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IMF cautions Bank of Canada against tightening a day after it raised the rate


OTTAWA: The International Monetary Fund said on Thursday that while Canada’s economy has regained momentum, housing imbalances have increased and uncertainty surrounding trade negotiations with the United States could hurt the recovery. The report, written before the central bank raised interest rates by a quarter of a percentage point on Wednesday to 0.75 per cent, also said the Bank of ... Read More »

Canadian oil patch losing Loonie’s cushion as Poloz lifts rates


CALGARY: Add costlier debt and thinner profit margins to the list of woes for Canada’s oil patch. The Bank of Canada’s decision to increase its benchmark interest rate by a quarter point to 0.75% will raise borrowing costs for oil producers already grappling with prices stuck near $45/bbl. The rate hike also sent the Canadian dollar to a one-year high, ... Read More »

Bank of Canada increases overnight rate target to 3/4%


OTTAWA: The Bank of Canada is raising its target for the overnight rate to 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 per cent. Recent data have bolstered the Bank’s confidence in its outlook for above-potential growth and the absorption of excess capacity in the economy. The Bank acknowledges recent softness ... Read More »

Cenovus expects up to C$2.5 bln from Weyburn, Palliser sales


TORONTO: Canadian oil and gas producer Cenovus Energy Inc (CVE.TO) has hired investment banks to sell the Weyburn and Palliser oil assets, which it hopes would fetch as much as C$2.5 billion ($2 billion), according to people familiar with the situation. The moves are part of a push to sell assets to pay down debt Cenovus took to help fund ... Read More »

Bank of Canada expected to raise its key rate for first time in nearly seven years


OTTAWA: The Bank of Canada is expected to raise its key interest rate target for the first time in nearly seven years on Wednesday following signs the economy is well on the road to recovery after the crash in oil prices. Low interest rates have helped fuel the housing market in recent years, incentivizing Canadians to pile on record levels ... Read More »

Canada housing starts rise more than expected in June

Morocco’s auto industry exports likely to rise to $10b by 2020

OTTAWA: Canadian housing starts rose more than expected in June as construction plans in and around Toronto remained strong, but Vancouver trended downward, data from the Canada Mortgage and Housing Corp showed on Tuesday. While parts of Canada’s hot housing market have started to cool, June’s homebuilding activity pushed the six-month starts average to its highest in nearly five years. ... Read More »

Bank of Canada playing follow leader on rates


TORONTO: Strange things are afoot with central banks these days as many are following the U.S. Federal Reserve’s lead and looking to tighten monetary conditions by raising interest rates. While we like to think that we chart our own course, Canada is no different in playing follow-the-leader as evident by the historical correlation in interest rate movements between our two ... Read More »

Canadian dollar dips as Bank of Canada rate decision in focus


TORONTO: The Canadian dollar dipped against its U.S. counterpart on Monday, easing slightly from a nearly 10-month high last week, as investors awaited a Bank of Canada interest rate decision on Wednesday. At 4 p.m. (2000 GMT), the Canadian dollar CAD=D4 was trading at C$1.2888 to the greenback, or 77.59 U.S. cents, down 0.1 percent. The currency traded in a ... Read More »

Canada’s Desjardins may stop pipeline loans


ALBERTA: Canadian lender Desjardins is considering no longer funding energy pipelines, a spokesman said on Saturday, citing concerns about the effect such projects may have on the environment. Desjardins, the largest association of credit unions in North America, on Friday temporarily suspended lending for such projects and might make the decision permanent, spokesman Jacques Bouchard said. Desjardins, a backer of ... Read More »

Calgary’s unemployment rate the highest in Canada for a year


CALGARY: Calgary has had the highest jobless rate in Canada for 12 straight months, according to new numbers released by Statistics Canada on Friday. The oil and gas hub’s unemployment rate dropped in June, but at 8.9 per cent, Calgary’s jobless rate remained the highest among the 33 metropolitan areas surveyed. However, Peterborough, Ont., came in a close second with ... Read More »

Canada trade deficit in May widens on record U.S. imports


OTTAWA: Canada’s trade deficit almost doubled in May from the previous month as imports from the U.S. hit a record high. Meanwhile, export growth slowed in the month, as sales abroad of metals and motor vehicles were offset by a decline in energy products. Two-way trade in Canada with the rest of the world rose strongly in May from a ... Read More »

Sears Canada to seek court approval to suspend benefits for retirees


TORONTO: Sears Canada says it will go to court next week to seek approval to suspend some benefits for its retired employees as well as special payments to its defined benefit pension plan. The ailing retailer says it will also ask the Ontario Superior Court on July 13 to extend court protection from creditors to Oct. 4, giving it time ... Read More »

Royal bank of Canada enters agreement with VersaPay to offer ARC™

RBC logo is seen in Toronto financial district April 19, 2010. The Royal Bank of Canada (in French, Banque Royale du Canada, and commonly RBC in either language) is the largest financial institution in Canada, which is measured by deposits, revenues, and market capitalization. The Canadian Press Images/Francis Vachon

TORONTO: VersaPay Corporation (TSXV: VPY) (“VersaPay” or the “Company”), a leading provider of cloud-based invoice-to-cash solutions including electronic invoice presentment and payment, automated accounts receivable, cash application and collections management, today announced a strategic relationship with Royal Bank of Canada RBC (TSX: RY). As part of the agreement RBC will offer its business customers VersaPay ARC™, an integrated accounts receivable ... Read More »

Canada’s synthetic crude rallies on reduced supply

crude oil

ALBERTA: Canadian synthetic crude rallied on Wednesday as the Syncrude Canada project in northern Alberta made further production cuts for July and August, four trading sources said, meaning the plant will run below full capacity for a fifth straight month. Syncrude is one of Canada’s largest single sources of crude production and produces around 350,000 barrels per day when operating ... Read More »

Bank of Canada head sees inflation in uptrend by 2018


OTTAWA: Canada’s inflation should be well into an uptrend by the first half of 2018, the Bank of Canada’s head told a German newspaper, adding that policy normalization must begin before price growth hits its target in the latest hawkish comments from the central bank. The Bank of Canada has set the stage for interest rate hikes to come as ... Read More »

Canadian ports zero in on fast release from mega-ships


TORONTO: With plans to invest almost $2 billion in marine terminal and transportation connectors, Canada’s ports are developing the infrastructure needed to reliably handle growing volume and larger ships — the biggest at 13,000-TEU so far. But equally important for beneficial cargo owners, both of Canadian and increasingly US-driven cargo, is the fast release of cargo to shippers, a challenge ... Read More »

Bank of Canada broadening intelligence gathering with new survey


OTTAWA: The Bank of Canada will launch a new systemic risk survey next year to better understand financial risk and developments, as well as confidence in the financial system, a deputy governor of the institution said. Speaking on June 28, Lynn Patterson said the survey would be conducted biannually and support the bank’s surveillance of the financial system, while helping ... Read More »

Bank of Canada may hike interest rate for 1st time in 7 years next week


OTTAWA: After almost a decade of warnings that never came to pass, it appears as though the Bank of Canada is ramping up to hike its benchmark interest rate — possibly as soon as next week. On July 12, Canada’s central bank will announce its latest decision on where to place its trend-setting interest rate, which has an impact on ... Read More »

CMHC to pay $4-bln special dividend to Ottawa


OTTAWA: Canada Mortgage and Housing Corp. will pay a special dividend of $4-billion to the federal government over the next two years, saying it has excess capital above its required targets. The federal Crown corporation reported a sharp drop in insurance volumes in the first quarter this year as fewer buyers qualified for mortgage insurance under new federal stress-test rules, ... Read More »

Canada-Ukraine free trade deal to come into force on Aug. 1

UK - free trade deal - Brexit

OTTAWA: The Canada-Ukraine Free Trade Agreement (CUFTA) will come into the force on Aug. 1, Ukrainian President Petro Poroshenko announced on Thursday. “This is another important Ukraine’s victory on the reform path,” Poroshenko wrote on Facebook. Earlier in the day, Ukraine’s Ambassador to Canada Andriy Shevchenko said Kiev received a diplomatic note that Ottawa has completed all the legal procedures ... Read More »