Saturday, November 5, 2011

RCI Cyberjournal

Edition 4 November 2011
Canadian International Financial Sports Weather

Canada won't fund European rescue

Canadian Prime Minister Stephen Harper says there's money available to resolve Europe's national debt woes but that none of it will come from Canada. Mr. Harper says Europe is fully able to deal with the continent's problems and that there's "a lot of wealth" cash there lying unused. The prime minister says that the sooner European leaders confirm that they're moving forward, the sooner the crisis of confidence will end. Mr. Harper spoke at the end of the G20 summit in Cannes, France. The leaders agreed that the International Monetary Fund needs more resources but not how to achieve this.

Canada's central banker assumes global role

The G20 leaders have name the governor of Canada's central bank to serve as the new global watchdog for the world's financial institutions. Bank of Canada Governor Mark Carney will replace Italy's Mario Draghi as head of the Financial Stability Board. Mr. Carney assumes his new role at a time when G20 nations are giving the Board more staff and resources in an effort to exercise more control over the world's banks. Since becoming Bank of Canada governor, Mr. Carney has advocated more stringent regulations for banks. Before assuming that position, he spent 13 years working as an investment banker for Goldman Sachs. His new role doesn't affect his seven-year term as Bank of Canada head.

Israel stops Canadian ship headed to Gaza

The Israeli navy boarded two ships Friday carrying pro-Palestinian activists towards the Gaza Strip in an attempt to challenge Israel's blockade of the Islamist-controlled territory. One of the ships, the Tahrir, is Canadian. The Israeli military says the two vessels will be taken to the Israeli port of Ashdod. Citing the need to prevent weapons smuggling, Israel has blockaded Gaza since the Islamist group Hamas seized control of the territory in 2007.

Canada suffers huge job loss

Canada's unemployment rate increased last month to 7.3 per cent, up .2 of a percentage point from September. Statistics Canada says the economy lost 54,000 jobs last month. Most of the losses came in the manufacturing and construction trades, with the province of Ontario being hit the hardest. It was the biggest one-month job loss since March 2009, in the midst of the worst recession in decades, and came amid persistent fears that Europe's debt crisis, the weak U.S. recovery and slower Asian growth will hit Canada. Friday's jobs report from Statistics Canada was even more disturbing in the details, as all the losses and more were in the full-time category and in the goods producing sector. In all 71,700 full-time jobs vanished during the month -- Ontario alone shed 75,400 -- as part-time employment rose slightly. The latest jobs data was revealed by Keith Hall, the head of StatsCan's Bureau of Labour Statistics.

Canada suspends parent and grandparent newcomers

The federal government is putting a two-year moratorium on immigration applications from parents and grandparents, starting immediately. But to make up for the restriction, it is also creating a new, 10-year, special visa that will allow parents and grandparents of permanent residents to enter Canada multiple times as visitors and stay for up to two years at a time. At the same time, Ottawa is going to allow in far more parents and grandparents next year from the existing, very long, waiting list. Immigration Minister Jason Kenney says the moves are part of a broader plan to cut the backlog of parents and grandparents and reduce the wait time for processing to about four years from more than eight years now.



The euro zone won verbal support but no new money at a G20 summit on Friday for its tortured efforts to overcome a sovereign debt crisis, while Italy was effectively placed under IMF supervision. Leaders of the world's major economies, meeting in Cannes France, told Europe to sort out its own problems and deferred until next year any move to provide more crisis-fighting resources to the International Monetary Fund. Potential sovereign investors such as China and Brazil wanted to see more detail before they made any firm commitment to put money into the bailout fund. Global stocks and the euro fell as doubts resurfaced about Europe's financial rescue package. Australian Prime Minister Julia Gillard summed up the mood of many summit participants when she said: "Europe needs to get its own house in order." The two-day summit began under the shock of Greece's since withdrawn plan to hold a referendum that could have catapulted it out of the 17-nation currency zone, and ended with Italy being pressed to restore its credibility on financial markets.


Greek parliamentarians prepared to give their verdict on Prime Minister George Papandreou on Friday in a confidence vote, with many demanding a national unity government to decide the fate of the nation's European bailout and the global economy. After heavy pressure from European leaders, the government said it had dropped Mr. Papandreou's plan to hold a referendum on the bailout package, which had threatened an immediate crisis in the euro zone and cast doubt on Greece's membership. The future of the 130-billion euro deal remained hostage to wrangling among Greek politicians, much to the disgust of voters living through dire economic times which have already triggered violent protests on the streets of Athens. The prime minister says he announced the referendum on Monday to win political consensus for the deal. His opponents have since said they will back the bailout conditionally but accuse him of clinging to power. Opposition politicians want Mr. Papandreou's resignation and early elections as a price for their support for the bailout deal.


UN Secretary General Ban Ki-moon warned Friday that Israel and the Palestinians are on a new "collision course" as the two sides fight over the Palestinian bid for UN membership. Britain and France officially announced at a UN Security Council meeting on Thursday that they would not back the Palestinian bid. Several western nations and the UN secretary general have expressed fears over the impact of UNESCO's acceptance of the Palestinians and Israel's reprisal measures. "Now is the time for all sides to exercise restraint so as to step back from the collision course," a UN spokesman quoted Mr. Ban as saying in a meeting with United Arab Emirates foreign minister, Sheikh Abdullah bin Zayed al-Nahayan, at the G20 summit in Cannes, France. The UN Educational, Scientific and Cultural Organization, UNESCO, this week voted to allow Palestinian membership and the Palestinian Authority could seek membership of other UN agencies and international bodies. The United States, Canada and Israel have cut off funding to UNESCO.


Six members of a multi-national crew stepped out into the outside world Friday after spending the last 520 days locked in an isolation module in Moscow to simulate the effects of a return trip to Mars. The crew showed no ill effects after emerging from the capsule where they had lived and slept for the last one-and-half years but were clearly delighted they had completed their earth-bound "journey" to the Red Planet. After the pressure in the capsule was equalized with the outside, a researcher broke the seal and then opened the door of the module. All six crew members, dressed in blue overalls, walked out one-by-one in good health. Looking slightly dazzled by their first encounter with other human beings for 18 months, the crew of one Chinese, one Italian, one Frenchman and three Russians lined up in a row to receive the congratulations from scientists.


The International Organization for Migration says it has begun flying foreign workers who had been trapped by the Libyan conflict and are suffering harassment out of Tripoli. The IOM says 332 migrants from Niger had been repatriated in two flights from the Libyan capital on Tuesday and Wednesday. The UN body says they are the first of an estimated 2,000 nationals from Libya's southern neighbour to be airlifted out since the defeat of Moammar Gadhafi's régime by forces loyal to the National Transitional Council. The IOM is planning further air evacuations for stranded nationals of Gambia, Senegal, Mali, Ghana, Chad and Nigeria who are seeking voluntary repatriation assistance.


Iran marked the anniversary of the 1979 seizure of the U.S. embassy on Friday with burning flags and chants of "Death to America", escalating its anti-U.S. rhetoric ahead of the release of a pivotal UN report on its nuclear program. Thousands of students burned the Stars and Stripes, an effigy of Uncle Sam and pictures of President Barack Obama outside the leafy downtown Tehran compound that once housed the U.S. mission. The embassy was stormed by hardline students on Nov. 4, 1979, shortly after Iran's Islamic revolution toppled the U.S.-backed Shah, and 52 Americans were held hostage there for 444 days. The two countries have been enemies ever since. Tehran has raised the volume of its anti-American rhetoric since October when the U.S. accused Iran of plotting to assassinate Saudi Arabia's ambassador to Washington. Iran denies it.


Syrian activists say security forces killed 13 people Friday in strikes against thousands of protesters who took to the streets to test whether President Bashar Assad's regime would abide by an Arab League plan to end violence. The bloodshed was a blow to the 22-nation Arab League, which announced Wednesday that Damascus agreed to a broad plan that included an end to violence against demonstrators. Opposition groups called for a large turnout in Friday's protests to challenge whether the regime would make good on the agreement to refrain from using deadly force. Gunfire erupted shortly after the protests began, in the same pattern as previous Fridays for months. Thousands of protesters braved cold and rainy weather to stage anti-Assad demonstrations.


Kenya summoned the ambassador of Eritrea on Friday and threatened to take unspecified action because of reports that Eritrea had armed Somalia's al-Shabaab rebels. Kenyan troops have been fighting al Qaeda-linked al-Shabaab militants in the south of Somalia after crossing the border last month in pursuit of fighters Kenya blames for a spate of kidnappings. The Kenyan military threatened this week to launch air strikes against al-Shabaab arms caches in Somalia, in response to what it said were reports Eritrea had flown two consignments of weapons to the Shabaab stronghold of Baidoa. Eritrea denies arming the fighters and says such allegations are stirred up by regional rivals to blacken its reputation.



TSX on Friday: 12,408 - 60. Dollar: US.98. Euro: $1.40. Oil: $94.41 + .34.

Bombardier receives third order for multilevel rail vehicles

Bombardier Inc. has received a US$154-million order from the Maryland Transit Administration, the third system in North America to choose the MultiLevel rail vehicles. The order, announced from Berlin where Bombardier's rail division has its global headquarters, is for 54 passenger rail cars of a type currently used by the New Jersey Transit Corp. and the Montreal Metropolitan Transportation Agency. The stainless steel car bodies will be fabricated at Bombardier's plant in La Pocatière, QC, with final manufacturing and assembly taking place at its plant in Plattsburgh, NY. The vehicles have upper and lower seating levels as well as an intermediate level at each end of the car.




It's time to take out the calculators as the Canadian Football League continues its final weekend with playoff byes and hosting rights on the line. Edmonton hosts Saskatchewan Friday night with the Eskimos hoping to combine a win with weekend losses for Calgary and B.C.. That would ensure first place in the west for the Eskimos.



British Columbia on Saturday: mix sun cloud north, rain south, high C9 Vancouver. Yukon, Nnorthwest Territories, Nunavut: snow. Whitehorse -6, Yellowknife -2, Iqaluit -3. Alberta: mix sun cloud. Saskatchewan: snow. Manitoba: rain. Edmonton, Regina 1, Winnipeg 10. Ontario, Quebec: sun. New Brunswick: sun. Nova Scotia, Prince Edward Island, Newfoundland and Labrador: rain. Fredericton 2, Halifax 5, Charlottetown, St. John's 4.

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