Word: june
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Meanwhile, employment continues to plummet - manufacturers axed 25,700 jobs in June as the automotive industry extended its downward spiral - and the Canadian loonie has climbed to nearly US$0.90 from a low of US$0.78 earlier in the year. The hollowing-out of manufacturing in Ontario, combined with a strong currency, means Canada's export sector is taking a beating not seen in decades, with no sign of relief on the horizon...
...more than offset by an appreciating currency and lower export volumes, which crushed trade receipts. As a result, second-quarter GDP is expected to contract 3.1% on an annualized basis, according to the Toronto-based investment dealer CIBC World Markets. "I wouldn't be surprised if June was as bad as May," says CIBC economist Krishen Rangasamy, referring to Canada's trade deficit. He expects the country's balance of trade to begin improving in the fourth quarter, with annualized GDP growth of 2.5% and 2.1% in Canada and the U.S., respectively. That sounds promising, but it's largely predicated...
Dealing with North Korea Bill Powell says in his recent cover story on North Korea that the leadership, "for reasons only they can fathom," are determined to continue the coldest of wars [June 22]. North Korea has never varied in its determination to conquer the south. Only the fear of U.S. nuclear retaliation stops their invasion. The nuclear program is designed to prevent this by the threat of mutually assured destruction. Brad Elliott, North Rocks, Australia...
Iranians have been waiting for weeks to hear from former President Ayatullah Akbar Hashemi Rafsanjani. At the height of the demonstrations on Tehran's streets, when hundreds of thousands of people called for a do-over of the June 12 presidential election officially won by incumbent Mahmoud Ahmadinejad, many Iranians have wondered if Rafsanjani, one of the Islamic Republic's most powerful men and a leading supporter of defeated presidential candidate Mir-Hossein Mousavi, would mount a challenge to Ahmadinejad's main patron, the Supreme Leader Ayatullah Khamenei...
...Others remain unconvinced, viewing China, in effect, as an economy on steroids. Bank-lending numbers announced last week showed an extraordinary leap. New loans in June totaled the equivalent of $224 billion, more than double the previous month's lending. The total amount of money that banks have loaned thus far in 2009 already exceeds the total amount loaned for all of last year. Speculative froth in China's financial markets abounds. Long-futures interest on copper contracts on the Shanghai Metals Exchange - bets that the price of copper will continue to rise - recently exceeded the total amount of copper...