Tuesday, November 29, 2011

RCI Cyberjournal

Edition 28 November 2011
Canadian International Financial Sports Weather

Canada reported getting support against oilsands move in Europe

Canada is reported to be receiving help from the British government in the campaign to promote oil from the oilsands region in the western Canadian province of Alberta. The British newspaper The Guardian says Canada has won British support to fight a European proposal that the Canadian government is against. The proposal would officially label fuel from the oilsands as more polluting than conventional oil. The newspaper says the British government has come under pressure from energy giants Shell and BP, both of which have major oilsands projects in Alberta.

Pakistan bombing hampers Afghanistan evacuation

The Canadian military has acknowledged that the closure of the border between Afghanistan and Pakistan it making it harder to evacuate soldiers and equipment from Afghanistan. The evacuation is supposed to be complete by the end of the year. But Brig.-Gen. Charles Lamarre has told the Canadian Press that Pakistan's closure of its border to NATO convoys is complicating the process.

The government in Islamabad took the step in retaliation for the U.S. bombing near the brder during the weekend in which at least 24 Pakistani soldiers died. However, Gen. Lamarre says the seriousness of disruption shouldn't be exaggerated, predicting that economic factors will eventually pressure Pakistan to reopen the border.

Canadian minister cagey on climate accord

Canada's Environment Minister has declined to state whether his country is in or out of the Kyoto accord on climate change, despite the fact that Canada is a signatory to it. Peter Kent says Canada needs to move forward to implement the more recent climate agreements reached at Copenhagen, Denmark, and Cancun, Mexico. The minister referred to Kyoto as "the past."

A former Liberal Party government signed the Kyoto Protocol on Climate Change. But the current Conservative Party government has said its emissions-cutting targets are impossible of achievement. Mr. Kent's remarks coincided with the first day of the UN climate conference in Durban, South Africa. Delegates are charged with finding a new agreement. The Kyoto accord expires next year. Canada, Russia and Japan have already said they won't sign on to a new version of Kyoto

Canada wants further punishment of Syria

Canada's foreign minister, John Baird, has called on the United Nations to consider isolating Syria further. He says the Arab League, by imposing further sanctions against Syria, had sent an important signal that the country's behaviour will not be tolerated. Mr. Baird also urged Canadians in Syria to leave. Canada has imposed stiff sanctions on Syria that include travel restrictions and an asset freeze.

Red Cross moves to alleviate native housing crisis

The Canadian Red Cross is mobilizing to help the remote northern Ontario First Nations community of Attawapiskat with its housing crisis. The Red Cross says it's working closely with public authorities and the community to identify and address urgent, short-term needs. At the request of the community, the Red Cross says it is taking on a donation management role to support the community's needs.

The needs currently identified include generators, heaters, insulated sleeping mats, blankets and winter clothing. Last week, an Ontario nurses' group called on Ontario Premier Dalton McGuinty and Prime Minister Stephen Harper to intervene in the housing crisis on the James Bay reserve. The Registered Nurses' Association of Ontario called some of the living conditions in Attawapiskat deplorable and dangerous.

NDP candidate not pressing panic button

New Democratic Party leadership hopeful Robert Chisholm says there's no need for fellow New Democrats to panic that their record-high popularity seems to be eroding. He advises NDP members to take a deep breath and relax because there's plenty of time before the next election in 2015 to recoup lost ground.

As a former NDP leader in Nova Scotia, Chisholm says he's the only federal leadership contender who has experience trying to turn an unprecedented electoral breakthrough into lasting success. Under Mr. Chisholm's leadership, the Nova Scotia NDP went to a record 19 seats in 1998 from two. But the party dropped back to 11 seats 15 months later, hurt by a mid-campaign revelation that Chisholm hadn't been honest about a teenage drunk-driving conviction.


Somali fundamentalists ban aid groups

The Somali militant group al-Shabab on Monday banned 16 aid groups, including a half dozen U.N. agencies, from central and southern Somalia, a decision likely to harm Somalis already suffering from drought and famine.

The banning of the aid groups falls in line with the group's skeptical view of the outside world, but will worsen the suffering of the hundreds of thousands of Somalis who have come to depend on aid in the Horn of Africa country's worst famine since 1991-92. The al-Qaida-linked militant group's decision seemed to be rooted in the belief that aid groups are serving as spies for outside countries or as vehicles to undermine support for al-Shabab's harsh and strict interpretation of Islam.

Egyptian voters turn out en masse

Egyptians flocked to the polls on Monday for a first post-revolution election, making a mostly orderly start to their transition to democracy after a week of violence and political crisis. Ten months since the end of 30 years of autocratic rule by Hosni Mubarak, ousted by popular protests in one of the seminal events of the Arab Spring, up to 40 million voters are being asked to choose a new parliament. Voting for the lower house of parliament is taking place in three stages beginning in the main cities of Cairo, Alexandria and other areas, with the moderate Islamist group the Muslim Brotherhood expected to triumph. The highly complex procedure to elect a full assembly will end in March.

Syrians take to streets over Arab sanctions

Tens of thousands of Syrians protested on Monday in state-backed rallies against unprecedented economic sanctions imposed by the Arab League over President Bashar al-Assad's military crackdown on popular unrest. State television showed rallies "supporting national unity and rejecting foreign interference" in the capital Damascus and the second city of Aleppo. There were demonstrations also in the eastern cities of Deir al-Zor and Hasaka. The Arab League approved the sanctions against Syria on Sunday, the toughest imposed against a member state, isolating Assad's government over repression now in its ninth month.

Washington again presses on euro crisis

The United States said Monday that Europe needed to act "now" with force and decisiveness to attack the eurozone debt crisis, as President Barack Obama hosted a summit with top European officials. The U.S.-European summit at the White House came amid stark new warnings on the depths of the eurozone turmoil and renewed fears that the exposure to Europe of U.S. banks could rebound and harm the slow U.S. economic recovery.

Mr. Obama hosted European Council President Herman Van Rompuy, European Commission President Jose Manuel Barroso, High Representative Catherine Ashton and other officials for talks at the White House. The U.S. president has repeatedly stressed his anxiety over the eurozone crisis and halting efforts to fix it, and could pay a heavy price if economic panic vaults the Atlantic and slows the US recovery as he seeks re-election. A study by Fitch ratings agency published last week warned that exposure of the U.S. financial sector to European countries and banks was major.

Pakistan, NATO again at odds

Pakistan's military claimed Monday that the NATO airstrikes that killed 24 Pakistani soldiers lasted almost two hours and continued even after commanders at the bases pleaded with coalition forces to stop. NATO has described the incident as "tragic and unintended" and a mission on the Afghan side of the border and took incoming fire from the direction of the Pakistani posts. They responded with airstrikes.

Ties between Pakistan and the United States have sunk to new lows since the deadly attack, delivering a major setback to American hopes of enlisting Islamabad's help in negotiating an end to the 10-year-old Afghan war. An army spokesman the Pakistani troops at two border posts were the victims of unprovoked aggression. The Pakistan army has previously said its soldiers retaliated "with all weapons available" to the attack.

Britain regrets Iranian legislative move

Britain says it regrets an Iranian parliamentary bill demanding the expulsion of the British ambassador to Tehran. The office of Britain's Prime Minister David Cameron is said to be considering retaliatory steps it might take against Iran.

On Sunday, Iranian lawmakers voted to expel the British ambassador within two weeks and Iran's Guardians Council approved the move Monday making it law. Iran was responding to Britain's announcement last week that it was ceasing all contact between its financial system and that of Iran because of that country's nuclear activities.

Colombian drug kingpin caught

The presidents of Venezuela and Colombia announced Monday the capture of one of the region's most-wanted drug traffickers and hailed it as evidence of unity against crime between the ideologically opposed governments. Maximiliano Bonilla Orozco, a 39-year-old Colombian better known by his alias Valenciano, was captured in the Venezuelan city of Valencia late Sunday, the two leaders said at a meeting in Caracas.

Valenciano, with a $5 million bounty on his head, is accused of shipping tons of cocaine into the United States with the help of gangs like Mexico's Zetas. Though the conservative Mr. Santos is a key U.S. ally in the region and Venezuelan socialist leader Hugo Chavez is Washington's fiercest critic, the pair have overturned years of mistrust and forged a pragmatic, relationship since last year.


Cameco drops hostile takeover bid

Cameco Corp., the world's biggest uranium producer, has conceded defeat in a takeover struggle over a junior uranium miner in Saskatchewan. Cameco says it has abandoned its $625-million hostile offer for Hather Exploration Ltd. Hathor has accepted a $654-million bid from global mining giant Rio Tinto PLC. Hathor owns a doveted uranium deposit in northern Saskatchewan. The Athabasca Basin is one of the world's most productive uranium-mining areas.

Honda's parts shortage eases

Honda says it will increase production at its North American plants, including its major assembly operations in central Ontario, due to an improvement in the overall parts supply shortage caused by flooding in Thailand. The automaker says all of its North American plants, including Honda in Alliston will resume normal production by Dec. 1, this Thursday.

Most of the parts and materials used to produce Honda and Acura automobiles sold in Canada are purchased from North American suppliers. However, Honda says a few critical electronic parts are sourced from Thailand and other regions of the world. Honda cut output at its six North American factories by 50 per cent earlier this month due to the parts shortage.

Bombardier achieves breakthrough in India

Bombardier Transportation says it has sold propulsion systems to an Indian railway in a death worth US$214. The systems will be used to power regional trains operated by Mumbai Railway Vikas Corp. The equipment will be manufactured by Bombardier's Indian plant at Maneja and its facilities in Germany. This is the first time Bombardier has sold the propulsion equipment for commuter trains in India.


TSX on Monday: 11,640 + 178. Dollar: US.96. Euro: $1.37. Oil: $97.92 + $1.15.




Game Most Valuable Player Travis Lulay threw two second-half touchdown passes to lead B.C. to an exciting 34-23 Grey Cup win over the Winnipeg Blue Bombers on Sunday. The victory, before an ear-splitting B.C. Place sellout of 54,313, capped a stunning turnaround for the Lions, who opened the season 0-5.



British Columbia on Tuesday: rain south, snow north, high C6 Vancouver. Yukon, Northwest Territories: mix sun cloud. Nunavut: snow. Whitehorse -6, Yellowknife -26, Iqaluit -3. Alberta: snow north, cloud south. Saskatchewan, Manitoba: mix sun cloud. Edmonton 5, Regina 3, Winnipeg 0. Ontario: rain south, sun north. Quebec: rain. Toronto 9, Ottawa 5, Montreal 7. Maritimes: mix sun cloud. Newfoundland and Labrador: rain. Fredericton 8, Halifax 9, Charlottetown 6, St. John's 3.

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