Canada column for Sunday, March 22/15
THE CANADIAN REPORT
(c) By
Jim Fox
Canada’s dollar got a big lift from signals the U.S. Federal Reserve isn’t
in a hurry to increase interest rates.
The announcement caused the U.S. dollar to weaken and boosted Canada’s
currency to almost 80 cents U.S. after dipping to the 77-cent range, a six-year
low.
Also battering the dollar – that makes it more expensive for “snowbirds”
and travel to the U.S. – are slumping oil prices as Canada is a major crude producer
and exporter.
Just
in time for the spring house-buying season, the Bank of Montreal has cut its
five-year, fixed-mortgage rate to 2.79 percent from 2.99 per cent.
It’s the lowest-ever rate by one of the big banks but there are concerns
about Canadians added to their growing debt load and overheated housing markets
in Toronto and Vancouver.
The average price of a detached house has risen to $1 million in Toronto
while it’s $825,000 in Vancouver.
---
Canada wants to “extend and expand” its participation in the war against
the Islamic State, Prime Minister Stephen Harper said.
The Conservative government’s plan to move forward will come before
Parliament in the next week.
It’s believed the extension would involve a commitment of more than six
months, taking it through the fall election campaign.
Parliament last fall approved Canada’s participation in U.S.-led
coalition airstrikes in Iraq and the Levant.
Canada has six CF-18 jets bombing Islamic State targets along with two
surveillance planes and an aerial tanker operating out of Kuwait.
---
News
in brief:
- Liberal
Leader Justin Trudeau plans to expel Scott Andrews and Massimo Pacetti from the
party’s caucus over sexual misconduct allegations. Andrews said he will become
an independent Member of Parliament while Pacetti plans not to seek reelection
in October. The move follows an independent investigation into complaints by
two female New Democrat Members of Parliament.
- Governor-General David Johnston’s term of
office as the representative of Queen Elizabeth II in Canada, has been extended
to 2017 by Prime Minister Harper. Johnston, 73, was appointed to the vice-regal
post in 2010 for five years. The extension will allow him to take part in
events marking the country’s 150th birthday in two years. The lawyer, academic
and former university administrator has made “remarkable contributions to
Canada in his role,” Harper said.
---
Facts and figures:
Canada’s dollar is higher at 79.55 cents U.S. while the U.S. dollar
returns $1.2569 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 are higher, with the Toronto exchange index at 14,975 points and the TSX
Venture index 669 points.
The average price of a liter of gasoline in Canada is down to $1.0490 or
$3.96 (Canadian) for a U.S. gallon.
Lotto 6/49: (March 18) 16, 17, 37, 39, 41 and 45; bonus 14. (March 14)
9, 19, 38, 40, 45 and 47; bonus 13. Lotto Max: (March 13) 2, 8, 10, 15, 17, 20
and 24; bonus 14.
---
Regional briefs:
-
Colder temperatures have resulted in more snow than usual for Canada’s Atlantic
provinces, instead of the usual mix with rain. Another storm added 20 inches in
Halifax while snow combined with high winds hit New Brunswick and Prince Edward
Island. In Ontario, snowsqualls closed the eastbound lanes of Highway 401 near
Trenton for a day after a massive pileup of 50 trucks and cars. Four people
were injured.
-
More Canadians than usual were able to see nature’s spectacle of Northern Lights.
Scientists said a recent disturbance in the Earth’s geomagnetic field pushed
the Aurora Borealis more southerly. This resulted in the shimmering belts of
hues crossing over areas including Vancouver and Toronto.
-
The last package of Frosted Flakes cereal made in London, Ontario is to be
loaned to the museum in that city by Stephane Gaudette of Timmins. He opened
the box to find the inner bag signed by three Kellogg’s workers . The company
closed the London plant in December after 107 years, putting 500 people out of
work as production shifted to the U.S. Gaudette, a history teacher, said it’s
an important symbol for the city to keep.
-30-
Jim Fox can be reached at canadareport@hotmail.com
No comments:
Post a Comment