Bank of Canada hikes rate as economy stays strong trade uncertainty recedes

first_imgOTTAWA – The Bank of Canada is raising its trend-setting interest rate as the resilient economy hums along and a big source of trade uncertainty is finally out of the way.In making the decision Wednesday, the central bank also sent a signal that suggests it will take a more aggressive approach to future hikes than previously expected.The central bank delivered a quarter-point rate increase for the fifth time since the summer of 2017 — and first time since July — to bring the benchmark to 1.75 per cent. The rate is now higher than it’s been in about a decade.It was the central bank’s first policy decision since Canada agreed with the United States and Mexico earlier this month on an updated North American free trade deal.“The new U.S.-Mexico-Canada Agreement (USMCA) will reduce trade policy uncertainty in North America, which has been an important curb on business confidence and investment,” the bank said in a statement Wednesday.“The Canadian economy continues to operate close to its potential and the composition of growth is more balanced.”The removal of one of the trade-uncertainty shackles also coincided with a notable change in the wording of the statement Wednesday, compared with other recent news releases from the bank.This time around, the bank omitted the word “gradual” from its explanation on how it will approach future rate increases, a change that could lead some observers to anticipate future hikes will come faster than the market had previously expected.WATCH: How will today’s Bank of Canada interest rate hike affect your mortgage, line of credit, and general financial picture? Looking ahead, the bank indicated more increases will be needed to bring the rate to a “neutral stance” in order to keep inflation from rising too far above the two per cent mid-point of its target range. Governor Stephen Poloz’s team has pegged the neutral rate at between 2.5 and 3.5 per cent, so several more increases are likely on the way.The statement, however, noted the pace of future increases will continue to be guided by how well households are digesting the higher interest rates, given their high levels of debt.So far, the bank said Canadians have been making spending adjustments in response to earlier rate hikes and stricter mortgage policies — and credit growth continues to moderate.“As a result, household vulnerabilities are edging lower in a number of respects, although they remain elevated,” the statement said.The bank still expects consumer spending to continue expanding at a “healthy pace,” thanks in large part to the steady rise of incomes and high consumer confidence.Until the hike Wednesday, the interest rate hadn’t been above 1.5 per cent since December 2008. At that time, during the financial crisis, the bank made a three-quarter-point cut to the benchmark, bringing it to 1.5 per cent from 2.25 per cent.The bank left the rate unchanged in September and senior deputy governor Carolyn Wilkins later said the unknown consequences of the continental trade talks — as well as the tit-for-tat tariff dispute — were front and centre in the decision.Following the USMCA agreement, the bank now expects lingering trade tensions — such as U.S. metals tariffs and Canada’s countermeasures — to lower business investment by just 0.7 per cent by the end of 2020, compared with the 1.4 per cent reduction it had predicted in July. Exports are now expected to take a negative hit of just 0.3 per cent compared to the previous prediction of a 0.7 per cent reduction.The bank pointed to data that indicates the tariff quarrel has led to reductions in steel exports and imports, but have yet to show a notable impact on aluminum shipments.The projections were laid out in the latest edition of bank’s quarterly monetary policy report, which was also released Wednesday.The report predicted business investment — outside the oil and gas sector — will expand due to solid domestic and foreign demand.It noted, however, Canada is still grappling with competitiveness challenges linked to major U.S. tax and regulatory changes as well as ongoing uncertainties around pipeline approval. The bank anticipates these factors will encourage some exporters to delay their investments or to make them outside Canada.Exports are expected to continue growing at a moderate clip, the bank said, but they will face limitations from several factors — including transportation capacity constraints, global trade uncertainty and stiff competition, particularly from the U.S.In a batch of updated economic forecasts, the bank predicted Canada’s real gross domestic product to expand 2.1 per cent in 2019, down from its July call of 2.2 per cent, and by 1.9 per cent in 2020. Its growth projection for this year has been increased slightly to 2.1 per cent, up from its previous prediction of two per cent.Inflation, which reached 2.7 per cent in the third quarter of 2018, is expected to slide back close to two per cent by next spring as temporary effects from higher air fares, pricier gasoline and minimum wage hikes in some provinces fade away. The bank noted that core inflation readings, which omit more volatile items like pump prices, have stayed close to two per cent.The report also noted that the economic activity generated by the recent legalization of recreational cannabis will likely have just a small impact on monetary policy decisions.Follow @AndyBlatchford on Twitterlast_img read more

Happily Ever After Ball for Natalie Small pushed back to October 6th

first_imgFORT ST. JOHN, B.C. – The fundraising ball for a local 4-year-old with neuroblastoma has been pushed back to October 6th.The Happily Ever After Ball was originally scheduled for August 25th but had to be pushed back due to the fact Natalie Small has a bone marrow transplant too close to the date.“We have had to postpone our fundraiser as it was cutting too close to Natalie’s second bone marrow transplant,” said event co-organizer Kate Hadland. “We have moved the date of the ball to October 6th 2018. We have been able to make some changes to the event as we have received a huge outpouring of support from our community and some amazing people have stepped in to help volunteer with this event. This will give us more time to make the night magical for Natalie.” With more time to organize Hadland explained that there will be more silent auctions at the event as well as live music. Door prizes will be handed out to residents who wear full formal attire.Tickets for the ball cost $65 for the full evening, $40 for late night, $25 for kids aged 6-10 while children under six get in free. Doors open at 5:00 p.m. for the full evening while the dance doesn’t start until 8:00 p.m.Organizers Hadland and Janna Gerber have also created a foundation inspired by Smalls. The Happily Ever After Foundation was designed to help families in the Peace Region when the unexpected happens.For more information on the ball, foundation and how to purchase tickets contact Kate Hadland at (250) 263-4988 or Janna Gerber at (250) 264-7864.last_img read more

Auto industry bodies can buy bulk vehicle data from next fiscal says

first_imgNew Delhi: To ‘support’ the automobile industry, the government has come out with a policy where organisations and researchers can buy bulk data pertaining to vehicle registrations on an annual basis. Eligible bodies can purchase the data for Rs 3 crore from the next fiscal and would be required to ensure strict security steps to prevent its theft or transfer, according to the policy approved by the government. Violation of data, the policy warns, will result in action under the IT Act and other applicable laws besides debarring the agency from access to this data for a period of three years. As per the ‘Bulk Data Sharing Policy & Procedure’ issued earlier this month, sharing of vehicle registration data in a “controlled manner, can support the transport and automobile industry”. Also Read – Maruti cuts production for 8th straight month in Sep”The sharing of data will also help in service improvements and wider benefits to citizens & Government,” the policy said. The prime focus is on delivering simpler, better and safer services to citizens and sharing of data “will also benefit the country economy”, the policy said. “There have been continuous advances in technology and the range of purposes for which individuals and organizations want access to the DL&RC data. There has been growing demand to share the data for wider benefits.” The Ministry of Road Transport and Highways collects and holds data as part of issuance of Vehicle Registration Certificates (RC) and Driver Licence (DL). Also Read – Ensure strict implementation on ban of import of e-cigarettes: revenue to CustomsThe ministry currently shares complete data with specified agencies such as enforcement agencies. The data is also shared with automobile industries, banks, finance companies etc at specified rates for each data set. Earlier this month, the Road Transport and Highways Ministry has also announced going paperless and said driving licences and vehicle registration certificates will now be issued as plastic cards in a standard format across the country. Under the new norms notified by the ministry, states would have an option to issue the two documents in the form of cards, which would be either made of PVC (Polyvinyl Chloride) or of Poly Carbonate. “A QR code has been prescribed on the cards. This would enable easy linking and access and validation of the information on the cards with the SARATHI or VAHAN database,” the Ministry has said. Recently, the ministry amended the Central Motor Vehicles Rules 1989, enabling issuance and use of transport-related documents in an electronic form. In the bulk data sharing policy the government has said that “Capture of old data on RC&DL (registration certificate & driving license) before the implementation of SARATHI and VAHAN has still not taken place. The possibility of a number of Vehicles having been transferred from one person to another or one location to another and the Driving License holders having relocated themselves without updating the database cannot be ruled out.” The policy makes it clear that under the circumstance, the Ministry is not in a position to ensure the sanctity of the data, which would be made available on “as-is-where-is” basis.last_img read more

3 arrested for robbery

first_imgNEW DELHI: The Delhi Police has arrested three robbers and snatchers from Kalkaji involved in multiple cases of robbery and snatching incidents. The three have been identified as Sonu, Akshay and Akash. From the possession of accused persons robbed purse and 06 snatched & stolen mobile phones have been recovered and 08 cases have been solved. On March 16 at about 5 pm, 2 scooty borne riders robbed a purse of a pedestrian on the knife point at L-Block, Also Read – After eight years, businessman arrested for kidnap & murderKalkaji. The victim raised alarm and the police team who was present nearby chased them. After a hot chase, police team successfully apprehended the scooty rider who was identified as Sonu. “Sonu is a notorious criminal and was previously arrested in 30 cases.” “From the possession of the accused robbed purse and scooty has been recovered & seized,” aid DCP South east Chinmoy Biswal. In another incident, on March 16 at about 8 PM, 2 persons on a motorcycle snatched a mobile phone of a person standing near Nehru Place bus terminal. The victim raised alarm and nearby patrolling police party intercepted the bike. However, the pillon rider managed to escape. The motorcycle rider was identified as Akshay, 24 years. In another incident, on March 16, team of Kalkaji police station arrested accused Akasah. He came to Nehru Place market to sell stolen and snatched mobile phones.last_img read more

Javier Zanetti replies Roberto Mancini declares talents must be rewarded

first_imgInter Vice-President Javier Zanetti has responded to Italy CT Roberto Mancini saying that “regardless of nationality, I think talent must be rewarded”.He also went ahead to admonish Serie A clubs to give more space to young Italian players even though one of his own former stars thinks it’s not quite that simple.“After failing to qualify for the World Cup, it’s necessary to work to improve young Italians,” Zanetti agreed, speaking to ANSA via Football Italia.“Mancini is certainly the right person for that. In the league though, regardless of nationality, I think talent must be rewarded.Italy on track with Mancini Taimoor Khan – September 12, 2019 Since being nominated the manager of the national team, Roberto Mancini has helped Italy rediscover its identity in the game. As things stand, Roberto…“Basically whoever is the best plays.“The Italian national team needs to start again and needs the best young players. We’re all happy when there are good Italian players on the pitch, it reflects well on a club’s youth system.”last_img read more

Modric ready for Real Madrids important challenge

first_imgLuka Modric is braced for the challenge that lies ahead for Real Madrid as they bid to end 2018 with a third straight Club World CupThe Champions League holders will face off against Japanese side Kashima Antlers in the United Arab Emirates later today for the semi-finals of the competition.Despite the difficult start Real have endured this season though, Modric is gunning to end his “perfect” year on a winning note.“It’s a very important challenge for us,” The 2018 Ballon d’Or winner told the club website.“What this team has, and has proven many times, is quality and character. Despite the difficult times and the problems we’ve encountered along the way, we always know how to overcome them.“We’re prepared for what awaits us and we want to finish this year, which has been perfect, in the best possible way”.“After winning the Champions League three times in a row, we want to do the same with the Club World Cup.Jose Mourinho, Lionel MessiMourinho: “Lionel Messi made me a better coach” Andrew Smyth – September 14, 2019 Jose Mourinho believes the experience of going up against Barcelona superstar Lionel Messi at Real Madrid made him a greater coach.“For Real Madrid, it’s always important to win titles and we want to win this for the third time in a row.“For me, it’s always important to help the team in the best way possible, I’m not overly concerned with the individual side of things. The important thing is how we’re going to play as a team, take on this challenge and win the title”.The Real and Kashima Antlers match will begin today at 17:30 (CET).🙌 IT’S MATCHDAY! 🙌🆚 @atlrs_english 🏟 Zayed Sports City Stadium⏰ 🇦🇪 20:30 | 🇪🇸 17:30 🏆 Club World Cup semi-final #⃣ #RMCWC pic.twitter.com/1MuuBkbvkR— Real Madrid C.F. 🇬🇧🇺🇸 (@realmadriden) December 19, 2018last_img read more

Seaton Finds Closed Sign At Republican Primary

first_imgAn October court ruling in a case which determined that independents are allowed to run in Democratic primaries, may also allow the Republican Party to block individuals from running as its nominee if they violate that party rule. The state appealed to the Alaska Supreme Court, which could complicate the outcome. Rule changes for the 2018 primaries were due in September, so it’s unclear whether the state will honor the change or decide it doesn’t comply with state law. The Party has rules about caucusing with other political parties, and the penalties for that are no financial support, no access to the party database, and understanding that the party may recruit a challenger. This isn’t the first time that Republicans have left the party to join a bipartisan caucus, but it is the first time that the retaliation has cut them out of the primary election. FacebookTwitterEmailPrintFriendly分享Homer Representative Paul Seaton is one of three lawmakers who has been blocked by the Alaska Republican Party from running in the 2018 Republican primary.last_img read more