Canada Dollar Gains First Time in Three Days Before Retail Sales
Related Items Two Canadians hurt in Kenya mall attack named by aunt as teen sisters African troops provided stability for the long-battered country’s transitional government, training for security forces and corridors through which humanitarian assistance was able to flow. It’s a complicated and dangerous part of the world where Canada is working in close co-operation with neighbouring nations, Prime Minister Stephen Harper said Monday. “We do work in close partnership with countries all around the world … and obviously in parts of the world like that portion of Africa, where there is vulnerability to those kinds of attacks,” Harper said. “Our government is the government that listed al-Shabab as a terrorist entity. We did that in 2010. Obviously, we’ll work very carefully with our partners in monitoring developments in this area.” The storming of the Westgate Mall in Nairobi on Saturday left 62 dead, including two Canadians, and scores of others wounded. The terrorist group is said to have deployed between 10 and 15 heavily armed militants in the attack. Kenyan troops continued to battle militants on Monday, reportedly killing three gunman and freeing several hostages. Although not a contributor to the United Nations-sanctioned African Union mission, Canada has been watching developments with interest so much so that now-retired general Walt Natynczyk was given an extensive briefing on the fight against al-Shabab during his time as chief of defence staff. “Canada is an active observer in the (African Union) and provides both direct and indirect support to the mission,” said a heavily censored briefing dated June 14, 2012, obtained by The Canadian Press under the Access to Information Act. Canada contributed US$5.8 million in 2011 towards logistical support for the military mission, another US$1 million to a UN trust fund to facilitate the delivery of humanitarian assistance, and a further US$520,000 for the international political office in Somalia.
Cybersecurity: Canada keen to collaborate with India
Canadian High Commissioner Stewart Beck, while speaking in a function here said, India would require 5,00,000 people in cybersecurity while Canada has ten educational institutions in the province of Ontario alone that provide programmes on cybersecurity. “We believe both the countries have some strengths and we need to work together utilising them…We have ten educational institutions in the province of Ontario alone that provide programmes on cybersecurity. This is how we can collaborate with India,” Beck said. He said that Canada can be excellent partners with India in areas food security, energy security, education and infrastructure. Talking about Canadian pension funds, Beck said his country believes that India provides the long term secure and stable capital investment and as Canada has the strongest pension funds in the world, it wants these funds to come to India. He said that last week representatives of five largest Canadian pension funds were in India to talk about how to bring Canadian capital in this market. Those five funds alone represents around 700 billion dollars of investable capital. The Canadian financial system survived the 2008 financial crisis. “One of the concerns that the Canadian pension funds have is the taxation system in India. India has layers of tax. Canadians do not have any problems in paying tax. Already some Canadian pension funds have invested in India and although not large investments, but by normal standards its pretty large and we want to bring in more because we see the opportunities,” said Beck.
Rate Expectations The yield on March 2014 bankers acceptances contracts, a gauge of short-term interest rate expectations, fell to a four-month low of 1.28 percent. Fed Chairman Ben S. Bernanke cited worse-than-expected economic indicators for prompting officials last week to lower forecasts for the year and refrain from slowing monetary stimulus. Overnight index swaps shows traders are pricing in about six basis points in tightening by July, down from 20 the day before the Fed meeting. Implied volatility for three-month options on Canadas dollar versus its U.S. counterpart rose to 6.27 percent, from 6.13 percent last week, the lowest point in four months. The measure is used to set option prices and gauge the expected pace of currency swings. The average for this year is 6.8 percent. Were probably looking for Canada to make a little bit more gains from here, and then lose a little bit of steam, Don Mikolich, executive director of foreign exchange sales at Canadian Imperial bank of Commerce, said by phone from Toronto. I dont know if Canada is due to overly strengthen in a period where were still in recovery mode. Options traders became more bearish on the Canadian dollar for the second day. The three-month so-called 25 delta risk reversal rate, which measures the premium charged for the right to buy the U.S. dollar against its Canadian counterpart versus contracts to sell, rose to 1.27 percent, after touching 1.20 Sept. 19, the lowest in a closing basis since July.
More than 175 people were injured in the attack. Harper refused to discuss reports that suggest a Canadian may also have been among the attackers, and dismissed suggestion that Canada may be vulnerable to the scourge of homegrown terrorism. I dont obviously discuss, in any detail, security operations, Harper said. Im not worried about such a thing as a mass phenomenon, but obviously there are always cases that we follow very closely and work with our international partners on. We have had, as you know, a series of legislation on anti-terrorism to give our police and security forces various tools to deal with the phenomenon. Officials have confirmed that diplomat Annemarie Desloges was one of two Canadians killed when gunman opened fire with AK-47s and threw grenades at Nairobis upscale Westgate mall, a venue frequented by expatriates and wealthy locals. Media reports and Facebook users identified Vancouver businessman Naguib Damji as the other Canadian victim. Foreign Affairs in Ottawa also announced Sunday night that as a security precaution Canadas High Commission in Nairobi would be closed to the general public on Monday. Harper said Canada and its allies abroad are monitoring the situation, and he once again extended his condolences to the families, friends and colleagues of the victims. He also cited the case of the Toronto-born former Guantanamo Bay inmate Omar Khadr, who was making his first public appearance in 11 years in an Edmonton courtroom as Harper spoke. Khadr was 15 when he was captured by American soldiers in Afghanistan. In 2010, he pleaded guilty to war crimes before a U.S. military commission and was sentenced to eight years.