Wednesday, September 21, 2011

RCI Cyberjournal

Edition 20 September 2011
Canadian International Financial Sports Weather


Canadian Prime Minister Stephen Harper says his government will ask Parliament's permission to extend Canada's military mission in Libya by three months. Mr. Harper says that the fact of fallen dictator Moammar Gadhafi being still on the loose means the mission isn't finished. However, the prime minister says he doesn't think it will take three more months until Gadhafi is discovered. Canada is taking part in the NATO mission mandated by the UN to protect Libyan citizens. The prime minister is at the UN to attend a high-level meeting on Libya attended by dozens of nations as well as by members of Libya's National Transitional Council.


The governor general of the Bank of Canada says he's worried by the state of the world economy and that its problems lie chiefly in the U.S. and Europe. Mark Carney says the problems are damaging investor confidence. He says Europe's fiscal and national debt problems can be resolved but that governments there have to act quickly to do so. Mr. Carney urges European leaders to capitalize their banks and to increase their emergency fund for indebted European government. Regarding the Americans, he says the recent political squabble over the U.S. government debt ceiling also has discouraged investors. Mr. Carney thinks the U.S. won't fall back into recession but that the country's squabbling politicians are making things worse. The governor general says that although the solutions to the problems lie beyond Canada's borders, that country would be impacted if there's another global shock.


The International Monetary Fund has issued a pessimistic economic forecast for advanced economies like Canada's. The IMF predicts that the Canadian economy will grow but only by 2.1 per cent this year. That's down from previous IMF forecasts. The Fund predicts growth of 1.9 per cent for next year. It also forecasts a higher unemployment rate of 7.5 per cent or more. Globally, the Fund sees growth of four per cent this year, down from more than five per cent last year.


Canada's Conservative Party government has reintroduced a range of criminal justice bills that had lapsed in Parliament after it was dissolved for a new election earlier in the year. The bills were presented as an omnibus crime bill. The nine "tough-on-crime" bills include changes to drug laws, sentencing for young people, detention of refugees, parole and house arrest. Justice Minister Rob Nicholson says the changes are intended to allow Canadians to feel safe in their communities. But critics say the measures will be hugely costly and that similar laws introduced in the U.S. have proven ineffective over three decades.


Thousands of support workers at 24 community colleges in the Canadian province of Ontario returned to work Tuesday after walking the picket lines for 18 days. Eight-thousand college cleaners, food-service staff, registration officers and others walked off the job just as the school year started to back contract demands. A tentative agreement was reached between their union and college management on Sunday and the union said members would return to work pending ratification votes.



The former president of Afghanistan, Burhanuddin Rabbani, was killed Tuesday in a suicide bombing in Kabul which also left several other people dead. Rabbani was head of the country's high council for peace which leads Afghan efforts to negotiate with the Taliban. The Taliban said on Tuesday it had won assassinated former Afghan President Rabbani's trust by using a high-level team that feigned interest in talks but instead was intent on killing him. U.S. President Barack Obama says his death will not deter the United States from helping the Afghan people. He said his killing is tragic because he cared deeply about Afghanistan. Mr. Obama made the comment as he began a meeting in New York with current Afghan President Hamid Karzai. Mr. Karzai later cut short his visit to the United Nations to return to Afghanistan. Mr. Rabbani was ousted as president by the Taliban in 1996.


Suicide bombers attacked a municipal government complex in Iraq's Anbar province Tuesday, killing at least two people and wounding 15 others. Anbar has been the scene of sectarian tensions in recent days.


Greece's finance minister, Evangelos Venizelos, held more talks on Tuesday with the European Commission, the IMF and the European Central Bank to convince them that its delayed budget cuts and fiscal reforms will eventually be approved the Greek legislature. The Greek government had been hoping for the release of $11 billion from a $150-billion rescue package in September but a decision on whether to release the money won't be made until next month. Without the money, Greece will run out of money and default on its debts in mid-October. Fitch Ratings said on Tuesday it expects Greece to default but stay into the eurozone, an eventuality which Mr. Venizelos denied.


The African Union has recognized Libya's National Transitional Council as the country's de facto government, saying it will support the NTC's effort to form an inclusive government. It also urged the Council to protect African migrant workers, who have been targeted by rebel fighters as mercenaries for former dictator Moammar Gadhafi. South Africa also has recognized the NTC. The country thus ended its long relationship with Gadhafi dating back to his support for the African National Congress during the time of apartheid.


Mexican authorities have captured a high-level smuggler in charge of transporting drugs from Central America to the United States on behalf of Mexican drug lord Joaquin Guzman. Officials say Jose Carlos Moreno Flores was arrested in Mexico City on Sunday. Guzman is the head of the Sinaloa cartel and is considered the country's most powerful drug trafficker.



Air Canada has reached a contract deal with the union for its flight attendants, averting a strike that would have disrupted operations at Canada's biggest airline. The Canadian Union of Public Employees says it's recommending Air Canada's 6,800 flight attendants accept the deal, details of which won't be made public until after a ratification vote is held over the next week. Air Canada says it will be business as usual for its customers while the vote goes ahead. A strike deadline had been set for just after midnight Wednesday, though federal Labour Minister Lisa Raitt had warned she would introduce back-to-work legislation. An earlier contract deal was rejected by the flight attendants and led to the latest round of talks between the Montreal carrier and the union.


Bombardier Aerospace Inc. says it will reduce production of its CRJ regional airliners starting in January because of reduced demand. The CRJ is a series of models with 60 to 100 seats. The company says it has a backlog of orders for the CRJ of 61 for the second quarter, down from 70 in the previous quarter. Bombardier says the decision will affect 350 of the 1,200 workers involved in CRJ production at its Mirabel plant north of Montreal but that they'll be reassigned to other work.


TSX on Tuesday: 12,210 + 38. Dollar: US$1.00. Euro: $1.35. Oil: $86.89 + $1.19.




There are three Canadians in the top seven of the women's time at the road cycling world championships. Tara Whitten of Edmonton led the charge finishing fourth, while former Olympic speedskating champion Clara Hughes of Winnipeg was fifth. Rhae-Christie Shaw was seventh. Hughes, also an Olympic cycling medallist, swapped her skates back for a bike after the Vancouver Olympics.



British Columbia on Wednesday: rain, high C19 Vancouver. Yukon: rain. Northwest Territories, Nunavut: mix sun cloud. Whitehorse 9, Yellowknife 16, Iqaluit 3. Alberta, Saskatchewan: sun. Manitoba; rain. Edmonton 23, Regina 17, Winnipeg 13. Ontario: rain. Quebec: mix sun cloud. Toronto, Montreal 23, Ottawa 24. Maritimes: sun. Newfoundland and Labrador: rain. Fredericton, Halifax 22, Charlottetown 20, St. John's 17.

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