Randall's Feed
Oct 31, 2012

Nexen review likely to be extended again – sources

OTTAWA, Oct 31 (Reuters) – Canada is likely to extend its
review of the $15.1 billion bid by China’s CNOOC Ltd
for oil producer Nexen Inc beyond next week’s deadline
to allow more time for the government to formulate a broad
framework on foreign investment, two sources close to the matter
said on Wednesday.

The sources said there was too little time before the Nov.
10 deadline for the federal government to conclude deliberations
on the Nexen deal as well as prepare a framework to clarify its
overall policy on foreign deals.

Oct 25, 2012

Canada’s top court lets Conservative keep his seat

OTTAWA, Oct 25 (Reuters) – The Supreme Court of Canada on
Thursday upheld the election of a Conservative member of
Parliament whose narrow victory was challenged by his Liberal
opponent on the grounds that election officials had mistakenly
allowed some people to vote.

The court ruled that administrative errors by Elections
Canada officials should not disenfranchise the 52,794 people who
voted in a west-end Toronto electoral district in the 2011
general election. Conservative candidate Ted Opitz won the
Etobicoke Centre constituency by 26 votes.

Oct 24, 2012

Bank of Canada pushes rate hikes off, cites weak Q3

OTTAWA, Oct 24 (Reuters) – Canadian interest rate hikes have
become “less imminent” as the economy slows, Bank of Canada
Governor Mark Carney said on Wednesday in unusually explicit
comments likely aimed at clearing up confusion over the central
bank’s recent statements.

The bank has been signaling since April that it will
eventually raise its overnight rate from the current 1.0
percent, making it the only central bank among major
industrialized economies to lean toward a rate hike.

Oct 24, 2012

Bank of Canada halves Q3 growth view, rate hike further off

OTTAWA, Oct 24 (Reuters) – The Bank of Canada halved its
forecast for third-quarter economic growth in Canada to 1.0
percent, annualized, on Wednesday and said the degree of slack
in the economy has widened, suggesting rate hikes could come
later than thought.

In its quarterly Monetary Policy Report, the bank also said
indebted households in Canada – a top concern of policymakers -
may be more vulnerable than it had thought.

Oct 23, 2012

Bank of Canada surprises with more rate-hike talk

OTTAWA, Oct 23 (Reuters) – The Bank of Canada surprised
markets on Tuesday by largely keeping a bias toward higher
interest rates and issuing a fairly upbeat outlook on growth,
adding for the first time that soaring household debt could
justify eventual rate increases.

The central bank, which has held its key rate at 1.0 percent
for two years, continued to use the hawkish language that has
made it an outlier among the central banks of major economies.
It softened its tone only slightly by making the timetable for
rate hikes less definite.

Oct 18, 2012

Canadian regulator blocks BCE’s C$3 bln Astral takeover

GATINEAU, Quebec, Oct 18 (Reuters) – Canada’s broadcast
regulator blocked BCE Inc’s controversial C$3 billion
($3.05 billion) takeover of Astral Media on Thursday,
declaring the deal would have given BCE, already the country’s
biggest telecoms company and owner of numerous TV and radio
assets, too much power.

“BCE failed to persuade us that the deal would benefit
Canadians,” Jean-Pierre Blais, chairman of the Canadian
Radio-Television and Telecommunications Commission (CRTC), said
in a statement accompanying the blunt rejection.

Oct 18, 2012

Canada regulator blocks BCE-Astral takeover

GATINEAU, Quebec, Oct 18 (Reuters) – Canada’s broadcast
regulator blocked BCE Inc’s C$3 billion ($3.05 billion)
takeover of Astral Media on Thursday, declaring it
would have given the Canadian media giant too much power.

“BCE failed to persuade us that the deal would benefit
Canadians,” Jean-Pierre Blais, chairman of the Canadian
Radio-television and Telecommunications Commission (CRTC), said
in a statement accompanying the blunt rejection.

Oct 18, 2012

Canada court rules for Glaxo in tax case

OTTAWA, Oct 18 (Reuters) – The Supreme Court of Canada ruled
on Thursday for GlaxoSmithKline Plc in a tax case that
centered on whether the drug conglomerate charged its Canadian
subsidiary inappropriately high prices for ingredients so that
it could avoid Canadian taxes.

The case dealt with the taxes of GlaxoSmithKline’s Canadian
subsidiary in 1990-93. It marked the first time Canada’s top
court has dealt with the issue of transfer pricing – prices
charged among company affiliates.

Oct 17, 2012

Canada ups cyber security spending as China worry rises

OTTAWA, Oct 17 (Reuters) – Canada said on Wednesday it will
beef up spending on defenses against Internet hackers as it
grapples with reports of Chinese hacking of Canadian companies
and a U.S. warning of the risks of Chinese cyber espionage.

The Conservative government will spend an additional C$155
million ($158 million) over five years on strengthening its
response center for dealing with cyber threats in the private
sector as well as boosting the security of the government’s own
communications, Public Safety Minister Vic Toews said.

Oct 17, 2012

Canada beefs up cyber security amid reports of Chinese hacking

OTTAWA, Oct 17 (Reuters) – Canada said on Wednesday it will
beef up its defenses against Internet hackers as it grapples
with reports of Chinese hacking of Canadian companies and a U.S.
warning of the risks of Chinese cyber espionage.

The government will spend an additional C$155 million ($158
million) over five years on strengthening its response center
for dealing with cyber threats in the private sector as well as
boosting the security of the government’s own communications,
Public Safety Minister Vic Toews said.