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5 September 2007
28 August was the 28th day of the second month of the 2nd year of Canadian national consciousness rising to invincibility, as indicated by the following press reports:
28 August 2007
Reuters Canada - Bank of Canada's market comment scant, but welcome (28 August 2007) Market players took comfort in the words of Bank of Canada's deputy governor on Monday. Pierre Duguay said that the central bank is unlikely to raise interest rates on 5 September. It had previously suggested it would do so to combat inflation. 'It gives people the comfort that they're not dogmatic about fighting inflation,' said Craig Wright, chief economist at the Royal Bank of Canada. Indeed, the central bank could leave rates on hold for months. 'They know if the financial volatility passes fairly quickly, the odds are that the fallout on the real economy will be fairly limited,' said Craig Alexander, deputy chief economist at Toronto-Dominion Bank.
The Vancouver Sun - Economy and banks in good shape, analyst says (27 August 2007) How strong was the Canadian economy heading into summer, and how solid were the earnings of the big banks? Preliminary expectations are that both the economy and the banks have been doing very well indeed. 'We're forecasting another quarter of above-potential growth in Canada,' said TD economist Jacqui Douglas, estimating that the economy expanded at a robust 3.3 per cent annual rate in the April-through-June quarter. TD gives consumers much of the credit for its bullish expectations.
Reuters Canada - Scotiabank earnings up 10 percent on retail bank boost (28 August 2007) Bank of Nova Scotia reported a better-than-expected 10 per cent rise in third-quarter earnings. Canada's second-biggest bank by assets had net income of C$1.03 billion in the three months ended 31 July. That compares with a profit of C$936 million a year earlier. 'Domestic banking, including wealth management, had a very strong quarter characterized by significant asset and revenue growth,' President and Chief Executive Rick Waugh said.
From a Globe and Mail report on this: 'The bank has no direct exposure to U.S. subprime mortgages, and only minimal indirect exposure,' said Scotiabank. 'At this point, it is not evident that the stress in the financial markets will translate into weakness in the global economy, and therefore, we do not see any significant near-term impact on our portfolios.'
From a Toronto Star report on this: Total revenue swelled to C$3.2 billion from year-ago C$2.88 billion.
From a Canadian Press report on this: 'Accordingly, the bank should be able to achieve the upper range of its key performance objectives for the year and is well positioned for continued growth in the future,' President and CEO Rick Waugh said.
Canadian Press - Canadians' earnings rise (28 August 2007) The average weekly earnings of payroll employees rose C$2.27 in June to C$769.43. Statistics Canada says the year-to-date growth, calculated as the average of the first six months of 2007 compared with the average of the same six months in 2006, was 3.1 per cent. Earnings for the first six months in manufacturing grew by 3.6 per cent. Nationally, the number of payroll jobs rose by 12,700 in June and has grown by 74,000 since December 2006.
The Toronto Star - Farm revenue at record high as prices post brisk rebound (28 August 2007) Canadian farm revenue rose to a record in the first six months of 2007, on surging prices for crops. Farmers generated total revenue of C$19.9 billion, up from C$18.1 billion in the first half of 2006, Statistics Canada said.
From a National Post report on this: Canadian crop revenue surged to the highest level ever in the first half of 2007. Farmers took in C$8.4 billion in payments for the first six months of the year, up 26% from the same period last year, due largely to explosive demand from China and other countries. The current market is 'almost unprecedented', said Marlene Boersch, a Winnipeg-based agricultural consultant. The boom in agriculture started to take shape about halfway through 2006. Analysts predict prices will continue to move up for at least the next 12 months.
The Calgary Heral - Alberta on track to record $2.5B surplus: province (24 August 2007) Alberta is on track to record a C$2.5 billion surplus in 2007-08. In providing the province's first-quarter update, Finance Minister Lyle Oberg said Alberta's strong economy helped the government take in an unanticipated C$575 million during the first three months of the fiscal year. Revenue for the year is now forecast to be C$36.2 billion, an C$830 million increase from the budget.
From a Canadian Press report on this: Two-thirds of the C$575 million surplus will go to capital spending for a province bursting with newcomers and needing to build and update infrastructure. The remaining funds will go to the nest egg Heritage Savings Fund, bringing its forecast book value to C$15.6 billion.
The Toronto Star - Sun set to shine on solar (27 August 2007) Vinod Khosla, founder of Khosla Ventures, is a green investor with deep insight into emerging technologies and markets and the closest you can get to a celebrity venture capitalist. In answer to the question—what's clean, cost-competitive, can be deployed on a large scale and is capable of dramatically reducing greenhouse gas emissions?—Khosla is placing a big bet on solar-thermal technology—which he considers the best way to reduce the use of coal power generation. Vinod is referring to concentrating solar power, as opposed to solar thermal technologies used to provide space heating and hot water in buildings, or conventional solar power, where the sunlight strikes a solar photovoltaic cell (PV) and is converted into electricity. Concentrating solar power uses parabolic mirrors to focus the sun's energy on a single point, creating high temperatures that generate steam from a fluid. The steam spins a turbine, which generates electricity. Concentrating solar power is much more efficient than PV, and thus is much less expensive. It can be scaled up to several hundred megawatts, putting it in the same utility-scale class as coal and nuclear. It can be built faster, argues Khosla, and unlike PV it's not intermittent—heat that's generated during the day can be stored and tapped to generate electricity as needed. Just last week Pacific Gas & Electric Co. signed a deal to purchase 553 megawatts of power from a massive solar plant being built in California. I ask Khosla whether solar-thermal plants can be built anywhere. Khosla says the economics will differ depending on the geography, but it could technically be done anywhere in Canada.
The Toronto Star - Ontario seeks to double 'green' power supply (28 August 2007) The Ontario government has directed the province's power authority to purchase another 2,000 megawatts of green electricity supply, doubling the amount of renewable power already under contract. 'It's an important next step,' Energy Minister Dwight Duncan said. 'We have to make sure we continue to develop renewable power, from all sources.' The government has directed the Ontario Power Authority to begin talks with native groups, industry, and other stakeholders about purchasing the power and schedules for connecting the green energy to the power grid. A 500-megawatt purchase will be put in place by the end of this year. Proposals will be open to all forms of renewable energy, including hydroelectric and landfill gas. Even enhanced geothermal energy projects could qualify. The Ontario government has set a long-term goal of creating 15,700 megawatts of renewable generation by 2025.
These are a few of the news reports reflecting Canada's rising invincibility from the growing Yogic Flying groups across Canada and the Invincible America Assembly at Maharishi University of Management and Maharishi Vedic City, USA.
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