Globe today numbers globetech_encyclopedia Supplied by the Computer Language Company Inc., it has more than 15,000 definitions and explanations written in plain English on topics ranging from PCs, Macs, UNIX, networking, client/server, graphics, multimedia, Internet, World Wide Web, objects, major products and vendors, acronyms, buzzwords ... and much, much more. forecasts in pdf chart pattern newsletter Quote / chart 122 W-Ns/pages on S&P/TSX Find [145] Wednesday-Night.com TSX Hits | CP | clusty | RoB 2006 Thu 02/11/2006 TORONTO: tsx PLUNGES ON INCOME TRUST CHANGE The Toronto Stock Exchange fell by 294.2 points on Wednesday as investors sold investments in income trusts and shares of companies that had planned to convert from corporations to income trusts. It was the biggest one-day loss at the tsx in two-and-a-half years. The income trust sector fell more than 12 per cent, erasing $20 billion of market value. Mr. Flaherty said that the trend toward income trusts could have shifted billions of dollars of the national tax burden onto individuals and away from corporations. Under previous rules, corporations that converted themselves into income trusts paid less federal tax, instead "distributing" high returns to the former shareholders who pay the tax. There have been $70 billion of such conversions recently. Under the minister's new rules, there will be a new tax on the "distributions." Existing trusts will have a four-year period to adjust to the modification, and corporate taxes would be cut to discourage conversions. The Liberal Party opposition in the House of Commons, meanwhile, expressed wrath over developments at the tsx. House leader Bill Graham was livid that the Conservatives changed the rules for income trusts after having promised not to do so during the national election campaign last winter. Mr. Graham told the House that Canadian investors have suffered an economic disaster because of the decision. Another Liberal MP, former Revenue Minister John McCallum, says Canadian seniors and other investors saw "$25 billion of their hard-earned savings go up in smoke in two hours..." Mr. McCallum calls Mr. Flaherty's move the biggest blow to Canadian investors ever dealt by a finance minister, calling the $1 billion of tax relief for seniors announced on Wednesday derisory. Prime Minister Stephen . Harper responded that times have changed since the election and that his government cannot support corporative tax holidays. With his own response, Mr. Flaherty said the previous Liberal government botched its chance to reform taxation for income trusts, the botching leading to an RCMP investigation into leaks. CANADA The T.S.X. plunged almost 200 points today, closing short of 12,000, caused by the continuing decline in crude oil prices to $67.50, a drop of $11.00 since its peak in mid-July and a five month low. There was also broad weakness in commodities. The market had gone up 800 points since mid-June. The economy is showing signs of slowing with a flat June and 2% growth in the second quarter following 3.6% in the first. Exports, industrial production (electricity, natural gas, mining), forest products, the auto industry and residential construction have all weakened, but government spending (+9½ %), business spending (+7.3%), household spending (+4.2%) and non-residential construction have led the domestic or internal demand to its eighth consecutive quarterly gain stronger than G.D.P. growth, a first in forty-five years. That explains Bank of Canada’s optimistic outlook of 3% growth “about its production potential,” despite over 10,000 net job loss in June-July, the weakness in wholesale. Bank of Canada remained steady at 4¼% overnight rate today. The current account in the second quarter narrowed by $4 billion to $4.2 billion after reaching a record $13 billion in the fourth quarter last year, as the trade surplus narrowed by $3.8 billion, the deficit on investment income increased by $400 million, the service deficit widened by $300 million and the travel deficit widened. The U.S. economic data released yesterday also contributed to the T.S.X. drop and the strengthening Canadian dollar (90.45¢ U.S.). Previous Videos Thursday Jun 22, 2006 rci FINANCE MINISTRE FLAHERTY CALLS FOR SINGLE CAPITAL MARKET REGULATOR Canadian Finance Minister Jim Flaherty is calling for the creation of a single securities regulator, calling the move "imperative" for the country's economy. Mr Flaherty says the current patchwork of thirteen provincial and territorial regulators makes it "unnecessarily difficult to do business in Canada". He claims a single regulator would increase Canada's competitiveness and improve the ability of police and justice officials to combat corporate crime. But some experts doubt that Mr Flaherty, as a member of a minority government, has sufficient clout to bring about the desired changes. They say he may have to settle for a piecemeal approach, where a few provinces form the nucleus of the new Canadian Securities Commission and other provinces opt in over time. Thu 15/06/200 The Toronto Stock Exchange has sent a second delegation to China to try to convince Chinese investors that Toronto's exchange is an attractive destination for new investors. TSX group says it will try to persuade the Chinese that Canada is a more attractive place for Chinese companies to invest than the U.S. in such sectors as mining and other natural resources. The TSX last sent a delegation to China on a similar mission in November. Stephen S. Poloz VP EDC Economics Weekly Commentary Market Action Symptomatic of Rising Global Risks - June 14, 2006 It’s never a good sign when stock markets make the front pages day after day. When stocks are going up daily, shattering old records, the feeling of bliss is tarnished by a growing worry that all is not quite right. In contrast, when stocks are plunging, well, people are just plain worried. Past issues | his WN page Stephen S. Poloz VP EDC Economics Weekly Commentary An Eiffel Tower Made of Copper - June 7, 2006 The Eiffel Tower is a Paris landmark that is recognized globally. It stands 324 meters in height, supported by a base that is 125 meters square and is made of iron, not copper. Past issues | his WN page Thursday Apr 27, 2006 TSX declines to raise payout Shares of TSX Group Inc. dropped sharply yesterday — despite stellar first quarter earnings — after investors who were hoping the company would announce a special dividend were disappointed. Thursday Jan 26, 2006 globe S&P/TSX climbs to new record Benchmark index reaches fresh record high as mining, gold stocks gain; Ivanhoe falls; U.S. stocks rise 2005 Thursday Dec 8, 2005 rci TORONTO: PANEL RECOMMENDS SECURITIES REGULATOR EVEN WITHOUT ALL PROVINCES An advisory panel named by the Ontario government has recommended that a single national securities regulator be created even if all the provinces don't initially agree to be part of it. The report by a panel headed by Toronto lawyer Purdy Crawford says that there must be a "core group" of provinces involved for the plan to work. The provinces the co-operation of which would be needed weren't named. At present, each of the 10 provinces and three territories has its own securities regulator, an arrangement which critics have denounced for years as cumbersome and absurd. Ontario, in particular, has pressed for a single regulator. But several other provinces, particularly British Columbia, Alberta and Quebec, have resisted the idea out of concern that a national regulator based in Toronto would behave hostilely toward regional and small-company interests. The report suggests that if all jurisdictions participate from the outsxt in the regulator's creation, vice-commissioners could be based in British Columbia, Alberta, Ontario and Quebec. The document says that the regulator itsxlf wouldn't necessarily have to be located in Toronto. Friday Oct 21, 2005 ts TSX hit by biggest drop in 18 months The Toronto Stock Exchange suffered its biggest beating in 18 months yesterday on the same day investors were told the Bank of Canada expects economic growth to slow in 2006. Dana Flavelle reports. Thursday, October 06, 2005 Who Is High Fashion on the Nasdaq?;, Sexiest Stock; Bell? Duration 27m 41s please us IE Firefox wont work for us Friday Oct 7, 2005 "It is painful when it happens in two days, but it is not important yet in signaling that we are in a bear market," said Ron Meisels, president and technical analyst at P&C Holdings in Montreal. "This is a minor pullback and nobody should be surprised. I look at this, down the road, as a wonderful buying opportunity." Oil stocks showed that what goes up, must come down, and the red-hot sector has been the biggest drag on the market so far this week. "Obviously the oil and gas equities have fallen quite substantially already in the last several days. I think it is probably overdone," said Patricia Mohr, vice-president of economics at Bank of Nova Scotia. "Perhaps a lot of investors that were just ready to cash in on their investments are just taking profits now." Friday Aug 26, 2005 ts Fund manager's assets frozen amid probe The RCMP has opened a fraud investigation at Norbourg Asset Management Inc. as Quebec's financial regulator took the rare step of shutting down the company and freezing its assets yesterday. Friday Aug 26, 2005 rci MONTREAL: POLICE RAID MUTUAL FUND FIRM Officers from several police forces raided the offices in Montreal and Toronto of the Norbourg Asset Management Inc. mutual fund company on Thursday. The raids followed an order by Quebec's l'Autorité des marchés financiers, the province's top securities regulator, that Norbourg stop all activities and that its assets be frozen. The order was issued after the regulators discovered a gap between its announced financial results and its actual assets that amounted to $70.7 million. L'Autorité also alleges that Norbourg's last three annual reports on its results were false or misleading, and that the company falsified documents. The Royal Canadian Mounted Police says that the alleged fraud was committed at the expense of 5,000 mostly small investors. A senior vice-president for Norbourg, Michel Fragasso, has resigned his position as chairman of the Investment Funds Institute of Canada, the national association for the mutual funds industry. Monday Aug 1, 2005 ts Glowing profits light up TSX Canadian companies are posting strong profit growth, fuelling Canada`s premier stock index, and analysts expect the trend to continue. Sunday Jul 17, 2005 Rankin found guilty of `tipping` childhood pal Former RBC Dominion Securities executive Andrew Rankin was convicted yesterday on 10 counts of tipping but found not guilty of insider trading in a case the judge said "has damaged careers and reputations and provided a glimpse into the rarefied world of privilege." Sunday Jul 17, 2005 rci A court has found 40-year-old Andrew Rankin, a former investment banker at RBC Dominion Securities, guilty of passing illegal stock tips to a friend. Rankin was found guilty of 10 accusations of passing tips to a friend, who used them to make profits of more than $7 million. Each count carries a maximum sentence of two years in jail, or a $1 million fine or both. Rankin was found innocent of 10 other counts of insider trading. Some analysts have called the case Canada's biggest insider trading scandal. Wednesday Jul 6, 2005 Mutual fund sales best in 7 years Mutual fund sales hit a 7-year high in June, according to estimates released yesterday by the Investment Funds Institute of Canada. Stephen S. Poloz VP EDC Economics Weekly Commentary Financial Instability Now Part of the System - June 29, 2005 Financial instability – inexplicable volatility in stock prices, bond prices, house prices and exchange rates – is very much in the news these days. It is legitimate to ask whether central banks should be preoccupied with such things, and attempt to smooth these fluctuations. Past issues | his WN page Sunday Jun 26, 2005 ts Exercise caution on financials, energy Big round numbers such as 5,000 and 10,000 on any broad-based index will always attract the attention of investors because of the apparent psychological importance of a so-called major support or resistance level. Sunday Jun 26, 2005 ts Seniors paid price for trusting adviser We`ve been spending the last few days wading through a thick wad of interesting portfolios sent to us for doctoring, as well as a host of letters and cards of various sorts. Several thoughts come to mind. Thursday Jun 23, 2005 cc Should Canada consolidate into a national securities commission? CBC radio and the Globe and Mail featured a news segment on David Brown, the outgoing head of the Ontario Securities Commission that is set to retire at the end of the month. David Brown continues to call for a national regulator. Canada is one of the only countries in the world that does not have a single national regulator. Instead, it has a "patchwork" of 13 regulators, including one in Nunavut, which does not have any securities market. Brown says overlaps are expensive and inefficient and consolidation is required to keep Canadian markets competitive. Some of the provinces, such as Alberta and especially Quebec, argue that their needs are unique and individual and that a national commission would not properly look after their needs. ...Canaccord Capital Jun. 17, 2005. ts Catch a ride on the aerospace express Last week our own TSX Composite index ran up to a new 52-week high, thanks to a surge in financial and energy stocks. Many of the energy stocks traded at new all-time highs despite the fact crude is still below the record highs of last April. Jun. 17, 2005. ts Toronto market index soars near 10,000 mark The Canadian stock market — pumped by international interest in natural resource equities — hasn`t looked this positive in more than four years. Yesterday, the Standard & Poor`s/TSX composite index hit its highest close since October 2000, nearly breaching the 10,000 mark, and leaving analysts to determine whether the latest rally has legs. Jun. 17, 2005. ts Record oil price drives Toronto stock index Record crude-oil prices helped push the Toronto Stock Exchange through the symbolic 10,000 ceiling yesterday for the first time in four years, leaving analysts wondering whether the resource-driven surge will keep the equities market at heights unseen since the technology boom. Tuesday May 3, 2005 ts What really goes on at the `spa` on Bay Street Just a few blocks from city hall, Health International Spa overlooks Toronto`s financial district from a lavishly appointed Bay St. office filled with young, attractive and nearly naked women. [Great free time to play!] Tuesday May 3, 2005 ts Court hears of potential for leaks Defence lawyer Brian Greenspan painted a picture of a potentially leaky Bay Street yesterday at the insider trading trial of Andrew Rankin, pointing out to the court that as many as 125 people knew of a massive restructuring at Canadian Pacific Ltd. before it was announced to the public. Tuesday May 3, 2005 ts Tips netted millions: OSC The Ontario Securities Commission yesterday opened its long-awaited case against former Royal Bank executive Andrew Rankin, saying an "overwhelming weight" of circumstantial evidence will show he was part of an insider-trading scheme that netted his old Upper Canada College chum millions and ended Rankin`s own high-flying career on Bay Street. Wednesday Apr 6, 2005 gaz TSX told: Keep hands off derivatives The head of the Montreal Exchange warned yesterday the TSX Group could spark a bidding war if it tries to muscle in on the Montreal derivatives market. Jean Turmel, retired head of National Bank Financial and the MX's chairperson, reacted sharply to last Thursday's Toronto speech by the TSX's new chief executive Richard Nesbitt that he plans to start derivatives trading after 2009. He implied the cash-rich TSX might try to buy the MX. Both Turmel and MX chief executive Luc Bertrand, speaking before the MX's annual meeting, said no talks are under way with the TSX, owner of the Toronto Stock Exchange and the TSX Venture Exchange, but keeping derivatives trading in Montreal is essential. Derivatives trading is the hottest sector of world financial markets and others might be interested in the MX, they said. "The MX would then be in play. ... Any serious bid would be put before the board and broker and staff shareholders, and there'd be a beauty contest." Nesbitt would not comment on Turmel's warning. "But he stresses that he has very good relations with the folks in Montreal," said Steve Kee, the TSX's director of media and marketing. Bertrand said the MX is focused solely on doubling its volume of trading in derivatives and exchanges everywhere are trying to get a share of the 10- to 20-per-cent annual growth expected in the next five years. The MX's revenue hit a record $57.3-million in 2004, up 49 per cent from 2003, resulting mainly from a contract to manage the Boston Options Exchange technical operations. Net income was $9 million, up 38 per cent. Trading volume rose 23 per cent. Bertrand has headed the MX since the 1999 Canadian capital markets upheaval when the TSX Group emerged as the main equity-trading exchange and the MX dropped stock trading and became the sole derivatives exchange. He helped to negotiate the deal, which ends in 2009. Derivative products such as equity options, index futures, interest-rate futures and other instruments, are used by banks, other institutions, corporations and private investors to offset risks in trading a wide range of assets. They are traded electronically on and off the exchanges. Nesbitt charged that Canada is woefully behind the U.S. and some European countries in the use of derivatives and "our underperformance is a huge missed opportunity." But having two derivatives exchanges would only delay the catch-up. "The value of Canadian derivatives trading may be only 27 per cent of the value of stock trading, against an average of 155 per cent in other countries, but that's partly because Canadian institutions and other investors use U.S. or European derivatives exchanges," Bertrand said. "Since 1999, we've boosted volume by 69 per cent and we've spent heavily on building knowledge of the derivatives markets across Canada. Our technology link and 31-per-cent ownership of the BOX has opened international opportunities in North America." He said the trend is for derivatives and "cash" equity markets in the U.S. and Europe to operate from separate "platforms" and not under one roof as a combined cash-derivatives business. There would be no logic, he said, in the TSX competing with the MX in derivatives or taking it over, because the 1999 deal has worked well for both exchanges. The TSX, with more than $100 million cash, could easily scoop up the MX, some analysts claim. The TSX is already learning the ropes by trading energy derivatives in newly acquired NGX in Calgary. The MX turned down an opportunity to buy NGX two years ago. Monday Mar 7, 2005 globe TSX rides energy wave Only North American benchmark to finish higher during a rocky three months Monday Mar 7, 2005 ts Bullish TSX inching closer to 10,000 mark Brad Chin has one word — straight out of the children`s classic Mary Poppins — to describe the resurgent Toronto stock market. Thursday Feb 24, 2005 From Merrill Lynch In the short-run the ‘headline risk’ impact of the elimination of the 30% foreign content limit (effective immediately) as well as the lowering of federal surplus estimates over the next 5 years suggests some downside in the C$, negative for Canada bonds, credit spreads as well as Canada/U.S. yield spreads. For Canadian equities, large-cap stocks, as well as those that have a ‘domestic/regulatory’ valuation premium could come under selling pressure and the TSX could underperform in a global context. January 19, 200 RCI TORONTO: TSX SEEKS TO ATTRACT CHINESE The Toronto Stock Exchange continues its efforts to encourage Chinese firms to list their stocks at the tsx. A delegation representing the exchange is accompanying the trade delegation led by Canadian Trade Minister Jim Peterson that is now in Beijing. The tsx's senior vice president, Robert Fabes, says the delegation will try to convince the Chinese that their companies can gain greater visibility in Toronto than in the U.S. Mr. Fabes boasts that his exchange is a showcase for such sectors as mining and natural resources, as well as high technology, biotechnology and industry. Sunday Jan 9, 2005 ts Fund managers reveal top stock picks for 2005 Managers of about $600 billion in Canadian investments funds are holding out hope for Nortel Networks Corp. December 21, 2004 gaz B.C. fines Jarislowsky, Fraser firm Advised clients without registration; Incident shows why single regulator needed for national securities industry, partner says [One Securities Commission for North America please!] Friday Dec 3, 2004 ts Mutual fund industry sees rebound in sales Canadian investors dived back into mutual funds in November, chalking up net sales of about a quarter of a billion dollars, according to the latest industry figures. Nov 18, 2004 TD's 2005 Investment Outlook Craig Alexander, Duration:5m 38s please us IE Firefox wont work for us Sunday Sep 12, 2004 ts Failed trader bilked his own family Sullen and silent, a failed foreign exchange trader listened yesterday as his heartbroken family pleaded that he be given the maximum prison sentence for fleecing them of nearly $7 million. Friday Sep 10, 2004 The CEO of the TSX Group has resigned. Barbara Stymiest has been hired as chief operating officer of the Royal Bank. That institution's CEO, Gordon Nixon, says she'll be responsible for the bank's strategic development. Mrs. Stymiest was named CEO of the Toronto Stock Exchange in September 1998 with a mandate to transform it from an organization owned by brokers to a publicly traded company. The TSX has generated solid profits during her administration, despite volatility on world stock markets. In the six months ending on June 30, the TSX reported a profit of $50.7 million, or $1.50 per share. Saturday Aug 28, 2004 cbc PROFITS AT CANADIAN CORPORATIONS HIT RECORD IN SECOND QUARTER Corporate operating profits climbed to a record high of $50.7 billion in the second quarter of 2004, boosted by rising prices for metals, energy and forestry products as well as a thriving manufacturing sector, Statistics Canada reported on Thursday. Friday Aug 6, 2004 ts New auto sales slide 9.1% in July Canada`s new auto market slid into the ditch last month despite some of the biggest incentives in the industry`s history. Stephen S. Poloz VP EDC Economics Weekly Commentary How will stocks react to higher interest rates? - June 23, 2004 Stock market investors have had a pretty good run in the past year or two. But now they are worried that rising interest rates will cause stock markets to stumble. see his wn page. 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