October 8, 2019

Loonie falls as China data suggests no more stimulus

TORONTO — The Canadian dollar was slightly lower Thursday after running up nearly a full cent a day earlier.The loonie was down 0.09 of a cent to 102.16 cents US on Thursday, amid little domestic corporate news and lower prices for oil and other commodities.The latest Chinese data indicated the slowdown in the world’s second-biggest economy is bottoming out and financially troubled Spain conducted a successful bond auction as European Union leaders hold a two-day meeting.Traders digested data showing that China’s economy grew 7.4 per cent from the year before in the three months ending in September, which was in line with economists’ expectations. That was slower than the second quarter’s 7.6 per cent growth but economists also pointed to quarter-on-quarter growth of 2.2 per cent, the biggest such gain in a year.While indicating that the world’s second-biggest economy is recovering, analysts said the showing also indicated that there is no need for the government in Beijing to inject further stimulus.Commodity prices failed to find lift from data as the November crude contract on the New York Mercantile Exchange declined 39 cents to US$91.73 a barrel.December copper was off a penny at US$3.74 a pound following a five-cent runup Wednesday while December bullion pulled back $12.50 to US$1,740.50 an ounce.Meanwhile, an EU summit starting later Thursday will see leaders will debate tightening financial integration, creating a banking union and how to deal with the financial needs of Greece and Spain.Ahead of the meeting, German Chancellor Angela Merkel endorsed a proposal for a top European Union official to be given the power to veto member governments’ budgets in a bid to keep European countries from overspending again in the future,However, long-term proposals for overhauling the EU appear likely to play a leading role at this week’s summit, with firm decisions not expected on more immediate matters.The eurozone financial crisis has focused on Spain in recent months. There are growing expectations the country, suffering heavily from the after effects of a building boom that went bust, will soon make a request for international help to deal with its finances.Amid that expectation, Spain on Thursday raised C4.6 billion at a sharply lower cost. The Treasury sold C1.51 billion in 10-year bonds at an average interest rate of 5.46 per cent, down from 5.66 per cent in the last such auction Sept. 20.Spain says it will soon decide whether to look to tap a European Central Bank bond-buying program largely designed to keep a lid on its borrowing costs. read more

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September 22, 2019

Childcare costs leave parents struggling to pay household bills

first_imgPARENTS IN IRELAND are struggling to pay their household bills because of the high cost of childcare and afterschool care, according to a new survey.The survey conducted by Barnardos, the National Women’s Council of Ireland, OPEN and Start Strong showed that the costs are stopping many parents from going on holidays or getting treats for their children. Others said that the expense of childcare is actually preventing them from taking up employment or moving from part-time to full-time work.The organisations are calling on the government to prioritise the development of “quality, subsidised childcare and afterschool care for all children” to support their development and remove barriers to work for parents.They recommended the implementation of the Scandanavian model which integrates care and education and offers options for parents in terms of their ability to pay and whether they want to take parental leave or avail of centre-based childminding services.The groups said childhood is the most important period in an individual’s life and that giving children “the strongest foundation possible creates enormous potential for them and our society”.Read: Gender gap: Irish women pay ‘high price’ for motherhood>Read: Drug addiction treatment centre facing closure>last_img read more

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