CA Economic Fundamentals 2008-11

[joeiannuzzi]

Bank of Canada faces pressure to make deep cuts in interest rates

The absence of new economic stimulus in the federal government`s budget update sparked speculation Friday of further deep interest rate cuts.

With no new fiscal stimulus until next year`s budget, the Bank of Canada will step up to the plate to support the slumping economy with a whopping three-quarter-point cut in interest rates before Christmas, analysts with Canadian financial institutions projected.

http://www.canada.com/edmontonjournal/news...55-7f30d341b0ca

 

[joeiannuzzi]

More skilled workers coming

D espite uncertain economic times, Ottawa on Friday announced plans to take in up to 265,000 new permanent residents in 2009 and speed up the processing of applications for potential new Canadians in dozens of high-demand occupations.

At a news conference in Toronto, Immigration Minister Jason Kenney said, while countries such as Australia, Germany and England are cutting back on the number of people they allow in, Canada will maintain its immigration levels.

http://www.canada.com/calgaryherald/news/s...41-163578471d3f

 

[joeiannuzzi]

Resale activity slows across the country

Resale housing activity in Canada recorded it largest month-over-month seasonally adjusted sales total in more than a dozen years, according to an industry report.

The number of properties sold through all real estate boards in Canada declined in October, according to statistics released by the Canadian Real Estate Association. Much of that decline resulted from fewer sales in several major markets, including Calgary.

http://www.canada.com/calgaryherald/news/n...ee-da1350b8af6b

 

[joeiannuzzi]

No further stimulus in the works, Flherty says

Canada already has a "stimulus package" in the form of tax cuts, Finance Minister Jim Flaherty said Friday, and anything more far-reaching will not be forthcoming unless the economy declines further.

In a speech to the Economic Club of Toronto, Mr. Flaherty said he considers the tax cuts already planned for 2009 sufficient to meet promises the Prime Minister made at the recent meeting of G20 leaders.

Canada committed to stimulus equal to 2 per cent of our gross domestic product, and the $31-billion in tax cuts to take effect next year are exactly that value, he said.

http://www.theglobeandmail.com/servlet/sto...NStory/National

 

[joeiannuzzi]

Canadian exporters` golden era may be over

Canada`s long-running era of current account surpluses could soon come to an end as the commodity bust drags down trade flows that helped propel the country`s economy for years, economists warn.

The current account surplus, a broad measure of international trade that includes goods, services, investment income and other areas, shrank to $5.6 billion on a seasonally adjusted basis, down from an upwardly revised $8.2 billion in the second quarter, Statistics Canada reported yesterday.

http://www.thestar.com/Business/article/545725

 

[joeiannuzzi]

Tories blink first in showdown

OTTAWA—An unexpected climbdown by Prime Minister Stephen Harper on a key element of his explosive economic package is unlikely to halt the opposition`s joint effort to oust the minority Conservative government.

In a stunning about-face, Transportation Minister John Baird went on television yesterday afternoon to announce the Harper government would reverse its controversial proposal to strip political parties of federal subsidies.

http://www.thestar.com/News/Canada/article/546135