank on Monday, Stephen Poloz said he sees no immediate
risk from current rock-bottom interest rates, although he did
not want loose monetary policy to last for too long.
OTTAWA/TORONTO (Reuters) – Canada rejected the transfer of Mobilicity’s wireless spectrum licenses to Telus Corp (T.TO: Quote, Profile, Research, Stock Buzz) on Tuesday, effectively blocking its acquisition of the struggling startup, reflecting government reluctance to let industry leaders gobble up smaller rivals.
The government’s ruling is also a shot across the bow to companies like Rogers Communications Inc (RCIb.TO: Quote, Profile, Research, Stock Buzz) and rival BCE Inc’s (BCE.TO: Quote, Profile, Research, Stock Buzz) Bell, indicating future deals will face tough obstacles.
OTTAWA, June 3 (Reuters) – Canadians will be able to cancel
their cellphone contracts after two years without penalty,
instead of the three years that is the industry standard now,
under a mandatory wireless code announced by the country’s
telecom watchdog on Monday.
Critics have long held that Canada’s three providers that
have almost the entire market, BCE Inc, Rogers
Communications Inc and Telus Corp, impose
customer contracts that are too stringent.
OTTAWA (Reuters) – Rising exports helped rouse the Canadian economy from a sluggish second half of 2012 to grow at an annualized rate of 2.5 percent in the first quarter of this year, the fastest pace in six quarters, Statistics Canada reported on Friday.
The real growth rate was well above the Bank of Canada’s forecast in April of 1.5 percent, topped the median projection of 2.3 percent in a Reuters survey and outpaced U.S. growth of 2.4 percent for the quarter. Statscan also revised up fourth-quarter growth to 0.9 percent from 0.6 percent.