Auto tariffs would put central bank between a rock and a hard

first_imgOTTAWA – Introducing auto tariffs into the Canada-U.S. trading system would put the Bank of Canada “between a rock and a hard place” when it comes to adjusting interest rates, bank governor Stephen Poloz told a business audience in Moncton, N.B., Thursday.“(It’s) the worst place for a central bank to be,” Poloz said when asked his thoughts about how the outcome of the negotiations for a new North American Free Trade Agreement could affect monetary policy.The bank governor said uncertainty over NAFTA has resulted in less business investment in Canada than there otherwise should be.“So you get NAFTA signed, then investment should pick up,” he said.But if the trade deal that currently includes Canada, Mexico and the United States were to disappear, the next question becomes what will replace it, Poloz said. He said losing NAFTA could lead to new, harmful tariffs, likely compounded by countermeasures.Poloz said while tariffs imposed in June on Canadian steel and aluminum imports into the United States — and counter tariffs imposed on U.S. goods coming into Canada — have already been built into the central bank’s economic forecasts, the bank can only speculate about what could come next.“Tariffs on cars is another thing,” he said, warning that such punitive measures could both spike inflation and slow the economy at the same time.One of the bank’s tools for smoothing an economic downturn is to lower interest rates. But if inflation balloons as a result of higher prices for automobiles and other big ticket items, the bank would have to consider moving in the opposite direction, Poloz said.“All of those ingredients make it very complicated for a central bank,” he said, suggesting that dealing with the outcomes would be more complicated than the aftermath of the oil price shock of 2014.Earlier Thursday, in a speech to the Atlantic Provinces Economics Council and Greater Moncton Chamber of Commerce, Poloz said disruptive technologies are making it harder to determine whether, and how quickly, to raise interest rates.But Poloz said Canadians need not fear the new digital age and, in fact, he added they are already benefiting from it, and embracing it.“The technology is enabling growth everywhere, including in industries that have not traditionally been considered high tech,” Poloz said.While technology has made some jobs obsolete, digital disruption, overall, is producing a positive impact on the economy, he added.The bank governor pointed to the computer system design sector as a prime example, noting it has grown by seven per cent annually over the past five years and now accounts for nearly two per cent of Canada’s economic output.“To put this into context, the computer system design sector is already more important to the economy than the auto and aerospace sectors combined,” Poloz said.Canada also now has the world’s third-largest concentration of researchers in the field of artificial intelligence, he said, with foreign direct investment coming into the country increasingly skewed toward high tech.Digital disruption is a factor in deciding monetary policy, along with inflation and the ongoing concerns around global trade uncertainty, Poloz added.But new digital technologies, in particular, could be giving the economy more room to grow before inflation pressures emerge, he said.“Raising interest rates too quickly could choke off this economic growth unnecessarily,” the governor said, adding it makes monetary policy even more data-dependent.At the same time, uncertainty is no excuse for inaction in deciding whether to raise interest rates, Poloz said.“What it does mean is that we will move rates toward a more neutral level gradually, continuously updating our judgement on these key issues in real time,” he said.The Bank of Canada held its trend-setting interest rate at 1.5 per cent earlier this month but is widely expected to raise the rate at its next scheduled announcement on Oct. 24.last_img read more

School buses cancelled for second day in School District 60

first_imgFORT ST. JOHN, B.C. – School buses in Fort St. John and the North Peace have been cancelled for the second day in a row.School buses for School District 60 will not be running again on Tuesday, February 5, due to the extreme cold temperatures.Schools will remain open.  It’s not clear yet if School District 59 will do the same for their buses. The B.C. Peace region has been experiencing extremely cold temperatures for the past four days and temperatures should rebound to the minus twenties by midweek according to Environment Canada.last_img

NorthEast Another Kashmir

first_imgMany fear that another Kashmir is in the making in North-East (NE) India. In the last few years, a series of disturbing developments in NE have created a genuine apprehension in the minds of citizens and political analysts about the future of this resource-rich region. Through the division of Bengal in 1947, India has created a landlocked, fertile, region in the northeastern part of the country, surrounded by five foreign nations – China, Myanmar, Bhutan, Bangladesh and Nepal. NE’s only physical contact with the mainland is through the Siliguri corridor, often termed as ‘chicken neck’. This lack of connectivity has further crippled the region’s economy, making it entirely dependent on others, even for basic necessities. Historical blunder On August 15, 1947, two Indian states were divided. Quite some time before the Muslim League demanded the partition of India on religious lines, Bengal-based industrialist G D Birla, had plead for it. On January 11, 1938, he wrote to Mahadev Desai, Gandhi’s secretary: “I wonder why it should not be possible to have two Federations, one of Muslims and another of Hindus……if anything is going to check our progress, it is the Hindu-Muslim question – not the Englishman, but our own internal quarrels.” Not only did Birla try to persuade Gandhi todivide India on communal lines as early as in January 1938 but he also approached Viceroy Linlithgow with the same proposal in the same month. Accordingly, Punjab and Bengal were divided in 1947 and millions of people were uprooted from their ancestral homes. As apprehended, the exchange of population was not peaceful – thousands were killed in communal riots. Unlike Punjab and Bengal, Muslim dominated Kashmir was not divided. But “the immediate impact (of partition) was in Jammu. Muslim subjects from different parts of Jammu province were forcibly displaced by the Dogra Army in a programme of expulsion and murder carried out over three weeks between October-November 1947”. The Muslims, who constituted more than 60 per cent of the population of Jammu region, were reduced to a minority. To quote a August 10, 1948, report published in The Times, London: “2,37,000 Muslims were systematically exterminated – unless they escaped to Pakistan along the border – by the forces of the Dogra State headed by the Maharaja in person and aided by Hindus and Sikhs. This happened in October 1947, five days before Pak invasion and nine days before the Maharaja’s accession to India.” Within hours of Kashmir’s accession to India, Pakistan Army had occupied a major portion of northern Kashmir and the state was divided into Pak Occupied Kashmir (PoK) and Indian state of Kashmir. The next Kashmir There are many reasons that empower the apprehension of NE becoming Kashmir – once beloved, then torn. Like Kashmir, this region is also strategically significant to our neighbouring countries China and Myanmar. Second, Hindutva philosophy of ruling Indo-Aryan parties faces strong resistance from the Tibeto-Burmese and Austro-Asiatic tribes who dominate this region. Third, NE tribes have a long history of conflicts among themselves and with the State. In 1958, The Armed Forces (Special Power) Act (AFSPA) was enacted to empower Indian armed forces’ ‘special power’ to maintain public order in ‘disturbed areas’. Incidentally, till date, AFSPA has been executed only in the northeastern states (except Mizoram) and in Jammu & Kashmir. Fourth, lack of proper connectivity with the mainland has alienated this region from the investment radar of national and foreign capital. Human and natural resources have not been utilised to their potential. Fifth, Pakistan’s close association with China has made it a stronger enemy for India. The Delhi-Mumbai-Ahmedabad centric ruling oligarchy is looking for a softer enemy around NE to shift the war zone away from India’s power centre to the periphery. Sixth, the rise of Bangladesh as an emerging ‘Tiger’ of South-East Asia is a major blow to proponents of the religion-based Two Nations Theory. After the division of Bengal, the Muslim majority East Bengal went to Pakistan (East) while Hindu dominated West Bengal remained with India. In 1971, East Pakistan declared independence from Urdu hegemony and became Democratic Republic of Bangladesh. Since then, language, not religion, has become the principal identity of Bangladesh. Now, Bangladesh is ahead of Pakistan in almost all socioeconomic parameters. In 2017-18, it was ahead (USD 1,751) of its sister West Bengal (USD 1,500) in per capita income (in current price) and it is estimated that Bangladesh, one of the world’s most densely populated countries, will exceed India’s per capita income in the next few years. To the Hindu nationalists of India, the existence of Bangladesh as an independent thriving nation is an embarrassment. To them, Bengali refugees are like ‘termites’. And, to fight these ‘termites’, they have decided to strengthen their hold in West Bengal first. Vicious circle of poverty The division of Bengal had landlocked NE, surrounding it by five foreign countries. The umbilical cord remains the ‘chicken neck’ corridor at Siliguri. Due to lack of proper market and adequate support from the government at Delhi, the region could not utilise its huge economic potential for the benefit of its citizens. During 2000-2018, NE states could attract only 0.03 per cent of the FDI equity flow which entered India. Not only FDI, even Indian commercial banks have not extended due credit to NE people as they deserve. The credit-deposit ratio of NE has remained nearly half of the national average. Lack of funds and sustained siphoning of people’s savings and natural resources like tea, timber, oil, coal etc., to other parts of the country have resulted in a vicious circle of inadequate resources, poverty, unemployment and political unrest. Instead of breaking this vicious cycle, political leaders have tried to sustain it for their selfish interests. Possible way out NE’s policy-makers should reflect upon which side they must look at, East or West, for the long-term development of their region. Better economic and cultural engagements with Bangladesh and West Bengal are likely to offer them brighter prospects at breaking their geophysical trap and help gain access to huge global markets using the sea. Ambassador Gautam Mukhopadhaya, in his lectures ‘North East, Act East’, delivered on January 31, 2017, at Indian International Centre, Delhi, also echoed the same opinion. According to him, Assam had enjoyed one of the highest growth rates under the colonial economy built on trading tea, timber and oil with Calcutta, to which it was linked. The epicentre of growth radiated down the Bay of Bengal via ports of Calcutta, Chittagong, Akyab (Sittwe), Rangoon, Moulmein, Tavoy and Singapore. He argued that ‘if transport through old Bengal and present-day Bangladesh was crucial in the growth of the old Assamese economy, then every diplomatic effort must be made to restore such connectivity for the present day North-East.’ To the landlocked people of NE states, Bengali speaking people of Bangladesh and West Bengal are not ‘termites’ rather these people are their true friends. They are all victims of the 1947 partition of Bengal. Unless this truth is realised and internalised by today’s people, the entire region runs the risk of becoming another war zone, like Kashmir.last_img read more

Ethiopian crew followed procedure but unable to control jet Report

first_imgAddis Ababa: The crew of the Ethiopian Airlines plane that crashed last month killing 157 people, repeatedly followed procedures recommended by Boeing, but were unable to regain control of the jet, according the investigators’ report released Thursday. The initial report, unveiled by Ethiopian Transport Minister Dagmawit Moges, cast further doubt on the system controlling the Boeing 737 MAX 8 model, which has been grounded worldwide for almost a month. Also Read – Saudi Crown Prince ‘snubbed’ Pak PM, recalled jet from US”The crew performed all the procedures repeatedly provided by the manufacturer, but was not able to control the aircraft,” said Dagmawit Moges, unveiling results of the preliminary probe into the crash. The report recommends “the aircraft flight control system shall be reviewed by the manufacturer,” she said. “Aviation authorities shall verify that the review of the aircraft flight control system has been adequately addressed by the manufacturer before the release of the aircraft for operations,” she added. Also Read – Record number of 35 candidates in fray for SL Presidential pollsThe release of the report came after the US Federal Aviation Administration (FAA) announced a review of the certification of the automated flight control system on the 737 MAX. Boeing is reviewing the report. The Ethiopian Airlines flight was headed to Nairobi on a clear morning on March 10 when it plummeted nose-first into a field outside Addis Ababa just minutes after take-off, having reportedly experienced erratic steep climbs and descents.last_img read more

Daler Mehndi joins Bharatiya Janata Party

first_imgNew Delhi: Famous Punjabi singer Daler Mehndi Friday joined the Bharatiya Janata Party at its Delhi office here in the presence of Delhi BJP chief Manoj Tiwari and Union minister Vijay Goel. BJP’s candidate from northwest Delhi constituency Hans Raj Hans, Union minister and Chandni Chowk candidate Harsh Vardhan and other party leaders were also present. Mehndi’s daughter is married to a son of Hans.last_img

Mens Lacrosse Ohio State hopes to rebound from slide against No 4

Ohio State then-freshman Tre Leclaire maintains possession of the ball in the first quarter against Loyola Maryland in the first round of the NCAA tournament on May 14, 2017 at Ohio Stadium. Credit: Sheridan Hendrix | Oller ReporterAfter being pushed out of the NCAA’s top 20 for the first time this season following Saturday’s 12-7 loss to No. 5 Denver, the now-unranked Ohio State men’s lacrosse team must clash with No. 4 Notre Dame and prove it has what it takes to make it back.The Buckeyes have lost two games in the past two weeks and are 5-3 on a season that began with a three-game win-streak. The imposing Fighting Irish are 4-2 with wins against Denver and No. 10 Virginia, but they are also coming off Wednesday’s 13-12 loss to Michigan. Notre Dame’s impressive offense boasts sophomore midfielder Bryan Costabile and junior attack Ryder Garnsey who scored three and five goals, respectively, in the team’s close game against the Wolverines. Costabile’s hat-trick was his third of the season, while Garnsey added one more to his six career hat-tricks. Notre Dame senior defenseman John Sexton and senior attack Mikey Wynne were named the ACC’s Defensive and Offensive Players of the Week, respectively, and are forces Ohio State will have to contend with in its upcoming tilt with Notre Dame.The Buckeyes will need to rely on big performances from their key players to keep up with a solid Irish team. Ohio State freshman attack J.T. Bugliosi scored two goals against the Pioneers Saturday, while five other Buckeyes recorded goals. Sophomore attack Tre Leclaire had two assists in the game, tying his season high. Offensive and defensive efforts alike will need to work in tandem to keep the Irish at bay. The Buckeyes expect to play under sunny skies on Sunday when they welcome the Fighting Irish for a noon faceoff at Ohio Stadium. read more

Courtois Simeone criticises Real Madrid to boost his popularity

first_imgThibaut Courtois claims that his old Atletico Madrid boss Diego Simeone only criticises Real Madrid to please the club’s fanbaseBallon d’Or winner Luka Modric was left fuming with Simeone’s comments that French duo Antoine Griezmann and Raphael Varane would have been more worthy winners for the award than himself.The Croatian hit out against Simeone and claimed that he has “a constant need to undermine Real Madrid”.But Courtois insists that Simeone’s sole motive is to boost his own popularity among the Atletico supporters.“Simeone criticises Madrid so as to be popular with his fans,” said Courtois, according to Fox Sports.“He always does it, attacks Madrid for being the best in the world.”FC Barcelona, Valencia CFMatch Preview: Barcelona vs Valencia Boro Tanchev – September 14, 2019 Is derby time in La Liga, as Barcelona welcomes Valencia to the Camp Nou Stadium tonight at 21:00 (CET).Courtois added: “Everyone’s opinions have to be respected, everyone can say their personal opinion.“But I was there for three years and when you always fight against Real Madrid, which is the best team in the world, you’re going to say things to generate populism.“In my case, he said I had won that trophy [Best goalkeeper] because I played for Real Madrid, but in the World Cup I was Chelsea, and in The Best Award, the votes were closed in July.“[Atletico goalkeeper Jan] Oblak is also a great goalkeeper and could have had more points, but there are a lot of people who vote.”The Belgian goalkeeper spent three seasons on loan at Atletico between 2011 to 2014, and made 154 appearances in the process.Courtois won a La Liga title, Copa del Rey, the Europa League and was named the Spanish league’s Goalkeeper of the Year in 2013.last_img read more

Reus You wont see me playing at Bayern Munich I promise

first_imgBorussia Dortmund captain Marco Reus reiterated his commitment to the club and assured everyone that they will never see him in a Bayern Munich jerseyBVB have an unfortunate history for selling their best players to rival clubs with star duo Robert Lewandowski and Mats Hummels leaving for Bayern in recent years, while Mario Gotze rejoined them in 2016 following a three-year spell at the Bundesliga champions.But Reus, who performances this season have earned him three Player of the Month awards this term, announced he will not be following in the footsteps of his former teammates.“You won’t see me playing at Bayern, I promise,” Reus told Frankfurter Allgemeine Zeitung.“Also I’m nearly 30 years old and they want to rejuvenate their squad.”In his new attacking midfield role, Reus has played a vital role in Dortmund’s stunning campaign this season with his 11 goals and five assists helping the club establish a six-point lead over Bayern at the top of the Bundesliga table.Jadon Sancho, Borussia DortmundCrouch: Liverpool could beat Man United to Jadon Sancho Andrew Smyth – September 14, 2019 Peter Crouch wouldn’t be surprised to see Jadon Sancho end up at Liverpool one day instead of his long-term pursuers Manchester United.And the 29-year-old is well aware that BVB are in a great position to end Bayern’s six-season dominance in Germany and claim a first league title for themselves since 2012 in the process.“It’s in our hands, we have to take each game like the first of the season and then we’ll have a chance,” said Reus.The 29-year-old missed Dortmund’s 1-0 win at RB Leipzig over the weekend after sustaining a knock in training on Friday, but will likely return to action this week.Since rejoining his boyhood club from Borussia Monchengladbach in 2012 in a €17.1m deal, Reus has managed a total of 110 goals and 69 assists in 228 appearances across all competitions for Dortmund.The Germany international has won the DFB-Pokal and two DFL-Supercups at Signal Iduna Park and reached the Champions League final in 2013, which Dortmund lost narrowly lost 2-1 to Bayern at Wembley.last_img read more

Pochettino believes Spurs can win at Camp Nou

first_imgTottenham Hotspur manager Mauricio Pochettino believes his team has what it takes to get an all-important victory against Barcelona.The North London club travel to the Camp Nou on the final matchday of the group stages of this season’s UEFA Champions League, in need of a result to make it to the second round of the competition.Mauricio Pochettino’s men took their qualification hopes to the final Group B game thanks to a 1-0 win over Inter Milan at Wembley Stadium, thanks to Christian Eriksen’s 80th-minute strike.Spurs are still seen as outsiders to progress, , and will have to the at their absolute best to match the result of Inter, who play at home to PSV Eindhoven.It would be as an impressive achievement if Spurs were able to make it to the next round of the Champions League considering their standing at the halfway stage of the group with just one point from their opening three games.David Villa, SpainQuiz: How much do you know about David Villa? Boro Tanchev – September 14, 2019 Time to test your knowledge about Spanish legendary forward David Villa.Pochettino said, according to Sports Mole:“All is possible in football. We have big respect to Barcelona, they are one of the best teams in Europe, it will be a so tough. But we have belief and faith that we can win.”“We need to show again a good level to compete at our best and arrive in Barcelona and compete at our best. We need fresh legs, fresh mind and no injuries. We need to arrive that way in Barcelona.”last_img read more