Bank of Canada raises rate signals future hikes could arrive sooner

first_imgOTTAWA – The Bank of Canada raised its trend-setting interest rate Wednesday and sent signals that future hikes could be upon Canadians sooner than previously expected.With a big source of trade uncertainty finally out of the way, the central bank delivered a quarter-point rate increase for the fifth time since the summer of 2017. The move lifted benchmark to 1.75 per cent — its highest level in about a decade.The hike arrived with Canada’s economy showing resilience and the unemployment rate hovering near four-decade lows.The increase followed governor Stephen Poloz’s first policy meeting since Canada agreed with the United States and Mexico earlier this month on an updated North American free trade deal. The bank said the new trade agreement will reduce uncertainty, which it described as “an important curb” on business confidence and investment.The removal of one of the trade shackles also coincided with a notable change: a single word yanked from the bank’s statement.Recent post-policy-meeting statements used the word “gradual” to help explain how the bank’s governing council would approach the timing of future rate increases.This time around, however, the bank decided to leave the word out. Some observers interpreted the omission as a signal of the bank’s shift to a faster, more-aggressive hiking path.Poloz insisted the word’s exclusion was designed to give the bank more flexibility when it comes to the speed at which it chooses to proceed.“Markets seem to have settled on ‘gradual’ meaning we would only move on every second meeting, to put it most bluntly,” Poloz told reporters Wednesday when asked about the change.“We thought, well, we really don’t want to reinforce that as a locked-in, mechanical expectation. And so, this is serving notice that it could be faster or it could be slower.”Either way, the bank sent the a clear message that more increases will be needed to bring the rate to a “neutral stance” in order to keep inflation from running too hot. 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 bank stressed the pace of future hikes will be guided by how well households are adjusting to 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. Household vulnerabilities — while still elevated — have edged down as a result, it said.“You always need to see more data because it’s still relatively early days, but they seem to be adjusting as we had expected,” senior deputy governor Carolyn Wilkins said.“I think higher interest rates are always difficult when people haven’t seen them in a long time.”Poloz said he understands rate increases can be difficult for some people, but he argued the economy is running at its capacity and no longer needs stimulus.“It’s our job to prevent the thing from overheating and creating inflation pressures down the road,” he said.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.Moving forward, the bank predicts the economy to remain solid.Consumer spending is expected to continue expanding at a “healthy pace,” thanks in large part to the steady rise of incomes and the strength of consumer confidence.It projects exports to keep growing at a moderate clip, even though they will face limitations from several factors — including transportation capacity constraints, global trade uncertainty and stiff competition, particularly from the U.S.The report predicted business investment — outside the oil and gas sector — to expand due to solid domestic and foreign demand.The bank noted, however, that Canada is still grappling with competitiveness challenges linked to major U.S. tax and regulatory changes as well as ongoing uncertainties around pipeline approval. It anticipates these factors will encourage some exporters to delay their investments or to make them outside Canada.Following the new North American trade 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 also released its latest monetary policy report, which 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.Follow @AndyBlatchford on Twitterlast_img read more

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Kerala CM accuses Modi of levelling false charges

first_imgThiruvananthapuram: A day after Prime Minister Narendra Modi criticised the LDF government in Kerala over various issues, Chief Minister Pinarayi Vijayan Friday accused him of making “false” charges against the state and said such remarks were “unbecoming” of his position. Countering Modi’s charge that cases would be registeredin Kerala if anyone utters the God’s name, Vijayan challenged the Prime Minister to point out any single such case. “It is unfortunate that such an untruthful and concocted campaign has been unleashed by the Prime Minister. Also Read – Uddhav bats for ‘Sena CM’ Such charges, which had no connection with the truth, is unbecoming of his position,” he said in an article released to media. The cases registered in the state in connection with the Sabarimala agitation were not for uttering the name of the God, but to unleash violence, he said. In the detailed article, the CPI(M) veteran also rejected Modi’s charges that devotees were not allowed to follow their rituals and poojas in the southern state. Also Read – Farooq demands unconditional release of all detainees in J&K Referring to the allegations made by the Prime Minister against him in connection with the Lavalin case, Vijayan said his statement was a challenge to the rule of law as he was acquitted by the court in the case. “The Prime Minister’s allegation that the state government is responsible for the August flood is contradictory to facts. His politics is behind such allegations,” Vijayan said alleging that the BJP government at the Centre had allotted only nominal financial aid to Kerala to overcome the deluge. While speaking at poll rally here Thursday, Modi had lashed out at the LDF government and said the Communists have problems with regard to “our rituals”. “They do not like poojas and rituals. We know that. They cannot crush our faith. Today, people here cannot even utter the name of their God, false cases are registered against them and they are hit with lathis,” Modi had said. Attacking Vijayan and his Left frot government, Modi alleged it was drowned in corruption. “Even the Chief Minister is facing allegations on Lavlin (corruption case) matter. Other ministers are also facing corruption charges. They are even trying to loot money that came for the rehabilitation of flood victims,” Modi charged. He had also alleged that the devastating floods in Kerala last year was due to lapses of the government, rather than a natural calamity.last_img read more

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Morocco British Council organizes a global seminar on international collaboration in

first_imgTaroudant- The British Council will organize an annual global skills partnership seminar “Bringing the Learning Home 2013”. The seminar, which will be held in Casablanca on November27-28, will focus on international collaboration in the skills sector.The event, which will host regional and international skills employers and policy makers from “more than fifteen countries”, aims to “facilitate and develop innovative international skills partnerships in the skills sector between organizations in the UK and around the world,” says the Birtish Council in a press release.“Bringing the Learning Home provides invaluable networking opportunities, and acts as a springboard to the further development of international partnerships,” Ilham Nasser Al Maskari, Coordinator, Higher College of Technology in Oman, said. According to the news release, the program for the seminar includes “sessions on partnership initiation and development; facilitated networking opportunities with key international stakeholders; and the announcement of funding opportunities to support new partnerships with Morocco in 2014.”The British Council has been a major partner and sponsor of educational and cultural events and programs organized by different actors in the field of English language teaching and cultural studies in Morocco.Roland Singer-Kingsmith, who is organizing the conference, and in charge of managing the British Council’s new Skills for Employability program in Morocco, told MWN that the associations and existing project leaders that are working in the education sector in Morocco, more specifically those involved in advancing the English language teaching in the Moroccan schools, “are invited to take part in the seminar which will give  them opportunities to create partnerships with the international skills employers and world stakeholders from more than fifteen countries that will attend the seminar.”© Morocco World News. All Rights Reserved. This material may not be published, rewritten or redistributedlast_img read more

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The Browns Have A Tight End Whos Defying Time

Jerry Williams311954LH6668610 RECEIVING YARDS Barnidge has 667 receiving yards for the Browns through 10 games (on pace for 1,067), plus seven touchdowns. That’s more than the 603 yards he totaled in his first seven seasons. This kind of late blooming is rare: The table below shows all players who had at least 500 receiving yards in a season after turning 30 and in that season surpassed their career total up to that point.1We looked at players with at least 1 receiving yard before their breakout year. Woodley Lewis331958RE9690642 M.L. Harris301984TE5759487 Mervyn Fernandez301989WR31,0691,041 Cleveland Browns tight end Gary Barnidge is 30 years old. Most would call him a young man — a millennial, even! He was 4 when the Berlin Wall came down, one of his favorite actors is Jonah Hill, and he’s participated in a reality TV dating show.In NFL years, though, he’s a geezer. Our perceptions of the average age of an NFL player are sometimes skewed by visibility — the best players tend to have the longest careers. But only 19 percent of active players are 30 or older, and most players peak in their mid-to-late 20s. Which is why it’s impressive that Barnidge is having the best season of his career, by far: Gary Barnidge302015TE8667603 Pat Curran301975TE761983 Willie Miller311978WR376757 PLAYERAGEYEARPOSSEASON #IN SEASONCAREER PRIOR Jim Jensen301988WR8652414 These are not exactly household names — it’s tough to build a memorable career with such a late start, and most of these players had just the one good NFL season to their name. Barnidge’s closest comp is probably Pat Curran, another tight end with a particularly belated breakout season (seven years in, to Barnidge’s eight). Curran faded after 1975, tallying 349, 123 and 92 yards in his last three seasons, but Barnidge could be on pace for a lot more yardage in his breakout year. Although the list above can’t make anyone optimistic about his prospects, the Cleveland end is in uncharted territory. Lou Piccone301979WR6556537 read more

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Tax Education Day in Grand Turk

first_img Cruise figures forecast to drop, says Tourism Director Minister of Works puts government buildings reconstruction post hurricanes at $8.6m Related Items:bohlale rakuone, caribbean organizationof tax administrators, department of finance, grand turk, HJ robinson high school, revenue department, tax education day Facebook Twitter Google+LinkedInPinterestWhatsApp Facebook Twitter Google+LinkedInPinterestWhatsAppGrand Turk, 17 Nov 2014 – A tax education day is for residents in the nation’s capital, Grand Turk and its economic hub, Providenciales on Friday seemed to go well… Hosted by the Revenue Department of the Ministry of Finance, the hope is that residents will want to know how government makes money and what government does with money once it gets it in. The open house on Taxpayer Education was being held at the Town Center Mall in Provo and at Hibiscus Square in Grand Turk. The social media campaign and new jingle were rolled out Friday and the essay competition winner was awarded by the Caribbean Organization of Tax Administrators (COTA) … that winner: 15 year old Bohlale Rakuone of H.J. Robinson High School, Grand Turk. Recommended for you RBC Team off to Grand Turk with EZ Paylast_img read more

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Doucoure is doubtful for the next two Watford matches

first_imgAccording to the team’s manager Javi Gracia, the French midfielder will not play against Newcastle United and is doubtful he will play against Tottenham Hotspur.Watford FC will visit Newcastle United in the FA Cup Fourth Round on Saturday night.And then on Wednesday, they will play against Tottenham Hotspur in the English Premier League.Watford coach Javi Gracia has told the press that midfielder Abdoulaye Doucoure will miss the FA Cup fixture and is doubtful he will play against the Spurs.“Doucoure, last week when I spoke with medical staff, they said he could be available but we need to wait,” Gracia said to Sky Sports.“He needs more time to recover his knee. I think he will be available in one week, but we will see.”“In this moment, I don’t know [if he will miss the Tottenham game]. It depends on his evolution,” he added.Players who made it public that they weren’t happy in their club Jozef Fabian – September 12, 2019 Football is about so much more than what happens on the pitch.“I hear news about him, but in this moment he is here, focused on his recovery, and I’m sure he’s only thinking about the next game.”“I don’t want to say something about players that I don’t know anything about. I prefer to focus on our players and to do my job,” he added about transfer rumors.“It’s true in the last FA Cup game we changed a lot of players, but that was the best for us in that moment. We played a lot of games, five in 15 days.”“In this case, it is the same. We try to choose the best options. We are going to change some players, but in this moment I don’t want to say if we’re going to change 11, 10, eight, or two,” he commented.“We’ve played two games against Newcastle and we didn’t win. Now, with different players, maybe we can do it.”Watford is currently in seventh position thanks to a great start of the 2018-2019 EPL season.last_img read more

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