OTTAWA, Aug 29 (Reuters) – The already low rate of arrears
on mortgages insured by the Canada Mortgage and Housing Corp
(CMHC) declined further in the second quarter, an indicator
which might temper concerns about a possible hard landing for
the housing sector.
The government agency said in its quarterly financial report
that the arrears rate had
declined to 0.32 percent as of the end of June, down from 0.35
percent both at the end of 2012 and at the end of March.
OTTAWA, Aug 22 (Reuters) – Canadian retail sales fell 0.6
percent in June after a 1.8 percent gain in May, foreshadowing
weaker gross domestic product for the month than initially
thought, Statistics Canada data showed on Thursday.
The effect of floods in Alberta and a construction labor
strike in Quebec for two weeks in June had led analysts to
expect a decline in retail sales and economic growth in the
month. That was expected to be largely matched by a rebound in
July, and therefore the Bank of Canada had said it would
essentially ignore June’s expected economic weakness.
OTTAWA, Aug 21 (Reuters) – Canada is focused on boosting
competition in the telecom sector and will examine any move by
industry leader Rogers Communications Inc to back a
private equity bid for two small wireless carriers, Industry
Minister James Moore said on Wednesday.
The deal would be a way to thwart the possible entry of U.S.
giant Verizon Communications Inc into a Canadian market
where Rogers and two other players, BCE Inc and Telus
Corp, hold some 90 percent.
OTTAWA (Reuters) – The Canadian government is watching smartphone maker BlackBerry Ltd carefully as it explores options including sale of the company but will not comment on its affairs, Industry Minister James Moore said on Wednesday.
Loss-making BlackBerry, which has bled market share to Apple’s iPhone and phones using Google’s Android operating system, said last week it was weighing options that could include an outright sale.
OTTAWA, Aug 14 (Reuters) – Birch Hill Equity Partners Inc, a
Canadian private equity fund, has registered to lobby Ottawa
over investment in wireless carriers, lending credence to the
idea it wants to buy two small wireless firms and elbow aside a
possible move into the Canadian market by Verizon Communications
Sources have tipped Birch Hill as a possible bidder for
controlling stakes in small players Wind Mobile and Mobilicity,
two newcomers in the market, with financial help from market
leader Rogers Communications Inc..
OTTAWA, July 31 (Reuters) – The Canadian economy grew by 0.2
percent in May from April, according to Statistics Canada data
on Wednesday, below forecasts and dampening expectations for the
The fifth consecutive monthly increase beat the 0.1 percent
rate registered in April, but the median forecast in a Reuters
survey was for 0.3 percent growth, ahead of what is expected to
be a poor June reading due to floods and a Quebec labor strike.
MOSCOW, July 20 (Reuters) – All the talk of economic
weakness during the G20 talks in Moscow does not make the Bank
of Canada more inclined to keep rates low for longer than it had
otherwise planned, Governor Stephen Poloz said on Saturday.
Poloz also came to the defence of the U.S. Federal Reserve,
stating that Chairman Ben Bernanke’s description of plans
eventually to taper its bond buying was carefully communicated,
as asked for in Saturday’s communiqué of finance ministers and
central bankers of the Group of 20 leading economies.
OTTAWA, July 17 (Reuters) – The Bank of Canada pledged on
Wednesday to keep its benchmark interest rate on hold as long as
there is economic slack, weak inflation and households are
managing debt carefully, but it also made it clear its next rate
move will likely be a hike.
The central bank’s first policy decision under new chief
Stephen Poloz, who took over in June, delivered roughly the same
message as those made under his predecessor, Mark Carney, over
the past year: that it is just a matter of time before borrowing
costs start to rise.
OTTAWA, July 15 (Reuters) – Canadian Prime Minister Stephen
Harper brought new, younger faces into his cabinet on Monday
after an expenses scandal dented his Conservative government’s
popularity, but he kept senior players such as Finance Minister
Jim Flaherty in place.
“He’s the best minister in the G7. We’ve got to keep that
going. The economy remains a priority,” said Harper spokeswoman
Julie Vaux of the decision to keep Flaherty, 63, in a job that
gives him a crucial role in managing the economy.
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.