Randall's Feed
Oct 10, 2014

U.S. and UK to test big bank collapse in joint model run

WASHINGTON (Reuters) – Regulators from the United States and the United Kingdom will get together in a war room next week to see if they can cope with any possible fall-out when the next big bank topples over, the two countries said on Friday.

Treasury Secretary Jack Lew and the UK’s Chancellor of the Exchequer, George Osborne, on Monday will run a joint exercise simulating how they would prop up a large bank with operations in both countries that has landed in trouble.

Oct 10, 2014

Bank of Israel open to rate cut, unconventional tools

WASHINGTON (Reuters) – Bank of Israel Governor Karnit Flug voiced openness on Friday to reducing interest rates further or using other unconventional policy tools to boost inflation back to the target range.

In an interview with Reuters television, she also said she was more comfortable with the exchange rate than before the Israeli currency’s recent depreciation against a broadly strengthening dollar, and was not considering putting a floor on the dollar/shekel rate at this time.

Oct 10, 2014

Top official floats Europe growth pact as recession fears gather

WASHINGTON (Reuters) – A top euro zone official proposed a new growth deal for Europe on Friday as fellow finance diplomats from around the globe sounded alarm over the continent’s faltering growth and pressed for action to ward off a recession.

The International Monetary Fund, which cut its global growth forecasts for the third time this year ahead of its fall meetings this week, said Europe’s weakness was a matter of particular concern, a sentiment echoed by many policymakers, private economists and investors.

Oct 10, 2014

Bank of Canada to abandon general rate guidance -Poloz

WASHINGTON, Oct 10 (Reuters) – The Bank of Canada intends
generally to abandon guidance on the direction of interest rates
because doing so will lead to less volatility in normal times
and less market parsing of the central bank’s statements,
Governor Stephen Poloz told Reuters.

Poloz was speaking in conjunction with the release on Friday
of a paper on integrating uncertainty into monetary
policymaking, the first he has written since taking over as head
of the Bank of Canada last year.

Oct 9, 2014

Canada’s Oliver ready to act but sees no housing bubble

WASHINGTON, Oct 9 (Reuters) – The Canadian government stands
ready to act to cool the housing market if necessary but does
not see a housing bubble or the need for any dramatic moves,
Finance Minister Joe Oliver said on Thursday.

“We’re watching it, obviously. We don’t believe we’re in a
bubble,” Oliver said, adding that neither did the Bank of Canada
nor Canada’s housing agency nor the Organization for Economic
Cooperation and Development.

Sep 23, 2014

CN rail fines over grain shipments to proceed -Ottawa

OTTAWA, Sept 23 (Reuters) – The Canadian government
dismissed on Tuesday complaints from Canadian National Railway
Co that fines for failing to ship the required minimum
amounts of grain were unfair because there was not enough

Agriculture Minister Gerry Ritz said there was a backlog of
grain waiting for CN to move, even though it is less than
expected, and the other main carrier, Canadian Pacific Railway
Ltd, was having no problem meeting its minimum.

Sep 23, 2014

Canadian July retail sales slip from record level

OTTAWA, Sept 23 (Reuters) – Canadian retail sales slipped
unexpectedly in July, falling 0.1 percent from June’s record
level after six straight monthly increases, as strong auto sales
failed to offset weakness elsewhere, data showed on Tuesday.

This was the last major data point before gross domestic
product figures for July are released next Tuesday. Figures from
Statistics Canada have already shown strong exports and
manufacturing sales for the month but a 0.3 percent fall in
wholesale trade.

Sep 22, 2014

Canada may spread oil-by-rail insurance burden, mulls special fund

OTTAWA, Sept 22 (Reuters) – The Canadian government is
looking at extending the insurance burden for crude-by-rail
disasters beyond just railways and is weighing the idea of
special fund similar to one once set up for maritime oil spills,
a government official said.

The potential policy move comes over a year after a runaway
oil train exploded last July in Lac-M├ęgantic, Quebec, leveling
the heart of the town and killing 47 people. The cleanup and
reconstruction bill, now being covered by governments, is
expected to be at least C$400 million ($360 million).

Sep 18, 2014

Two small Russian banks taken off Canada sanctions list

OTTAWA/LONDON, Sept 18 (Reuters) – Canada, one of the
harshest critics of Russia’s involvement in Ukraine, this week
quietly cancelled sanctions against Expobank and RosEnergoBank,
two small Russian banks on which it imposed the measures earlier
this year.

The cancellations were put into effect at the same time as
new sanctions were announced by Foreign Affairs Minister John
Baird on Tuesday, including adding Russia’s Sberbank
to the list, but his news release made no mention of lifting the
measures against Expobank and RosEnergoBank.

Sep 12, 2014

Canada ratifies China deal, may help smooth relations

OTTAWA (Reuters) – Canada has finally ratified a foreign investment protection agreement with China after a two-year delay in a step that may help ease tensions between the two countries and smooth the way for a possible visit to China by Prime Minister Stephen Harper.

International Trade Minister Ed Fast announced the ratification on Friday and said the agreement, designed to give investors greater legal certainty, would come into effect on Oct. 1. It was signed in September 2012.