Bank Of Canada’s New Style: When Words Speak As Loud As Actions

CANADA STOCKS-Energy shares pull TSX higher as Gulf storm lifts oil

“There are plenty of measures that can be taken and Muskoka demonstrated that and we’ll follow it in a consistent way with Muskoka.” That’s a change from comments made by the president of the Canadian International Development Agency in 2010. While Canada has never directly funded abortions, Margaret Biggs told a committee that the agency would continue to fund aid groups who might provide referrals for abortion services. CIDA was folded into the Department of Foreign Affairs and International Trade earlier this year. An upcoming report to the UN Security Council from Secretary General Ban-Ki moon is expected to recommend access to abortion services for pregnancies resulting from rape during conflict, according to the Global Justice Center in New York. Speech to UN Foreign Affairs Minister John Baird delivered a speech to the United Nations last week calling for more action on child and forced marriages. He also publicly backed a British initiative condemning sexual violence during conflict. Ottawa pledged $5 million in the spring to help victims of this kind of sexual violence. So far, nearly $1 million has gone to a family hotline in Afghanistan which refers victims to legal, medical and psychological help. Paradis said further details on how Canada will address both issues will be announced in due course. The British government explicitly said earlier this year that its development budget can be used to provide abortion care where allowed by national laws. “In conflict situations, where denying an abortion in accordance with national law would threaten the mother’s life or cause unbearable suffering, international humanitarian law principles may justify performing an abortion,” reads the statement by the U.K. Department for International Development.

Related So far, he has kept his words to a minimum, limiting his speaking engagements and to the surprise of many central-banker watchers enlisting his deputy governors to provide some specific public-policy guidance. At the same, Mr. Poloz will continue to meet with business leaders on their turf something he relished in his 14 years at the EDC, most recently as its president, before returning to the Bank of Canada where he began his public-sector career years earlier. Hes talking about leading from behind and depersonalizing monetary policy and I think all of that is good, said Christopher Ragan, associate economics professor at McGill University in Montreal. Senior Deputy Governor of the Bank of Canada Tiff Macklem collects his thoughts before speaking to the Economic Club of Canada in Toronto, Oct. 1, 2013. Galit Rodan/Bloomberg So, hes not going to take all the juicy speeches, and hes going to let his senior deputy, his No. 2, and his [other] deputies give better speeches. And I think all of that is very good. The change in approach at the bank was evident on Tuesday, when Tiff Macklem, 52, the banks senior deputy governor and the person Mr. Poloz beat out for the top job, spoke to the Economic Club of Canada in Toronto. Nothing surprising in that deputies are regularly dispatched around the country to address members of the business community and take their questions.

lawmakers will fail to resolve the budget crisis and prevent a debt default. “There’s a certain amount of fatigue from several days of losing trade,” said John Stephenson, senior vice president at First Asset Investment Management Inc, adding that investors expect a resolution soon. “Today the story is all about energy,” he said. “Investors are looking around and saying energy looks attractive.” Investors are starting to see value in Canadian energy stocks because of consistently performing large-cap names, attractive valuations, and a world that’s becoming more energy-dependent, Stephenson said. The Toronto Stock Exchange’s S&P/TSX composite index closed up 23.53 points, or 0.18 percent, at 12,758.65. Rick Hutcheon, president and chief operating officer at RKH Investments, said the TSX will tread water until the U.S. political stalemate is resolved but will make gains as the economy improves and commodity prices stabilize. “Everyone is sitting on their hands, waiting for Washington to make their move,” he said. “They’ll have their bickering and fighting, but ultimately they’ll come to an agreement.” Seven of the 10 main sectors on the index were higher. Energy companies climbed, with Suncor Energy Inc adding 1.2 percent to C$36.69, playing the biggest role of any single stock in leading the index higher. Canadian Natural Resources Ltd rose 1.3 percent to C$32.18.