Canada Gets New Look For Olys

CANADA FX DEBT-Loonie weaker on U.S. shutdown, Yellen nomination

government is still shut down is starting to concern markets a little bit more now that were a week into it, David Bradley, director of foreign-exchange trading at Scotia Capital Inc., a unit of Bank of Nova Scotia (BNS) , said by phone from Toronto. We just had Canadian data, which was quite a bit weaker than expected. Thats helped this last little push. The nations government bonds rose, pushing yields on the benchmark 10-year security down one basis point, or 0.01 percentage point, to 2.57 percent. The price of the 1.5 percent security due in June 2023 increased 10 cents to C$90.95. Debt Sale The Bank of Canada will sell C$2.7 billion ($2.6 billion) of three-year notes on Oct. 9. The securities mature in February 2017. Canada is having second thoughts about selling ultra-long bonds as investors including Pacific Investment Management Co. prepare for the end of four years of unprecedented monetary stimulus by the worlds central banks. As part of their annual consultations with bond dealers, the Finance Ministry and Bank of Canada questioned the wisdom of selling debt maturing in 40 years or more, asking how the banks would characterize demand for long-term bonds since yields began rising in May. Finance Minister Jim Flaherty unveiled the ultra-long plan at his March budget, when 30-year government yielded 2.5 percent, compared with 3.1 percent now. Its scaring them somewhat, which has likely eroded their appetite to a degree, said Ian Pollick, senior fixed-income strategist in Toronto at the capital markets unit of Royal Bank of Canada, one of the central banks primary dealers. Its unlikely they will shelve the idea altogether, though more reluctance is likely in the decision process. The stalemate between the White House and House Republicans showed little sign of thawing just 10 days from when Treasury Secretary Jacob J. Lew told lawmakers the U.S. will exhaust measures to avoid breaching the debt ceiling.

Statscan revised July’s deficit to C$1.19 billion from an initial C$931 million. “The Canadian economy is still waiting for that growth rotation into exports,” said Doug Porter, chief economist at BMO Capital Markets. “And, given the U.S. government shutdown and the deepening uncertainty over the fast-approaching debt ceiling limit, no one is holding their breath in anticipation of a quick revival on that front,” he said. Consumers and a housing boom have provided most of the muscle in Canada’s economic growth since the 2008-09 recession but policymakers see that as unsustainable and are watching for signs the private sector is taking the lead through greater exports and investment. A silver lining in Tuesday’s trade report was that in volume terms exports and imports rose by 1.5 percent and 1.7 percent, respectively, which will help the monthly gross domestic product figures. But economists said the weak export performance could shave one percentage point off annualized growth in the third quarter. Scotiabank economists Derek Holt and Dov Zigler said exports were down 4.4 percent on a seasonally adjusted annual rate in the first two months of the quarter while imports gained 2.7 percent. “We have to see how September shapes up, but thus far, trade is looking to be a considerable drag on growth,” they said in a note to clients. The Bank of Canada sharply cut its third-quarter growth forecast in a speech on Oct. 1. Senior Deputy Governor Tiff Macklem said annualized growth in the third and fourth quarters would be in the 2 to 2.5 percent range. In its July forecasts, the bank had predicted 3.8 percent and 2.5 percent growth in the third and fourth quarters.

Wednesday’s strength in the U.S. dollar is unlikely to last as the focal point turns back to the country’s fiscal problems, said Benjamin Reitzes, senior economist and foreign exchange strategist at BMO Capital Markets in Toronto. “A weaker U.S. economy is clearly bad for Canada, so if the U.S. dollar does weaken, Canada may not benefit that much,” said Reitzes. The Canadian dollar was at C$1.0374, or 96.39 U.S. cents, weaker than Tuesday’s close of C$1.0368, or 96.45 U.S. cents. The U.S. dollar was up 0.5 percent against a basket of currencies. The United States has until mid-October before it hits the $16.7 trillion borrowing limit. The impasse was reminiscent of the 2011 showdown over the debt ceiling, which yielded an agreement only at the last minute. “Accidents do happen when you’re playing with fire. They avoided it last time, who knows if they’ll avoid it this time,” said Reitzes.

This really respects where it all started back in 1920′ — Hockey Canada president and CEO Bob Nicholson “Their mouths dropped, a little awestruck,” Nieuwendyk said. “They didn’t realize what they were here for. When they saw the jersey for the first time, it hit them like it hits any NHL guy that’s going to don that jersey.” For many hockey fans it wasn’t the first glimpse of the red, white and alternate black jerseys that the men’s, women’s and sledge hockey teams will wear at the Olympic and Paralympic Games in Sochi. Pictures of the uniforms have leaked out over the last month. But that didn’t damper the enthusiasm for the teenagers who stepped onto the ice amid club music and laser lights and skated around to show off the uniforms. “First to ever try on the Team Canada Olympic Jersey and unveil it to everyone. Speechless,” Paul Coffey’s son, Blake, wrote on Twitter afterward. “Honoured to get the opportunity to unveil the 2014 Team Canada Olympic Jersey Launch.” Hockey Canada’s reveal was another opportunity for fans to give their opinions about the jerseys. Some said it looked like Petro-Canada’s logo, while others wanted to go back to the jerseys used when Canada won gold in Vancouver in 2010. “People talking about how they feel about a jersey that’s close to their heart and represents their country is a great thing,” Nike creative director Ken Black said. The red and white jerseys feature a Maple Leaf logo with a stripe across the chest, while the black jersey has “CANADA” written across it in white letters on a gold stripe. All three include 12 gold maple leaves inside the collar to commemorate the eight men’s, three women’s and one sledge hockey gold medal the country has won at the Olympics. Black said the jerseys were inspired by the 1920 team that won gold at the Summer Olympics in Antwerp, Belgium, with touches from the 1972 national team uniform. “The best resource that we have in our country are our players and our people,” Hockey Canada president and CEO Bob Nicholson said.

Power Corporation of Canada Announces the Death of The Honourable Paul Desmarais, P.C., C.C., O.Q.

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