Tag: Clare

Closing Bell Stock markets back off US Treasury warns of dire scenario

TORONTO — The Toronto stock market racked up another round of losses Thursday, reflecting increased volatility arising from worries that the United States could be heading for a big economic shock later this month.Here are the closing numbersTSX — 12,735.12 -103.88 -0.81%S&P 500 — 1,678.66 -15.21 -0.90%Dow — 14,996.48 -136.66 -0.90%Nasdaq — 3,774.34 -40.68 -1.07%The S&P/TSX composite index dropped 103.88 points to 12,735.12 and now has lost ground in three of the last four sessions, while the Canadian dollar was ahead 0.05 of a cent to 96.84 cents US amid widespread U.S. dollar weakness.The slide came as a partial U.S. government shutdown moved into a third day with no signs of an end, raising worries that the budget impasse over government funding will collide with the Oct. 17 deadline when the U.S. hits its debt limit. At that time, the government will start to run out of cash and could default on its debts.U.S. indexes also racked up losses as the U.S. Treasury Department warned Thursday that the economy could plunge into a downturn worse than the Great Recession five years ago if Congress fails to raise the federal borrowing limit and the country defaults on its debt obligations. The Treasury’s report says a default could cause the U.S. credit markets to freeze, the value of the dollar to plummet and U.S. interest rates to skyrocket.The Dow Jones industrials fell 136.66 points to 14,996.48, the Nasdaq was 40.68 points lower at 3,774.34 and the S&P 500 index gave back 15.21 points to 1,678.66.“It’s a really tricky situation and this could drag on a lot further,” said Gareth Watson, vice-president investment management and research, at Richardson GMP Ltd.“The way the right is spinning this shutdown right now is that it is just a mere shutdown of a few national parks, it’s not a big deal. And yeah, the first day is not a big deal, the second day is maybe more of a deal but not a big deal but once you get to the next week, I think tempers will start to flare.”Hopes had been high earlier in the week that Republicans and Democrats would come to a last-minute agreement prior to midnight Monday to avoid the shutdown, and then that the withdrawal of some services would be short-lived.At issue is the Affordable Health Care Act, or Obamacare, which the Republicans oppose.Republican House Speaker John Boehner has said that curbing the health-care overhaul that President Barack Obama pushed into law three years ago remains part of the price for ending the shutdown. Traders are concerned that price tag will also apply to raising the debt ceiling.Meanwhile, The New York Times reported that Boehner had told his party that he’s determined to prevent a federal default and is willing to pass a bill raising the debt limit with both Republican and Democratic votes.The metals and mining sector led decliners, down 2.62% as December copper lost five cents to US$3.27 a pound. First Quantum Minerals (TSX:FM) ticked 76 cents lower to C$17.85.The tech sector also weighed on the TSX with BlackBerry (TSX:BB) down 30 cents, or 3.63%, to $7.97. BlackBerry says its latest device will arrive in Canada later this month, but it won’t have the full support of Rogers Communications (TSX:RCI.B), which has decided not to stock the new device.The industrials group was down 0.8% as Canadian Pacific Railway (TSX:CP) fell 98 cents to $128.78.Telecoms also weighed with BCE Inc. (TSX:BCE) down 41 cents to $43.51.The energy group was down 1.12% as November crude on the New York Mercantile Exchange was down 79 cents to US$103.31 a barrel. Canadian Natural Resources (TSX:CNQ) lost 45 cents to C$31.78.The gold sector was off about 1.4% as December bullion faded $3.10 to US$1,317.60 an ounce. Barrick Gold (TSX:ABX) was down 35 cents to C$18.67.In other corporate news, Valeant Pharmaceuticals International Inc. (TSX:VRX) was ahead $1.53 to $114.91 after it said the U.S. Food and Drug Administration has approved a new Bausch + Lomb disposable contact lens sooner than expected. Bausch + Lomb was acquired by Valeant for about US$8.7 billion in August. TOP STORIES‘Potential to be catastrophic’: U.S. Treasury warns debt default could plunge America into worst recession since Great DepressionToronto home sales are soaring — with no sign of stoppingTesla fire that sent its stock into a skid started in the batteryWhy U.S. uncertainty could mean ultra-low rates for years — or even ‘decades to come’Changing of the guard at Agrium as Chuck Magro replaces Mike Wilson at the helmWHAT’S ON DECK FRIDAYECONOMIC NEWSCANADA10 a.m.Ivey Purchasing Managers’ Index (Sept): Economists expect a reading of 53, up from last month UNITED STATESThe U.S. employment report for September will not be released as scheduled Friday due to the government shutdown. A new release date has not been set. CORPORATE NEWSCANADABauer Performance Sports Ltd Q1 earnings: Analysts expect 64¢ a share read more

Fundraising continues for famine relief

The Ghanamma Cultural Troupe performed three numbers at the Band Aide concert for East African famine relief. The dancers are, from left, Sandra Boahene, a third-year Accounting student, and Lydia Taiba Appoh, a first-year biochemistry student.Fundraising for East African famine relief continued today with a noon-hour concert in the Sean O’ Sullivan Theatre.Students and faculty took the stage for Band Aide, a show that raised money for the joint Brock/Niagara College campaign called “East African Famine — Feed a Mouth, Save a Life — Niagara Responds.”The Ghanamma Cultural Troupe, comprised of Brock students, performed a trio of dance numbers. Other performances included:Karin Di Bella, associate professor of Music, on pianoMusic associate professor Harris Loewen and Business professor Don Cyr playing songs from the Beatlesgraduate student Antje Thamm on violinEcho Yu on the HulusiKurt Singer on the pianoThe campaign benefits East Africa, which is in the throes of a famine that has affected 13 million people and killed thousands. In Somalia, nearly 750,000 are at risk of starving to death. (NPR story)There are donation jars around campus, including a jar at the Tim Horton’s in the Schmon Tower. You can also donate online at the Niagara page of the Humanitarian Coalition site. So far, Niagara’s online campaign has raised $5,089.There will be a fundraising hot dog sale at the Avondale across the street from the St. Catharines campus on Friday, Sept. 30.Other recent fundraising events include a Loonie Mile fundraiser held by Brock International.Karin Di Bella performs songs by Franz Liszt and Lady Gaga.Sandra Boahene and Lydia Taiba Appoh read more