Friday, September 23, 2011

RCI Cyberjournal

Edition 22 September 2011
Canadian International Financial Sports Weather
Canadian

PM ISSUES DIRE RECESSION WARNING

Canadian Prime Minister Stephen Harper has warned that a second recession is looming unless world leaders act boldly to avert it. Mr. Harper on Thursday told the House of Commons that the gravest test before G20 nations is to avoid the "devastating consequences" of a return to global recession. The prime minister spoke in remarks to welcome British Prime Minister David Cameron, who addressed a joint session of Parliament during his first visit to Canada as prime minister. Mr. Harper says they discussed several subjects, including Libya, but that the accent was on the world economy, and the European debt crisis in particular. The Canadian leader praised Mr. Cameron's own handling of Britain financial troubles. Mr. Cameron has carried out deep cuts in his country's civil service.



CANADA WARNS OF NEW WORLD FINANCIAL MELTDOWN

Canada's Finance Minister, Jim Flaherty, is warning of a second financial meltdown on the scale of 2008 if action is not taken to deal with the European debt crisis. The minister issued the alarm in the Canadian capital Ottawa before flying to Washington to meet with his colleagues from the Group of 20 nations in the latest effort to deal with the debt issue. Mr. Flaherty says he's frustrated that policy-makers in Greece and other countries have not followed through with austerity programs to reduce spending. He says Canada remains relatively well off but is already feeling the impact of global uncertainty.



MILITARY CLAIMS PROGRESS FOR AFGHAN ARMY

The Canadian military claims the Afghan army is making progress toward becoming self-sufficient. Brig.-Gen. Craig King on Thursday told a House of Commons committee that the progress is due in part to Canada's training mission. That mission began last summer after Canada ended military operations in Afghanistan. Canada has 950 soldiers and support staff attached to NATO's training mission there. Gen. King is a member of the military's strategic joint staff. Committee members asked him questions about how sustainable the military and political situation in Afghanistan is. On Tuesday, a report from the U.S. Congress said that only 10 per cent of the Afghan government's budget comes from its own revenues sources and that the U.S. and its allies should think about how Afghan troops and police will be funded after 2014.



ENVIRONMENTALISTS CITE LAW AGAINST OILSANDS

American and Canadian environmentalists have taken an unusual legal step to pressure Canada better to manage the oilsands industry. A coalition of conservationist groups has invoked a law that enables the U.S. president to decree economic sanctions against any country that weakens international efforts to conserve endangered species. The law has most often been invoked against whaling nations like Iceland. The use of the "Pelly amendment" is addressed to the U.S. interior secretary. It cites the danger posed by the oilsands to such species as the woodland caribou, the whooping crane and dozens of other kinds of migrating birds. Whooping cranes migrate twice a year through the oilsands region. The interior secretary will make a recommendation to President Barack Obama, who will have the power to impose a range of actions including economic sanctions.



DRUG CASES MONOPOLIZE PROSECUTORS' ATTENTION

Canadian prosecutors says they are spending most of their time on cases involving drugs. The annual report by the Canada's public prosecution service says they handled 58,000 drug prosecutions last year, 72 per cent of all cases. That compares with fewer than 10,000 cases in other areas of federal law including health, safety and economic and environmental security. The report was made public after the federal government introduced a new omnibus crime bill this week that will add new drug offences to the Criminal Code.



WAR HERO FINALLY RECOGNIZED

Canada's most decorated but little known war hero finally received public recognition on Thursday. A monument to William Barker was unveiled where's he's buried in a cemetery in Toronto at a ceremony attend by members of his family and Ontario Lt.-Gov. David Onley. The First World War pilot shot down 50 enemy planes and was shot three times in a dogfight with 15 German planes. Mr. Barker won Britain highest military honour, the Victoria Cross.



TORNADO CAUSES MILLIONS IN INSURANCE CLAIMS

Preliminary insurance claims put the damage caused by a tornado in the town of Goderich, ON, at $75 million. The Property Claims Services Canada reports that thousands of claims have been filed for homes, businesses and vehicles destroyed by the tornado and hail storm that struck the town last month. Mayor Deb Shewfelt thinks the estimate is low because many of the claims have yet to be processed.



MASS KILLER DYING

A notorious Canadian child killer is said to be close to death in a hospital in the province of Quebec. Clifford Olson was convicted in 1982 of killing 11 children in the Pacific Coast Province of British Columbia. Olson is in a hospital in Laval, QC, suffering from cancer.





International

UNITED STATES

The U.S. led a walkout at the UN General Assembly during a speech by Iranian President Mahmoud Ahmadjinedad. A U.S. diplomat walked out halfway through the address followed by 27 EU nations in a presumably concerted move. The walkout followed the Iranian leader's latest calling into doubt of the origins of the Holocaust and the Sept. 11 attacks. He also criticized the U.S. for killing Osama bin Laden instead of bringing him to trial.



UN

The U.S. led a walkout at the UN General Assembly during a speech by Iranian President Mahmoud Ahmadjinedad. A U.S. diplomat walked out halfway through the address followed by 27 EU nations in a presumably concerted move. The walkout followed the Iranian leader's latest calling into doubt of the origins of the Holocaust and the Sept. 11 attacks. He also criticized the U.S. for killing Osama bin Laden instead of bringing him to trial.



LIBYA

Libya's National Transitional Council says oil production will resume in the next few days. The Council says two oilfields in eastern Libya will again start producing but that production will only resume later in the west. It also says that production levels before the revolt against the Moammar Gadhafi régime will only return in nine months at the earliest and a year at the latest. On another subject, the Council says several top Gadhafi supporters have fled the captured southern city of Sabha to Niger. The city fell on Wednesday. Niger says 32 prominent Gadhafi family members and loyalists, including three generals, have been accepted on humanitarian grounds. The country has recognized the Council as Libya's legitimate government.



CHILE

The leaders of a another student protest in Chile claim that some 150,000 students and teachers took to the streets of Santiago on Thursday. Small groups of hooded students threw stones at police and set fire to tires. The police responded with water cannons and tear gas. There were no reports of injuries or arrests. The protests over government spending for education have been going on for four months and are the biggest since the end of the military dictatorship in 1990.



GERMANY

Pope Benedict began a four-day visit to his homeland Germany on Monday. The day was not without controversy. The pontiff met Chancellor Angela Merkel, leading politicians and Jewish leaders and was warmly applauded in a speech to the Reichtag in Berlin. However 100 of its 632 members boycotted the address, in a move to stress the separation of Church and state. There was also a protest by 8,000 people in downtown Berlin opposed to the Pope's teachings on sexuality and the scandals of priests who molested young people.





Financial

AIR CANADA NEEDS MORE COST CUTS

Air Canada CEO Calin Rovinescu says the airline still must cut costs after averting strikes with its flight attendant and customer service unions. Air Canada and the flight attendants announced a tentative contract agreement on Tuesday. Details weren't disclosed. The Canadian Union of Public Employees has said it achieved 80 per cent of its goals in the negotiations. Both unions settled after the federal government threatened back-to-work legislation. It's unclear whether the flight attendants have accepted lower salaries or a hybrid pension system.



MARKETS

TSX on Thursday: 11,563 - 392. Dollar: US.97. Euro: $1.38. Oil: $80.20 - $5.72.





Sports

SPORTS

BASEBALL

It appears the Toronto Blues Jays are going retro. Internet sites have leaked what they claim to be the new Blue Jays' logo, a sleeker version of the bird the team sported in its early years. The logo leak comes less than a week after the new third jerseys for the Toronto Maple Leafs and Ottawa Senators were revealed prematurely. The Jays have declined to comment on the reports.





Weather

WEATHER

British Columbia on Friday: rain, high C18 Vancouver. Yukon, Northwest Territories, Nunavut: rain. Whitehorse 8, Yellowknife 11, Iqaluit 4. Prairies: sun. Edmonton, Regina 26, Winnipeg 21. Ontario: rain south, mix sun cloud north. Quebec: mix sun cloud. Toronto 18, Ottawa 22, Montreal 23. Atlantic Canada: rain. Fredericton 22, Halifax 19, Charlottetown 20, St. John's 16.





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