***** Canada Business News *****
- Thread starter saki
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Hi,jnathan said:
thanks for the advice, the reason why i put the full story is that sumtime ppl dont bother to click on the link and then read the story so i just put it so that they can have a look and provide the link so that they know its not sumthing i am making up
cheers
saki
Canadians feeling optimistic and a little gloomy
OTTAWA — Canadians are more optimistic than they were three months ago—but there are a few things weighing on their minds, like the prospect of higher interest rates, which are putting a damper on their expectations.
RBC's quarterly Consumer Outlook Index, released Friday, suggests more Canadians are feeling optimistic and there are fewer who are worried about their jobs than there were in March. More than half—55 per cent—believe the national economy will improve in the next 12 months.
But there are still "some pockets of concern," the report says, leaving the overall index flat with last quarter.
"The survey does indicate that there's both positive and negative factors playing out," said Paul Ferley, assistant chief economist at RBC, in an interview earlier this week. "In terms of respondents' read on the economy and labour markets, they seem to be leaning toward 'things are improving,' so that's supporting the overall measure. But then when we get into issues such as income available for large purchases or for savings and such, a little bit more caution kicks in at that point."
The number of Canadians reporting less money left over after the bills are paid has fallen four points since March, to 37 per cent, but 20 per cent are worried that situation will only become worse in the next six months. The number of respondents who feel their personal economic situation will improve in the next three months dropped to 27 per cent in June from 33 per cent in March. In the longer term, 42 per cent still think their personal situation will improve in the next year, though that is down from 44 per cent in March.
One major area of concern was interest rates: 84 per cent expect to see borrowing become more costly over the next six months—up 15 points from March—and 67 per cent of respondents said that's a worry for them.
The online survey of 3,229 Canadians was conducted by Ipsos Reid in the first week of June. The Bank of Canada raised its key interest rate on June 1 to 0.5 per cent—the first G7 country to do so post-recession. All indications at that time were that more hikes were certain to follow, though the economy has moderated somewhat in the past month, and on Wednesday Statistics Canada reported that GDP growth had stalled in April.
"I think the Bank of Canada is only going to continue to hike rates if the economy can handle it, so I don't think higher rates are necessarily a worrisome thing—but that's talking as an economist," said Ferley. "The average individual, when they hear indications the Bank is starting to tighten and it's not just 'we're going to raise rates once,' it's going to be a series of moves, may start getting concerned."
RBC's forecast is for growth of 3.6 per cent in 2010, said Ferley, which supports Canadians' optimism.
"We think growth will resume in May and it will be sustained through next year at a pace that will keep the unemployment rate on a downward trend—a modest downward trend, but (it will) continue to move lower. And that would suggest to us that on net the trend in confidence should be improving—a modest pace of improvement, but the direction will be one of improving sentiment."
Source: Canada News
OTTAWA — Canadians are more optimistic than they were three months ago—but there are a few things weighing on their minds, like the prospect of higher interest rates, which are putting a damper on their expectations.
RBC's quarterly Consumer Outlook Index, released Friday, suggests more Canadians are feeling optimistic and there are fewer who are worried about their jobs than there were in March. More than half—55 per cent—believe the national economy will improve in the next 12 months.
But there are still "some pockets of concern," the report says, leaving the overall index flat with last quarter.
"The survey does indicate that there's both positive and negative factors playing out," said Paul Ferley, assistant chief economist at RBC, in an interview earlier this week. "In terms of respondents' read on the economy and labour markets, they seem to be leaning toward 'things are improving,' so that's supporting the overall measure. But then when we get into issues such as income available for large purchases or for savings and such, a little bit more caution kicks in at that point."
The number of Canadians reporting less money left over after the bills are paid has fallen four points since March, to 37 per cent, but 20 per cent are worried that situation will only become worse in the next six months. The number of respondents who feel their personal economic situation will improve in the next three months dropped to 27 per cent in June from 33 per cent in March. In the longer term, 42 per cent still think their personal situation will improve in the next year, though that is down from 44 per cent in March.
One major area of concern was interest rates: 84 per cent expect to see borrowing become more costly over the next six months—up 15 points from March—and 67 per cent of respondents said that's a worry for them.
The online survey of 3,229 Canadians was conducted by Ipsos Reid in the first week of June. The Bank of Canada raised its key interest rate on June 1 to 0.5 per cent—the first G7 country to do so post-recession. All indications at that time were that more hikes were certain to follow, though the economy has moderated somewhat in the past month, and on Wednesday Statistics Canada reported that GDP growth had stalled in April.
"I think the Bank of Canada is only going to continue to hike rates if the economy can handle it, so I don't think higher rates are necessarily a worrisome thing—but that's talking as an economist," said Ferley. "The average individual, when they hear indications the Bank is starting to tighten and it's not just 'we're going to raise rates once,' it's going to be a series of moves, may start getting concerned."
RBC's forecast is for growth of 3.6 per cent in 2010, said Ferley, which supports Canadians' optimism.
"We think growth will resume in May and it will be sustained through next year at a pace that will keep the unemployment rate on a downward trend—a modest downward trend, but (it will) continue to move lower. And that would suggest to us that on net the trend in confidence should be improving—a modest pace of improvement, but the direction will be one of improving sentiment."
Source: Canada News
Indian government to seek $143M over immigrant ship Canada rejected in 1914
The Punjab state government in India is contemplating asking Canada for close to $150 million for turning back a shipload of South Asians, mostly Sikhs, from Vancouver nearly a century ago.
Hira Singh Gabria, Punjab Minister for Tourism and Cultural Affairs, has assembled an 11-member committee to look into initiating legal and diplomatic proceedings against the Canadian government to get back a $15,000 “entry tax” that Sikh passengers aboard the Komagata Maru reportedly shelled out in 1914.
That amount is believed to have swelled to a whopping $143 million for reasons that were not explained, according to the English-language Hindustan Times. It was also unclear if the apparent tax was $15,000 per passenger, or for the entire ship.
The Japanese steamship Komagata Maru carried 376 would-be immigrants — including Sikhs, Muslims and Hindus — from Hong Kong to the port of Vancouver.
Its passengers were refused entry into Canada based on an exclusionary immigration policy that stipulated immigrants should come by continuous journey from their home country.
The vessel languished at the dock for two months before being forced to sail back to India by Canadian warships. Twenty people were killed and many more jailed by British authorities when it docked in Calcutta.
According to the Hindustan Times, the Punjab government decided to undertake the “treasure hunt” after families of the passengers killed by British officers met with Punjab officials, claiming that the $15,000 deposited as entry tax was lying unused.
“The committee will initiate the process for recovery of the money, which, once obtained, would be utilized to fund Komagata Maru memorials in Punjab and Kolkata,” Gabria is quoted as saying.
“Once the findings establish the facts, the state government will raise the issue with (Indian) Prime Minister Dr. Manmohan Singh to press him to use diplomatic channels with his Canadian counterpart.”
But Hugh Johnston, professor emeritus of history at Simon Fraser University, said there was no such thing as an “entry tax” levied on Komagata Maru passengers.
“It’s mistaken information,” he said, noting that the passengers were required to pay for the chartered vessel in $15,000 instalments, and one of them came due when the ship arrived in Vancouver.
“There was a shipping agent here in Vancouver acting on behalf of the Japanese (ship) owners who had the job of collecting that money,” said Johnston. “I suspect that is the source of the mistake, as there was no tax on entry.”
Members of the Khalsa Diwan Society eventually raised about $25,000 from Vancouver Sikhs to pay the ship owners.
Kashmir Dhaliwal, president of the Khalsa Diwan Society, said Saturday that he is not aware of the reparation claim in the works, but said he is in favour of monetary compensation if the funds are distributed to descendants of the original passengers.
Jas Toor is president of the Descendants of the Komagata Maru Passengers Society, and his grandfather was one of the immigrants jailed upon arrival back in India
Toor said he, too, was unaware of the claim of the so-called “entry tax,” but said there was no doubt the ship’s passengers — many of them rich farmers who sold their land and belongings to come to Canada — lost everything when they were forced to return.
Toor insisted that what B.C.’s South Asian community wants more than money is an official apology from the federal government in the House of Commons, similar to the one offered to the Chinese-Canadian community over the head tax and to First Nations over residential schools.
“That’s the main focus,” he said. “As for any compensation, we are leaving that to the Canadian government.”
Last year, Prime Minister Stephen Harper offered an apology to the Sikh community during a festival in Surrey, B.C. — a move criticized by some as insufficient — along with $2.5 million in federal funding for projects commemorating the tragedy.
In April, federal NDP leader Jack Layton filed a petition in Parliament calling for an official apology from the Harper government.
For its part, the province of B.C. issued an official apology for the discriminatory policy in the legislature in 2008.
Source: Canada News
The Punjab state government in India is contemplating asking Canada for close to $150 million for turning back a shipload of South Asians, mostly Sikhs, from Vancouver nearly a century ago.
Hira Singh Gabria, Punjab Minister for Tourism and Cultural Affairs, has assembled an 11-member committee to look into initiating legal and diplomatic proceedings against the Canadian government to get back a $15,000 “entry tax” that Sikh passengers aboard the Komagata Maru reportedly shelled out in 1914.
That amount is believed to have swelled to a whopping $143 million for reasons that were not explained, according to the English-language Hindustan Times. It was also unclear if the apparent tax was $15,000 per passenger, or for the entire ship.
The Japanese steamship Komagata Maru carried 376 would-be immigrants — including Sikhs, Muslims and Hindus — from Hong Kong to the port of Vancouver.
Its passengers were refused entry into Canada based on an exclusionary immigration policy that stipulated immigrants should come by continuous journey from their home country.
The vessel languished at the dock for two months before being forced to sail back to India by Canadian warships. Twenty people were killed and many more jailed by British authorities when it docked in Calcutta.
According to the Hindustan Times, the Punjab government decided to undertake the “treasure hunt” after families of the passengers killed by British officers met with Punjab officials, claiming that the $15,000 deposited as entry tax was lying unused.
“The committee will initiate the process for recovery of the money, which, once obtained, would be utilized to fund Komagata Maru memorials in Punjab and Kolkata,” Gabria is quoted as saying.
“Once the findings establish the facts, the state government will raise the issue with (Indian) Prime Minister Dr. Manmohan Singh to press him to use diplomatic channels with his Canadian counterpart.”
But Hugh Johnston, professor emeritus of history at Simon Fraser University, said there was no such thing as an “entry tax” levied on Komagata Maru passengers.
“It’s mistaken information,” he said, noting that the passengers were required to pay for the chartered vessel in $15,000 instalments, and one of them came due when the ship arrived in Vancouver.
“There was a shipping agent here in Vancouver acting on behalf of the Japanese (ship) owners who had the job of collecting that money,” said Johnston. “I suspect that is the source of the mistake, as there was no tax on entry.”
Members of the Khalsa Diwan Society eventually raised about $25,000 from Vancouver Sikhs to pay the ship owners.
Kashmir Dhaliwal, president of the Khalsa Diwan Society, said Saturday that he is not aware of the reparation claim in the works, but said he is in favour of monetary compensation if the funds are distributed to descendants of the original passengers.
Jas Toor is president of the Descendants of the Komagata Maru Passengers Society, and his grandfather was one of the immigrants jailed upon arrival back in India
Toor said he, too, was unaware of the claim of the so-called “entry tax,” but said there was no doubt the ship’s passengers — many of them rich farmers who sold their land and belongings to come to Canada — lost everything when they were forced to return.
Toor insisted that what B.C.’s South Asian community wants more than money is an official apology from the federal government in the House of Commons, similar to the one offered to the Chinese-Canadian community over the head tax and to First Nations over residential schools.
“That’s the main focus,” he said. “As for any compensation, we are leaving that to the Canadian government.”
Last year, Prime Minister Stephen Harper offered an apology to the Sikh community during a festival in Surrey, B.C. — a move criticized by some as insufficient — along with $2.5 million in federal funding for projects commemorating the tragedy.
In April, federal NDP leader Jack Layton filed a petition in Parliament calling for an official apology from the Harper government.
For its part, the province of B.C. issued an official apology for the discriminatory policy in the legislature in 2008.
Source: Canada News
Canada Adds 24,700 Jobs in May (I am still waiting for June statistics...)
Published: 6/4/2010 9:10:52 AM By: TradingEconomics.com, Bloomberg
Canada’s economy added more jobs than economists expected in May, the fifth straight monthly gain, because of increased hiring in the transportation and health care industries.
Employment rose by 24,700 in May, following April’s record 108,700 jump, Statistics Canada said. The jobless rate was unchanged at 8.1 percent.
Transportation and warehousing companies hired 26,100 workers in May, and health care and social assistance added 17,800, Statistics Canada said.
The May report saw a shift to payroll employment, which increased by 52,800, while self-employment fell by 28,000.
Full-time jobs rose by 67,300 and part-time jobs fell by 42,500, the statistics agency said.
Average hourly wage growth quickened to 2.4 percent in May from a year ago, compared with 2 percent in April.
Published: 6/4/2010 9:10:52 AM By: TradingEconomics.com, Bloomberg
Canada’s economy added more jobs than economists expected in May, the fifth straight monthly gain, because of increased hiring in the transportation and health care industries.
Employment rose by 24,700 in May, following April’s record 108,700 jump, Statistics Canada said. The jobless rate was unchanged at 8.1 percent.
Transportation and warehousing companies hired 26,100 workers in May, and health care and social assistance added 17,800, Statistics Canada said.
The May report saw a shift to payroll employment, which increased by 52,800, while self-employment fell by 28,000.
Full-time jobs rose by 67,300 and part-time jobs fell by 42,500, the statistics agency said.
Average hourly wage growth quickened to 2.4 percent in May from a year ago, compared with 2 percent in April.
Heat hits with a vengeance in Ontario, Quebec
OTTAWA — Is there anything more Canadian than the duelling images of sweltering city-dwellers and snowshoers?
While those living in southern Ontario and Quebec were warned Monday not to go outside because of summer's first heat wave, revellers at the Whistler Blackcomb Ski Resort in British Columbia were busy sliding down an alpine tube park.
In Ontario and Quebec, temperatures are expected to hover in the low 30s all week, but the humidity will make it seem more like 40 C, said Geoff Coulson, a meteorologist at Environment Canada.
"It's the first real heat wave, in Toronto at least, since back in the summer of 2007," said Coulson. "Southern Ontario and southern Quebec are going take the brunt of it."
While past summers have brought "one-day wonders," this is the first longer stretch of high temperatures in three years, he said.
In Toronto, the medical officer of health on Monday issued an extreme heat alert as temperatures were expected to hit a searing 33 C. A smog advisory also was issued for southern Ontario and some regions of central and eastern Ontario.
"We did have a period of warm conditions, very warm conditions, in late May, but this real, true heat wave (is) kind of the first of the season, so we're also dealing with concerns of acclimatization," said Coulson.
"Folks perhaps may have the tendency to overdo it a bit. The body's not really geared for these high temperatures and high humidex readings just yet."
During an extreme heat alert, residents are encouraged to take breaks in air-conditioned places, drinks lots of water and juice, stay out of the sun and reduce outdoor physical activity during peak afternoon hours.
They are also encouraged to check in on vulnerable people, such as children and the elderly.
They're also encouraged to make sure their pets have access to water and are sheltered from the heat.
Even at night, with temperatures staying in the low 20s, it's going to feel like 30 C because of the humidity, said Coulson.
"These are going to be the tough nights to sleep."
The high humidity in Ontario and Quebec will continue throughout week until it breaks slightly on Friday, said Coulson, when temperatures are expected to fall to the high 20s.
The heat wave is the result of an air mass moving up from the Gulf of Mexico, via a large area of high pressure south of the Great Lakes, Coulson said. The stability of the weather pattern is keeping the forecast steady, and also contributing to the smog advisory because the air is stagnant, he said.
In other parts of Canada, people are living an altogether different summer.
After the second-snowiest winter on record, with almost 1,500 cm having fallen from November to May, the alpine tube park on Whistler Mountain opened June 26 for the first time ever during the summer.
"It's still going strong," said Amber Turnau, a spokeswoman for Whistler Blackcomb.
It is recommended that sliders wear jackets, layered clothing and boots, said Turnau.
"Snow pants, if you have them, would be a good idea," she said. "You don't want to get snow down your pants."
While there is typically a mountain open for summer skiing and training, mountain officials this year recommended snowshoes for those braving the hiking trails.
Temperatures were "warming up" to around 18 C in the valley areas, with cooler weather up on the mountains, said Turnau.
In Vancouver, things were right around where they should be, with an expected sunny high of 20 C on Monday. Temperatures in the B.C. Interior are expected to be much warmer, with places such as Kelowna expected to hit 34 C later this week, although without the humidity of Eastern Canada.
Normal highs for Kelowna are about 26 C, said Coulson.
The Prairie provinces were experiencing cooler temperatures Monday. In Calgary, for example, the high was forecast at 15 C — seven degrees cooler than the nighttime low in southern Ontario and Quebec.
After days of severe weather that brought tornadoes and hail, conditions calmed for southern and central areas of Saskatchewan on Monday, although some areas were forecasting more rain, said Coulson. The high in Regina was expected to hit the high teens and low 20s.
The latest in a series of natural disasters to plague Saskatchewan, Friday's tornado caused significant damage to about 15 homes and cleanup is expected to cost millions.
Meanwhile, 48 wildfires raged in the province's north, said Jeanette Krayetski, Environment Ministry spokeswoman, while in other parts of the province, flooding due to recent heavy rains kept some highways impassable.
In Winnipeg, residents were looking at warm temperatures Monday, about 26, with mid- to low-20s for the rest of the week.
The Maritimes were warm, with highs in Fredericton expected at 27 C, with a chance of showers. Charlottetown was forecast to hit highs in the low 20s, although the East Coast is primed to reach higher temperatures later this week, said Coulson.
Residents of St. John's, N.L., are looking at cool temperatures all week with Monday's high forecast to hit only 13 degrees.
Source: http://www.canada.com/news/national/Heat+hits+with+vengeance+Ontario+Quebec/3237379/story.html
OTTAWA — Is there anything more Canadian than the duelling images of sweltering city-dwellers and snowshoers?
While those living in southern Ontario and Quebec were warned Monday not to go outside because of summer's first heat wave, revellers at the Whistler Blackcomb Ski Resort in British Columbia were busy sliding down an alpine tube park.
In Ontario and Quebec, temperatures are expected to hover in the low 30s all week, but the humidity will make it seem more like 40 C, said Geoff Coulson, a meteorologist at Environment Canada.
"It's the first real heat wave, in Toronto at least, since back in the summer of 2007," said Coulson. "Southern Ontario and southern Quebec are going take the brunt of it."
While past summers have brought "one-day wonders," this is the first longer stretch of high temperatures in three years, he said.
In Toronto, the medical officer of health on Monday issued an extreme heat alert as temperatures were expected to hit a searing 33 C. A smog advisory also was issued for southern Ontario and some regions of central and eastern Ontario.
"We did have a period of warm conditions, very warm conditions, in late May, but this real, true heat wave (is) kind of the first of the season, so we're also dealing with concerns of acclimatization," said Coulson.
"Folks perhaps may have the tendency to overdo it a bit. The body's not really geared for these high temperatures and high humidex readings just yet."
During an extreme heat alert, residents are encouraged to take breaks in air-conditioned places, drinks lots of water and juice, stay out of the sun and reduce outdoor physical activity during peak afternoon hours.
They are also encouraged to check in on vulnerable people, such as children and the elderly.
They're also encouraged to make sure their pets have access to water and are sheltered from the heat.
Even at night, with temperatures staying in the low 20s, it's going to feel like 30 C because of the humidity, said Coulson.
"These are going to be the tough nights to sleep."
The high humidity in Ontario and Quebec will continue throughout week until it breaks slightly on Friday, said Coulson, when temperatures are expected to fall to the high 20s.
The heat wave is the result of an air mass moving up from the Gulf of Mexico, via a large area of high pressure south of the Great Lakes, Coulson said. The stability of the weather pattern is keeping the forecast steady, and also contributing to the smog advisory because the air is stagnant, he said.
In other parts of Canada, people are living an altogether different summer.
After the second-snowiest winter on record, with almost 1,500 cm having fallen from November to May, the alpine tube park on Whistler Mountain opened June 26 for the first time ever during the summer.
"It's still going strong," said Amber Turnau, a spokeswoman for Whistler Blackcomb.
It is recommended that sliders wear jackets, layered clothing and boots, said Turnau.
"Snow pants, if you have them, would be a good idea," she said. "You don't want to get snow down your pants."
While there is typically a mountain open for summer skiing and training, mountain officials this year recommended snowshoes for those braving the hiking trails.
Temperatures were "warming up" to around 18 C in the valley areas, with cooler weather up on the mountains, said Turnau.
In Vancouver, things were right around where they should be, with an expected sunny high of 20 C on Monday. Temperatures in the B.C. Interior are expected to be much warmer, with places such as Kelowna expected to hit 34 C later this week, although without the humidity of Eastern Canada.
Normal highs for Kelowna are about 26 C, said Coulson.
The Prairie provinces were experiencing cooler temperatures Monday. In Calgary, for example, the high was forecast at 15 C — seven degrees cooler than the nighttime low in southern Ontario and Quebec.
After days of severe weather that brought tornadoes and hail, conditions calmed for southern and central areas of Saskatchewan on Monday, although some areas were forecasting more rain, said Coulson. The high in Regina was expected to hit the high teens and low 20s.
The latest in a series of natural disasters to plague Saskatchewan, Friday's tornado caused significant damage to about 15 homes and cleanup is expected to cost millions.
Meanwhile, 48 wildfires raged in the province's north, said Jeanette Krayetski, Environment Ministry spokeswoman, while in other parts of the province, flooding due to recent heavy rains kept some highways impassable.
In Winnipeg, residents were looking at warm temperatures Monday, about 26, with mid- to low-20s for the rest of the week.
The Maritimes were warm, with highs in Fredericton expected at 27 C, with a chance of showers. Charlottetown was forecast to hit highs in the low 20s, although the East Coast is primed to reach higher temperatures later this week, said Coulson.
Residents of St. John's, N.L., are looking at cool temperatures all week with Monday's high forecast to hit only 13 degrees.
Source: http://www.canada.com/news/national/Heat+hits+with+vengeance+Ontario+Quebec/3237379/story.html
Prospects for jobs looking up across Canada
OTTAWA — The future looks bright for job-seekers in most of the country, though prospects in some of Canada's major cities are disappointing in the near term, according to a report issued Monday.
The Conference Board of Canada's Help-Wanted index for June shows prospects for near-term employment are up or stable in 19 of the census metropolitan areas — which include cities and their surrounding suburban areas — included in the study, and down in eight.
The pains and the gains are spread out across the country.
In the Atlantic region, prospects are good in St. John's, N.L., Saint John, N.B., but down in Halifax, according to the report, based on the seasonally adjusted number of new jobs posted across 79 job-posting websites during the month
In Quebec, things look good in the near term for Saguenay and Trois-Rivieres, are stable in Sherbrooke and down for Quebec and Montreal.
Of Ontario's 11 CMAs, near-term prospects were looking up in Kingston, Toronto, Hamilton, London, Windsor, Kitchener and Thunder Bay, while things were stable in Greater Sudbury and not as optimistic in Ottawa-Gatineau, Oshawa, or St. Catharines-Niagara.
In the West, prospects are up in Winnipeg, Saskatoon, Calgary, Edmonton and Abbotsford, B.C., stable in Regina and down in Vancouver and Victoria.
Source: http://www.canada.com/business/Prospects+jobs+looking+across+Canada/3237270/story.html
OTTAWA — The future looks bright for job-seekers in most of the country, though prospects in some of Canada's major cities are disappointing in the near term, according to a report issued Monday.
The Conference Board of Canada's Help-Wanted index for June shows prospects for near-term employment are up or stable in 19 of the census metropolitan areas — which include cities and their surrounding suburban areas — included in the study, and down in eight.
The pains and the gains are spread out across the country.
In the Atlantic region, prospects are good in St. John's, N.L., Saint John, N.B., but down in Halifax, according to the report, based on the seasonally adjusted number of new jobs posted across 79 job-posting websites during the month
In Quebec, things look good in the near term for Saguenay and Trois-Rivieres, are stable in Sherbrooke and down for Quebec and Montreal.
Of Ontario's 11 CMAs, near-term prospects were looking up in Kingston, Toronto, Hamilton, London, Windsor, Kitchener and Thunder Bay, while things were stable in Greater Sudbury and not as optimistic in Ottawa-Gatineau, Oshawa, or St. Catharines-Niagara.
In the West, prospects are up in Winnipeg, Saskatoon, Calgary, Edmonton and Abbotsford, B.C., stable in Regina and down in Vancouver and Victoria.
Source: http://www.canada.com/business/Prospects+jobs+looking+across+Canada/3237270/story.html
TSX rises day after lowest close of 2010
The Toronto Stock Exchange on Tuesday saw its first positive day in three, coming off its lowest close in 2010 on Monday.
The S&P/TSX composite index was up 107.67 points, or 0.97 per cent, to 11,200.17, led by energy and financial stocks. That gain was reduced from as much as 1.6 per cent in morning trade.
Advances on the TSX came despite lower commodity prices and some less-than-encouraging economic data.
On the New York Mercantile Exchange, crude oil was down 16 cents to $71.98 U.S. a barrel, despite rising earlier on Tuesday, making for its sixth straight day of declines. Gold was down $12.60 to $1,195.10 U.S. an ounce.
The Canadian dollar was up 82 basis points to 94.72 cents U.S..
Statistics Canada said Tuesday that building-permit values took a bigger-than-expected drop of 10.8 per cent in May from the month before.
In the United States, the Institute for Supply Management's index of service industries in June came in at a lower-than-expected 53.8, but it did show this segment of the economy growing for the sixth straight month.
On the corporate front, Canadian drugstore operator Jean Coutu Group Inc. reported quarterly earnings that surpassed expectations even though sales came up short. Its stock closed up 2.57 per cent to $8.39.
Some of the other notable gainers include Royal Bank of Canada (up 2.39 per cent to $52.37), Talisman Energy Inc. (up 2.09 per cent to $16.13) and Lundin Mining Corp. (up 5.7 per cent to $3.15).
The junior TSX Venture composite index was down 8.7 points, or 0.64 per cent, to 1,347.52.
U.S. stocks were also recovering from their lowest levels seen for 2010 so far, though the rally there also lost some steam by day's end. The Dow Jones industrial average closed up 57.14 points, or 0.58 per cent, to 9.743.62. The Nasdaq composite index was ahead by 2.09 points, or 0.1 per cent, to 2,093.88.
The main European markets in the United Kingdom, France and Germany saw strong gains in the range of two to three per cent range, and Asian stocks were also up.
Ian Nakamoto, director of research for Toronto investment firm MacDougall, MacDougall & MacTier, said he wasn't surprised to see North American market gains lessen by day's end.
"It's still very fragile," he said of market sentiment. "People look for opportunities; if they see profits, they'll take them."
Nakamoto said the upcoming second-quarter earnings season could be key in giving markets a boost or continuing the correction recently seen. He speculated that future guidance would be more important to stock valuations than the actual financial results.
Source: http://www.canada.com/business/rises+after+lowest+close+2010/3241033/story.html
The Toronto Stock Exchange on Tuesday saw its first positive day in three, coming off its lowest close in 2010 on Monday.
The S&P/TSX composite index was up 107.67 points, or 0.97 per cent, to 11,200.17, led by energy and financial stocks. That gain was reduced from as much as 1.6 per cent in morning trade.
Advances on the TSX came despite lower commodity prices and some less-than-encouraging economic data.
On the New York Mercantile Exchange, crude oil was down 16 cents to $71.98 U.S. a barrel, despite rising earlier on Tuesday, making for its sixth straight day of declines. Gold was down $12.60 to $1,195.10 U.S. an ounce.
The Canadian dollar was up 82 basis points to 94.72 cents U.S..
Statistics Canada said Tuesday that building-permit values took a bigger-than-expected drop of 10.8 per cent in May from the month before.
In the United States, the Institute for Supply Management's index of service industries in June came in at a lower-than-expected 53.8, but it did show this segment of the economy growing for the sixth straight month.
On the corporate front, Canadian drugstore operator Jean Coutu Group Inc. reported quarterly earnings that surpassed expectations even though sales came up short. Its stock closed up 2.57 per cent to $8.39.
Some of the other notable gainers include Royal Bank of Canada (up 2.39 per cent to $52.37), Talisman Energy Inc. (up 2.09 per cent to $16.13) and Lundin Mining Corp. (up 5.7 per cent to $3.15).
The junior TSX Venture composite index was down 8.7 points, or 0.64 per cent, to 1,347.52.
U.S. stocks were also recovering from their lowest levels seen for 2010 so far, though the rally there also lost some steam by day's end. The Dow Jones industrial average closed up 57.14 points, or 0.58 per cent, to 9.743.62. The Nasdaq composite index was ahead by 2.09 points, or 0.1 per cent, to 2,093.88.
The main European markets in the United Kingdom, France and Germany saw strong gains in the range of two to three per cent range, and Asian stocks were also up.
Ian Nakamoto, director of research for Toronto investment firm MacDougall, MacDougall & MacTier, said he wasn't surprised to see North American market gains lessen by day's end.
"It's still very fragile," he said of market sentiment. "People look for opportunities; if they see profits, they'll take them."
Nakamoto said the upcoming second-quarter earnings season could be key in giving markets a boost or continuing the correction recently seen. He speculated that future guidance would be more important to stock valuations than the actual financial results.
Source: http://www.canada.com/business/rises+after+lowest+close+2010/3241033/story.html
Job seekers climb aboard as employment listings rise
OTTAWA — The number of job postings rose in May, the eighth increase in the last 10 months, and more people are taking that as a sign that it's time to enter — or re-enter — the workforce, a report released Tuesday suggests.
The Conference Board of Canada's Help-Wanted Index rose 5.7 percentage points to 96.1 in May after declining in April.
"This strong increase suggests that the recovery in the labour market is firmly entrenched," economist Julie Ades wrote in the report. "Indeed, the index has risen in all but two of the last 10 months, illustrating a steady upward trend."
The index is based on the seasonally adjusted number of new jobs posted online during the month across 79 Canadian job-posting websites.
Employment declined for four consecutive quarters during the recession but came back in the final quarter of 2009 and the first quarter of 2010, writes Ades, adding "numbers are expected to show that employment gains have accelerated in the second quarter."
The board's Indicator of market tightness also increased in May — its first increase in seven months. The measure represents the number of registered unemployed individuals for every job posted online.
"The rise suggests that the optimism created by the recovering economy and employment growth has encouraged many individuals to enter, or re-enter, the labour force in search of work," Ades writes.
Regionally, Saskatchewan is the only province that posted a decline in its help-wanted index, which was down eight points in May.
Some of the biggest gains came in Atlantic Canada — Newfoundland and Labrador was up 23.5 points and Nova Scotia 12.9, while P.E.I.'s index gained 6.7 points and New Brunswick's 5.9.
Ontario and Quebec, after posting declines in April, saw their indexes grow by 6.4 points and 8.2 points respectively, while the help-wanted index jumped 4.8 points in Manitoba, 6.4 points in Alberta and 3.1 points in B.C.
Using the same data, a report Monday from the Conference Board showed that prospects for near-term employment are up or stable in 19 of the census metropolitan areas — which include cities and their surrounding suburban areas — included in the study, and down in eight.
Source: http://www.canada.com/business/seekers+climb+aboard+employment+listings+rise/3241276/story.html
OTTAWA — The number of job postings rose in May, the eighth increase in the last 10 months, and more people are taking that as a sign that it's time to enter — or re-enter — the workforce, a report released Tuesday suggests.
The Conference Board of Canada's Help-Wanted Index rose 5.7 percentage points to 96.1 in May after declining in April.
"This strong increase suggests that the recovery in the labour market is firmly entrenched," economist Julie Ades wrote in the report. "Indeed, the index has risen in all but two of the last 10 months, illustrating a steady upward trend."
The index is based on the seasonally adjusted number of new jobs posted online during the month across 79 Canadian job-posting websites.
Employment declined for four consecutive quarters during the recession but came back in the final quarter of 2009 and the first quarter of 2010, writes Ades, adding "numbers are expected to show that employment gains have accelerated in the second quarter."
The board's Indicator of market tightness also increased in May — its first increase in seven months. The measure represents the number of registered unemployed individuals for every job posted online.
"The rise suggests that the optimism created by the recovering economy and employment growth has encouraged many individuals to enter, or re-enter, the labour force in search of work," Ades writes.
Regionally, Saskatchewan is the only province that posted a decline in its help-wanted index, which was down eight points in May.
Some of the biggest gains came in Atlantic Canada — Newfoundland and Labrador was up 23.5 points and Nova Scotia 12.9, while P.E.I.'s index gained 6.7 points and New Brunswick's 5.9.
Ontario and Quebec, after posting declines in April, saw their indexes grow by 6.4 points and 8.2 points respectively, while the help-wanted index jumped 4.8 points in Manitoba, 6.4 points in Alberta and 3.1 points in B.C.
Using the same data, a report Monday from the Conference Board showed that prospects for near-term employment are up or stable in 19 of the census metropolitan areas — which include cities and their surrounding suburban areas — included in the study, and down in eight.
Source: http://www.canada.com/business/seekers+climb+aboard+employment+listings+rise/3241276/story.html
Just got the link to check the gas prices in Canada across different Gas stations. this will help our fellow members who are already in Canada. It seems that price in Canada is in cents / Lt.
http://gasbuddy.com/
http://gasbuddy.com/
Alberta winter puts dent in mountain pine beetle number
EDMONTON — The cold Alberta winter has put a dent in the population of mountain pine beetles, provincial officials announced Wednesday.
It's the first time since the infestation began in 2006 that Alberta's winter has reduced this year's population of the hardy pests.
Bark samples from 1,266 trees at 229 sites in pine forests show that except for a few hot spots in the north and west, the survival rate of the beetles was pushed back to 2007 levels, Sustainable Resource Development Minister Mel Knight said.
"We do have a very good news story in front of us for the province of Alberta and (we are) not only the province," he said. "I think our neighbours to the east of us and the rest of the Canadian provinces that have pine stands would also take an interest in this."
But Knight said the provincial government wasn't relying on its good fortune.
It will be committing $15 million in emergency funding this year on top of $5 million in base funding to attack the pine beetles in central Alberta, to the eastern edge of the infestation, and in southwest Alberta.
Crews will remove infested single trees, harvest stands and use controlled burns to prevent the spread.
Knight said the province is realistically looking at "at least a 20-year program" of control work to get beetle numbers down to historic lows.
The winter kill is a rare bit of good news for the province's $9-billion forestry industry and its 38,000 jobs. The beetles threaten the health of six million hectares of Alberta forests that contain pine trees.
The rice-grain-sized beetles flew into Alberta from British Columbia in 2006.
After infesting up to three-quarters of British Columbia's mature lodgepole pines, swarms of mountain pine beetles hitched rides on winds in 2006 and 2009, carrying them deep into north-central, west and southwest Alberta.
The larvae can survive -35 C temperatures for several days.
Source: http://www.canada.com/technology/Alberta+winter+puts+dent+mountain+pine+beetle+number/3247773/story.html
EDMONTON — The cold Alberta winter has put a dent in the population of mountain pine beetles, provincial officials announced Wednesday.
It's the first time since the infestation began in 2006 that Alberta's winter has reduced this year's population of the hardy pests.
Bark samples from 1,266 trees at 229 sites in pine forests show that except for a few hot spots in the north and west, the survival rate of the beetles was pushed back to 2007 levels, Sustainable Resource Development Minister Mel Knight said.
"We do have a very good news story in front of us for the province of Alberta and (we are) not only the province," he said. "I think our neighbours to the east of us and the rest of the Canadian provinces that have pine stands would also take an interest in this."
But Knight said the provincial government wasn't relying on its good fortune.
It will be committing $15 million in emergency funding this year on top of $5 million in base funding to attack the pine beetles in central Alberta, to the eastern edge of the infestation, and in southwest Alberta.
Crews will remove infested single trees, harvest stands and use controlled burns to prevent the spread.
Knight said the province is realistically looking at "at least a 20-year program" of control work to get beetle numbers down to historic lows.
The winter kill is a rare bit of good news for the province's $9-billion forestry industry and its 38,000 jobs. The beetles threaten the health of six million hectares of Alberta forests that contain pine trees.
The rice-grain-sized beetles flew into Alberta from British Columbia in 2006.
After infesting up to three-quarters of British Columbia's mature lodgepole pines, swarms of mountain pine beetles hitched rides on winds in 2006 and 2009, carrying them deep into north-central, west and southwest Alberta.
The larvae can survive -35 C temperatures for several days.
Source: http://www.canada.com/technology/Alberta+winter+puts+dent+mountain+pine+beetle+number/3247773/story.html