Europe Fears Debt Crisis Is Growing. Peter Morrison/Associated Press.
Recession over? Not in Toronto area. The economy has officially left the recession and the stats show all the jobs lost have now been recovered.
But a closer look at Canada's largest city shows troubling trends behind the numbers. Bankruptcies in Toronto are nearly triple the national average. British Fashion Victims. And it’s a fad that has been fading lately, as evidence has accumulated that the lessons of the past remain relevant, that trying to balance budgets in the face of high unemployment and falling inflation is still a really bad idea.
China Faces Concern Over Inflation. IMF takes on peacekeeping role in global ‘currency war’ The 66-year-old International Monetary Fund has a new mission: economic peacekeeper.
In the latest example of how the financial crisis is reshaping how the world seeks to organize itself, finance ministers and central bank governors enlisted the IMF to help them contain what Brazil's Finance Minister late last month called a "currency war. " Tension was bordering on the extreme as officials gathered in Washington for the annual meetings of the IMF and World Bank. Responding to what Bank of Israel Governor Stanley Fischer called "impressive" volatility in foreign-exchange markets, a growing number of fast-growing emerging-market countries were seeking to control the rise of their currencies, flaming the mood for retaliatory measures in countries that continue to struggle with high unemployment, especially the United States.
But ministers from the major economies were unable to come up with an agreement to calm currency markets. Mr. Wall Street’s Engines of Profit Are Slowing Down. Le gouverneur de la Banque du Canada prône la prudence. Le gouverneur de la Banque du Canada, Mark Carney, a indiqué vendredi qu'il prendrait des décisions prudentes quant aux prochaines hausses des taux d'intérêt, compte tenu des défis croissants auxquels fait face le système économique mondial.
Dans un discours ponctué de nombreuses réserves quant à la reprise économique mondiale, M. Le marché du travail perd de son tonus. Il faudra plusieurs années encore avant que les États-Unis vivent la même situation.
En dépit de l'addition de 35 800 postes de juillet à août, pour un total de 17 216 300, le taux de chômage a grimpé d'un dixième pour s'établir à 8,1%, selon les données de l'Enquête sur la population active (EPA) publiées par Statistique Canada, hier. Canada: les exportations reculent de 2,5% Le rapport dévoilé mercredi par Statistique Canada, jumelé à la publication d'un document aux conclusions similaires au sud de la frontière, laisse croire que la reprise économique nord-américaine est entrée dans une phase critique après avoir solidement rebondi au début de l'année.
«C'est simplement malheureux que nous ayons un tourbillon de rapports qui, après avoir semblé solides il y a à peine quelques semaines, semblent soudainement prendre toute cette vigueur», a observé l'économiste Douglas Porter, de BMO Marchés des capitaux. «S'il s'agissait d'un rapport isolé, je ne ferais pas grand cas des chiffres sur le commerce, mais malheureusement, cela s'inscrit dans une mosaïque qui pointe dans la même direction: celle d'une croissance plus modérée.» M. É.-U.: le déficit commercial bondit de 18,8% Le déficit s'est brutalement creusé sur ce mois, à 49,9 milliards de dollars, soit son plus haut niveau depuis octobre 2008.
Les importations ont continué leur inexorable progression (+3,0%), tandis que les exportations reculaient (-1,3%). Banks struggle to boost loans as demand ebbs in weak rebound. The head of Canada's largest bank says the sputtering economic rebound has dealt the industry a tricky dilemma: how to boost lending when solid borrowers are increasingly hard to find.
Demand for credit, particularly from corporate clients, has dried up amid a stubborn economic recovery that refuses to take hold. Ontario's push to become special-effects power centre. After graduating from Toronto's Academy of Design, Edward Taylor was recruited by California's Industrial Light & Magic, the grand daddy of visual effects companies, to do computer graphics work on Hollywood blockbusters such as Star Wars: Episode 1 with George Lucas.
KAEC - King Abdullah Economic City. États-Unis : 800 milliards de plus? Brother, Can You Paradigm? A few months back one of my original mentors in economics — someone who got his graduate training in the pre-fresh-water era — asked me whether there was anything about the current crisis that required fundamentally new analysis. We agreed that there wasn’t. China’s Policies Ensure State Enterprises Grow. Inside the secret world of Trader Joe's - Aug. 23, 2010. By Beth Kowitt, reporterAugust 23, 2010: 1:16 PM ET FORTUNE -- Apple's retail stores aren't the only place where lines form these days. It's 7:30 on a July morning, and already a crowd has gathered for the opening of Trader Joe's newest outpost, in Manhattan's Chelsea neighborhood.
The waiting shoppers chat about their favorite Trader Joe's foods, and a woman in line launches into a monologue comparing the retailer's West Coast and East Coast locations. Fed to Meet, With Concerns on Deflation Rising. Nao.pdf (application/pdf Object) Economic Crisis Forces Local Governments to Let Asphalt Roads Return to Gravel. Economics 5/7/2010: Future of our cities. Global recovery, no matter how tenuous, is poised to present a new set of challenges and opportunities for smaller open economies, such as Ireland. These challenges relate to the changing nature of economic growth and competition worldwide.
Starting with the early 2000s, there is a new ‘brain-and-creativity’ economic growth paradigm that is emerging across more dynamic globally-integrated economies. G20: Why we all want to be Canadian now. 25 June 2010Last updated at 08:40 By Caroline Hepker BBC World Business Report, Ottawa Canada managed to avoid the banking collapses suffered elsewhere Even on a rainy weekday at Ottawa's By Ward market, Canadian shoppers are cheery. As Americans and Europeans face deficits and drastic government cuts, Canada's economy is recovering from only a mild recession. Sheltering near the maple syrup stall, local restaurant promoter Melissa Grecco says Canada escaped the fate of the US. China Uses Global Trade Rules to Its Advantage. Seeking to maintain its export dominance, China is engaged in a two-pronged effort: fighting among its trade partners and holding down the value of its currency.
China vigorously defends its economic policies. On Sunday, Premier criticized international pressure on China to let the currency appreciate, calling it “finger pointing.” He said that , China’s currency, would be kept “basically stable.” To maximize its advantage, Beijing is exploiting a fundamental difference between two major international bodies: the , which wields strict, enforceable penalties for countries that impede trade, and the , which acts as a kind of watchdog for global economic policy but has no power over countries like China that do not borrow money from it. China had a $198 billion trade surplus with the rest of the world last year, with its exports to the United States outpacing imports by more than four to one. Asia Leads the Global End to Cheap Money. Canada not immune to downward pressure on housing prices. David Rosenberg is chief strategist for Gluskin Sheff + Associates Inc. and a guest columnist for Report on Business The hot Canadian housing market is now likely to burn even brighter in coming months.
Expect a rush of sales activity as buyers look to get in ahead of new CMHC guidelines that kick in on April 19, just in time for the seasonal spring selling period. Then we have the harmonized federal and provincial sales taxes in British Columbia and Ontario kicking in on July 1, adding more distortion. And of course, the speculation is that the Bank of Canada will begin to raise interest rates some time in the third quarter. So if there are any Canadian homeowner wannabes still sitting on the fence, look for them to hop in during the next few months - then expect a swan-dive in the second half of the year, right when the central bank is widely expected to start tightening.
Ottawa should just show spending restraint. Anxiety over projections of red ink in the federal budget through 2015 and beyond sparked a flare-up over the goods and services tax recently. Suggestions by business leaders, and a prominent banker in particular, that Ottawa should reinstate the 7-per-cent GST to get back to a surplus drew a rebuke in a Conservative Party e-mail. An alternative path - spending restraint - could help move us past this dichotomy, and the government should take the lead with a tough and convincing budget on March 4.
Certainly the anxiety over the federal deficit is well-founded. News Analysis - A Decade of Enormous Deficits May Alter American Politics and Power. San Francisco » What if America’s Urban Economies Were National Ones? Sophie Cousineau : Le nouveau King Kong. Or, depuis quelque temps, cette réalité se concrétise à la vitesse grand V. En 2009, apprenait-on lundi, la Chine est devenue le plus grand marché automobile au monde. Even in a Recovery, Some Jobs Won't Return. Why Tech May Rebound in 2010 – GigaOM. “It doesn’t feel like a recession here.” Over the past few months, I’ve heard several people who either visited or moved to the San Francisco Bay Area make that comment. The effects of the Great Recession are still painful in many regions of the country, but the relative health of the tech industry has left many in Silicon Valley and San Francisco feeling they dodged a deadly bullet. While the economy’s longer-term health remains as uncertain as ever, the outlook for tech is — for the next several months, at least — getting brighter.
85,000 Jobs Lost in December, Clouding Optimism for Recovery. Groupe CNW. Yes, Manufacturing Matters. Manufacturing employment has fallen below 12 million jobs for the first time since 1941, and manufacturing jobs as a percentage of total employment has fallen below 9%, the lowest level since the Bureau of Labor Statistics started collecting data in 1939. Stiglitz and Sen's Manifesto on Measuring Economic Performance and Social Progress. A recent report commissioned by the French government (mentioned previously on WorldChanging) foreshadows why and how GDP should be supplemented as the de facto measure of progress. The authors are world-class - Joseph Stiglitz was the chair, advised by Amartya Sen.
Perspective on G-20: Don’t Trip on those Green Shoots. The New Industrial City. Diverse, talented city a laggard on innovation. Cultural institutions stagger out of recession. Canada's stalled economy: The humbling of Detroit North. Forum d'Avignon : culture, économie, médias.