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Canada News Markets plunge on U.S. banking turmoil - September 15 The massive sell-off on Monday in North American stock markets that accompanied the filing for bankruptcy protection of American investment bank Lehman Bros. and the sale of Merrill Lynch - two of the largest and oldest financial firms on Wall Street - has nevertheless left Canadian banks bruised but not beaten. It also drew politicians on the campaign trail into the debate, with Prime Minister Stephen Harper maintaining "the Canadian economy's fundamentals are solid," while Liberal Leader Stephane Dion cautioned the "difficulties in the United States are something we worry about." That followed a rare move by the Bank of Canada in issuing a public reassurance that it is "closely monitoring global market developments," which in turn prompted speculation the central bank may cut interest rates next month source: www.canada.com Liberal MP predicts gas prices will fall 9 cents a litre - September 15 Gas prices across the country were expected to dip nine cents a litre by midnight Monday, said Liberal MP and gas watchdog Dan McTeague. Damage to oil refineries from Hurricane Ike was not as bad as feared, and so the prices at the pump should drop more, said an outraged McTeague, who accused the government and 'big oil' of gouging consumers. As the price of oil closed below $100 for the first time in the markets since March 4 - down $5.47 at $95.71 - he said pump prices are a long way off from matching the drop in crude oil. "It should be down 19 cents because the oil industry has been taking 10 cents more a litre at the wholesale level," he said. Source: www.canada.com Heavy rains expected as remnants of Ike cross Canada - September 14 The remnants of hurricane Ike, now downgraded to a tropical storm, are causing heavy rains over much of Southern Ontario, Quebec and parts of the Maritimes, Environment Canada said. The storm is expected to cross directly over Southern Ontario and the weather agency says "significant" rains are expected there until Monday. Rainfall Saturday in some parts of Ontario amounted to 75 millimetres. The storm was expected to be down-graded to post-tropical status as it continued tracking northeastward toward the Great Lakes Sunday. It was expected to remain an "intense storm" as it moves over southeastern Quebec and to bring heavy rains over parts of Labrador Sunday night and Monday morning. Source: www.canada.com Hundreds gather to honour fallen firefighters - September 14 OTTAWA - Hundreds of firefighters from across the country were joined by nearly 500 people Sunday to honour 16 more Canadian firefighters killed in job-related incidents or illnesses. The sombre crowd gathered on the lawn of Parliament Hill for an emotional ceremony to mark the most recent additions to the Canadian honour roll. "Today as we honour all types of firefighters - whether full-time, volunteer, wildland, or military, from the past and present - who have died serving their communities, we can't help but think of that Canadian spirit that first organized groups into fire brigades," said Robert Kirkpatrick, president of the Canadian Fallen Firefighters Foundation. "Their courage and sense of duty to their communities has been passed on to (the fallen men) and to every firefighter across Canada." Organized by the foundation, Public Safety Minister Stockwell Day was expected to be the keynote speaker, but was unable to attend due to a family emergency. Source: www.canada.com  |
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