Canada suffered its biggest monthly contraction since the recession in June when the economy shrank 0.5 percent, due in part to the impact of flooding in Alberta and a construction strike in Quebec. The nations output is poised to accelerate at a 2.1 percent pace from July to September, after slowing to 1.7 percent in the second quarter, according to Bloomberg economist surveys. That weakness in June even outside of the temporary disruptions was overstated, said Nathan Janzen , an economist at Royal Bank of Canada, by telephone from Toronto. The bounceback implies activity is on a stronger path than what was implied by the June data alone. Growth will expand 0.7 percent in July and an annualized 3.4 percent pace in the third quarter, Janzen predicts. Todays data is the last major release before Julys economic growth report on Sept. 30, and indicates GDP expanded 0.5 percent that month, Robert Kavcic , senior economist in Toronto at Bank of Montreal, said in a note to clients. Tipping Point The median forecast in a Bloomberg News survey of 22 economists was for a 0.5 percent gain in retail sales. From a year earlier, sales were up 3.0 percent. Canadas economy has been relying on consumers to drive growth, as the nation waits for faster global demand to fuel exports and business investment. Bank of Canada Governor Stephen Poloz said last week growing confidence about global demand has brought the economy to a tipping point. Sales in July were led by a 3.2 percent increase at gasoline stations. Clothing and accessory stores posted a 1.9 percent gain and home furnishing retailers boosted receipts by 1.6 percent. Sales rose in eight of 11 categories making up 52 percent of total receipts.
Tennis Canada president and CEO Michael Downey to resign at end of year
“I want to congratulate Angela Merkel. It’s a great victory,” Harper said during a joint press conference with visiting Italian Prime Minister Enrico Letta. The Canadian prime minister noted that he and Merkel are the only two leaders of the Group of Seven industrialized nations who are still in office after sweeping to power in the mid-2000s. “Her victory is a strong personal victory and really an historic one,” Harper said, “And I look forward to speaking to Angela in the next few hours to congratulate her personally.” It was Merkel and her conservative Christian Democrats’ third consecutive election win. Letta at the end of a two-day official visit to Canada repeated an earlier statement calling the defeat of Germany’s upstart anti-euro party AfD a win for Europe. “The success of an anti-euro party in Germany would have been a catastrophe for Europe and Italy and, for global cooperation,” he said. “That didn’t happen and that’s a very good thing.” During his visit, Lette discussed with Harper the economy and trade, notably ongoing Canada-EU free trade talks. Italy is Canada’s 10th largest trading partner. Lette told reporters Italy must push privatization, as it looks to attract more foreign investment. He also invited Harper to visit his country in the first half of next year.
Canada’s Premier Atmospheric Science Journal Looks at the Columbia River
Federal Reserve policy weighed on shares of natural resource companies. Focus stayed fixed on conjecture about the Fed’s plans for its stimulus program as the market combed economic data for hints on what the U.S. central bank will do next. Among the data, a private sector report said U.S. consumer confidence slipped in September as consumers’ outlook on the future darkened a bit. But German business morale improved slightly to its highest level in 17 months in September, suggesting Europe’s largest economy is making a firm recovery. “We’re still in the sideways mode,” said Sid Mokhtari, market technician and director, institutional equity research, at CIBC World Markets. “There’s no directional thesis to the market.” The Canadian market is still gauging the consequences of the Fed’s decision to keep its bond-buying program intact, he added. “The Fed has said it’s going to be data dependent, and this market is now responding to that side of the equation.” Mokhtari said he expects the benchmark Canadian index to make some gains from current levels and to end the year at about 13,400. The Toronto Stock Exchange’s S&P/TSX composite index was up 4.97 points, or 0.04 percent, at 12,816.15. Six of the 10 main sectors on the index were higher. Financials, the index’s most heavily weighted sector, rose 0.2 percent.
Canada PM says Merkel win ‘a great victory’
It even has its own international law – the Columbia River Treaty – which is currently under review. Improved water resource and environmental management requires improved science, and could also benefit from enhanced cross-border cooperation on research. Twenty-nine scientists from ten institutions in both Canada and the US contributed cutting-edge work to this special issue. Some key outcomes include: Canadian headwaters are projected to experience, on average, lower summer flows, higher flows the rest of the year, and higher average annual flows than seen historically; A variety of semi-regular climatic oscillations, such as El Nino-Southern Oscillation, help explain year- to-year variation in river flows and may be used to improve seasonal water supply forecasts; Studies of the US portion of the basin reveal that local-scale water and environmental management behaviours deeply impact long-term water resource changes and vulnerabilities; Extreme warm days and extreme wet days are projected to increase under anticipated climate changes, whereas extreme cold days are expected to decrease; A newly established glacier monitoring program in the upper Columbia helps reveal the significant contributions of glacial melt to river flows, and the water supply implications of receding glaciers. “The value of improved scientific knowledge isn’t just some vague ideal,” said Dr. Sean Fleming, the Atmosphere-Ocean associate editor who convened the special issue. “For example, prior work suggests hydroelectric utilities in the Columbia Basin can save hundreds of millions of dollars a year by using improved climate-based water supply forecasts.” The Columbia starts on the glacierized western slopes of the Rocky Mountains in British Columbia. It flows generally south and west, accumulating runoff from seven US states before emptying into the Pacific Ocean at the Washington-Oregon border. It carries the most water of any basin on the west coast of the Americas. Established in 1963, Atmosphere-Ocean is the peer-reviewed scientific research journal of the Canadian Meteorological and Oceanographic Society (CMOS) and is published by Taylor and Francis. Summaries of the articles with corresponding contact information are provided in the accompanying document. The full-text articles are freely available upon request. This press release is under embargo until 24 Sep 2013.
“He has helped strengthen Tennis Canada and grow tennis in Canada with a clear focus on performance. His leadership will be sorely missed as well as his passion for the sport. “On behalf of the board of Tennis Canada, I wish Michael well in his next challenge and thank him for his contribution. Downey’s resignation is effective Dec. 31. He will begin serving as chief executive of the Lawn Tennis Association on Jan. 6. “It has been nothing but an honour to lead Tennis Canada for nearly a decade,” Downey said in a release. “I leave knowing that Canada is making great progress in becoming a world leading tennis nation. I am so proud of what we have done together with our partners to grow the sport across all disciplines in Canada. “I depart with mixed feelings because Tennis Canada is a great organization comprised of great people including a best in class board of directors. I wish the organization and sport even greater success under a new leader. I will be cheering from the sidelines.” Tennis Canada hopes to have Downey’s replacement in place by the end of the year. Downey will replace Roger Draper at the Lawn Tennis Association. “This is a huge privilege for me, at a fantastic time for British tennis,” Downey said in a statement on the LTA website. “We have a tremendous opportunity in front of us, and it is an honour to be able to lead the work of the LTA in getting more people playing tennis. Downey served as Tennis Canada president and CEO for nine years.