Canada
column for Sunday, Nov. 9/14
THE CANADIAN REPORT
(c) By
Jim Fox
Canada’s central bank governor suggests that young people still living
with their parents should get out and work for free to boost their job skills.
Stephen Poloz of the Bank of Canada said young grads struggling to find work
should acquire experience through unpaid internships or volunteering until the
job market improves.
A
government report shows 200,000 young Canadians are out of work, underemployed
or back in school trying to improve their job prospects.
Poloz told a House of Commons committee that job growth has failed to
keep up with the improving economy.
“Our belief is, though, that over the next two years we will manage to
close up that gap,” he said.
Another concern is that recent graduates who have not been able to find
work will have to compete for employment against new grads arriving after them.
“I
bet almost everyone in this room knows at least one family with adult children
living in the basement,” Poloz said. “I'm pretty sure these kids have not taken
early retirement.”
---
Two Members of Parliament have been suspended by Liberal Leader Justin
Trudeau over accusations of personal misconduct made by two female members of
the New Democratic Party.
Quebec Liberal Massimo Pacetti and Newfoundland Liberal Scott Andrews
have been removed from the caucus while denying the allegations.
House of Commons Speaker Andrew Scheer has been asked to investigate the
complaints that have not been made public.
While acting independently, Trudeau said Parliament “needs clear
guidelines and procedures for dealing with allegations of serious personal
conduct of this nature.”
---
News in brief:
-
Prime Minister Stephen Harper is looking to improve relations during a four-day
visit to China that will focus on building closer economic ties. Joining Harper
on the trip are pork, beef and grain producers, financial services officials
and those from mining and oil and gas firms. He is also expected to discuss
China’s human rights record with Chinese President Xi Jinping.
- SNC-Lavalin,
one of Canada’s largest engineering and construction companies, is cutting its
worldwide workforce by 4,000, mostly by the end of the year. Of that number,
there will be 1,000 layoffs in Canada. President Robert Card said it is part of
a restructuring effort to get out of “underperforming business segments.” The
company has about 45,000 workers in 50 countries.
-
The Canadian Broadcasting Corporation is asking the Ontario court to dismiss a
$55-million defamation lawsuit by former “Q” radio host Jian Ghomeshi. The government-run
broadcaster’s popular radio host was fired after allegations he engaged in repeated
abusive sexual behavior. Toronto police are now investigating complaints from
three women.
---
Facts and figures:
Canada’s
dollar was valued at 88.06 cents U.S. on Friday while the U.S. dollar returned
$1.1355 in Canadian funds, before bank exchange fees.
The
Bank of Canada’s key interest rate is steady at 1 percent while the
prime-lending rate is unchanged at 3 percent.
Stock
markets are mixed, with the Toronto exchange index up at 14,700 points and the
TSX Venture index down at 761 points.
The average price of a liter of gasoline is lower at $1.1578 (Canadian).
Lotto 6-49: (Nov. 5) 23, 29, 31, 38, 40 and 42; bonus 44. (Nov. 1) 3, 5,
26, 37, 39 and 45; bonus 7. Lotto Max: (Oct. 31) 3, 12, 25, 30, 42, 44 and 45;
bonus 26.
---
Regional briefs:
-
Four passengers were taken to an Edmonton hospital for “observation” after an
Air Canada Jazz flight made an emergency landing Thursday night. One of the
plane’s tires blew out on takeoff from Calgary and the flight continued on to Edmonton.
Passengers reported seeing sparks as the plane landed. It was headed for Grande
Prairie with 71 passengers and a crew of four.
-
Atlantic Canada received a foot of snow that cut power to 14,000 customers in
New Brunswick and closed schools throughout Newfoundland and Labrador on Monday.
The “nor’easter” storm dumped snow and ice pellets in the two provinces while
Prince Edward Island had high winds. Environment Canada was warning of snow and
wind through the weekend in Newfoundland and Labrador, New Brunswick and
Quebec.
-30-
Jim Fox can be reached at canadareport@hotmail.com
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