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Good news report from Canada
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26 August 2007
17 August was the 17th day of the second month of the 2nd year of Canadian national consciousness rising to invincibility, as indicated by the following press reports:
17 August 2007
Bloomberg News on Canada Stocks Rebound (17 August 2007) Canadian stocks rose on Friday after the U.S. Federal Reserve cut the rate at which it lends to banks. The move bolstered confidence that the U.S., Canada's largest trading partner, can weather losses on subprime home loans. The TSX added 200.88, or 1.6 per cent, to 13,049.68, its best gain in two months. An index of financial shares added 2.4 per cent. Bank of Montreal completed its best two-day gain in almost five years with an 8.2 per cent increase. Research In Motion Ltd, maker of the BlackBerry, led a measure of technology stocks 6.1 per cent higher for the best gain today among 10 industry groups in the TSX.
From a CBC News report on this: Research In Motion rose 10 per cent. The metals and mines sector gained 1.5 per cent. Advances beat declines 1,128 to 528 with 175 unchanged, as 473 million shares traded worth C$9.2 billion.
Bloomberg News - Canada Dollar Gains Most in 14 Months as Fed Cuts Discount Rate (17 August 2007) The Canadian dollar gained the most in 14 months after the U.S. Federal Reserve cut its discount rate, boosting confidence the global economy will weather the situation [with the U.S. subprime mortgage sector]. Canada's dollar rose 1.4 per cent to 94.22 U.S. cents at 4:02 p.m., the biggest gain since 9 June 2006. 'The Canadian dollar is one of the most dramatic gainers on this move because the currency will benefit' if volatility declines and investors focus on the Canadian economic outlook, said Doug Porter, deputy chief economist with BMO Capital Markets. The currency was the second-best performer on the U.S. dollar among the 16 most actively traded currencies. A continuing expansion in the global economy will increase demand for Canadian commodities, which account for about half of Canada's exports.
From a Canadian Press report on this: Analysts said the Fed's move widened the interest rate gap between Canada and the United States and that, coupled with the basic strength of the Canadian economy, buoyed the loonie (popular name for Canadian dollar).
The National Post on Canadian consumers unscathed (16 August 2007) So far the problems originating with the U.S. subprime mortgage sector have not impacted Canada's job market or its housing sector, said Avery Shenfeld, senior economist at CIBC World Markets. The strength of the Canadian economy—with tight labour markets and low interest rates—is shielding consumers, Shenfeld said. 'Canadians are probably gaining more value from the increase in their house prices than their stocks are going down,' he said. For now, 'we have nothing to fear but fear itself.' Consumers are most concerned with employment growth, income levels, and interest rates, and so far these aspects of the economy are solid, said Peter Woolford, vice-president of policy development and research with the Retail Council of Canada. Gregory Klump, chief economist with the Canadian Real Estate Association, said there is good news in the offing for the housing market. 'The important thing is that the subprime instability [in the U.S.] will defer the Bank of Canada rate increase in September,' Klump said.
Bloomberg News on Canadian June Wholesale Sales Advance (17 August 2007) Canadian wholesale sales rose for a second straight month in June. Sales gained 0.2 per cent to C$43.2 billion, Statistics Canada said. The June wholesale sales gain follows an upwardly revised gain in May of 0.8 per cent from 0.6.
From a Statistics Canada report on this: For a second consecutive month, the sales of 'other products' (primarily agricultural products, paper products, and recycled materials) rose, up 2.8% in June to C$5.4 billion. Sales of machinery and electronic equipment grew 1.0% in June. Two groups in this sector were behind June's increase. Machinery and equipment sales posted a second consecutive increase in June (up 2.5%). Wholesale sales of computers and other electronic equipment rose 1.9% in June. This was the seventh increase in nine months for this trade group, which, in 2006, had posted its biggest annual increase since 1999.
From a CBC News report on this: 'In constant dollar terms, wholesale sales increased at a 2.9 per cent annualized rate from April through June, slower than the first-quarter's gain but still contributing to the quarterly growth rate,' said a commentary from RBC Economics.
From a Canadian Press report on this: Excluding the automotive sector, sales grew 0.6 per cent in June. For some sectors, quarterly sales were robust. The food and beverages sectors posted a 1.7% gain in the second quarter. Quarterly sales of personal and household goods rose 1.3 per cent. A 3.4 per cent rebound in the sales of the household products group in the second quarter was the main factor in the quarterly increase for the sector.
CBC News - Ontario surplus $2B more than predicted (17 August 2007) Ontario's finance minister said the province's surplus for the 2006-2007 fiscal year is C$2 billion more than he predicted in his spring budget. Greg Sorbara said it represented the government's second consecutive balanced budget.
From a Toronto Star report on this: 'We are clearly in an era of balanced budgets,' Sorbara said.
From a Bloomberg News report on this: Two thirds of the unexpected revenue was used to pay down the provincial debt. The remainder of the unexpected revenue was spent on programmes. In his first-quarter update, Sorbara forecast a surplus of C$750 million for this fiscal year ending next 31 March—C$400 million more than he had forecast in his spring budget. From a Canadian Press report on this: 'The results for 2006-07 show that the province is in a very strong financial position indeed,' Sorbara said.
CBC News - Madawaska band settles with federal government (17 August 2007) The Madawaska First Nation in New Brunswick has reached a settlement with the federal government that was 30 years in the making, ending a dispute over property expropriation by the Canadian Pacific Railway. Madawaska Chief Jonna Bernard says the deal is worth C$5 million, and a return of part of the land. 'I'm feeling very happy that it's finally over,' Bernard said. The band's 230 members will hold a referendum early next year on the settlement.
The Calgary Herald - Tourism joining the green revolution (17 August 2007) As more green-minded Canadians look to spend their vacation dollars in eco-friendly places, environmentally sensitive resorts, hotels, inns, and lodges are popping up like organic mushrooms. Whitewater Village, a 38-cottage year-round eco-resort planned by Windmill Developments, one of Canada's top green builders, is just the latest addition to the growing list of such vacation venues across the country. Featuring geothermal heating and cooling, and solar hot water and electricity, the development will break ground in spring 2008 along the Ottawa River, northeast of Ottawa. Whitewater Village will be surrounded by a 4,000-acre (1,619 hectare) land trust to keep further development at bay, and aims to be carbon neutral. The exterior of the cottages will be constructed of logs certified by the Forest Stewardship Council. Interior features will include bamboo floors, wool carpets, and formaldehyde-free kitchen cabinets. Alberta's Bridgegate on Crowsnest Lake is another enviro-friendly vacation resort complex, 200 kilometres southwest of Calgary. When completed, the development will include a five-star hotel.
These are a few of the news reports reflecting Canada's rising invincibility from the growing Yogic Flying groups across Canada and the Invincible America Assembly at Maharishi University of Management and Maharishi Vedic City, USA.
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