Archive for the ‘News’ Category

The Canadian greenback continued its slide on Friday to a nine-month low because it marked its worst week towards the U.S. greenback in over a yr.

The loonie traded at a median worth of 76.41 cents US on Friday, which was its lowest stage since June final yr and down over zero.four per cent from Thursday’s common of 76.73 cents US.

It misplaced over 2.1 per cent towards the U.S. greenback this week, which was its worst efficiency since early March final yr.

Canada’s greenback is already the worst performing main forex on this planet this yr — down over 4 per cent.

Disappointing manufacturing gross sales knowledge, commerce fears over NAFTA and the Financial institution of Canada’s latest indication of slower rate of interest hikes this week have weighed on the forex.

Central financial institution governor Stephen Poloz gave a brilliant outlook of the “untapped potential” within the Canadian economic system in a speech on Tuesday, suggesting he might wait to additional tighten financial coverage and lift rates of interest once more after three hikes since July final yr.  

“The outlook for relative central financial institution coverage is popping more and more bearish for the Canadian greenback as market contributors regulate their expectations for the Financial institution of Canada in an surroundings of escalating commerce uncertainty following President Trump’s newest feedback,” mentioned Shaun Osborne, international change strategist at Scotiabank, in a word.

Osborne was referring to Trump’s tweet on Thursday insisting that the U.S. had a commerce deficit with Canada, after a recording surfaced this week of him boasting in a speech that he had made up commerce deficit figures in a gathering with Prime Minister Justin Trudeau.

“The feedback from Trump have underscored the truth that that is going to be a reasonably troublesome negotiation for Canada and Mexico nonetheless,” Osborne advised CBC Information. 

“Prime Minister Trudeau was sounding assured on NAFTA early within the week after which we had these feedback from the president that counsel that it is nonetheless going to be a troublesome bounce to bridge the hole between most likely what Canada and Mexico are keen to supply and what the U.S. desires out of this renegotiation course of at this level.”

The impression on Canada from the potential collapse of NAFTA was highlighted by scores company Moody’s on Thursday, which mentioned that the export-reliant provinces of New Brunswick and Ontario could be hardest hit if an settlement was not renegotiated.

Downbeat knowledge

In the meantime, nationwide manufacturing gross sales knowledge launched on Friday did little to assist the loonie.

Manufacturing gross sales in quantity phrases fell 1.1 per cent in January to $ 54.9 billion, with 14 of the 21 industries transferring decrease.

The decline was led by the auto, aerospace and first metallic industries and exceeded the zero.eight per cent drop that was anticipated by economists polled by Reuters.

“The additional decline in manufacturing gross sales volumes in January, broadly according to the drop in non-commodity exports already reported for that month, gives additional proof that the economic system started this yr on a softer footing,” mentioned David Madani, economist at analysis agency Capital Economics.

“General, the weak spot in manufacturing continues to reflect the struggling export sector, which does not seem to have benefited a lot from the latest pickup in world exercise and previous depreciation of the Canadian greenback,” he mentioned.

A weaker loonie ought to profit Canadian producers who export items, and analysts are predicting that the forex might fall additional.

“The Canadian greenback stays weak to additional near-term weak spot and the choices market is pricing a larger premium for cover towards Canadian greenback weak spot,” mentioned Scotiabank’s Osborne, referring to bets being made towards the Canadian greenback by merchants.

Wanting forward

The probability of one other rate of interest hike by the U.S. Federal Reserve subsequent week on Wednesday additionally doesn’t bode effectively for the loonie, because the U.S. greenback normally will get stronger towards a basket of main currencies after such a transfer. 

“The crux is that the market has been steadily ratcheting down expectations of fee hikes [from the Bank of Canada] on the very time when it’s upgrading the quantity of anticipated Fed tightening this yr,” mentioned Doug Porter, chief economist at BMO Capital markets.

“Wanting forward, it is clearly a problem to seek out constructive issues to say concerning the Canadian greenback’s outlook on this darkish commerce surroundings and the quickly diverging view on North American financial coverage, to not point out the very actual divergence on tax insurance policies,” he mentioned.

Osborne identified that the large decline within the Canadian greenback is not only towards the buck, however just about throughout the board.

“For anybody fascinated about vacationing within the U.S., it is not only a case of the U.S. trying a bit costlier, however the pound sterling is on the highest because the Brexit vote in 2016 and euro-Canadian greenback cross is buying and selling at multi-month highs as effectively,” he mentioned. 

Canadian officers are as soon as once more disputing U.S. President Donald Trump’s declare that his nation runs a commerce deficit with its neighbour to the north.

Trump boasted in a fundraising speech in Missouri on Wednesday that he made up figures concerning the supposed commerce deficit in a gathering with Prime Minister Justin Trudeau, in keeping with a recording of the feedback obtained by the Washington Publish.

Trump says on the recording that after Trudeau instructed him the U.S. doesn’t have a commerce deficit with Canada, he replied, “Mistaken, Justin, you do” — then provides, “I did not even know … I had no concept.”

The president stated he then despatched a employees member to double-check the declare.

“Properly, sir, you are really proper,” Trump says within the recording. “We’ve no deficit however that does not embrace power and timber and if you do, we lose $ 17 billion a 12 months. It is unbelievable.”

Trump doubled down on the commerce deficit declare on Twitter Thursday morning.

“We do have a commerce deficit with Canada, as we do with virtually all international locations,” he stated. “They do. They virtually all do and that is how I do know!”

A spokesperson for International Affairs Minister Chrystia Freeland disputed Trump’s commerce tally.

“Canada and america have a balanced and mutually helpful buying and selling relationship. Based on their very own statistics, the U.S. runs a commerce surplus with Canada,” spokesperson Adam Austen stated.

Donald Trump admits he made up info1:02

The Workplace of the U.S. Commerce Consultant confirms that “the U.S. items and providers commerce surplus with Canada was $ 12.5 billion in 2016,” Austen stated.

Transport Minister Marc Garneau, chair of the cupboard committee on Canada-U.S. relations, supplied an identical line of defence on Thursday.

“At this level it is crucial to level out that there’s over $ 2 billion a day of commerce between our two international locations and general yearly america has a small surplus with Canada,” he instructed reporters in Montreal.

“So we are able to discuss balanced commerce between the 2 international locations, big quantities of commerce, and that is one thing we need to proceed to enhance as we negotiate the NAFTA settlement.”

Freeland Committee 20180208

International Affairs Minister Chrystia Freeland has been fast to appropriate the U.S. up to now, arguing that in general commerce in items and providers, Canada has a commerce deficit with the U.S. of practically $ eight billion US. (Justin Tang/Canadian Press)

Canadian authorities sources beforehand have defined away Washington’s account of the Canada-U.S. buying and selling relationship as mainly counting items twice.

U.S. Commerce Consultant Robert Lighthizer has been together with items that cross via Canada however do not originate right here as Canadian exports in his export calculations, artificially inflating the U.S.’s commerce deficit in items with Canada, sources instructed CBC again in February.

For instance, a Chinese language washer that passes via the port of Vancouver on its strategy to the U.S. is being counted as a part of each the U.S. commerce deficit with China and the U.S. items deficit with Canada.

Garneau on Trump and commerce1:05

The 10-year-old boy, who vanished Monday after leaving house in Montreal’s north finish to satisfy a pal, was captured by a storage surveillance digicam strolling alone the morning he disappeared.

An Amber Alert was issued for Ariel Jeffrey Kouakou on Tuesday afternoon, however was later lifted when police decided his case did not meet the standards to maintain the emergency measure in place. 

Ariel has been lacking since Monday afternoon after getting his mother and father’ permission to stroll to a pal’s home close by. His college was closed that day.

Surveillance footage from a Montreal storage reveals 10-year-old Ariel Kouakou on the morning of the day he went lacking. zero:37

The boy’s father, Kouadio ​​Frédéric Kouakou, mentioned he noticed the surveillance video for the primary time immediately. 

Kouakou noticed his son on the surveillance video strolling by the entrance of the Gouin Boulevard storage, situated about 50 metres from his vacation spot, at 11:15 a.m. ET on Monday.

“It offers me hope within the sense that to see him alive, that is a brand new component for me as a result of prior to now we had no indication,” he mentioned. 

The storage proprietor mentioned he instructed police concerning the video on Monday.

Police haven’t launched it, however the storage allowed media to view the footage. 

Search continues

Officers at the moment are canvassing the world and surrounding neighbourhoods for Ariel, mentioned Montreal police Insp. André Durocher. 

Police on horses and first responders are additionally looking the snowy riverbank of Parc des Bateliers, which borders the Rivière des Prairies and the place Ariel was final noticed round 2 p.m. ET on Monday.

“Nothing is not possible. We will not exclude something,” Durocher mentioned. “The worst factor we may do is to exclude any chance.” 

Police are asking anybody with details about Ariel’s disappearance to return to their non permanent command publish arrange outdoors police Station 10 at 11756 O’Brien Boulevard.

Kouakou mentioned he did not imagine Ariel would go close to the river.

“We by no means went close to the water  I do know my son,” he mentioned. 

“Possibly he would have gone close to the water if it was one thing we normally did. He’s a soccer child. He would go see his pal to play soccer. He was going to see his pal, and when he left house, he didn’t say he was going close to the water.”

Listed below are particulars about Ariel, who speaks French:

  • About four-foot-seven, weighing 88 kilos.
  • Darkish hair and darkish eyes.
  • Was final seen sporting a black coat with a hood, gray pants and yellow footwear.

Anybody with data is requested to contact 911.

Police are additionally asking residents of Cartierville to verify their backyards, garages and sheds, or anyplace a baby might be hiding.

“What worries us is that the temperature does not assist,” mentioned Durocher.Akouena Noella and Kouadio Frédéric Kouakou’s 10-year-old son Ariel Jeffrey Kouakou is lacking. Kouakou mentioned he’s assured police will discover his son. zero:40

Alert was an ‘distinctive measure’

Amber Alerts are normally issued solely when particular standards are met: a baby is beneath 18, is believed to have been kidnapped and be in imminent hazard, and when police have data that may assist find them.

That is the primary time the Montreal police have issued an alert with out assembly these situations. 

Durocher mentioned the alert was an “distinctive measure provided that it was nearly 24 hours because the boy disappeared and that we heard completely nothing.”

“Was it probably the most applicable measure? Pay attention, that is not our fear for the second,” he mentioned. “Our preoccupation is to search out the younger boy.”Montreal police have been looking Ahuntsic-Cartierville for Ariel. (Charles Contant/CBC)

The Amber Alert led police to discover a girl who spoke to Ariel close to Parc des Bateliers, which is 2 minutes from his house. Durocher mentioned the 2 communicated and that Ariel seemed to be unhappy.

The Lacking Kids’s Community, a non-profit group that assists with such instances, turned concerned Tuesday morning with the Amber Alert.

Government director Pina Arcamone mentioned police made the proper transfer to launch the alert, but it surely was unsuitable to raise it as a result of it’s complicated to the general public.

“The very last thing we might need is for the general public to assume that Ariel was discovered and that is the rationale we do not hear about him this morning, and that is actually, actually false,” she mentioned.