Randall's Feed
Feb 14, 2014

General Dynamics Canada wins Saudi deal worth up to $13 billion

OTTAWA/WASHINGTON (Reuters) – U.S. weapons maker General Dynamics Corp (GD.N: Quote, Profile, Research, Stock Buzz) has won a contract worth up to $13 billion for its Canadian division to build light-armored vehicles for Saudi Arabia, in what Ottawa said was the largest advanced manufacturing export win in Canadian history.

General Dynamics said on Friday the 14-year contract for military and commercial vehicles and training and support services has a value of $10 billion, but could be worth about $13 billion if all options were exercised.

Feb 14, 2014

Aerospace drop pulls down Canada factory sales in December

OTTAWA, Feb 14 (Reuters) – A decline in the volatile
aerospace sector led Canadian factory sales to a 0.9 percent
fall in value in December from the month before, lending weight
to the view that the economy may have shrunk modestly in the
last month of the year.

The Statistics Canada data on Friday also showed that the
volume of sales fell by an even greater 1.9 percent in December,
the biggest fall in 12 months.

Feb 12, 2014

Canada signals may help Chrysler on Ontario plant investment

OTTAWA/TORONTO, Feb 12 (Reuters) – Finance Minister Jim
Flaherty, freshly armed with C$500 million ($455 million) to
subsidize Canada’s auto sector, signaled on Wednesday the
federal government might offer substantial cash to keep Chrysler
Group from closing an Ontario minivan plant.

Fiat SpA Chief Executive Sergio Marchionne said
last month that Chrysler could scrap an upgrade of the Windsor,
Ontario, plant and move production and jobs elsewhere if
government fails to come through with financial incentives.

Feb 11, 2014

Canadian budget boosts subsidies for auto industry

OTTAWA (Reuters) – The Canadian government sharply increased auto industry subsidies in its annual budget on Tuesday as it seeks to arrest the decline in the country’s share of North American car manufacturing.

The new money comes after the Chrysler Group asked for government assistance for its minivan plant in Windsor, Ontario, threatening to move if the government did not come up with major new support.

Feb 7, 2014

Bank of Canada says unworried by retail’s role in disinflation

OTTAWA, Feb 7 (Reuters) – The Bank of Canada signaled a
willingness on Friday to ignore the role intense retail
competition plays in keeping Canada’s inflation rate low, saying
that for monetary policy purposes this is “good disinflation”
and likely transitory.

Tiff Macklem said in his final scheduled public speech as
the central bank’s senior deputy governor that the bank believes
chronically weak inflation in Canada reflects both increased
competition by retailers and excess slack in the economy, with
only the latter considered “bad”.

Feb 7, 2014

Canada Jan. employment bounces, dampening rate cut talk

OTTAWA, Feb 7 (Reuters) – The Canadian economy in January
recouped 29,400 of the 44,000 jobs lost in December, and the
unemployment rate fell to 7.0 percent from 7.2 percent,
diminishing talk of a possible interest rate cut by the central
bank.

Statistics Canada said on Friday that full-time positions
rose by an estimated 50,500, the largest such increase since
May. However, 28,300 of the new jobs were in self-employment,
which usually is less secure and carries fewer benefits.

Feb 7, 2014

Canada Jan. employment bounces, dampening rate cut talk

OTTAWA, Feb 7 (Reuters) – The Canadian economy in January
recouped 29,400 of the 44,000 jobs lost in December, and the
unemployment rate fell to 7.0 percent from 7.2 percent,
diminishing talk of a possible interest rate cut by the central
bank.

Statistics Canada said on Friday that full-time positions
rose by an estimated 50,500, the largest such increase since
May. However, 28,300 of the new jobs were in self-employment,
which usually is less secure and carries fewer benefits.

Feb 6, 2014

Canada’s trade deficit biggest in a year in December

OTTAWA/TORONTO (Reuters) – Canada’s trade deficit jumped to the highest level in a year in December, a government report showed on Thursday, the latest in a series of disappointing economic figures that are expected to keep the Bank of Canada from raising interest rates this year.

Separate data that showed a rebound in the pace of purchasing activity in January offset some of the initial gloom generated by the trade report and helped the Canadian dollar regain some ground after an early fall.

Feb 6, 2014

Canada seeks to cut down on passports of convenience

OTTAWA (Reuters) – Canada will toughen citizenship rules to prevent foreigners from picking up Canadian passports of convenience without spending much time in the country, part of a sweeping package of reforms under legislation introduced on Thursday.

Canada remains one of countries most open to immigration and plans to attract about 250,000 a year, in part because it needs workers to make up for a low birth rate. But the new rules would try to prevent abuse of the citizenship process.

Feb 6, 2014

Record imports boost Canada Dec trade gap

OTTAWA, Feb 6 (Reuters) – Canada’s trade deficit in December
jumped to the highest level since November 2012, C$1.66 billion
($1.49 billion), almost C$1 billion more than expected, with
imports hitting a record level despite a drop in import volumes.

Statistics Canada on Thursday also made a major revision of
the November gap to C$1.53 billion from an originally reported
C$940 million. Analysts surveyed by Reuters had, on average,
expected the deficit to fall to C$700 million in December.