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Joey Keum

New Canadians missing jobs recovery - The Globe and Mail - 2 views

  • As of last month, the unemployment rate for Canadian-born people was 6.2 per cent, down from the same month a year earlier when it was 6.7 per cent. The jobless rate for all immigrants declined to 8.8 per cent from 9.9 per cent in April of last year, according to numbers crunched by the Toronto Immigrant Employment Data Initiative.
  • he unemployment rate for recent immigrants (landed within the last five years) is 13.9 per cent compared with 14.3 per cent last year. And it’s been consistently above the 12-per-cent mark since early 2009.
Mike Seo

Canada firms may miss Chinese market - 1 views

  • If Canada's energy firms don't start exporting to China now, others might beat them to it, according to an Enbridge Inc. vice-president.
  • They argued the window of opportunity to sell to China won't always be open largely due to competition and the chance the world's second largest economy may cease growing at its current staggering pace - reducing the money its investors can spend.
  • Colombian oil producer Ecopetrol plans to shift the majority of its oil exports from the United States to Asia in a decade due to higher sales profitability on the latter continent.Enbridge is on a similar quest.The company is seeking regulatory approval for its $5.5-billion Northern Gateway pipeline project to connect Canadian oilsands and natural gas fields to the West Coast, where liquefied natural gas could be shipped to Asia.
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  • As some 300 million to 400 million people annually move from rural to urban China, the country becomes richer and people consume more, Abbott said, noting power consumption in 2010 of 3,248 terawatt hours should grow to 4,510 terawatt hours in 2015.
Steven Iarusci

Canadians load up on mortgages, cut card debt - 0 views

  • The bank set aside $145million in provisions for credit losses, down $104-million as more customers repaid their loans.
    • Steven Iarusci
       
      BMO is the bank in question.
  • consumer credit-card balances are declining as bank customers start to heed warnings about taking on too much debt
  • On the residential mortgage side, Mr. Downe said he expects to see growth start to "soften" in the coming months
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  • record household debt levels have left this country vulnerable to economic shocks
  • the Canadian banks will report a slight increase in profit for the quarter as they contend with the impact of declining consumer borrowing, moderating capital markets activity and other headwinds.
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  • With domestic household debt levels hovering close to where they were in the United States prior to the financial crisis, many observers are warning that Canadians need to start paying down debt if the economy is remain on level footing
  • Canadian consumers continue to pile on mortgage debt despite repeated warnings that they need to crank back on borrowing if this country is to avoid a painful real estate correction
  • anadian consumers continue to pile on mortgage debt despite repeated warnings that they need to crank back on borrowing if this country is to avoid a painful real estate correction
  • growth in the overall home loan market "is continuing to be more robust,"
  • Canada's fourth-largest lender on Wednesday kicked off second-quarter bank earnings season with a 7.5% increase in profit on the back of lower provisions for bad loans
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