OTTAWA, July 13 (Reuters) – The Canadian financial
regulatory body IIROC is reviewing the way the Canadian
equivalent of the Libor benchmark lending rate is set in light
of revelations of a global rigging scheme in setting Libor, a
spokeswoman said on Friday.
The subject of the review is CDOR, the Canadian Dealer
Offered Rate. CDOR is determined daily by a survey of bid-side
rates provided by the main market makers, including the major
Canadian banks. The survey is posted by Reuters. CDOR
OTTAWA (Reuters) – The Supreme Court of Canada wrestled with how easily an election can be overturned because of clerical errors on Tuesday in a case brought by a Liberal candidate who lost a federal election last year by 26 votes.
The court’s decision on the race in a Toronto district, between Conservative Ted Opitz and Liberal Borys Wrzesnewskyj, will not jeopardize the Conservative government’s hold on power, because it has a comfortable majority in Parliament.
OTTAWA, June 29 (Reuters) – The Canadian economy grew by a
surprisingly strong 0.3 percent in April, mainly due to a
rebound in oil output, signaling growth in the second quarter
might be solid but not rapid enough to jolt the central bank
into raising interest rates.
Declines in retail sales and manufacturing had led to
expectations that Statistics Canada would report a tepid reading
on real gross domestic product on Friday. The median prediction
in a Reuters survey was for 0.2 percent growth, and nine of 22
forecasts were for 0.1 percent or less.
OTTAWA, June 28 (Reuters) – The Supreme Court of Canada
agreed on Thursday to let a C$19 billion ($18.4 billion) class
action suit proceed against Canadian cell phone companies over
the “system access fees” they have charged.
The high court declined to hear an appeal by the phone
companies of lower court decisions that let the suit proceed.
Among the companies named are units of BCE Inc, Rogers
Communications Inc, Telus Corp and Bell Aliant
OTTAWA, June 22 (Reuters) – The Canadian government will
probably have to impose new rules for railways and their
customers after four months of negotiations failed to find a
formula to get grain shippers and other customers the service
levels they demand.
At issue are complaints from customers that the railways
fine them if their shipments are not ready on time, but the
railways themselves don’t face penalties if they don’t get the
rail cars to the customers on time.
OTTAWA/TORONTO, June 21 (Reuters) – The Canadian government
will look at the possibility of extending a moratorium it has
granted to Air Canada on payments to erase its pension
fund deficit, the government and the airline said late on
The current moratorium expires in January 2014, but the
estimated deficit doubled during 2011 to stand at C$4.4 billion
($4.3 billion) at the start of 2012, and there is now discussion
about extending the moratorium to 2024.
OTTAWA, June 21 (Reuters) – The Canadian government
tightened rules for mortgages and household borrowing on
Thursday to make it harder for home buyers and homeowners to
take on massive debt, the fourth attempt in four years to cool
the still hot housing market.
Pointing to “excessive demand” in cities like Toronto,
particularly for condos, Finance Minister Jim Flaherty wants
tighter mortgage rules to do the work that interest rates
cannot, given the inability or unwillingness of policymakers to
raise borrowing costs in the face of global economic problems.
OTTAWA, June 15 (Reuters) – Canadian economic signals on
Friday pointed to sluggish growth, while data showed consumers
continue to add to already high debt loads, a trend the Bank of
Canada has expressed great concern about.
Canadian manufacturing sales declined 0.8 percent in April
from March, Statistics Canada said on Friday. Much of the drop
was explained by fluctuations in the volatile aerospace industry
and by temporary oil refinery shutdowns, but it still marked a
weak start to the second quarter at a time when Europe’s debt
problems are shaking the global economy.
OTTAWA, June 14 (Reuters) – The Bank of Canada warned on
Thursday that the country’s red-hot housing market could start
to cool soon, a prospect that would strain the financial system
and put households carrying too much debt under intense
In its semi-annual Financial System Review, the central bank
ranked the housing market and high household debt as the two
biggest domestic risks to Canada’s financial outlook.
OTTAWA (Reuters) – Canada’s once-powerful Liberal Party, long seen as the “natural government party,” is struggling to avoid annihilation in a political landscape that has squeezed it from left and right.
The centre-left Liberals produced popular leaders like Quebecker Pierre Trudeau, who had an almost-unbroken 15 years running the world’s second largest country.