Canada
column for Sunday, March 8/15
THE CANADIAN REPORT
(c) By
Jim Fox
Predictions of another cut in Canada’s already low key interest rate hasn’t
happened but some economists think it will next month.
The Bank of Canada decided to hold the line on its trendsetting interest
rate at 0.75 percent, citing improved economic conditions.
Bank governor Stephen Poloz surprised the markets last month by dropping
the rate by 0.25 percent from 1 percent where it had been for four years.
As
an oil-producing nation, that cut was “necessary as insurance” as much lower
crude prices could be negative for the economy, he said.
This gave the bank time to assess the impact of oil’s decline, while
financial conditions have “eased materially” since then partly in response to
the rate cut, Poloz added.
There has since been stronger performance in non-energy exports and
investment, with core inflation near its 2 percent target.
---
A
tip to police about potential violence led to the closing for a day of the Mic
Mac Mall in Dartmouth, Nova Scotia.
It
was eerily similar to an alleged Valentine’s Day Massacre plot at the Halifax
Shopping Center last month that led to the arrests of two people and the
suicide of a third suspect.
That plot, which was thwarted by an anonymous Crime Stoppers’ tip, could
have resulted in mass casualties, police said.
The latest threat led to the questioning of three people who were later
released as the investigation continues into the “validity” of the warning.
---
News
in brief:
-
It was merely a “man cave,” not a tunnel for nefarious activities, says the
builder of a mystery underground fort on conservation land near Toronto’s York
University. Construction worker Elton McDonald, 22, said he didn’t mean to
cause so much commotion about the cave that was to be his “dream” hang-out
spot. Police became concerned because the tunnel was near a site for this
July’s Pan Am Games.
-
Canada’s telecommunication regulator has issued a $1.1-million fine to Compu-Finder
for “flagrantly” flouting anti-spam legislation. The Quebec-based corporate
training company has 30 days to appeal the ruling by the Canadian
Radio-television and Telecommunications Commission. The agency said the company
sent commercial emails to consumers without their consent and did not allow
them to unsubscribe.
---
Facts and figures:
Canada’s dollar has dipped to 79.39 cents U.S. while the U.S. dollar
returns $1.2595 in Canadian funds, before bank exchange fees.
The
Bank of Canada’s key interest rate is steady at 0.75 percent while the
prime-lending rate is 2.85 percent.
Stock
markets were lower with the Toronto exchange index at 15,061 points and the TSX
Venture index at 693 points.
The average price of a liter of gasoline in Canada is higher at $1.075
or $4.08 (Canadian) for a U.S. gallon.
Lotto 6/49: (March 4) 2, 10, 14, 19, 28 and 33; bonus 48. (Feb. 28) 5,
14, 39, 42, 46 and 49; bonus 17. Lotto Max: (Feb. 27) 4, 12, 16, 27, 37, 39 and
44; bonus 32.
---
Regional briefs:
-
Premier Jim Prentice has angered Albertans by suggesting they need to “look in
the mirror” to see who is responsible for the oil-rich province’s financial
mess. It’s a “profound insult” by the Conservative government, said New
Democratic Party leader Rachel Notley. The province’s finances are reeling
after the massive drop in crude-oil prices.
-
A huge chemical fire at a Vancouver container terminal led to the evacuation of
Canada’s largest port for several hours. Flames and a massive cloud of white
smoke drifting over the city prompted health warnings and roads to be closed
around the Centerm terminal at Port Metro Vancouver. There were no injuries,
police said.
-
The average price of a “modest two-story” house in Toronto has climbed to $1.04
million. The Toronto Real Estate Board said the price is up 8.8 percent from a
year ago with brisk sales. The average price for all home and condo resales was
$630,858 in February, up from $599,262 a year earlier.
-30-
Jim Fox can be reached at canadareport@hotmail.com
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