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Economic stewards meet The stewards of Canada's economy met in Ottawa today to take the temperature of the recovery after G20 meetings in Washington over the weekend.
The meeting between Prime Minister Stephen Harper, Finance Minister Jim Flaherty and Bank of Canada Governor Mark Carney highlights the urgency of the world's policy makers to be on the same page as the global rebound slows.
The meeting also followed Mr. Carney's celebrated clash with Jamie Dimon, the CEO of JPMorgan Chase, who lashed out at the central bank chief over regulatory reform measures in a private meeting with bank officials.
Canada's fiscal standing is the envy of the G7. Thus, there's some wiggle room for the Harper Tories as they work through their pledge to slash the deficit. So here's a thought for the three men most key to Canada's fortunes: Please remember the almost 1.4 million Canadians who can't find work.
While Canada's jobs market has rebounded from the recession, the jobless rate remains high, at 7.3 per cent, and it's forecast to climb to 7.5 per cent and remain above the 7 per cent mark for some time. For young people, it's much worse.
National Bank Financial said in a new report just yesterday that jobs growth in Canada is expected to slip to an annual pace of just 1.3 per cent until the end of next year, compared to 1.8 per cent since the beginning of 2010.
Canada is not alone. Labour ministers from the G20 countries pledged at a meeting in Paris today to make job creation a priority, Reuters reports.
Before the meeting, The Globe and Mail's Jeremy Torobin and Bill Curry report, some of Canada's leading economists told the Commons finance committee that the Harper government must be flexible and willing to alter its deficit-cutting plans if the shakier global landscape gets much worse.
The economists were divided on the likelihood of another recession, either globally or in Canada, though all agreed that the economic picture has darkened and said the federal government should be prepared do whatever it takes to maintain confidence and secure the recovery.
- Ottawa must be flexible, economists warn
- Harper summons Flaherty, Carney for rare three-way talks on economy
- Bankers, regulators square off amid turmoil
- Mark Carney: The determined regulator
- Jamie Dimon, the 'Angry Banker'
- Editorial: Mark Carney baits the world's bankers
- Watchdog warns banks about easy credit
CRTC chief to leave The chairman of Canada's federal broadcast regulator, Konrad von Finckenstein, will not receive a second term in his post, The Globe and Mail's Susan Krashinsky reports.
In an internal memo sent today, Mr. von Finckenstein, who has had his share of run-ins with the governing Conservatives, informed his staff that the government will soon be evaluating candidates to take over his job as head of the Canadian Radio-television and Telecommunications Commission.
His five-year term ends this January.
New iPhone next week? Apple Inc. is expected to unveil its new iPhone next Tuesday, based on media invitations to attend an event in Cupertino, California.
As is the norm in such cases, Apple didn't give details, though the invitation was titled "Let's talk iPhone."
Earlier this month, analysts at RBC Dominion Securities raised their earnings estimates for Apple for 2012 and 2013 based on what they said was shaping up to be "unprecedented" demand for the new smart phone, as well as the success of the company's iPad tablet.
"Proprietary RBC survey data shows 31 per cent very/somewhat likely to buy the iPhone 5, significantly exceeding pre-launch iPhone 4 demand (25 per cent)," the analysts, Mike Abramsky, Mark Sue and Paul Treiber, said in their research note.
"With the iPhone 4 nearly 15 months old, 66 per cent of existing iPhone users are very/somewhat likely to buy the iPhone 5, pointing to a large upgrade cycle."
- 'Let's talk iPhone,' Apple invite to Oct. 4 event says
- Analysts see 'unprecedented' demand for Apple iPhone 5
Many rivers to cross Call me Doubting Thomas, but there's still too much rumour and speculation to justify the market's resurrection of George Papandreou.
There's a renewed sense of optimism that euro zone leaders have finally woken up to the troubles of the 17-member monetary union, and are actually working together for the common good. But we've been here before, only to be disappointed. Late today, however, The Financial Times reported a rift among the euro zone leaders over terms of a second rescue for Athens.
As word of a fatter bailout fund and other measures spread through the markets, Mr. Papandreou, the prime minister, pledged again today to meet Greece's commitments.
"The euro zone must now take bold steps towards fiscal integration to stabilize the monetary union," Mr. Papandreou said in a speech today before a scheduled meeting with Germany's Angela Merkel. "Let's not allow those who are betting against the euro to succeed."
There's no doubt that the euro zone leaders realize they have to take the bull by the horns - I guess it's a bear in this case - but there are many rivers to cross. Notably, parliaments throughout the euro zone must ratify measures, and many are debating them this week. Germany's voice is crucial, and its Bundestag will be debating the matter on Thursday.
"Talk out of Europe about the consideration of bank recapitalizations, a 50-per-cent Greek default and an increase of leveraging up of the bailout fund (EFSF) has encouraged, but numerous obstacles remain with the German constitutional court being one of the biggest, next to the ECB," said CMC Markets analyst Michael Hewson, referring to the European Central Bank.
"Andreas Vosskuhle, head of the constitutional court, said politicians do not have the legal authority to make any agreements that violate or impinge on German national or fiscal sovereignty, and any leveraging up or increasing the EFSF would do that, and any such measures, if being considered, must be put to a referendum of the people," he added in a research note.
"This intervention, coming as it does ahead of a key vote on the EFSF in the Bundestag on Thursday, could well make matters tricky for getting the vote passed. With this in mind uncertainty will undoubtedly remain the predominant sentiment."
- Split opens over Greek bailout terms: sources
- Greek parliament passes property tax law
- Will get funds in time to avoid default: Greece
- Merkel: Will help Greece restore confidence
- Euro zone cobbling together bigger bailout package
How housing market fares Canada's resale housing market is slowing, but still outperforming markets in much of the developed world, Bank of Nova Scotia says.
Indeed, senior economist Adrienne Warren said in a new report today, Canada, France and Switzerland stood alone among nine markets measured in recording annual price gains, based on second-quarter data.
"In the majority of the major markets we track in North America , Europe and Australasia, inflation-adjusted home prices declined on a year-over-year basis in the second quarter of 2011," Ms. Warren said."While Canada's hot housing market also has begun to cool, it remains a notable outperformer."
Scotiabank expects housing demand around around the world to remain "moribund" until the recovery picks up. And, while Canada's real estate market is notable for its "resilience and longevity," a stalled jobs market could still keep some buyers out of the market.
"On balance, we anticipate a modest slowdown in the volume of sales transactions heading into year-end, alongside relatively flat prices," Ms. Warren said.
Canadian house prices, on average and adjusted for inflation, climbed 5 per cent in the second quarter, according to Scotiabank. That compares to 5 per cent in France and 4 per cent in Switzerland. Prices fell 6 per cent in the United States, 6 per cent in Britain, 10 per cent in Spain, 14 per cent in Ireland, 1 per cent in Sweden, and 6 per cent in Australia.
The situation in New Jersey The party animals of Jersey Shore don't appear to be making too many friends of late.
New Jersey's governor, Chris Christie, has nixed a $420,000 (U.S.) tax credit for MTV's reality show, which the economic development agency of the state had approved a week ago.
"As chief executive I am duty-bound to ensure that taxpayers are not footing a $420,000-bill for a project which does nothing more than perpetuate misconceptions about the state and its citizens," the govenor said in a letter to the agency.
In Economy Lab As nations steel themselves to provide more taxpayer-funded cash to stave off a new round of defaults while cutting supports for taxpayers, policy makers are pointing to rising income inequality as cause for concern in a climate of growing instability. Armine Yalnizyan examines the issue.
In International Business The enormous publicity to a new book by Zambian economist Dambisa Moyo has overshadowed the evidence that foreign aid can often work, The Globe and Mail's Geoffrey York writes from Johannesburg.
In Globe Careers Location, location, location is not just a reality for realtors, but also for recruiters and hiring managers, Alan Kearns writes.
In Personal Finance If you thought your taxes as a Canadian were high, think again.
From today's Report on Business