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Updated: 22 min 49 sec ago

U.S. inflation bonds back in vogue

Mon, 09/01/2014 - 08:20

Fund managers said the rising cost of housing - which accounts for as much as a third or more of various measures of inflation and is outpacing other consumer cost increases - has revived price pressure in the economy. "TIPS have had a good tail wind this year.

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Man faces weapons charges after 7-hour standoff with police

Mon, 09/01/2014 - 08:19
A seven hour-stand off ended peacefully after a 34-year-old man had barricaded himself in an apartment in the early hours of Sunday morning.  Police said they got a call from the 1600 block of Ouellette Ave. at about 3 a.m. Police said the call came from a woman claiming a man was in her apartment with a knife breaking things.  The woman was able to leave the apartment safely, but the man barricaded himself inside and wouldn't cooperate with officers. 
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Factory activity in Europe, Asia cools; demand lull a concern

Mon, 09/01/2014 - 07:57

By Sumanta Dey and Wayne Cole BANGALORE/SYDNEY (Reuters) - Factory activity in Europe and Asia cooled in August after a strong July, as new orders dwindled in the face of escalating tensions in Ukraine and a patchy recovery in China, purchasing managers indexes showed. Despite euro zone manufacturers barely raising their prices, growth in the region slowed slightly more than initially thought, and activity in China's vast factory sector slackened on weak foreign and domestic demand, stoking speculation that further policy stimulus would be needed. "A concerted slowdown in the China, euro zone and UK manufacturing PMIs as the second quarter gets under way raises alarm bells about global demand conditions," said Lena Komileva, chief economist at G+ Economics in London.

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2 kids in car of man arrested for impaired driving

Mon, 09/01/2014 - 07:41
A 39-year-old man arrested for impaired driving in Wellington Sunday night had two children under 10 in the back seat of his car, say Prince District RCMP.
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Car strikes house after driver loses control on curve

Mon, 09/01/2014 - 07:39
A car struck a house after the driver lost control going around a curve Sunday night in Mount Herbert, say Queens District RCMP.
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KPMG refuses to approve BES accounts, warns of further loss

Mon, 09/01/2014 - 07:30

Auditor KPMG has refused to approve bailed-out Banco Espirito Santo's first-half report and accounts, published on Monday, citing the bank's failure to provide adequate information on its financial position and also warned of possible further losses. BES's consolidated report confirmed a loss of nearly 3.6 billion euros (4.73 billion US dollar), first revealed on July 30, largely due to its exposure to its founding Espirito Santo family's crumbling business empire. The losses forced the Bank of Portugal to step in on Aug.3 with a 4.9 billion euro rescue plan for the country's biggest bank, using public funds. Regulators also decided to put BES's healthy assets into a new entity, Novo Banco, while BES's exposures to the troubled Espirito Santo business empire as well as its Angolan subsidiary will move into a "bad bank." KPMG, which had been hired to audit the results, said in a report published alongside BES's accounts that these did not provide any adjustments and additional information required as a result of the rescue.

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Annaleise Carr hopes to complete Lake Erie swim today

Mon, 09/01/2014 - 07:21
Sixteen-year-old Annaleise Carr today expects to complete the final leg of the marathon swim across Lake Erie that she was not able to finish earlier this summer. In late July, Carr attempted to swim the entire 75 kilometres from Erie, Pa., to Port Dover, Ont. Instead she fell about 30 kilometres short of that goal as high waves forced her to stop swimming at Long Point, Ont. To complete that leg of her swim, Carr was dropped by boat at Long Point in pitch black conditions just before midnight Sunday.
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Central European PMIs point to slowdown as sanctions hit sentiment

Mon, 09/01/2014 - 07:03

By Jason Hovet PRAGUE (Reuters) - Polish manufacturing activity shrank for a second straight month in August and Czech expansion slowed more than expected, adding to signs weaker euro zone economies and crisis in Ukraine are cooling growth in the EU's east. Economies in central Europe have rebounded strongly from a sharp slowdown or even contraction in the past year but are starting to slow, and analysts expect that to continue for the rest of the year even while a longer-term recovery stays on track. Hungary's seasonally-adjusted PMI, calculated using a different methodology, dropped to 51 from 56.6. Central Europe's economies, which share trade links with Russia, are only just beginning to feel the impact of tit-for-tat sanctions between the European Union and Russia over pro-Moscow separatists fighting in Ukraine.

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Duelling reports: Finance rebuts grim analysis by another federal department

Mon, 09/01/2014 - 07:00
Finance Canada has issued a rebuttal of a politically embarrassing report on middle-class economic woes that was compiled last fall by experts in another federal department. Last October, bureaucrats at Employment and Social Development Canada wrote a scathing internal report on the plight of the middle class, calling the Canadian dream "a myth more than a reality." The report, obtained by The Canadian Press under the Access to Information Act, was immediately hailed by opposition parties as proof of the financial straits of Canadian families, but it was dismissed by cabinet ministers as outdated and misleading. In April this year, Finance Canada economists put together a more detailed rebuttal for the new minister, Joe Oliver, using the same data but interpreting them in a more positive way.
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Twenty years on, Schaeuble pleads again for core Europe

Mon, 09/01/2014 - 06:14

German Finance Minister Wolfgang Schaeuble renewed a call for a core group of European Union countries to move ahead faster with economic and political integration, 20 years after his ground-breaking proposal fell on deaf ears in key partner France. In an article published in the Financial Times on Monday, Schaeuble proposed creating an EU commissioner with the power to reject national budgets that breach the bloc's fiscal rules, and establishing an inner-core parliament for the euro zone. "In order to make progress in all of these areas, we should keep using the approach that proved its mettle back in 1994: to establish cores of co-operation within the EU that enable smaller, willing groups of member states to forge ahead," Schaeuble wrote in the article, co-authored by fellow German Christian Democrat Karl Lamers. They acknowledged that many EU countries remain reticent about closer political union that would involve transferring more sovereignty to Europe.

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China gives Microsoft 20 days to provide explanation in anti-trust probe

Mon, 09/01/2014 - 06:00

A Chinese anti-trust regulator said on Monday it has given Microsoft Corp 20 days to reply to queries on the compatibility of its Windows operating system and Office software suite amid a probe into the world's largest software company. The State Administration for Industry and Commerce (SAIC) questioned Microsoft Vice President David Chen and gave the company a deadline to make an explanation, the agency said in a short statement on its website. Microsoft is one of at least 30 foreign companies that have come under scrutiny by China's anti-monopoly regulators as the government seeks to enforce its six-year old antitrust law. According to a state media report on Monday, Microsoft's use of verification codes also spurred complaints from Chinese companies.

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Ottawa tourism figures expected to remain flat until 2017

Mon, 09/01/2014 - 06:00

It's been a relatively flat summer for tourism in Ottawa, and some industry leaders say they're not expecting growth until Canada's 150th anniversary celebrations in 2017. Hotel occupancy rates from April through to June are unchanged compared with the same time last year, though there was a large increase in June alone. "It could be a number of factors: conventions coming to town that might have been larger ... I think the weather played a factor — we had a very late spring season — and our festivals, of course," said Ottawa Tourism spokesperson Jantine Van Kregten.

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Canadians expose foreign worker 'mess' in oilsands

Mon, 09/01/2014 - 05:00

Canadian tradesmen from a huge oilsands construction project are waving a red flag about safety hazards and near misses, which they blame on the use of foreign workers who aren't qualified and can't speak English. "When you bring in a bunch of workers who are unqualified to do this job it's only a matter of time before you kill someone," said Les Jennings, who was an ironworker supervisor at the Husky Sunrise plant until a few weeks ago, when he quit in frustration. "People are angry and upset," said journeyman ironworker Johnny Demosten, who is still working at the site.

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Back-to-school: 7 million students, 440,000 educators, other stats

Mon, 09/01/2014 - 05:00
From tots to teenagers, students head back to school this week, waving goodbye to parents as they board bright yellow buses or say a teary bon voyage as they head off to a faraway university. An estimated five million children will flood through the doors of elementary or secondary school in Canada this year, where they'll learn everything from counting to calculus.    Nearly 10 times as many grade school teachers — about 396,000 full- and part-time — will watch over classes of elementary and secondary school pupils.
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Famed tenor Placido Domingo is the closing act at London festival

Mon, 09/01/2014 - 04:52
LONDON - Placido Domingo will be the closing act at this year's iTunes Festival in London.
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Euro zone factory growth slows in August amid Ukraine tension: PMI

Mon, 09/01/2014 - 04:12

By Jonathan Cable LONDON, (Reuters) - Euro zone manufacturing growth slowed slightly more than initially thought last month as new orders dwindled and factories suffered amid rising tensions in Ukraine, a business survey showed on Monday. Factories barely increased prices last month, and manufacturing activity in France fell at the fastest pace in 15 months, in disappointing news for the European Central Bank before Thursday's monetary policy-setting meeting. Markit's final August manufacturing Purchasing Managers' Index came in at 50.7, the lowest in over a year and below both July's 51.8 and an earlier flash estimate of 50.8. "Although some growth is better than no growth at all, the braking effect of rising economic and geopolitical uncertainties on manufacturers is becoming more visible," said Rob Dobson, senior economist at Markit.

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Weak investment, trade drive second quarter contraction in German economy

Mon, 09/01/2014 - 03:21

Weak investment spending and slow trade led Germany to contract for the first time in over a year in the second quarter, data showed, suggesting Europe's largest economy is running out of steam just as the impact of the crisis in Ukraine starts to bite. Germany's Federal Statistics Office confirmed on Monday an earlier estimate showing a 0.2 percent contraction in seasonally-adjusted gross domestic product (GDP) on the quarter. "The second-quarter contraction was a reaction to the strong first quarter so I think we'll return to moderate positive growth in the third ... but there's no shortage of uncertainty factors at the moment," said Thilo Heidrich, an economist at Postbank, referring to the standoff between Moscow and the West over Ukraine and the crisis in Iraq. Gross capital investment in Germany fell by 2.3 percent and construction investment dropped by 4.2 percent, in part due to a mild winter which boosted building activity in the first quarter.

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