Bank of Canada holds key rate at 1%

Bank of Canada projects the economy will expand by 2.8 per cent in 2011, 2.6 per cent in 2012, and 2.1 per cent in 2013, returning to capacity in the middle of 2012.

StarBuzz Weekly, Toronto-Jul 20, 2011 – Bank of Canada holds key rate at 1%

20 July 2011 | www.preigCanada.com | www.WorldWealthBuilders.com|

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

The global economic expansion is proceeding broadly as projected in the Bank’s April Monetary Policy Report (MPR), with modest growth in major advanced economies and robust expansions in emerging economies.

The U.S. economy has grown at a slower pace than expected and continues to be restrained by the consolidation of household balance sheets and slow growth in employment. While growth in core Europe has been stronger than expected, necessary fiscal austerity measures in a number of countries will restrain growth over the projection horizon.

The Japanese economy has begun to recover from the disasters that struck in March, although the level of economic activity in that country will remain below previous expectations. In contrast, growth in emerging-market economies, particularly China, remains very strong.

As a consequence, commodity prices are expected to remain at elevated levels, following recent declines. These high prices, combined with persistent excess demand in major emerging-market economies, are contributing to broader global inflationary pressures. Widespread concerns over sovereign debt have increased risk aversion and volatility in financial markets.

In Canada, the economic expansion is proceeding largely as projected, although the expected rotation of demand is somewhat slower than had been anticipated. Household spending remains solid and business investment robust. Net exports remain weak, reflecting modest U.S. demand and ongoing competitiveness challenges, particularly the persistent strength of the Canadian dollar. Despite increased global risk aversion, financial conditions in Canada remain very stimulative and private credit growth is strong.

Following an anticipated slowdown in growth during the second quarter due to temporary supply chain disruptions and the impact of higher energy prices on consumption, the Bank expects growth in Canada to re-accelerate in the second half of 2011. Over the projection horizon, business investment is expected to remain strong, household spending to grow more in line with disposable income, and net exports to become more supportive of growth. Relative to the April projection, growth in household spending is now projected to be slightly firmer, reflecting higher household income, and net exports to be slightly weaker, reflecting more subdued U.S. activity. Overall, the Bank projects the economy will expand by 2.8 per cent in 2011, 2.6 per cent in 2012, and 2.1 per cent in 2013, returning to capacity in the middle of 2012.

Total CPI inflation is expected to remain above 3 per cent in the near term, largely reflecting temporary factors such as significantly higher food and energy prices. Core inflation is slightly firmer than anticipated, owing to temporary factors and to more persistent strength in the prices of some services.

Core inflation is now expected to remain around 2 per cent over the projection horizon. Total CPI inflation is expected to return to the 2 per cent target by the middle of 2012 as temporary factors unwind, excess supply in the economy is gradually absorbed, labour compensation growth stays modest, productivity recovers, and inflation expectations remain well-anchored.

The Bank’s projection assumes that authorities are able to contain the ongoing European sovereign debt crisis, although there are clear risks around this outcome.

Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate at 1 per cent. To the extent that the expansion continues and the current material excess supply in the economy is gradually absorbed, some of the considerable monetary policy stimulus currently in place will be withdrawn, consistent with achieving the 2 per cent inflation target. Such reduction would need to be carefully considered.

Seven Simple Steps to Financial Success: No Mo’ Broke Published by McMillon Media

Pastor and author Horace McMillon has written a personal finance book for all those who hate personal finance books, but who still seek financial success -- especially from a few easily followed steps tailored to a Christian perspective.

StarBuzz Weekly, Toronto-Jul 20, 2011 – Mennonite pastor Horace McMillon announced today the release of No Mo’ Broke, Seven Keys to Financial Success from a Christian Perspective, published by McMillon Media.  Neither long, nor dull, nor dry, McMillon’s new guide lists the essential concepts -- concisely explained and humorously illustrated -- that one must master for financial success.

No armchair economist, McMillon learned the hard way to achieve financial well being only after he made most every financial mistake possible.  He was up to his eyeballs in credit card debt.  He had a ton of unpaid student loans.  He was loaded up with automobile loans and he was house poor.

In other words, he was pretty much like the rest of us.

Then he made some risky investments in a desperate attempt to get out from under all his debt burdens, and that was all she wrote.  His family was finally crushed by the debt and their joy in life and their peace of mind were gone.  

The pain of his poor decisions, poor planning and sloppy execution caused him to seek out the wisdom of the Biblical and financial principles he presents in No Mo’ Broke.  The seven key steps McMillon presents here have never been more timely.  Nearly fifty percent of all Americans are uncertain if they will ever have enough income to retire.  Fifty-seven percent of those who have divorced list money troubles as the number one cause.

McMillon discovered that sound financial principles parallel scriptural advice.  It is no sin to enjoy the fruits of one’s labor and the Bible encourages people to work hard and live well, while always looking out for and providing for the weak and the vulnerable and always putting God first.

“Give more. Save more.  Live more,” writes McMillon.  His seven simple steps to financial success show his readers just how easy it can be to do that.  

No Mo’ Broke is available on-line in paperback through Amazon and Barnes and Noble and at www.outskirtspress.com/bookstore for a maximum trade discount in quantities of ten or more.

Format: 6 x 9 paperback white            ISBN: 978-0-578-08485-5              SRP: $8.95
             e-Book                                                                                                 $5.00
             Kindle                                                                                                  $2.99
Genre: Business and economics/personal finance/self-help/Christian Life

About the author:

Horace McMillon is a married father of two and currently serves as pastor of the Open Door Mennonite Church in Jackson, Mississippi in a tent making capacity (i.e., he and his wife Monique work full time to provide for their own support).  Horace also serves as District Leader of a major financial services company.  Being on the front lines of the current financial crisis – plus having survived a financial crisis of his own making – Horace learned both the Biblical and the practical principles of well being which are found in his book.  Horace is a graduate of Oberlin College and of the Chicago Theological Seminary.

For more information or to contact the author, visit www.nomobroke.net.

Indian Art and Culture - Cultural value of India

Indian Tour Operator

India has a great value and holds his own pride place in the history and panorama of arts that can be explored in India and world over. You can see the strong reflection of Indian art, its culture and traditional values.

StarBuzz Weekly, Toronto-India has a great value and holds his own pride place in the history and panorama of arts that can be explored in India and world over. You can see the strong reflection of Indian art, its culture and traditional values in the depth of the life of an Indian. Here are so many interesting manifestations of the art and culture in India ranging from the elegant form of nataraja to the vibrant Rajasthani miniatures and that is also present and can be explored in the diversified images of Buddha, and the iconography of the gods and goddesses.

Indian literature has its own glorious and prestigious place in the literature of the world. India devoted a very important role in the history of the literature from Ramayana to Gita and Vedas to the Upanishads. The literature of India explores the morality and the pure way of truth that glimpse India’s traditions culture and pure art work.

You can realize and found their own way, traditions, culture and expression in the languages of India. Diverse culture, traditions and values are reflected here by the peoples. More information about India Tour - http://www.indianroyaltour.com

Ethnically Indians speak different languages, follow different religions and eat the most diverse varieties of food all of which add to the rich Indian culture. The art and the traditions forms have withstood the invading Persians, Romans, Arabs, Mughals & Europeans. The traditions brought along by the invaders did merge with the existing art forms and newer varieties emerged to stand tall amidst the older traditional disciplines. Theaters in India have a glorious history and traditions of playing acts and presenting an unforgettable event in front of the viewers. The cinema of India has its golden age as its assets and gained the reputed position in the history of cinema.

The story of Indian Art and Culture that prologue to the story lies deep in the culture of the land. India, being the ancient civilization through its no changeable tradition which remains forever centuries and contemporary arts community explore the unparallel diversity of religions, art and culture.

Here the culture of the people creating the work of art. One may realize in India the rich culture, ancient traditions, unchanged values of rich heritage and languages over the centuries.  When we talk about the murals then we are saying a huge work executed on the wall of solid structures. And another type of paintings that can be explores on the small base that may be the paper, cloths etc.

The famous and ancient Indian art, its painting that provide a glimpse of the ancient India moving to the modernity. One can feel the cultural and architectural development that is purely flourished on the paintings of India. The paintings of India can be classified widely as murals and the miniatures.

Nugget Tour and Travels is one of the fast growing travels Management Company of India. With its headquarters in Jaipur, Rajasthan and a network of strategically located branch offices. For More Info:- http://www.indianroyaltour.com

Bollywood Singers rock Lo Kallo Baat with Aman Verma!!



Mamta Sharma on the show Lo Kalllo Baat with Aman Verma.



 

Mamta Sharma, who truly represents exceptional new, raw talent from the remotest parts of India, has become the new singing diva in recent times. It is said Munni badnaam hokar Mamta ko naya naam aur shohrat de diya!

StarBuzz Weekly, Toronto-Jul 20, 2011 – Bollywood Singers rock Lo Kallo Baat with Aman Verma!!
Lo Kallo Baat, with funny man Aman Verma and his toli of Miss Tana Tan & Chotelal have been rocking the Hindi Heartland of UP, MP  & Bihar with its spicy content & Bollywood star interviews week after week. In the next two days Lo Kallo Baat will have exceptional singers like Mamta Sharma of Munni Badnaam Hui fame…& Rahul Vaidya of Indian Idol, who will rock the show with their high quality performances and success stories to tell. Aman Verma and his toli take the viewers on a roller coaster ride singing, dancing, chatting…with Munni Mamta & Idol Rahul.

Mamta Sharma, who truly represents exceptional new, raw talent from the remotest parts of India, has become the new singing diva in recent times. It is said Munni badnaam hokar Mamta ko naya naam aur shohrat de diya! Later, we also have desh ka awaaz, Rahul Vaidya who is a perfect example of a complete package – great voice, exceptional singing and amazing stage presence and above all he is janta’s chosen one. He represents the youth of today through his extraordinary singing talent.

For all those who love Bollywood music this episode is a must-- to know more about these singers & their latest upcoming projects. Rahul Vadiya & Mamta Sharma share their amazing experiences with Aman who with his toli of Lo Kallo Baat brings out the best for the viewers. The episode will also showcase phatakhedar news, latest songs with desi mix and much more…

Lo Kallo Baat, the extremely popular show on BIG MAGIC, is one of the shows on the channel that has taken the channel to the No 1 position. The show has won over both the hearts & homes of the people of UP, MP & Bihar, the Hindi heartland of Hindustan, with its spicy content & super interviews with your favorite Bollywood stars. The show with its local flavor interspersed with humor, catchy happenings, current news and fun & entertainment is today one of the top watched shows on BIG MAGIC.

So Don’t Miss Indian music industry’ s upcoming Singers Rahul Vaidya & Mamta Sharma on Lo Kallo Baat with Aman Verma on Wednesday & Thursday at 8.30 pm only on BIG MAGIC.

For more details please contact
Atul Malikram
09827092823

Ten-year multiple-entry visa: better use of government resources and easier travel to Canada

StarBuzz Weekly, Toronto-Toronto, July 20, 2011 — Improvements to make it easier to visit Canada are coming soon, announced the Honourable Jason Kenney, Minister of Citizenship, Immigration and Multiculturalism. A new ten-year multiple-entry visa will make applying more efficient for applicants and better use government resources.“More applications and higher expectations mean that Citizenship and Immigration Canada needs a more responsive and flexible processing system,” said Minister Kenney. 

“To achieve that, the Department is providing applicants and staff with the right tools to deliver on those expectations.”Citizens of certain countries require a visa to come to Canada temporarily. Currently, the maximum validity period of a multiple-entry visa is five years. However, increasingly, countries are issuing passports which are valid for ten years. In light of this, CIC is changing its policy for visa issuance. Where applicants apply for multiple-entry visas, they may now be issued to the maximum validity according to the length of the passport validity (up to ten years, minus one month).

This practice, already recommended for parents and grandparents with sponsorships in process, may now be extended to other clientele, such as business visitors.As Canada is becoming a preferred destination for visitors and business travellers alike, CIC continues to balance the need to facilitate this travel while responsibly managing our borders. We will increasingly focus attention on applications with the greatest potential for threat and vulnerability, while streamlining low risk cases. Further limitations on validity may apply on a case-by-case basis.The ten-year visa will be an option available to more low-risk travellers who are citizens of visa-required countries. As of Monday, the technical changes needed to issue it were in place. For further information:Candice Malcolm
Citizenship and Immigration Canada
613-954-1064Media Relations
Citizenship and Immigration Canada
613-952-1650

Conservatives cave to banks and insurance companies on pension reform

StarBuzz Weekly, Toronto-July 20, 2011-NORTH YORK— The Conservative government is opting for pension reform that will ensure that banks and insurance companies reap the maximum benefit while Canadian workers continue to get left behind, says Judy Sgro, Liberal critic for seniors and pension.

“After promising pension reform for four years the Conservatives have decided to go the easy route and just let investment fund managers offer a new type of savings plan to workers,” said Sgro.  “The basic idea behind the Conservative’s pooled pension plan is to create another vehicle that will allow banks to chip away at the nest eggs of Canadians with their high management fees.”


Canadians pay some of the highest management fees in the world on their mutual funds.  Morningstar recently released a report grading 22 countries on the Management Expense Ratios levied on their mutual funds.  Canada was the only country to receive an F.

“There is a better, low cost, high return, universal option that is trusted by Canadians from coast to coast to coast and that is to create a voluntary supplemental Canada Pension Plan,” said Sgro.   “A voluntary CPP would have the benefit of not imposing the plan on workers who don’t need the extra coverage, which the Conservatives like, and provide the security and ease of use that the NDP likes.  Most importantly it is the only vehicle that will deliver the results that Canadians want and need.”

Australia introduced a superannuation system similar to the Conservative’s Register Pooled Pension Plan proposal in 1997.  A recent study published in the Rotman International Journal of Pension Management found that:

The Australian superannuation system was founded on the assumption that market competition will deliver economic efficiency in a largely private defined contribution system... Total assets in the system have grown substantially through contributions, but net earnings from investments were relatively low.  Despite the presumed role of competition, the investment performance of the system continued to be restrained by high fees and costs.

“Over their first twelve years Australia’s pooled pension funds posted a disappointing $161 billion in net investment earnings largely because plan providers scooped up a generous $105 billion in fees,” said Sgro.  “Copying Australia by allowing the investment industry to eat up 39% of the growth in Canadians’ retirement plans would be disastrous for our country.”

“I think the Conservatives just want to be able to tax the high management fees of these pooled pensions with the GST or HST which they wouldn’t be able to do to a voluntary supplemental CPP,” said Sgro.  “They've decided to fill the coffers in Ottawa in order to fight the deficit they created rather than fuel the retirement dreams of their constituents.”

Canada to Welcome Record Number of Immigrants Under Provincial Nominee Program

StarBuzz Weekly, Toronto-July 19, 2011
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 19, 2011) - Provinces and territories are on track this year to welcome a record number of immigrants selected under their own nominee programs.
In a speech to the Vancouver Board of Trade, Jason Kenney, Minister of Citizenship, Immigration and Multiculturalism, discussed the rapid growth in provincial nominee programs in recent years.
"Our government recognizes the importance of nominee programs in spreading out the benefits of immigration around the country," said Minister Kenney. "That is why we plan to admit about 40,000 immigrants in the provincial nominee category in 2011, five times more than the 8,000 welcomed in 2005. The previous high was 36,428 provincial nominees in 2010."

Traditionally, Toronto, Montreal and Vancouver have attracted a disproportionate share of skilled immigrants coming to Canada. However, the top three provinces for provincial nominees are Manitoba, Alberta and Saskatchewan. Thanks in large part to the provincial/territorial nominee programs, 26% of economic immigrants accepted as permanent residents of Canada are now destined for provinces or territories other than Ontario, British Columbia or Quebec, compared to just 11% in 1997.

"We understand the desire of provinces and territories to identify their own economic immigrants and that is why we have continued to increase our projected admissions for nominees each year," noted Minister Kenney. "At the same time, we are committed to working with our provincial and territorial counterparts to continue to improve the program design, integrity, selection standards and management of the nominee programs."

The provincial nominee program is also a good way to get workers in quickly. Applications are processed within 12 months on average, as are federal skilled worker applications under recent ministerial instructions.
Provincial nominee programs are being discussed as part of this month's cross-Canada consultations on immigration levels and mix. In addition, a comprehensive evaluation of the provincial nominee programs is underway. With the knowledge gained through each of these processes, CIC will be able to work with provincial and territorial partners on a longer-term approach to levels planning.