Tuesday, October 18, 2011

RCI Cyberjournal

Edition 17 October 2011
Canadian International Financial Sports Weather
Canadian

FLAHERTY TRIES TO SPUR EUROPEAN ACTION


Canada's Finance Minister Jim Flaherty says European indecision has taken the world to the brink of another recession. And he says the world cannot wait any longer for politicians to act. Mr. Flaherty warns that European leaders must show courage to get a grip on their debt crisis. Mr. Flaherty's criticism came following inconclusive meetings of the Group of 20 nations in Paris this past weekend. European leaders have dampened expectations that an upcoming weekend EU meeting will solve the European debt crisis. They claim it is only an important step on a long road that will continue far into next year.



COMMONS RESUMES


Members of Canada's House of Commons has resumed sitting after a week-long Thanksgiving holiday. One major issue likely to dominate the proceedings is the still unresolved labour dispute between Air Canada and its 6,800 flight attendants. Labour Minister Lisa Raitt stopped their strike plans last week by sending the dispute to the Canadian Industrial Relations Board, which prevents any work stoppage. There could also be words of honour today for former Manitoba Liberal Member of Parliament and a former cabinet minister, Reg Alcock, who died last week at age 63.



TWO NAMED TO HIGH COURT VACANCIES


Canada's Prime Minister Stephen Harper has named two judges from the province of Ontario to the Supreme Court of Canada. Mr. Harper has chosen Ontario Court of Appeal Justices Andromache Karakatsanis and Michael J. Moldaver as appointees to the high court. The vacancies were created when Justices Louise Charron and Ian Binnie announced last May that they would retire on Aug. 30.



OTTAWA STICKS TO BUDGET CUTTING PROGRAM


The Canadian government says it will proceed with its plan of deep budget cuts despite criticism from the opposition. Treasury Board President Tony Clement says fiscal prudence is what markets and investors are looking for. The government's current deficit is due in great part to stimulus spending aimed at alleviating the effects of the 2008 depression. The government plans to cut $4 billion a year in spending in each year until it again balances the budget in 2014-15. That would be an overall cut of five per cent. The opposition in the House of Commons has claimed the recent recession is the very reason why the government shouldn't cut spending because of the continuing fragility of the world economy. But Mr. Clement says the current global problems are different from those of 2008, the main problem now being the uncertainty over national debts.



NATIONAL PARK LOCATED IN NS


Canada has a new national park. Federal Environment Minister Peter Kent says the federal and Nova Scotia governments have signed an agreement to make Sable Island a national park. The island located 290 kilometres off the eastern province's coast is famous for its wild horses and ship wrecks. Sable Island will be protected from gas and oil drillings up to one nautical mile.



HIV SCARE APPEARS IN OTTAWA


Thousands of residents in Canada's capital Ottawa will receive registered letters from the city's chief medical officer of health this week warning them of a slim chance of exposure to HIV or hepatitis. As many as 6,800 people who dealt with a single physician at a non-hospital clinic over a 10-year period may have been put at risk of infection. Health officials have said only that there was a lapse in medical procedure controls.





International

LIBYA


Libya's National Transitional Council says its fighters are in control of 90 per cent of the city of Bani Walid, 150 kilometres south of Tripoli. The city is one of the last two strongholds manned by forces loyal to ousted dictator Moammar Gadhafi. Bani Walid is the ancestral home of the Warfalla tribe, Libya's biggest. Fighting continues, meanwhile, at the other pro-Gadhafi stronghold of Sirte on the coast. There were no signs on Monday that the interim government's fighters are making progress there. A doctor with the Médicins Sans Frontières group says 10,000 residents are still trapped in the city of 75,000.



GREECE


The Greek legislature will vote on Thursday on a new package of job cuts and tax increases. Parliament's finance committee approved the measures proposed by the Socialist government of President George Papandreou on Monday. He says approval will prove to international creditors that Greece is making major changes. The country has been kept solvent only with international bailout payments since May 2010. Labour unions have mounted a series of strikes, protests and sit-ins to oppose the latest measures. Garbage hasn't been collected in Athens for 16 days.



SYRIA


Policitical activists in Syria report that the government has intensified its persecution of doctors who treat wounded demonstrators. The Local Co-ordination Committees says the authorities are cracking down on doctors, hospitals and private clinics that don't give notification after treating such people. The group says such notification invariably leads to the patients' arrest. Another group, the Violations Documenting Centre, says 25 doctors and pharmacists have been arrested in the past several weeks.



SOUTH AFRICA


Two South African opposition parties have lodged a court challenge over the government's handling of a failed visa bid by the Dalai Lama to attend Desmond Tutu's 80th birthday celebrations. The Inkatha Freedom Party and the Congress of the People have filed papers in the Cape High Court to challenge the legality and constitutionality of government's conduct, which led to the effective denial of an entry visa. They demand redress, saying injustice of this type cannot be allowed to stand and must be reversed through the courts. The Dalai Lama called off his trip days ahead of Bishop Tutu's birthday earlier this month, saying he had received no news about his visa. Two years ago, South Africa also denied him a visa over fears of jeopardizing ties with China. The exiled Tibetan spiritual leader was meant to deliver an inaugural peace lecture in Cape Town to wrap up a three-day birthday celebration for BishopTutu, who is a fellow Nobel Peace Price laureate and close friend.



SOMALIA


Russia's Prime Minister Vladimir Putin denies his victory is guaranteed in Russia's presidential vote in March. He made the comment during an interview with Russia's three main television channels Monday. The statement comes after he recently announced his plan to return to the Kremlin in an exchange of posts with Dmitry Medvedev, who will give up his presidency to be prime minister. Mr. Putin says there's always a choice for the average citizens. He also stressed that it was important for the ruling United Russia party which he leads to remain the dominant force after December's parliamentary elections, a status it has held for most of the past decade.



RUSSIA


Russia's Prime Minister Vladimir Putin denies his victory is guaranteed in Russia's presidential vote in March. He made the comment during an interview with Russia's three main television channels Monday. The statement comes after he recently announced his plan to return to the Kremlin in an exchange of posts with Dmitry Medvedev, who will give up his presidency to be prime minister. Mr. Putin says there's always a choice for the average citizens. He also stressed that it was important for the ruling United Russia party which he leads to remain the dominant force after December's parliamentary elections, a status it has held for most of the past decade.





Financial

BLACKBERRY MAKER TO COMPENSATE CUSTOMERS


The Canadian maker of the BlackBerry smartphone says it will try to make amends to its customers who were inconvenienced last week by a four-day service outage. Research in Motion says it will offer them a selection of premium software applications for free. The apps will be made available in coming weeks at BlackBerry App World and will be available until Dec. 31. RIM co-CEO Mike Lazaridis said in the announcement Monday that the company is grateful to its loyal customers for their patience and is working to prevent a recurrence. BMO Capital Markets told the Canadian Press that the offer could cost RIM $26 million in quarterly earnings. RIM stock dropped $1.31 in afternoon trading to $22.95.



EXPERT ADVOCATES SINGLE STOCK WATCHDOG


A securities regulation expert says Canada needs a single securities regulator. Thomas Hockin says the country needs a single regulator to deal with future crises in the world left by the financial meltdown of 2008. He says a national body would have access to all the information necessary to act quickly in the event of another financial shock. Mr. Hockin argues as well that Canada needs a regulator that can quickly shut down the market or ban trading of a risky product. Furthermore, he says that a system of provincial regulators doesn't fit in the the reality of globalized markets. He made the comments during a panel discussion on the subject on Bay Street on Monday. The Supreme Court of Canada will rule later this year on the constitutionality of the federal government's plan to set up a single regulator.



MARKETS


TSX on Monday: 11,923 - 159. Dollar: US.97. Euro: $1.40. Oil: $86.34 - .46.





Sports

SPORTS


TRACK AND FIELD

Canadian rowers captured three medals at

the Pan American Games on Monday.

The men's fours earned a silver medal after posting a time of six

minutes 5.65 seconds in their event. The team consisted of Spencer

Crowley of Lantzville, B.C., Toronto's Blake Parsons, David Wakulich

of St. Catharines, Ont., and Kai Langerfeld of Parksville, B.C.

Argentina won gold in 6:04.41 while Cuba (6:06.51) took bronze in

the six-team final.

The women's pairs team of Sarah Bonikowsky of Orangeville, ON.,

and Sandra Kisil of Ancaster, ON., claimed a bronze medal in its

event with a time of 7:32.74. Argentina (7:24.57) captured the gold

medal ahead of the U.S. (7:29.05).

In women's double sculls, Toronto's Elizabeth McCord and Audra

Vair of Creemore, Ont., won bronze in 7:16.29 behind first-place

Cuba (7:13.76) and the U.S. (7:14.34).





Weather

WEATHER


British Columbia on Tuesday: mix sun cloud, high C15 Vancouver. Yukon: mix sun cloud rain flurries. Northwest Territories, Nunavut: rain. Whitehorse 6, Yellowknife 5, Iqaluit 3. Alberta: mix sun cloud north, sun south. Saskatchewan: sun. Manitoba: rain. Edmonton 16, Regina 11, Winnipeg 6. Ontario: rain south, mix sun cloud north. Quebec: rain. Toronto 16, Ottawa, Montreal 14. New Brunswick, Nova Scotia: mix sun cloud. Prince Edward Island, Newfoundland and Labrador: rain. Fredericton 17, Halifax 16, Charlottetown 15, St. John's 14.





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