Randall's Feed
Jun 10, 2013

Barclays fires back, says hostility to banks unhealthy

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.

Jun 10, 2013

Low inflation means Fed can stay aggressive: Fed’s Bullard

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.

Jun 7, 2013

Survey methods make Canadian jobs data more volatile

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
Canadian economy.

Jun 6, 2013

New Bank of Canada chief less explicit in rate-hike stance

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
the future.

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.

Jun 4, 2013

Canada blocks Telus deal for more wireless spectrum

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.

Jun 3, 2013

New rule lets Canadians cancel wireless contracts after two years

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.

May 31, 2013

Canada GDP jumps to 2.5 pct growth in first quarter on exports

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.

May 31, 2013

Canada GDP jumps to 2.5 pct growth in Q1 on exports

OTTAWA, May 31 (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.

May 29, 2013

Bank of Canada holds rate-hike bias in Carney’s final decision

OTTAWA, May 29 (Reuters) – The Bank of Canada said on
Wednesday that its next move would be an interest rate hike
rather than a cut, repeating its previous language and opting
not to rock the boat in the final policy decision under outgoing
Governor Mark Carney.

The central bank held the key policy rate at 1 percent, as
expected, extending a nearly three-year freeze on rates, the
longest since the 1950s.

May 20, 2013

Canada’s Harper under cloud after chief of staff resigns

OTTAWA (Reuters) – Canada’s Conservative Prime Minister Stephen Harper was under intense pressure on Monday to reassure voters that his administration is above reproach amid questions surrounding a secret check paid to Senator Mike Duffy.

“There’s been nothing under this prime minister’s watch that’s tied him so closely to such a massive ethical scandal. We need to see him show leadership,” opposition New Democratic Party Member of Parliament Charlie Angus told a news conference.