Saturday, July 23, 2011

RCI Cyberjournal

Edition 22 July 2011
Canadian International Financial Sports Weather


The Canadian government has pledged $50 million more to help famine-relief efforts in East Africa. In addition to that amount, the government will match any funds contributed by individual Canadians to charities working to alleviate need in the region. The government has already contributed $70 million to humanitarian aid in East Africa this year. Oxfam Canada says this makes Canada the area's second-biggest donor and expressed the hope that countries like Germany, France and Italy who could do more will do so. The World Health Organization has warned that the situation will likely worsen because Somalia's Islamist group al Shebab continues to refuse to let foreign aid groups operate in the areas of Somalia hardest hit by drought. Canada's minister for international co-operation, Bev Oda, is visiting the Dadaab refugee camp in Kenya. It was build to house 90,000 refugees but almost 400,000 are now there. She says it's impossible to witness such suffering without responding.


Canadian Prime Minister Stephen Harper has condemned Friday's terrorist assaults in Oslo, saying they have left him "shocked and intensely saddened." He says Canadians' thoughts and prayers are with the victims and all others affected. Police in the Norwegian capital say seven people died when a bomb blasted the government quarter in the city's downtown. The windows were blasted out of Prime Minister Jens Stoltenberg's office. He was at home at the time. Nine or 10 other people were killed by a gunman dressed as a policeman when he opened fired on an island near Oslo where 560 members of the youth wing of Mr. Stoltenberg's Labour Party were gathering. He was to have addressed the group on Saturday. The gunman described as a tall blond man is under arrest. No one has claimed responsibility for the attacks. Norway, NATO member, has been threatened before because of its involvement in the conflicts in Libya and Afghanistan.


Canada's provincial and territorial have ended their annual three-day meeting in Vancouver, BC, with a call to the federal government to develop a new national disaster program. They say they've agreed on the need for funds and alleviation strategies for fires, earthquakes, storms and floods. The premiers say they hope such a program could be readied by the fall. Ontario Premier Dalton McGuinty had to leave the meeting on Wednesday to rush home to the scene of the wildfires raging in the northwest of his province. Alberta has had to cope with a wildfire that devastated the northern town of Slave Lake and Manitoba has experienced some of the worst flooding in its history. The premiers also say they want a joint trade mission with the federal government to Asia within the next year.


Ontario Premier Dalton McGuinty says it's not yet necessary to declare a state of emergency because of the fires raging in the province's northwest, although he's doesn't rule out that possibility. Some residents have said more resources to fight the fires would be available were a state of emergency declared. One-hundred-and-fourteen fires were burning on Friday afternoon and 3,000 residents have had to be evacuated. Two-thousand firefighters are on the scene, including 500 from out of province.


The rate of inflation declined in June despite increases in the cost of gasoline and basic foodstuffs. Statistics Canada says the annual inflation rate was 3.1 per cent in June, down from 3.7 per cent in May. The agency says much of the drop in the rate from June was due to lower prices for passenger vehicles because of manufacturers' discounts and lower costs for travel accommodation. The inflation report came just days after the Bank of Canada said it would keep its key interest rate at one per cent.


Canadian officials are saying that a Chinese fugitive could be deported to his homeland as soon as Monday after spending 12 years in Canada. Federal Court of Canada has decided not to halt the deportation of Lai Changxing. China accuses Lai of operating a major smuggling operation that defrauded the Chinese government of millions of dollars. He and his familiy fled to Canada in 1999. Lai claims that if he's returned to China he will be tortured and perhaps executed. Meanwhile, China welcomed the Canadian court's decision to extradite the nation's most-wanted fugitive but lawyers and rights activists expressed doubt on Friday that he would receive a fair trial.



A United Nations peace envoy is suggesting a ceasefire in Libya, to be followed by the immediate creation of a transitional authority made up equally of the government and rebels. Moammar Gadhafi and his sons would be excluded. The authority would appoint a president, control the police, armed forces and security forces and would supervise a conciliation process. The UN special envoy to Libya, Abdul Elah al-Khatib, a Jordanian senator, is seeking a political solution to the conflict that erupted in February between Gadhafi's forces and rebels based in the east. The envoy has visited both sides several times.


The biggest copper mine in the world was paralyzed by a daylong strike Friday. Hundreds of workers walked off the job at Chile's Escondida mine to demand that their bonuses match the company's strong earnings. The union says the strike was meant to serve as an "initial warning" and demanded a meeting with the president of the mine's parent company, BHP Billiton. The union is threatening to extend the strike indefinitely if BHP refuses to increase the worker's year-end bonuses. The strike at the Escondida mine follows a 24-hour work stoppage at another Chilean mining operation, Codelco, which is the world's top copper miner. The job action fueled fears of more labour unrest in Chile's mining sector. But union leaders at other mines have said that there are no plans of further work stoppages, at least for the time being.


Venezuelan President Hugo Chavez says he has completed a first phase of chemotherapy treatments in Cuba and will soon begin a second. Mr. Chavez said in a telephone call heard on state TV that the first phase went well and that he has gained weight. Mr. Chavez was operated on for cancer in Cuba on June 20 to remove a cancerous tumour.


The Mexican army has seized an enormous quantity of the chemicals used in the production of the drug methamphetamine. Some 840 tonnes of the chemicals were found in a warehouse in Querétaro, about 200 kilometres north of Mexico City. It's believed to be the largest seizure of methamphetamine chemicals since President Felipe Calderon ordered the army to crackdown on Mexico's drug cartels nearly 5 years ago.



Computer chip maker Zarlink Semiconductor Inc. of Ottawa says it has sought outside advice on its options as it tries to fend off a hostile takeover bid. Zarlink says it has hired Canaccord Genuity and RBC Capital Markets to review its strategic alternatives. The company's directors have rebuffed a hostile bid of US$548.7 million from the U.S. firm Microsemi Corp. as an undervaluation of the firm. Zarlink shares rose by 50 per cent on Wednesday after the bid was announced and were trading at $3.69 on Friday afternoon.


Canadian lumber producer West Fraser Timber says it's trying to gain relief from poor sales in the U.S. because of that country's depressed housing market in China and the rest of Asia. West Fraser says it set a record in the second quarter by shipping 30 per cent of its production to China and Asia. Soaring demand from China was accompanied by stable sales to Japan. The U.S. is the company's traditional main export market. CEO Hank Ketcham says he sees no immediate in the U.S. housing sector, while Chinese consumption of Canadian wood will continue to grow as China's economy does. On Thursday West Fraser announced its second-quarter profit had plunged to $10 million, compared with $67 million a year earlier.


TSX on Friday: 13,498 + 64. Dollar: US$1.05, up .23. Euro: $1.36. Oil: $99.68 + .55




Carolina Morace has resigned as coach of the Canadian women's soccer team.

The Canadian Soccer Association says the Italian handed in her resignation Wednesday after an internal review of Canada's performance at the recent World Cup in Germany.

Then ranked sixth in the world, the Canadian women entered the tournament with high hopes.

But they failed to win a game and exited after the first round.

The CSA says Morace's entire coaching staff has also quit.


Mike Weir is cutting short his Canadian Open campaign. The veteran golfer pulled out in the second round today due to elbow soreness. He says it's the same elbow that forced him to miss most of last season. Weir came into the tournament having missed 11 cuts this year.



British Columbia on Saturday: sun south, mix sun cloud north, high C21 Vancouver. Yukon: rain. Northwest Territories, Nunavut: mix sun cloud. Whitehorse 23, Yellowknife 22, Iqaluit 17. Alberta: rain north, mix sun cloud south. Saskatchewan, Manitoba: rain. Edmonton 17, Regina, Winnipeg 19. Ontario: rain north, sun south. Quebec: sun. Toronto 35, Ottawa, Montreal 32. Maritimes: rain. Newfoundland and Labrador: mix sun cloud. Fredericton 32, Halifax 28, Charlottetown 27, St. John's 19.

Radio Canada International reproduction rights and reserved broadcast

Click here if you do not see the message correctlyUnsubscribe