Thursday 29 August 2013

Canada’s possible role in Syrian military intervention: A frigate and vocal support | Daily Brew - Yahoo! News Canada


Canada’s foreign affairs minister says it is unclear whether Canada will play a role in a military intervention in Syria, but fully supports Western allies that may launch a strike in the coming days.

Foreign Affairs Minister John Baird has previously stated that Canada would only support a political response to atrocities in Syria, including the suspected use of chemical weapons by President Bashar al-Assad’s military.
But Baird has been increasingly open to military intervention as the tenor in Syria worsens. On Thursday, he expressed tempered willingness to take an active role in military intervention.
“We will let decisions be made before we even know whether we will have the capacity to contribute militarily,” Baird told reporters.
A NATO source told the Canadian Press on Thursday that Canada's role in Syria would be largely symbolic. It is believed the U.S.-led action would consist of a short air campaign focused on launching cruise missiles on key military targets.
Considering any strike would occur without the consent of the UN, however, Canada's political support would be meaningful in building a consensus for Western intervention.

More on Syria:
Assad says Syria will defend itself against aggression
UN says chemical inspection team to leave Syria on Saturday
Russian ambassador warns Canada that Syrian conflict is Iraq redux
Russia warns of 'catastrophic consequences' of Syria intervention
Full Yahoo! coverage: War in Syria

By Baird's own admission there is little Canada can offer to such as strike aside from vocal support.
Christian Leuprecht, associate professor of political science at the Royal Military College of Canada and Queen’s University, told Yahoo! Canada News that there were little to no Canadian assets in the region that could be used in a strike on Syria.
The HMCS Toronto is currently posted in the Arabian Sea and could be repositioned to support American ships in the region.
“Offering up a frigate in the Arabian Sea, as we currently have, is one frigate less that the Americans have to put in the Arabian Sea, which means that is one frigate more they can deploy in the Mediterranean,” Leuprecht said this week.
“The Americans always like to have the Canadians play because the Americans can work very easily with Canadians. You can put in a Canadian frigate and it can integrate seamlessly.”
Another potential role for Canada is in offering technical support or providing military assistance elsewhere in order to free up U.S. assets for use in Syria.
CTV News similarly reports that, with a potential strike just days away, it would take too long to move more Canadian assets to the region.
Correspondent Mercedes Stephenson reports that sources close to the Canadian Air Force say it is "anxious" to participate, whether that be with fighter jets or simply transporting U.S. troops and equipment – similar to the support role it played in France's intervention in Mali earlier this year.

SOURCE : YAHOO.COM
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Thursday 22 August 2013

Arctic tour: Stephen Harper acknowledges social issues in Canada’s North

Prime Minister Stephen Harper shifted his political message in the North Thursday after he met Nunavut Premier Eve Aariak and faced media questions about the immense social challenges here.
Prime Minister Stephen Harper, kneeling, is joined by Natural Resources Minister Joe Oliver, left,  and Harper's wife, Laureen, second from left, Denis St-Onge of the Geological Survey of Canada, second from right, and geologist Donna Kirkwood as they examine some of the geological features of Rankin Inlet. 
 Prime Minister Stephen Harper, kneeling, is joined by Natural Resources Minister Joe Oliver, left, and Harper's wife, Laureen, second from left, Denis St-Onge of the Geological Survey of Canada, second from right, and geologist Donna Kirkwood as they examine some of the geological features of Rankin Inlet. 

RANKIN INLET, NUNAVUT—On a day he intended to highlight more money for mining development, Prime Minister Stephen Harper shifted his political message in the North after he met Nunavut Premier Eve Aariak and faced media questions about the immense social challenges here.
Those had largely gone unmentioned by the prime minister during his eighth annual Arctic tour. Instead it has focused on resource development and Arctic sovereignty.
Thursday was also supposed to boost the prime minister’s credentials as a supporter of basic science.
In Rankin Inlet, on the northwest coast of Hudson’s Bay, Harper, who is frequently criticized for failing to back scientific research and accused of muzzling scientists, threw his weight behind a major geological research project and brought geologists along to tell everyone about it.
The Conservative government will extend for another seven years a $100-million program that was begun in 2008 and due to end this year. The same amount of money will now stretch over the extension.
Its goal is to complete the geological mapping of Canada’s North by 2020 — a move Harper promised would boost mineral exploration and development, bringing jobs to places like Rankin Inlet.
But in a territory where housing needs are overwhelming, family violence clogs courts, and a major study says the suicide rate has stubbornly remained about 10 times the national average for the past 40 years, the social problems are overwhelming.
Nunavut reporters asked the prime minister if he’s left social problems up to the territorial governments, or if he thinks economic development will naturally bring social development along with it.
Harper said: “I think that is both true and not true.”
Economic development is “critical to social development” and can help provide flows of private money “which can be, frankly, much greater than governments can ever create.”
He said creating jobs and opportunities for people “are important objectives in their own right” and added governments will continue to provide a range of social services, such as health and education. “But I think the most important thing for economic development is to give people jobs and opportunities.”
The geo-mapping money was welcomed by Aariak.
The premier told reporters it was needed, and she appreciated the $100 million in the last federal budget for 250 housing units, but the needs of Nunavut are so great, Ottawa must invest more in its basic infrastructure.
A study showed Nunavut needs 3,000 housing units immediately, and 90 units built each year for 10 years just to keep pace with its population growth. More than half Nunavut’s population is under age 25.
She linked it directly to many other social challenges: “Suicide, drop-out rates at the high school, health issues are all connected to lack of housing, lack of infrastructure. Everything is connected. If a child is living under a roof where there is a space to do her studies, and well-rested and well-fed, just imagine how far that child can go.”
Aariak said the government of Nunavut cannot do it alone “because the money that we get from the federal government is enough to run our territory but not necessarily to develop it.”
Inuit Tapiriit Kanatami president Terry Audla spoke to reporters, with PMO advisers listening in, and said Inuit welcome resource development and have long been concerned about “how can we slow those sad numbers. We’re number one for all the wrong reasons: highest suicide rates, highest drop out rates.”
“I’ve heard (the prime minister) use the phrase a rising tide will raise all boats. I’m confident that if resource development is done in consultation with Inuit . . . and Inuit are at the steering wheel, if that happens, in my opinion the social ills that we face right now hopefully will be diminished.”
Audla then headed into a meeting of Inuit leaders with Harper.
Cameras recorded the beginning of the encounter. Billed as merely a photo opportunity, Harper now had a different goal in mind — to communicate concern for all people here, not just resource developers.
“We have all shared goals in seeing strong, healthy and prosperous Inuit families and communities,” said Harper.
“We see progress being made, we also recognize there are also big changes in terms of the rapidity of historic development, stresses on the environment, social challenges that we all have, but I think everybody here today is extremely positive about the potential opportunities for the next generation of young Inuit people.”
Weather later prevented Harper from going to nearby Marble Island to look at the local geology there. On Friday, his last day in the north, he travels to Raglan Mine, in northern Quebec in the Inuit territory known as Nunavik.
The government’s geo-mapping initiative identifies what areas to map with an eye on promoting mining development.
Called Geo-Mapping for Energy and Minerals (GEM), the surveys are conducted in consultation with provinces, industry, and aboriginal groups.
It is a crucial program, say all sides.
“People are still using geo-science information that was done at the turn of the last century — the 1900s,” said Ross Gallinger, head of Prospectors and Developers Association of Canada, who flew from Toronto to hear Harper’s remarks.
He said it will drive some $500 million worth of mining exploration in the coming years. But he added there are public uses for the information beyond private interests. “There are all kinds of uses for it, public land use, aboriginal land claims, environmental assessment and public health and safety.”
For geologists at Natural Resources Canada’s Geological Survey, it’s a welcome extension.
Dr. Denis St-Onge of the Geological Survey of Canada said academic researchers at universities do not have the resources and support necessary to undertake the kind of detailed probes in remote areas that are required, and industry itself does not do this kind of work because of its enormous costs with no guarantee of a mineral strike.
“Google Earth shows topography and landscape forms. It doesn’t show you the composition of rocks. You have to be on the ground with a hammer,” he said, with a grin.
The nitty-gritty hard work of bringing in geologists by helicopter to remote regions to sample and analyze the rocks and point the way to potential mineral deposits worth exploring is done by public servants.
St-Onge said only 40 per cent of Canada is mapped to an “appropriate” level, considered to be a scale of 1-250:000 — or 1 cm for every 500 metres — with vast swaths of the country, especially the North, just generally surveyed. He said seven years won’t complete the mapping of all of Canada, but the North “is possible.”
Harper said the program so far has produced more than 700 maps and reports and “as direct consequence, private investors are now looking for nickel on the Melville Peninsula, searching for diamonds on Baffin Island, and copper, silver and gold deposits have been found in Yukon.”
“Some of these maps show where gold, silver, cobalt and diamond may be found, just over an hour north of here, by helicopter.”

Source : TheStar

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Wednesday 21 August 2013

Rain, hail blasts parts of southern Manitoba

Aaron Chernichan took these photos of storm clouds just east of Libau, between Highway 59 and Lac du Bonnet, on Aug. 20. Aaron Chernichan
Some wild weather swept through southern Manitoba on Tuesday, pounding some places with hail, ripping down trees and damaging buildings.
It missed Winnipeg but the storm hit blasted some areas just to the north of the city — Selkirk, Pine Falls, Pinawa, Lac du Bonnet and areas to the east of there.
In Whitemouth and parts of the Whiteshell, trees were downed and even some buildings were damaged, said Environment Canada's Rob Paola.
"Winds [were] gusting likely 90 to 100 kilometres an hour to cause the kind of damage that was seen," said CBC weather specialist Marilyn Maki.
Gary Hanna, who lives in Pinawa, said the strange-looking clouds moved in just before 9 p.m. Then the wind started to blow and the hail poured down.
"I don't think it was quite golf sized where we were but it's bigger than pea, for sure. On our back deck it looked like it had snowed," he said.
A farm building off Highway 44 looked like it had exploded, said Hanna, noting the tin siding was blown over trees and into the ditch.
Power and television signals were out for several hours from Pinawa, to Lac du Bonnet to Gull Lake.
Highway 44 was closed for a time near Seddons Corner, just east of Beausejour, because power lines were blown down.
The severe thunderstorm tracked west of Gimli to Lake Winnipeg and then east to Lac du Bonnet, the Whiteshell and northwest Ontario, said Paola.
There were no reports of any injuries.

SOURCE : CBC

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Tuesday 20 August 2013

Association Appeal To Airlines To Employ More Nigerian Pilots



The National Association of Aircraft Pilots and Engineers on Tuesday appealed to airline operators to employ more Nigerian pilots, instead of their foreign counterparts.

Mr Isaac Balami, President of the association, told the News Agency of Nigeria (NAN) in Lagos that the association had observed that most operators no longer employ Nigerian pilots. Balami urged the operators to apply the laws of Nigeria, adding that should the trend continue, the association could picket such airlines.

According to Balami, it will be wrong for the airlines to access funds contributed by Nigerian tax payers in running their businesses and refuse to employ Nigerians. “Some of the airline operators obtained up to N40 billion from the Asset Management Corporation of Nigeria (AMCON), to keep their airlines afloat. “Against this background, it is very wrong and unacceptable for them not to employ Nigerians. In some East African countries like Ethiopia, no single foreigner is in charge of their airlines. “The Ethiopian airline has the latest airbus (A380-800 model) in Africa. This aircraft is being flown and maintained up to D-Check level by Ethiopians.

“Nigerian pilots did the same during the Nigeria Airways era; while should any airline discriminate against any Nigerian pilot?” Balami asked. However, Mr Gbolahan Abatan, Chief Executive Officer of AirFirst Airlines, told NAN that Nigerian fresh graduate pilots were not being employed because they had no sufficient flight hours. Abatan said that most of the pilots had 230 flight hours instead of between 500 and 700 flight hours required to fly certain categories of aircraft. He called for more training for personnel in the aviation sector, noting that it was cheaper to employ a foreign pilot than retrain a fresh pilot. (NAN)

SOURCE : Leadership

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Wednesday 14 August 2013

Hudson’s Bay Co. REIT won’t be hurt by rising interest rates, CEO says

Hudson’s Bay Co. REIT won’t be hurt by rising interest rates, CEO says
HBC, Canada’s oldest department store chain, agreed last month to buy New York-based luxury chain Saks for US$2.9-billion including debt, and said it would evaluate creating a real estate investment trust.


Hudson’s Bay Co. Chief Executive Officer Richard Baker says rising interest rates pose no hurdle to a potential spinoff of the retailer’s real estate, including its future Saks Inc. stores, because they hold so much value.
HBC, Canada’s oldest department store chain, agreed last month to buy New York-based luxury chain Saks for US$2.9-billion including debt, and said it would evaluate creating a real estate investment trust. The plan follows a 12% decline in the Standard & Poor’s/TSX REIT index this year amid concern that interest rates are poised to increase.
“We believe the quality of our real estate is very strong and would be successful in any interest-rate environment,” the 47-year-old Baker said in a telephone interview Tuesday.
HBC is following efforts by Loblaw Co. and Canadian Tire Corp. to unlock the value of retail real estate through a REIT. Loblaw’s Choice Properties REIT raised $400-million in its initial sale in June, and rose 4.6% through Tuesday. Canadian Tire plans to spin off a US$3.5-billion REIT this year.
Fifteen REITs have had initial public offerings since the beginning of 2012, raising about US$1.72-billion. REITs invest in properties from seniors homes to factories, and have a tax structure that allows them to pay out the bulk of their earnings in unit distributions to investors.
HBC expects to complete the acquisition of Saks before the end of the year, according to the company’s statement on July 29. A REIT would likely follow shortly after, Baker said.
Related
Spread Narrows
The HBC real estate portfolio would include 32 million square feet (3 million square meters) of retail space, including the Saks Fifth Avenue flagship store in New York City, stores under its Lord & Taylor’s banner, and Hudson’s Bay stores in downtown Vancouver, Toronto and Montreal.
HBC is forecast to report second-quarter adjusted earnings of 13 cents per share on Sept. 12, according to analysts’ estimates compiled by Bloomberg News. The shares fell 0.5% to $17.25 at 9:55 a.m. in Toronto and have risen 3% this year.
The spread between North American retail REIT dividends and bond yields has narrowed to the tightest since mid-2011 as bond yields have risen, according an Aug. 1 Bloomberg Industries report.
‘Still Concerned’
The spread stood at about 120 basis points as the yield on the U.S. 10-year rose to 2.6% Tuesday compared with about 1.6% amid speculation the U.S. Federal Reserve would begin to taper its US$85-billion a month bond-buying program as the U.S. economy recovers. Yields on Canadian government bonds have risen a similar amount and were at 2.6% Tuesday. A basis point is the equivalent of 0.01 percentage point.
U.S. 10-year yields are projected to rise to 2.7% by end of 2013, according to the median average of analysts surveyed by Bloomberg while Canadian yields are forecast at 2.6%.
“Investors are still concerned about where interest rates might be going in the future and whether we might see sharp rises in them,” said Michael Missaghie, a portfolio manager at the Sentry Investments Inc. REIT fund, which manages $1.3-billion. “HBC would probably be facing a market that would be a little less enthusiastic about new REIT IPOs.”
Derek Dley, an analyst with Canaccord Genuity, who estimated in a note to clients on July 29 that the HBC REIT could be sold at $13 per unit, said rents from a REIT offers higher value than retail earnings.
‘Want Yield’
“The valuations in the real estate market and the REIT square are higher than what you get in the retail square, and that’s why we’re seeing Canadian Tire, Loblaw and eventually, and I think sooner rather than later, the Bay, looking to spin off and monetize their real estate assets,” Dley said in a phone interview yesterday from Vancouver.
“Do people still have cash and liquidity on their balance sheets they have to invest? The answer is yes,” said Zeke Turner, chief executive officer of HealthLease Properties Real Estate Investment Trust, in a phone interview. “Do they still want and need yield as part of their investment strategy? And the answer is also yes.”
The acquired Saks properties have an estimated value of US$3.5-billion to US$4-billion, according to retail analyst Patricia Baker at Scotiabank. Patricia Baker also said in a note to clients on July 30 that the properties would hasten the deleveraging of the Saks deal and allow “the transaction to become accretive sooner.”

SOURCE :Windsorstar

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Thursday 1 August 2013

Auto sales hit record high in Canada

Light trucks, together with SUVs, outsell passenger cars in Canada. Auto sales hit an all-time high in Canada in July.Light trucks, together with SUVs, outsell passenger cars in Canada. Auto sales hit an all-time high in Canada in July. (Rebecca Cook/Reuters)
Sales of passenger cars and light trucks took off in Canada last month, with news that auto sales jumped seven per cent to hit a record high in July, according to industry figures released Thursday.
Data from DesRosiers Automotive Reports said 158,993 new vehicles were sold last month. That beats the previous record, which was set in July 2005.
Chrysler's Canadian arm reported record sales for July of 26,209 vehicles, up 8.5 per cent from a year earlier. That was good enough for first place among automakers.
Ford of Canada wasn't far behind with 25,188 total sales in July. But that represented a drop of almost 10 per cent from July of last year as truck sales faltered.
GM Canada's sales dropped marginally to 19,164 vehicles — good enough for third place.
Toyota saw its Canadian sales rise more than 12 per cent in July, thanks in part to record sales of its trucks and its hybrid models and strong sales of its smaller models, like the Yaris and Corolla.
Honda Canada's July sales soared 35 per cent over last year's, with sales of its Accord model more than doubling. On a year-to-date basis, its popular Civic model regained the title of top-selling passenger car in Canada.
Nissan Canada's sales jumped 54 per cent.
Subaru Canada and Mercedes-Benz Canada reported their best-ever July sales figures.

U.S. auto sales strong

In the U.S., major automakers like Ford, GM, Chrysler, Toyota, Honda, and Nissan all reported double-digit sales increases in July.
Total sales south of the border last month were up 14 per cent over the same month a year ago, with sales of pickups and SUVs leading the pack.
"We're almost at a pre-recession pace that looks like it may have the momentum that will carry it through the second half of they year and beyond," said Alec Gutierrez, senior market analyst for Kelley Blue Book.
U.S. sales are being bolstered by more generous incentives, rising consumer confidence, increasing home values and interest rates that remain near all-time lows.
Consulting firm LMC Automotive said buyers are increasingly turning to longer-term car loans or are leasing to produce lower monthly payments. The average sale price of a U.S. vehicle last month was $31,000 US.

Source : CBC

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