North American markets digest uncertainty over Cyprus bank account tax

AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email by David Friend, The Canadian Press Posted Mar 19, 2013 8:50 am MDT TORONTO – North American markets tried Tuesday to shed concerns that debt troubles in Europe could worsen as Cyprus grapples with financial stability.The small Mediterranean island became the centre of attention with traders this week, as lawmakers of the country rejected a draft bill that would have seized part of residents’ bank deposits in order to qualify for an international bailout.European officials have said that without a bailout, the country’s main banks will collapse and the country could end up having to leave Europe’s joint currency. The instability was compounded by reports that the country’s finance minister Michalis Sarris had resigned from his position, though he later said that was untrue.But the uncertainty had already erased any gains made earlier in the session on both sides of the border.Toronto’s S&P/TSX composite index decreased 7.89 points to 12,773.87, while the TSX Venture Exchange slid 5.27 points to 1,106.51.The Canadian dollar was down 0.45 of a cent at 97.37 cents US.On Wall Street stocks were mixed as the Dow Jones industrials made a late-session climb to end the day up 3.76 points to 14,455.82.The Nasdaq backed off 8.49 points to 3,229.10 while the S&P 500 index was down 3.76 points to 1,548.34.Cyprus’ troubles translated to concerns about eurozone oil demand with the April crude contract on the New York Mercantile Exchange slipping $1.58 to settle at US$92.16 a barrel.Gold stocks were ahead with April bullion moving up $6.70 to US$1,611.30 an ounce, while May copper fell 2.3 cents to US$3.406 a pound.The consumer discretionary index led the TSX, up 0.8 per cent, after Rona Inc. (TSX:RON) hired Robert Sawyer, a senior executive from the Metro grocery business, to be its next president and chief executive starting next month. The home renovation company’s shares were up four per cent, or 42 cents, to $10.98.In U.S. economic data, the Commerce Department reported that construction started on homes in February at the second-fastest pace in 4 1/2 years. Builders broke ground on new homes last month at a seasonally adjusted annual rate of 917,000, up from 910,000 in January.Statistics Canada reported that wholesale sales rose by 0.3 per cent in January to $49 billion, mainly due to higher sales in computer and communications equipment and supplies. In volume terms, wholesale sales were up 0.5 per cent for the month.And manufacturing sales edged down 0.2 per cent in January to $48 billion — the fourth decline in five months — impacted by weakness in automotive as well as the petroleum and coal product industry.Shares in convenience store owner Couche-Tard (TSX:ATD.B) were down after it reported profits rose to $142.5 million, or 75 cents a share, from $86.8 million, or 48 cents, a year earlier. The stock fell 2.3 per cent, or $1.25, to $54.34.Lululemon (TSX:LLL) shares took a hit after the company said it has yanked its popular black yoga pants from store shelves because the material was too sheer. The company warned of lower than expected sales because of a shortage of the extraordinarily popular clothing items, which make up make up about 17 per cent of all women’s pants and crop pants in its stores.Shares fell 2.6 per cent, or $1.76, to $65.74.Traders’ attention will turn to a two-day meeting of U.S. Federal Reserve that is expected to keep record-low interest rates and other measures in an effort to maintain the momentum of U.S. economic growth. The details will be confirmed through a statement and update on economic forecasts due Wednesday. North American markets digest uncertainty over Cyprus bank account tax read more

Joan Burtons department has refused to name most of the companies who

first_imgTHE DEPARTMENT OF Social Protection has refused to name 68 per cent of companies involved in advertising over 9,000 jobs on the controversial JobBridge scheme as well as the names of 32 companies that were barred from the programme.Minister Joan Burton’s department maintains that to release such information would violate a request by these companies for their details not to be displayed on the JobBridge website and that it will result in a loss of privacy for these companies.The JobBridge national internship scheme gives participants who are on social welfare an extra €50 a week for work carried out with certain employers.In total 68 per cent of companies who used JobBridge to advertise a total of 9,217 individual posts and asked not to be named will remain anonymous despite efforts to make their details public by a Sinn Féín TD.Aengus Ó Snodaigh, who tried to get the information via Freedom of Information having been refused it in the Dáil last November, said that a scheme involving private companies getting public money should be more transparent.He said: “It effectively means that private organisations can receive public subsidies from the Department of Social Protection on their own terms and in a manner that is shrouded in secrecy.” JobBridge was launched by Burton in June 2011 but has been controversial and widely-criticised despite its success in getting three out of five of those who availed of it paid employment.There have been several instances of the scheme being used by schools to fill teaching positions while the former Socialist MEP Paul Murphy has highlighted cases where companies have been temporarily banned  including the Munster Express newspaper.In its response to Ó Snodaigh’s FOI request, seen by TheJournal.ie, the Department said that forcing it to notify each of the companies who asked not to be named would involve “a substantial and unreasonable interference with or disruption of the work of the JobBridge unit and of the Department” given that it involves over 9,000 individual postings.In refusing the name the 32 companies that were blacklisted because they had in some cases failed to mentor and develop the interns, the Department said there is “an overriding public interest” in keeping these details confidential.This is due to the success of the scheme in addressing unemployment and the potential that naming organisations would encourage others to withdraw or not participate at all, the Department said.Ó Snodaigh said he intends to appeal the FOI ruling to the Office of the Information Commissioner.Read: Teachers taking up JobBridge scheme in the bad books with the unionRead: 1,500 jobseekers are being put on compulsory JobBridgeColumn: I’ve entered the Church of Burton … Yes, I am now a JobBridge internlast_img read more