Tuesday July 29, 2014

subscription options


Print Edition»

  • Includes free
    digital edition
  • Digital Edition»

  • Print format with
    enhanced features!
  • QUESTION OF THE WEEK

    • What do you consider to be the 2013 Story of the Year?
    • B.C. election
    • 36%
    • TRU law school
    • 4%
    • Proposed Ajax mine
    • 43%
    • Jack Shippobotham death
    • 3%
    • Starving horses seized
    • 11%
    • Red Lake cold case
    • 3%
    • Total Votes: 1070





    Home »  News »  Business

    Canadian dollar moves as US budget negotiations make little headway

    TORONTO - The Canadian dollar inched lower Wednesday as concern about the so-called fiscal cliff continued to loom over the U.S. economy.

    The loonie ended down 0.25 of a cent to 101.20 cents US.

    Observers have been closely watching the daily developments for any signs of progress, but negotiations have hit a setback.

    The White House threatened to veto House Speaker John Boehner's backup plan to avoid automatic tax increases and government spending cuts that are set to take effect Jan. 1 if no deal is reached on cutting the government's budget deficit.

    Boehner had proposed a "Plan B," separate from negotiations with the White House, that would extend decade-old tax cuts for everyone making less than $1 million a year.

    Meanwhile, the U.S. Commerce Department said builders broke ground on fewer houses in November, likely in part due to superstorm Sandy in the Northeast.

    The report said builders began construction of homes at a seasonally adjusted annual rate of 861,000. That was three per cent lower than October's annual rate of 888,000, although observers noted that the October figure was the highest since July 2008.

    And the Teranet-National Bank index of Canadian housing prices fell in November compared with October's reading only the fourth time in 13 years of data collection that there has been a decline between the two months.

    The composite index covering 11 major urban centres stood at 154.02 last month, down 0.4 per cent from October. Ten of 11 local markets tracked showed declines.

    In commodities, the February crude contract on the New York Mercantile Exchange rose $1.58 to US$89.98 a barrel. The January contract expired at the end of the session.

    March copper declined 4.8 cents to US$3.61 a pound while February gold bullion moved back $3 to US$1,667.70 an ounce.


    Comments


    NOTE: To post a comment in the new commenting system you must have an account with at least one of the following services: Disqus, Facebook, Twitter, Yahoo, OpenID. You may then login using your account credentials for that service. If you do not already have an account you may register a new profile with Disqus by first clicking the "Post as" button and then the link: "Don't have one? Register a new profile".

    The Kamloops Daily News welcomes your opinions and comments. We do not allow personal attacks, offensive language or unsubstantiated allegations. We reserve the right to edit comments for length, style, legality and taste and reproduce them in print, electronic or otherwise. For further information, please contact the editor or publisher, or see our Terms and Conditions.

    blog comments powered by Disqus



    Sitemap / RSS   Glacier Community Media: www.glaciermedia.ca    © Copyright 2014 Glacier Community Media | User Agreement & Privacy Policy

    LOG IN



    Lost your password?