Randall's Feed
Feb 12, 2013

Canada’s Carney wants G7 FX commitment to expand to G20

OTTAWA, Feb 12 (Reuters) – The Group of Seven leading
industrialized nations must go into this weekend’s G20 meetings
forcefully pressing major emerging economies to adopt flexible
foreign exchange rates, Bank of Canada Governor Mark Carney said
on Tuesday.

Carney, who will change jobs and become the governor of the
Bank of England in July, also said it was critical that no G7
members use monetary policy to target exchange rates. His
comments come after Japan’s new government pressed for an
aggressive loosening of monetary policy, which has caused the
yen to weaken sharply.

Feb 12, 2013

Canada’s Carney says G7 needs to press G20 on exchange rates

OTTAWA (Reuters) – The Group of Seven leading industrialized nations must go into this weekend’s G20 meetings forcefully pressing major emerging economies to adopt flexible foreign exchange rates, Bank of Canada Governor Mark Carney said on Tuesday.

Carney, who is the incoming Bank of England governor, also said it was critical that no G7 members use monetary policy to target exchange rates. His comments come after Japan’s new government pressed for an aggressive expansion of monetary policy, which has caused the yen to weaken sharply.

Feb 7, 2013

Mortgage rules take bite out of Canada building permits

OTTAWA, Feb 7 (Reuters) – Tighter Canadian mortgage rules
appear to have put a serious damper on the housing market,
especially on the heated condominium sector, judging by
Statistics Canada data released on Thursday.

The value of Canadian building permits fell 11.2 percent in
December after a 14.5 percent decline in November. That was the
biggest two-month drop fall since the data series started in
1989, and left the value of building permits 16.2 percent lower
than a year earlier.

Feb 6, 2013

Canada’s Flaherty says budget being hit by oil discount

OTTAWA, Feb 6 (Reuters) – Current discounted prices for
Canadian oil are slowing the growth of nominal gross domestic
product and therefore Canadian government revenues, Finance
Minister Jim Flaherty said on Wednesday.

Delayed pipeline projects and an excess of supply in
crude-rich Alberta mean Canada is forced to sell some heavy
crude at a deep discount to world prices, although that price
gap has recently narrowed.

Feb 6, 2013

Canada eyes revoking citizenship of dual nationals tied to terror

OTTAWA (Reuters) – The Canadian government is eyeing legislation that would let it revoke the citizenship of dual nationals involved in acts of terrorism following news that a Canadian-Lebanese man participated in an attack that killed Israeli tourists in Bulgaria last year.

The Conservative government said on Tuesday that a Canadian dual national was one of three people who attacked a tourist bus in Bulgaria last summer, killing five Israelis.

Feb 5, 2013

Canadian’s involvement in Bulgaria bombing underlines concerns

OTTAWA (Reuters) – The revelation on Tuesday that a Canadian-Lebanese dual national took part in the 2012 bombing of a tourist bus in Bulgaria underscores security agencies’ concerns about the danger posed by Canadians joining attacks abroad.

It is not a problem that is exclusive to Canada. But last April the government’s Canadian Security Intelligence Service said as many as 60 Canadians had traveled – or tried to travel – to Somalia, Afghanistan, Pakistan and Yemen to join al Qaeda-affiliated groups and engage in terror-related activities.

Jan 28, 2013

Canadian opposition introduces bill that makes secession easier

OTTAWA (Reuters) – Canada’s biggest opposition party introduced a bill on Monday that would make it easier for the French-speaking province of Quebec to secede, although the proposal has no chance of becoming law now.

The bill, from the opposition New Democratic Party, would allow Quebec to leave Canada if there were a simple majority vote on a clear question – 50 percent plus one vote, offering clues to NDP policy on the matter if it wins the 2015 election.

Jan 25, 2013

Britain may refuse to produce RBS Libor documents, Canada argues

OTTAWA (Reuters) – Britain cannot be relied on to force Royal Bank of Scotland Group Plc (RBS.L: Quote, Profile, Research, Stock Buzz) to give Canadian authorities documents on alleged interest rate rigging, because the British government is RBS’s majority shareholder, Canada’s Competition Bureau argued this month.

An affidavit filed by Canadian lawyer on behalf of the Competition Bureau was the latest salvo in a sometimes nasty battle between the bureau and RBS over whether the bureau can compel the British banking group’s Canadian subsidiary to hand over potentially damning records held at RBS’s head office or elsewhere outside Canada.

Jan 24, 2013

Canada sets start-up visa to attract entrepreneur immigrants

OTTAWA, Jan 24 (Reuters) – Foreign innovators who want to
set up new companies in Canada will be able to immigrate under a
new start-up visa program that Citizenship and Immigration
Minister Jason Kenney said on Thursday was the first of its kind
in the world.

The new program, to be launched on April 1, is part of a
government push to better align the immigration system with
Canada’s economic goals. Last year, the government revamped the
skilled worker program to try to make it meet employers’ needs
more nimbly.

Jan 23, 2013

Weak growth, inflation delays Bank of Canada rate rise

OTTAWA (Reuters) – The Bank of Canada held its benchmark interest rate at 1 percent on Wednesday, but it revised its guidance dramatically to say that excess capacity in the economy, soft inflation and stabilizing household debt have combined to push any rate increase further away than previously thought.

Governor Mark Carney has been the most hawkish central banker in the Group of Seven (G7) major industrial economies for several months, but he has steadily been watering down his guidance on the need to start raising rates.