Canada
column for Sunday, Dec. 20/15
THE CANADIAN REPORT
(c) By
Jim Fox
Canada’s dollar is worth less, plunging below 72 cents U.S., at an
11-year low.
Factors causing the drop to 71.68 cents include slumping oil and
commodity prices and a higher U.S. dollar due to a slight increase in interest
rates there.
That means it costs almost $1.40 Canadian for a U.S. dollar, plus bank
and credit-card exchange fees.
Economists
expect the weaker dollar to continue, hitting 70 cents before rising slowly
through the end of next year.
This is making it more costly for “snowbirds” and vacationers from
Canada who pay in U.S. dollars.
So
far, however, it hasn’t deterred many from their winter haunts in Florida,
California, South Carolina, Arizona and other sunny spots.
Florida attracts about 4.2-million Canadian vacationers annually and
tourism officials say there’s only a slight drop this year.
The lower dollar is also leading to higher food costs with fresh
vegetables, especially lettuce and tomatoes from the U.S., rising by 10.9
percent.
---
The Canadian government airlift of the first Syrian refugees continues
at an increased rate but might not meet its year-end goal of 10,000 people.
So
far, about 1,100 refugees have arrived as the government hopes to resettle
25,000 by the end of February.
Immigration Minister John McCallum said about 800 applications are being
handled a day along with interviews and medical and security checks to
determine if each refugee is admissible.
About two flights a day are expected, mainly on private charters, while military
planes are on standby.
---
News
in brief:
-
Two top aides to former Ontario Premier Dalton McGuinty have been arrested over
the so-called “gas-plants’ scandal.” David Livingston, former chief of staff,
and Laura Miller, former deputy chief, are charged with breach of trust and
mischief. The charges concern the destruction of thousands of emails about the
Liberals government’s decision to cancel the under construction energy plants to
help win the 2011 election. The move cost taxpayers $1.1 billion, auditors said.
-
There are concerns in Toronto about a rash of stabbings and shootings in the
past week, the latest called an “unprovoked” attack in the financial district.
Rosemarie Junor, 28, died of stab wounds after being attacked in a drug store.
Police arrested Rohinie Bisesar, 40, for the murder but wouldn’t say if the
women knew each other.
---
Facts and figures:
Canada’s inflation rate rose last month to 1.4 percent, up from 1
percent in October, Statistics Canada reported.
The
Canadian dollar was up slightly on Friday at 71.79 cents U.S. while the U.S.
dollar returned $1.3928 in Canadian funds, before bank and credit card exchange
fees.
The Bank of Canada’s key interest rate remains at 0.5 percent while the
prime-lending rate is 2.7 percent.
Markets
are mixed, with the Toronto Stock Exchange index up at 13,016 points and the
TSX Venture index down at 499 points.
The average price of gas is lower at 97.79 cents a liter nationally or $3.71
(Canadian) for a U.S. gallon.
Lotto 6/49: (Dec. 16) 7, 20, 33, 36, 39 and 48; bonus 21. (Dec. 12) 2,
10, 18, 20, 30 and 41; bonus 38. Lotto Max: (Dec. 11) 7, 12, 28, 34, 45, 46 and
48; bonus 49.
---
Regional briefs:
-
The wife of 1960’s Canadian pop star Bobby Curtola was killed in a
three-vehicle crash on an icy highway in Nova Scotia. Karyn Rochford, 73, died
in the crash on Highway 103 between Blockhouse and Bridgewater, police said.
- A
tentative agreement was reached between the Quebec government and public sector
unions representing 400,000 workers. It follows months of negotiations,
pressure tactics and rotating strikes. The unions include teachers, health-care
professionals, caretakers and white-collar workers.
-
A Langley, British Columbia man waited 21 months to cash a $50-million Lotto
Max winning ticket, saying he didn’t know how to handle the huge tax-free cash
prize. Friedrich Mayrhofer, 67, a retired steel fabricator, said he also wanted
to remain anonymous but has since hired advisers to help handle the windfall. In
the interim, he lost about $500,000 in interest.
-30-
Jim Fox can be reached at canadareport@hotmail.com
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