Tuesday, September 13, 2011

RCI Cyberjournal

Edition 12 September 2011
Canadian International Financial Sports Weather
Canadian

RBC DOWNGRADES CANADIAN GROWTH FORECAST

The Royal Bank of Canada is downgrading its economic growth forecast for Canada. RBC Economics has cut .8 of a percentage point from its economic outlook, The bank now says the economy will grow by 2.4 per cent for this year. Chief economist Craig Wright says market volatility took a toll on business and consumer confidence this summer. He says he's cautiously optimistic the economy will continue to pick up speed next year, growing by 2.5 per cent.



LIBERALS CALL FOR POSTPONEMENT OF FEDERAL CUTS

Canada's opposition Liberal Party has called on the Conservative Party government to delay its planned spending cuts. Member of Parliament John McCallum says the cuts should be suspended by a year or more until the world economy stabilizes. The government has said it will find $4 billion in annual savings a year so as to eliminate its budget deficit by 2014. Mr. Callum says it's impossible to underestimate the financial crisis in Europe and that Canada won't be insulated from the threat of another global financial meltdown. He added that the reduction of public jobs and program will only aggravate the situation.



NDP HAS FIRST LEADERSHIP CANDIDATE

New Democrat Party president Brian Topp has become the first contender to enter the race to succeed Jack Layton as leader of the Canada's official opposition party. Mr. Topp was joined by former NDP leader Ed Broadbent as he announced his leadership bid Monday in Ottawa. Mr. Topp's name surfaced early as a possible contender in the race after Mr. Layton died of cancer last month.



FARMERS VOTE TO KEEP WHEAT MONOPOLY

A majority of Western Canadian farmers have voted to retain the Canadian Wheat Board's monopoly over the marketing of wheat and barley. The Board says about 60 per cent of wheat farmers and 51 per cent of barley farmers voted in favour of the monopoly. The Conservative government has vowed to abolish the monopoly to give farmers the right to sell their grain as they see fit. The Canadian Wheat Board Act requires that a referendum be held to change its status. The government has said it will change the law and abolish the monopoly regardless of the outcome of the referendum. The federal government claims to have the support of three of the four Western provinces to end the monopoly. Board chairman Allen Oberg said federal Agriculture Minister Gerry Ritz has no choice but to listen to farmers.





International

TANZANIA

Official and survivor accounts indicate that nearly 1,200 people may have been aboard a crowded ferry that sank off Tanzania's coast that sank early Saturday. Officials say some 150 people were likely trapped inside the boat's first- and second-class section when it sank. The death toll was 240 on Monday. On Sunday, an official estimated more than 800 people survived. Together, that could mean nearly 1,200 people were aboard, well above survivors' estimates of the boat's capacity of 600. Survivors said the ferry left Tanzania's commercial capital of Dar es Salaam loaded with building materials, mattresses and passengers. Officials said they are seeking the boat's captain and owner.



TUNISIA

Registration has been completed in Tunisia for the country's constitutional election. Tunisians will vote on Oct. 23 to pick 218 members of an assembly that will write a new constitution. Ten-thousand candidates have been approved to run. The country's former dictator, President Zine El-Abidine, was forced into exile by protest in January.



LIBYA

Former Libyan dictator Moammar Ghadafi has urged his supporters to continue to resist the rebels now in control of most of the country. Another message of defiance from Gadhafi was read on Monday by a Syrian television station. He accuses the rebel régime of turning over Libya's oil wealth to foreigners. Presumed Gadhafi loyalists twice attacked the Ras Lanouf oil facility, 615 kilometres southeast of Tripoli on Monday. Fifteen guards were killed. The rebels have failed in several attacks to dislodge defenders of the loyalist-held town of Bani Walid, 140 kilometres southeast of the capital.



GUATEMALA

A right-wing former general has won the most votes in the first round of Guatemala's presidential election on Sunday. Otto Perez won 36 per cent of the ballots, compared with 23 per cent for Manuel Baldizon, a wealthy businessman. They'll face off in a runoff vote on Nov.6. Mr. Perez has promised to send troops into the streets to fight criminal gangs. He would be the first former army officer to be elected president since Guatemala returned to democracy in 1986.



MEXICO

Thousands gathered to listen to the Dalai Lama in Mexico City on Sunday, after China complained over Mexican President Felipe Calderon's meeting with the exiled Tibetan spiritual leader.

The speech, made during the spiritual leader's third visit to Mexico, was entitled "Finding Happiness in Difficult Times."

Beijing voiced anger Saturday after Mr. Calderon met with the Dalai Lama the previous day.

During the private talks, the Mexican leader reiterated his country's recognition of China's full sovereignty over Tibet.



UNITED STATES

U.S. Bresident Barack Obama has proposed to pay for his job creation plan by eliminating $467 billion in tax breaks for wealthier Americans and corporations. The president says his plan is based on ideas from both his Democratic Party and the Republican Party. Mr. Obama proposes to raise $400 billion by eliminating deductions and exemptions on individuals who earn more than $200,000 a year and families who earn more than $250,000. The proposals were badly received by the Republicans, as the number-two Republican in the House of Representatives, Eric Cantor, saying he hoped the president didn't intend to pay for his jobs plan with a massive tax increase.



FRANCE

One person has been killed and four injured, one seriously, in a blast at a nuclear site in southeastern France. Officials say there was no risk of a radioactive leak after the blast, either inside or outside the plant. The accident was caused by a fire near a furnace in a radioactive waste storage site. The Centraco plant belongs to a subsidiary of EDF. It produces fuel which recycles plutonium from nuclear weapons. There are no nuclear reactors on site.





Financial

PATENT FIRM WEIGHS BETTER OPTIONS

Ottawa-based patent firm Mosaid Technologies Inc. says it's considering several alternatives to a hostile takeover bid by another patent firm based in the Canadian capital. Wi-LAN Inc. has offered $480 million to acquire its competitor. Mosaid Chairman Carl Schlachte says the company has both approached third parties and been approached and that discussions are ongoing. Mr.Schlachte says he expects Mosaid to open its books to some of them later this week.



MARKETS

TSX on Monday: 12,149 - 239. Dollar: US$1.00. Euro: $1.35. Oil: $88.16 + .92.





Sports

SPORTS

British Columbia on Tuesday: rain north, cloud south, high C20 Vancouver. Yukon: cloud. Northwest Territories: sun. Nunavut: rain. Whitehorse 16, Yellowknife 11, Iqaluit 4. Alberta: mix sun cloud. Saskatchewan: sun. Manitoba: rain. Edmonton 13, Regina 12, Winnipeg 14. Ontario, Quebec: rain. Toronto 25, Ottawa 22, Montreal 26. New Brunswick, Nova Scotia: mix sun cloud. Prince Edward Island, Newfoundland and Labrador: rain. Fredericton 24, Halifax 22, Charlottetown 23, St. John's 18.





Weather

WEATGER

British Columbia on Tuesday: rain north, cloud south, high C20 Vancouver. Yukon: cloud. Northwest Territories: sun. Nunavut: rain. Whitehorse 16, Yellowknife 11, Iqaluit 4. Alberta: mix sun cloud. Saskatchewan: sun. Manitoba: rain. Edmonton 13, Regina 12, Winnipeg 14. Ontario, Quebec: rain. Toronto 25, Ottawa 22, Montreal 26. New Brunswick, Nova Scotia: mix sun cloud. Prince Edward Island, Newfoundland and Labrador: rain. Fredericton 24, Halifax 22, Charlottetown 23, St. John's 18.





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