CANADA FX DEBT-Loonie weakens as U.S. government remains closed
There is technical resistance at C$1.0371 and support at C$1.0298, Reitzes said. The shutdown cast uncertainty on two other points of focus for markets: the looming deadline to raise the U.S. debt ceiling and what influence that could have on central bank policy. “It just pushes out any expected … policy tightening of QE tapering in the U.S. and eventual rate hikes in Canada,” said Reitzes. The next big political battle lawmakers face is raising the $16.7 trillion debt ceiling by mid-October. Failure to do so would force the United States to default on some payment obligations and Tuesday’s government shutdown stoked concerns about U.S. politicians’ ability to come to any agreement. While the political wrangling has shifted some attention away from monetary policy, analysts were also trying to gauge what impact a lengthy shutdown could have on the Fed’s current efforts to prop up the economy. The central bank surprised markets last month by maintaining the amount of assets it is buying at $85 billion a month. Analysts were speculating that fiscal drag on the economy could prevent the Fed from reducing its bond purchases as soon as had been expected. Investors will be watching a speech from Fed Chairman Ben Bernanke scheduled for this afternoon. Tuesday’s comments from the Bank of Canada continued to cause some weakness in the Canadian dollar after the central bank cut its third-quarter economic growth forecast, suggesting interest rates will stay low for some time.
Photograph by: Adrian Wyld, The Canadian Press , Postmedia News Foreign Affairs Minister John Baird proclaimed the start of a new era in Canada’s ties with Somalia Tuesday, one week after a Somali terrorist group’s attack on a shopping mall in neighbouring Kenya, and 20 years after Canadian soldiers left Somalia in disgrace. Ties between Canada and Somalia have been practically non-existent since the Canadian soldiers departed the country under a cloud of controversy after torturing and killing a Somali teenager in 1993. The situation wasn’t helped by the fact Somalia had no functioning government between then and last year, during which time the country was gripped by civil war and chaos. But the combination of a new government appointed in September 2012, and last week’s deadly mall attack in Nairobi, have injected both optimism and urgency into Canada’s approach to Somalia. On Tuesday, Baird appeared alongside his Somali counterpart, Fawzia Yusuf Adam, to herald what he described as not just a new page in the relationship, but a “new volume.” Canada had been wary of engaging the new Somali government too soon as previous iterations have succumbed to corruption and infighting. But he praised the new government, even as he pledged $6 million to help bring peace and stability to Somalia. At the same time, Baird promised to consider other ways in which Canada can help fight the terrorist group responsible for the Kenya attack, al-Shabab. Al-Shabab controlled much of Somalia for years, but has since been forced out of the country’s major urban areas following the African Union’s involvement. It has claimed responsibility for last week’s attack on a highend shopping mall in Nairobi, which killed at least 65 people, including two Canadians. Some analysts have seen the mall attack as a sign the group has shifted tactics to more insurgency-type activities following those losses as well as a bout of internal fighting. Baird acknowledged the gains that have made against al-Shabab in recent years, but added the work is not finished and “in the face of such attacks of despicable terror, we must strengthen our resolve.” Meanwhile, Adam, who is the first Somali foreign minister to visit Canada in recent memory, sought to dispel perceptions her country remains gripped by war and instability. In addition to al-Shabab’s shrunken influence, she noted there have not been any incidents of piracy off Somalia’s cost in more than a year. Somali pirates were considered a scourge in the Indian Ocean several years ago, when they seized several large vessels and held them for ransom, prompting an international military response. “This is a new Somalia,” Adam said.
Canada: Detention of 2 in Egypt Mars Relations
Foreign Minister John Baird said Tuesday that he told his Egyptian counterpart that in “no uncertain terms” it is unacceptable. He said Canada’s prime minister has directed that all resources be brought to bear to secure their release. John Greyson, a filmmaker and professor, and Tarek Loubani, a physician, have been held without charges since mid-August and were ordered detained for another 45 days on the weekend. The men say they were observing an anti-government demonstration Aug. 16 when Loubani heeded a call for a doctor and began treating wounded demonstrators while Greyson recorded the unrest on video. The pair released a statement on Saturday saying they’ve been beaten and subjected to degrading treatment. “It is simply unacceptable that Canadians can be held this long with no specific charges, no specific evidence,” Baird said. Baird said he told the new Egyptian foreign minister that it was “a significant problem in our bilateral relations.” Baird said he “didn’t’ see any light at the end of the tunnel” despite holding what he called a productive meeting with his Egyptian counterpart on Friday. He said the Canadian government is taking both a political and judicial approach to securing their release. “The government, at the prime minister’s direction, has been engaged in a big way to secure the release of these two Canadians,” Baird said. “I don’t want to up the rhetoric that would impede their expeditious release. I would just say we’re having strong discussions with the Egyptian authorities on this.” Join the Discussion You are using an outdated version of Internet Explorer. Please click here to upgrade your browser in order to comment.
Canada needs an online education strategy
(CHRISTINNE MUSCHI/REUTERS) Canada needs an online education strategy Add to … 02 2013, 7:00 AM EDT Last updated AA Ive been asked several times in the past few months, why I started the Wide World Ed initiative. I started it because I have deeply held personal values about global education, and a strong passion for empowered, collaborative research. I have observed, with great interest, the formation and evolution of edX, Coursera and Udacity in the U.S., as well as Australias Open2Study, and the UKs FutureLearn. I have come to believe that Canada needs its own space. More Related to this Story Stefan Popenici Move along, little is new about what MOOCs offer Heres why. Our education systems are different from those in the rest of the world, and differences between our education systems matter. In Canada, we have unique languages, social values, and past and present cultural stories to tell. I believe that our educational expertise and cultural identities should be celebrated and shared on our own terms, within our control. Move along, little is new about what MOOCs have to offer Consider Open2Study in Australia and FutureLearn in the U.K. Australia and the U.K. both have strong social mandates for public postsecondary education.