Canada’s economy grew 0.3% in October

first_img Leading indicators signal steady rebound: OECD The manufacturing sector helped the Canadian economy bounce back in October to post better-than-expected growth for the month to kick off the fourth quarter.Statistics Canada said Friday the economy grew 0.3% in October compared with a contraction of 0.1% in September to end the third quarter. Economy lost 68,000 jobs in May Household debt-to-income ratio fell in first quarter: Statscan Related news Share this article and your comments with peers on social mediacenter_img Economists had expected growth of 0.2% in October, according to Thomson Reuters Eikon.Toronto-Dominion Bank senior economist Brian DePratto said the Canadian economy recorded a solid expansion for the month.“The breadth of the expansion was particularly encouraging, even as construction activity remained a weak point for a fifth straight month,” DePratto wrote in a note to clients.He said the breadth of growth will come into play in the months and quarters ahead.“November saw the worst of the discounts on Canadian oil blends, and voluntary production curtailments are likely to weigh on activity,” DePratto wrote.“This will sap overall growth, even before mandatory production cuts come into effect in January.”The Alberta government has mandated oil production cuts starting next year in a bid to help boost the price obtained by Canadian producers.Paul Ferley, assistant chief economist at the Royal Bank, noted that while the bounce in GDP growth is encouraging, it is not expected to be sustained.“Activity in November is expected to be weighed down by the Canada Post strike and a weakening in oil prices,” Ferley wrote.“These factors, along with the disappointing momentum going into Q4, are projected to result in activity in the quarter only rising at an annualized rate of 1.1%.”Statistics Canada reported growth in 15 of the 20 industrial sectors that it tracked.The manufacturing sector helped goods-producing industries increase 0.3% after two monthly declines, while services-producing industries also grew 0.3%, their strongest showing since May.The manufacturing sector grew 0.7% in October, almost fully offsetting declines in August and September. Meanwhile, the finance and insurance sector rose 0.9%, while the wholesale trade sector gained 1.0%.In a separate report, Statistics Canada reported retail sales increased 0.3% to $51 billion in October, boosted by higher sales at motor vehicle and parts dealers and gasoline stations.Economists had expected an increase of 0.4%.Sales at motor vehicle and parts dealers were up 1.3%, while gasoline stations gained 1.9% in October.Excluding these two subsectors, overall retail sales fell 0.4%. Keywords Economic indicators Canadian Press Facebook LinkedIn Twitterlast_img read more

Durst murder case set for next month after mistrial denied

first_imgRobert Durst (Credit: Jae C. Hong-Pool\Getty Images)A Los Angeles judge denied Robert Durst’s request for a mistrial in his murder case, setting up a jury trial to resume July 27th.In a live streamed hearing on Tuesday, Judge Mark Windham told a sparsely populated, mask-covered courtroom that while the 77-year-old Durst’s “health and safety concerns” amid the coronavirus pandemic are matters “I’m completely sympathetic to” such concerns “are not the issues before me.”WIndham told Durst lawyer David Chesnoff, who appeared by telephone, it would take months to select a new jury amid covid.The judge also pointed out it was defense attorneys who originally pushed the trial back, and successfully moved to suspend the case in March.“Redoing jury selection,” Windham said, “would take four to six months, where we would be taking risks and there would be travel and exposure.”Durst did not appear in court, and did not speak telephonically during the two-hour long hearing.The black sheep of the Durst Organization, a Manhattan real estate dynasty, Durst is accused of fatally shooting college friend Susan Berman at Berman’s Beverly Hills home in 2000.Los Angeles prosecutors reopened the case after the 2015 HBO documentary “The Jinx,” which chronicled the third-generation real estate empire started by Durst’s grandfather, Joseph Durst, and also three murders linked to Durst, including the disappearance of his wife, Kathie McCormack Durst, in 1982.The documentary dramatically ended with Durst supposedly muttering “killed them all, of course” a possible reference to Berman, his ex-wife, and also Morris Black, a Galveston, Texas resident that a jury acquitted Durst of murdering. (Durst says the tape was spliced together and doctored.)Dick DeGuerin, Durst’s defense lawyer during the Black trial, was set to represent the defendant in the Berman proceeding.However, Chesnoff warned the court Tuesday that due to Covid and pre-existing health issues, DeGuerin would not travel to L.A.Prosecutor Mike Lewin argued that DeGuerin’s absence was immaterial, claiming Chesnoff had already agreed to move forward without the famed Texas defense attorney.Lewin appeared in court Tuesday, along with the judge, a bailiff, court reporter, and four audience members.The hearing seemed something of a litmus test about not just whether the Durst trial could continue, but thousands of legal matters across L.A. County at a time when coronavirus cases are spiking.Windham provided educated guesses about a courtroom’s safety, noting “We’re frequently sanitizing our hands,” and “I think it’s important to cleanse.”Unclear is how much real estate talk will accompany the trial: Durst has not worked for the family business since 1994.However, Douglas Durst, Robert Durst’s younger brother and chairman of the Durst organization, is set to testify.The FBI estimated Robert Durst’s net worth at about $100 million in 2015, mostly through an inheritance. This content is for subscribers only.Subscribe Nowlast_img read more

Russia sceptical over eco-fund

first_img“The international community has to act together, in full partnership with Russia, to ensure that what can be described as a hazard today does not become a disaster tomorrow.” The 110 million euro is due to be the first installment in the ‘support fund’ for the Northern Dimension Environmental Programme (NDEP). Involving the Commission, Russia and several financial institutions, the NDEP was formed in 1997 in an attempt to arrest the trend towards environmental destruction in the Baltic and Arctic Sea regions and in north-west Russia.Twelve projects – with an overall cost of 1.3 billion euro – are due to be undertaken as part of the programme. The ‘steering group’ for the NDEP has compiled a further list of nuclear waste management schemes, with an estimated price tag of 500 million euro.Their aim will be to control the nuclear waste in the Barents Sea region, considered to have the largest concentration of such waste in the world. The region’s stockpile of waste is especially large on the Kola Peninsula, south-east of Murmansk.“There are hundreds of nuclear submarines and reactors to be dismantled and vast quantities of radioactive waste to take care of,” said Chris Patten, the EU external relations commissioner.“Future generations will not understand if we do not act now to tackle the legacy of environmental degradation and above all the legacy of dangerous nuclear material left in northern Europe,” he added.“Blaming the failures and mistakes of the past is not an answer. At a conference in Brussels this week the Commission pledged 50 million euro to a newly established support fund for Russia’s environment, with Denmark, Finland, the Netherlands, Norway, Sweden and Russia itself each promising 10 million euro.About 62 million euro of the total is due to be spent on projects aimed at tackling pollution from nuclear weapons and power plants. But Russia’s Deputy Finance Minister Sergey Kolotukhin said: “We are far from enthusiastic about the intention to direct half of the support fund proceeds to the nuclear part of the environmental problem.”The scale of the nuclear waste crisis is too large for the amount concerned to make a significant difference, he said.last_img read more

The transatlantic growth (and debt) gap

first_imgOf course, there has also been a surge of bankruptcies in the eurozone’s periphery. But in countries like Italy, Spain, and Greece, the length of a bankruptcy proceeding is measured in years, not months or weeks, as in the US. Moreover, in most of continental Europe a person can be discharged of his or her debt only after a lengthy period, often five or seven years, during which almost all income must be devoted to debt service.In the US, by contrast, the corresponding period lasts less than one year in most cases. Moreover, the terms of discharge tend to be much stricter in Europe. An extreme case is Spain, where mortgage debt is never extinguished, not even after a personal bankruptcy.This difference between the US and (continental) Europe explains the resilience of the US economy to the collapse of its credit boom. The excessive debt accumulated by households has been worked off much more rapidly; and, once losses have been recognised, people can start again.The cause of the transatlantic growth gap thus should not be sought in excessive eurozone austerity or the excessive prudence of the European Central Bank. There are structural reasons for the eurozone economy’s slow recovery from the financial meltdown in its periphery. Most important, compared to the US, the excess debt created during the boom years has been much more difficult to work off.European officials are right to promote structural reforms of EU countries’ labour and product markets. But they should also focus on overhauling and accelerating bankruptcy procedures, so that losses can be recognised more quickly and over-indebted households can start afresh, rather than being shackled for years.Daniel Gros is director of the Centre for European Policy Studies. © Project Syndicate, 2014. The global financial crisis that erupted in full force in 2008 affected Europe and the United States in a very similar way – at least at the start. On both sides of the Atlantic, economic performance tanked in 2009 and started to recover in 2010.But, as the financial crisis mutated into the euro crisis, an economic gulf opened between the US and the eurozone. Over the last three years (2011-13), the US economy grew by about six percentage points more. Even taking into account the increasing demographic differential, which now amounts to about half a percentage point per year, the US economy has grown by about 4.5 percentage points more over these three years on a per capita basis.The main reason for the gap is the difference in private consumption, which grew in the US, but fell in the eurozone, especially in its periphery. A retrenchment of public consumption actually subtracted more demand in the US (0.8 percentage points) than in the European Union (0.1 points). This might appear to be somewhat surprising in light of all of the talk about Brussels-imposed austerity. In fact, public consumption in the eurozone has de facto remained fairly constant over the last three years, whereas it has declined substantially in the US. (The same is true of public investment, though this constitutes such a small proportion of gross domestic product (GDP) that transatlantic differences could not have had a large impact on growth over a three-year horizon.)The contraction of private investment in Europe accounts for only a small part (one-third) of the growth gap. Though the financial-market tensions that accompanied the euro crisis had a strong negative impact on investment in the eurozone periphery, investment demand has also remained weak in the US, minimising the overall difference.The resilience of private consumption in the US, the key to the growth gap, is not surprising, given that American households have reduced their debt burden considerably from the peak of more than 90% of GDP reached just before the crisis. The lower debt burden is also a key reason why consumption is expected to continue to grow much faster in the US than in the eurozone this year and next.But the crucial question – and one that is rarely asked – is how US households were able to reduce their debt burden during a period of high unemployment and almost no wage gains while sustaining consumption growth. The answer lies in a combination of ‘no recourse’ mortgages and fast bankruptcy procedures.Millions of American homes that were purchased with sub-prime mortgages have been foreclosed in recent years, forcing their owners, unable to service their debt, to leave. But, as a result of no-recourse mortgages in many US states, the entire mortgage debt was then extinguished, even if the value of the home was too low to cover the balance still due.Moreover, even in those states where there is full recourse, so that the homeowner remains liable for the full amount of the mortgage loan (that is, the difference between the balance due and the value recovered by selling the home), the US’s procedures for personal bankruptcy offer a relatively quick solution. Millions of Americans have filed for personal bankruptcy since 2008, thereby extinguishing their personal debt. The same applies to hundreds of thousands of small businesses.last_img read more

Exploring The Intersection Of Empathy And Leadership

first_img… Read the whole story: AirTalk What makes a good leader? Is it an ability to make difficult decisions that others can’t or don’t want to? Is it being able to relate to the needs and desires of your employees/followers/subordinates so as to maintain good morale among the rank and file and promote productivity? Is it an innate ability to connect emotionally with others?last_img

News Scan for Jan 07, 2014

first_imgBiggest US outbreak of highly resistant bacteria tied to Illinois hospitalThe largest US outbreak so far of bacteria producing the enzyme NDM (New Delhi metallo-beta-lactamase), which confers resistance to most antibiotics, has been linked to a Chicago area hospital, according to the Chicago Sun-Times and the Centers for Disease Control and Prevention (CDC). The contamination was traced to endoscopic equipment.The CDC reported last week that 69 patients with carbapenem-resistant Enterobacteriaceae (CRE) were identified in the United States in 2013, and 44 of those involved NDM-producing Escherichia coli in northeastern Illinois. The CDC report said at least 32 cases were linked to the suburban hospital, which the Sun-Times identified as Advocate Lutheran General Hospital in Park Ridge.”It’s the largest outbreak that we’ve seen in the U.S. of this bacteria ever,” Alex Kallen, an infectious diseases specialist who supervised the CDC investigation, told the Sun-Times.Nine patients who tested positive for NDM-producing E coli were identified in northeastern Illinois from March through July of 2013, the CDC reported in Morbidity and Mortality Weekly Report (MMWR). Eight of them were treated at the same hospital, and a case-control study revealed that undergoing endoscopic retrograde cholangiopancreatography (ERCP) was a strong risk factor, the report said.An NDM-producing E coli strain that was closely related to the outbreak strain was recovered from the device used. The hospital notified ERCP patients of the problems, and 109 returned for testing, according to the Sun-Times. The story indicated that 28 were colonized but not infected, while 10 others had signs and symptoms, and a “small percentage” were treated with antibiotics.The CDC said investigators found no lapses in cleaning procedures used on the ERCP equipment, but the findings prompted the hospital to switch from high-level disinfection to gas sterilization of the devices. “The design of the ERCP endoscopes might pose a particular challenge for cleaning and disinfection,” the report said.Jan 5 Sun Times story Jan 3 MMWR article CDC submits IND for meningococcal vaccine use at UCSBAs part of the response to a serogroup B meningococcal disease outbreak at the University of California at Santa Barbara (UCSB), the CDC is taking steps to enable an unlicensed vaccine to be used to prevent additional infections.The CDC said in a Dec 31 update that is submitting an investigational new drug (IND) application with the Food and Drug Administration (FDA), which would allow the vaccine to be used in at-risk groups at UCSB. In November the FDA approved an IND for Bexsero, made by Novartis, that cleared the way for the vaccine to be used to curb a separate outbreak at Princeton University.The outbreak at UCSB has sickened four students, permanently disabling one of them, and the strain has a different genetic fingerprint than the serogroup B organism responsible for the Princeton illnesses. Bexsero, made by Novartis, targets serogroup B, which is not covered by the US meningococcal vaccines. Bexsero is approved in Europe, Australia, and Canada.The CDC said the decision to pursue the IND was made after reviewing the cases and with the support of college, county, and state health officials. Health officials concluded that more cases were likely to occur at UCSB. It said IND clearance can take several weeks and that lab tests show that the serogroup B vaccine is effective against the strain that caused the UCSB cases.In a Dec 23 letter to students, parents, and staff, UCSB health officials said the process to gain access to the vaccine is progressing as rapidly as possible, but there are still many steps that need to take place, including determining the population that should receive the vaccine.Dec 31 CDC Q and A Dec 23 UCSB letter VA care facilities report drop in healthcare-related MRSAHealthcare-associated methicillin-resistant Staphylococcus aureus (MRSA) infections dropped 36% 4 years after Veterans Affairs (VA) long-term care facilities implemented a nationwide prevention initiative, according to a study in the January issue of the American Journal of Infection Control, published by the Association for Professionals in Infection Control and Epidemiology (APIC).Staff implemented the MRSA Prevention Initiative in the VA’s 133 long-term care facilities in January 2009. The initiative includes screening every patient for MRSA, use of gowns and gloves when caring for patients colonized or infected with MRSA, hand hygiene, and an increased focus on infection control. It also created a MRSA prevention coordinator at each center. From July 2009 to December 2012, the mean quarterly MRSA admission rate increased from 23.3% to 28.7%, but the overall rate of MRSA healthcare-associated infections (HAIs) dropped 36%, from 0.25 to 0.16 per 1,000 resident-days.The authors note the decreased rate of MRSA HAIs despite no decrease in overall MRSA. “To our knowledge, declines in MRSA HAIs such as this have not been reported in other large long-term care settings,” they conclude.January Am J Infect Control abstract Jan 6 APIC news release on the studylast_img read more

Chelsea initiate contacts for big midfield signing – Makelele helping Blues…

first_imgThe approach to every transfer window in recent years has seen many rumours around the future of Sergej Milinkovic-Savic. Both Manchester clubs have been credited with an interest in the Lazio player, and Tuesday saw a report that Jose Mourinho is also keen on the signing for Tottenham. Now it’s Chelsea’s turn to enter the picture, and Le10Sport bring claims on Wednesday regarding the Blues and their interest in the midfielder. It’s explained PSG are keen and have already made an offer of €60m, a figure they don’t want to push upwards.Lazio aren’t keen on agreeing to a sale at this stage, because they want to make sure they have their player fully focused until the end of the current season.According to the claims from France, Chelsea have initiated contact with the midfielder’s representatives recently. They’re being helped by their former player Claude Makelele, who is described as working as an advisor to those in charge at the London club.Milinkovic-Savic is represented by Mateja Kezman, who has previously played with Makelele, and it’s suggested that connection could help Chelsea in the transfer race.by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksTrending TodayForge of Empires – Free Online GameIf You Like to Play, this Game is a Must-HaveForge of Empires – Free Online GameUndo聽多多 Hearmore.asia1969年前出生的香港居民現可免費試戴頂尖的歐洲助聽器聽多多 Hearmore.asiaUndoHero WarsGetting this Treasure is impossible! Prove us wrong!Hero WarsUndo熱門話題小心會長過頭…網友推爆:「真的長得超誇張!」熱門話題UndoCoworking Space | Search AdsThe cost of shared office in Hong Kong might surprise youCoworking Space | Search AdsUndoStanChart by CNBC CatalystDigitization in Banks Is No Longer About Efficiency, but Business Resilience. Don’t Get Left Behind.StanChart by CNBC CatalystUndoIDA Ireland by CNBC CatalystWhy Are 14 of the World’s Top 15 Medtech Companies Invested in Ireland?IDA Ireland by CNBC CatalystUndoCNN with DBS BankThe New Role Banks Are PlayingCNN with DBS BankUndoKeto减肥1個簡單的妙招一夜「融化」腹部贅肉(今晚試試)Keto减肥Undolast_img read more