For B.C.’s tourism industry, 2011 is increasingly looking like the year of the dragon.
While Tourism Vancouver is predicting that travel to Vancouver will increase modestly from most markets this year — with international exposure from the 2010 Olympics a primary reason — the big news is China, which is expected to lead the way in tourism with a 22-per-cent anticipated hike in overnight visitors to the city.
Tourism BC is predicting a 15-per-cent hike in Chinese visitors to the province as a whole.
Although China’s 2011 numbers will remain much lower than traditional sources including the U.S. and the U.K., there’s tremendous growth potential from the Middle Kingdom.
The reason?
Approved destination status with China, which came into effect in June 2010, now enables Chinese visitors to travel to Canada through organized, pre-sold group tours.
“It’s certainly one of the fastest growing markets,” said Stephen Pearce, Tourism Vancouver’s vice-president of leisure travel and digital marketing.
“But the total magnitude is still quite modest. We’re looking at 125,000 to 130,000 overnight visitors from mainland China [in 2011].
“We’ll probably see it as our largest overseas market [outside of North America] by the end of the decade.”
Cam Routledge, Tourism BC’s director of marketing, overseas, agreed.
“We have a forecast of 15-per-cent growth for China on top of 20-per-cent growth we experienced [for 2010] to the end of November. And that’s pretty heady growth.”
Routledge said China ranks fourth in terms of numbers of overseas visitors to B.C. after the U.K., Australia and Japan, but that “will likely change as growth patterns continue.”
According to Tourism Vancouver, overnight visits to Vancouver from all markets will rise 3.6 per cent in 2011 compared with 2010.
Besides China, travel to the city is expected to increase seven per cent from South Korea, five per cent from India, four per cent from Japan, three per cent from Australia, two per cent from the U.S. and one per cent from the U.K.
However, travel to Vancouver is expected to ease by four per cent from Mexico and one per cent from Germany.
As well, 2011 is set to be Vancouver’s strongest convention year ever (in terms of generated hotel room nights) with 22 conventions planned this year.
Those conventions are expected to result in 143,000 delegates and an estimated 222,000 hotel room nights (up from 166,000 in 2010).
According to the Ministry of Tourism, B.C.’s $13-billion tourism industry — which employs roughly 129,000 people — saw international overnight visitors to B.C. jump 7.5 per cent in November 2010 compared with November of the previous year, bringing 175,121 visitors to the province that month.
There were also sharp increases year-over-year in other key Asia-Pacific markets, including South Korea, India and Southeast Asia.
B.C.’s ski resorts have also been a draw for visitors, especially from the U.S., and that’s expected to continue this year.
“Our ski resorts are experiencing a great season so far, with record snowfall and heightened attention as a result of the 2010 Winter Games. We can expect more great things to come,” said Margaret MacDiarmid, minister of tourism, trade and investment.
Routledge agreed, noting U.S. visitors make up 19 per cent of visitors to B.C. and contribute 21 per cent of tourism revenue.
One company that anticipates more business this year — especially from emerging markets like India and Brazil — is Rocky Mountaineer, the Vancouver-based luxury train service that has moved over one million tourists on excursions through the Interior and to Whistler.
“We’re looking for double-digit growth this year,” said Ian Robertson, the company’s director of corporate communications. “Most of our business comes from Australia, the U.S., Europe and Canada.”
Robertson said that while Germany and India are the company’s two primary new markets, a growing Brazilian clientele is also a big part of Rocky Mountaineer’s plans.
“We’re starting to see the benefits of the Olympics in 2011,” added Robertson, who said both India’s and Brazil’s emerging middle and upper-middle-classes have a “huge desire to travel to Canada.”
bmorton@vancouversun.com
Monday, January 31, 2011
Thursday, January 27, 2011
The Power of Positive Feedback
Jan 27, 2011 |
There are a host of reasons, however, one that stands out in my mind is that positive feedback reinforces the likelihood that certain wanted behaviors will be repeated. It is also validation to someone that they are appreciated and that they belong. Providing positive feedback relates to two of Maslow’s five hierarchy of needs, Esteem and Self-Actualization.
One of the main reasons we provide positive feedback is to increase the likelihood of that same behavior to be repeated. As a very simple example, if an employee is always on time and a bit early for their workday, a simple “I appreciate you always being on time and here a few minutes early” goes a very long way in solidifying repeated behavior. As human beings we are consciously and sub-consciously always looking to be validated or accepted. To illustrate the power of positive feedback, a simple 10 second statement to an employee can often last for an entire lifetime – no kidding. (10 seconds of your time)
How To’s of Providing Positive Feedback
Positive feedback should follow immediately after the behavior which prompted the requirement for positive feedback. The longer the feedback from the time of the event the less powerful it becomes. If not immediate, the thinking with employees is that if it was that great, why my manager waited so long to tell me. Below is a brief checklist of the how to’s of providing positive feedback.
1. Do it immediately
Feedback goes stale when left unsaid too long, so give positive feedback as close to the event as possible.
2. In Public and In Private
Praise in public, criticize in private, that’s the general rule. But before you go praising in a public place think about what they would prefer. Some people get so emotional or embarrassed by public praise that it defeats your good intentions of doing it publicly. Do what’s right for the person.
3. Practice Makes Perfect
It’s easy to overlook good work or extra effort, so make it a habit to praise regularly.
4. Does the Reward Fit?
Keep the balloons and streamers for special occasions. Going over the top with rewards can be mis-interpreted as “buying” favours. Judge the amount of effort and reward appropriately.
5. No Favorites!
Avoid creating “favorites” by doing quick mental tallies of whom you’ve praised recently.
6. Be Clear and Mean It
The best positive feedback is sincere and specific. Tell the person exactly why you are praising them;
“Susan, that extra analysis was really appreciated by the project team and allowed them to make a decision immediately”.
Susan now knows exactly what to do next time to get praise.
7. Catch People Doing Things Right
The more you catch people doing things right, the more right things they will do! Encourage positive actions by letting people know when they do things well. Start today, and in only two-three weeks time, giving positive feedback will be a life-long habit.
--------------------------------------------------------------------------------
There are a host of reasons, however, one that stands out in my mind is that positive feedback reinforces the likelihood that certain wanted behaviors will be repeated. It is also validation to someone that they are appreciated and that they belong. Providing positive feedback relates to two of Maslow’s five hierarchy of needs, Esteem and Self-Actualization.
One of the main reasons we provide positive feedback is to increase the likelihood of that same behavior to be repeated. As a very simple example, if an employee is always on time and a bit early for their workday, a simple “I appreciate you always being on time and here a few minutes early” goes a very long way in solidifying repeated behavior. As human beings we are consciously and sub-consciously always looking to be validated or accepted. To illustrate the power of positive feedback, a simple 10 second statement to an employee can often last for an entire lifetime – no kidding. (10 seconds of your time)
How To’s of Providing Positive Feedback
Positive feedback should follow immediately after the behavior which prompted the requirement for positive feedback. The longer the feedback from the time of the event the less powerful it becomes. If not immediate, the thinking with employees is that if it was that great, why my manager waited so long to tell me. Below is a brief checklist of the how to’s of providing positive feedback.
1. Do it immediately
Feedback goes stale when left unsaid too long, so give positive feedback as close to the event as possible.
2. In Public and In Private
Praise in public, criticize in private, that’s the general rule. But before you go praising in a public place think about what they would prefer. Some people get so emotional or embarrassed by public praise that it defeats your good intentions of doing it publicly. Do what’s right for the person.
3. Practice Makes Perfect
It’s easy to overlook good work or extra effort, so make it a habit to praise regularly.
4. Does the Reward Fit?
Keep the balloons and streamers for special occasions. Going over the top with rewards can be mis-interpreted as “buying” favours. Judge the amount of effort and reward appropriately.
5. No Favorites!
Avoid creating “favorites” by doing quick mental tallies of whom you’ve praised recently.
6. Be Clear and Mean It
The best positive feedback is sincere and specific. Tell the person exactly why you are praising them;
“Susan, that extra analysis was really appreciated by the project team and allowed them to make a decision immediately”.
Susan now knows exactly what to do next time to get praise.
7. Catch People Doing Things Right
The more you catch people doing things right, the more right things they will do! Encourage positive actions by letting people know when they do things well. Start today, and in only two-three weeks time, giving positive feedback will be a life-long habit.
--------------------------------------------------------------------------------
Monday, January 24, 2011
Whistler top Canadian adventure destination: Lonely Planet
International visitors rise for the sixth straight month
Lonely Planet, one of the world's top travel guides has named Whistler its top adventure destination in Canada.
The accolade comes in the guide's online top-ten destination tips and articles. It outlines the vast skiing terrain for those looking for advice as they book vacations to Canada.
Also making the top ten list was Whislter's ziplining.
"...Ziplining turns out to be one of the best ways to encounter the Whistler wilderness," states the guide.
Meanwhile new figures from Statistics Canada show increases of more than 10 per cent in overnight visitors from the U.S. and China, key tourism markets for British Columbia.
That's contributed to the sixth straight month of gains in international countries, the Statscan numbers show.
International overnight visitors to B.C. jumped 7.5 per cent in November 2010 compared with November of the previous year, bringing 175,121 visitors to the province.
Canada, by comparison, saw a 6.3 per cent increase. Overnight visitors to B.C. from the U.S. rose 10.9 per cent, while overnight visitors from China jumped 10.4 per cent.
"Clearly, our targeted marketing campaigns are working, and people from around the world are realizing that B.C. is second to none as a place to visit, live, work and invest," said Margaret MacDiarmid, B.C.'s Minister of Tourism, Trade and Investment in a release.
Key markets in the Asia-Pacific region also posted gains in November, with overnight arrivals from South Korea up 21.9 per cent, India up 18.4 per cent, and South East Asia up 19.5 per cent.
Tourism was estimated to be worth $12.7 billion in 2009. It provides jobs for 129,000 employees in the province.
The numbers reported by Statistics Canada are based on international visitors who cross through Canada Customs into British Columbia. Actual numbers of visitors to B.C. are higher, as domestic visitors are not included. As well, more international visitors pass through customs outside of B.C. and then travel to the province.
TOURISM BY THE NUMBERS - STATS CANADA
- Total international overnight arrivals to B.C. rose 7.5 per cent in November, compared with November 2009, while Canada reported growth of 6.3 per cent.
- From Jan. 1 to Nov. 30, 2010, international visitor arrivals to B.C. grew 3.9 per cent to 4,006,896 visitors. Canada reported 2.3 per cent growth during this time.
- Overnight customs entries from the U.S. rose 10.9 per cent in November; compared with 2009, with Canada reporting a 6.7 per cent increase in its U.S. visitors.
- Overnight visitor arrivals from Asia-Pacific countries rose 2.5 per cent in November, compared with November 2009, while entries from Jan.1 to Nov. 30, 2010, were up 11.2 per cent, representing 750,718 visitors.
- Arrivals from China rose 10.4 per cent in November, compared with November 2009.
- Visitors from New Zealand were up 22.2 per cent, compared with November 2009.
Lonely Planet, one of the world's top travel guides has named Whistler its top adventure destination in Canada.
The accolade comes in the guide's online top-ten destination tips and articles. It outlines the vast skiing terrain for those looking for advice as they book vacations to Canada.
Also making the top ten list was Whislter's ziplining.
"...Ziplining turns out to be one of the best ways to encounter the Whistler wilderness," states the guide.
Meanwhile new figures from Statistics Canada show increases of more than 10 per cent in overnight visitors from the U.S. and China, key tourism markets for British Columbia.
That's contributed to the sixth straight month of gains in international countries, the Statscan numbers show.
International overnight visitors to B.C. jumped 7.5 per cent in November 2010 compared with November of the previous year, bringing 175,121 visitors to the province.
Canada, by comparison, saw a 6.3 per cent increase. Overnight visitors to B.C. from the U.S. rose 10.9 per cent, while overnight visitors from China jumped 10.4 per cent.
"Clearly, our targeted marketing campaigns are working, and people from around the world are realizing that B.C. is second to none as a place to visit, live, work and invest," said Margaret MacDiarmid, B.C.'s Minister of Tourism, Trade and Investment in a release.
Key markets in the Asia-Pacific region also posted gains in November, with overnight arrivals from South Korea up 21.9 per cent, India up 18.4 per cent, and South East Asia up 19.5 per cent.
Tourism was estimated to be worth $12.7 billion in 2009. It provides jobs for 129,000 employees in the province.
The numbers reported by Statistics Canada are based on international visitors who cross through Canada Customs into British Columbia. Actual numbers of visitors to B.C. are higher, as domestic visitors are not included. As well, more international visitors pass through customs outside of B.C. and then travel to the province.
TOURISM BY THE NUMBERS - STATS CANADA
- Total international overnight arrivals to B.C. rose 7.5 per cent in November, compared with November 2009, while Canada reported growth of 6.3 per cent.
- From Jan. 1 to Nov. 30, 2010, international visitor arrivals to B.C. grew 3.9 per cent to 4,006,896 visitors. Canada reported 2.3 per cent growth during this time.
- Overnight customs entries from the U.S. rose 10.9 per cent in November; compared with 2009, with Canada reporting a 6.7 per cent increase in its U.S. visitors.
- Overnight visitor arrivals from Asia-Pacific countries rose 2.5 per cent in November, compared with November 2009, while entries from Jan.1 to Nov. 30, 2010, were up 11.2 per cent, representing 750,718 visitors.
- Arrivals from China rose 10.4 per cent in November, compared with November 2009.
- Visitors from New Zealand were up 22.2 per cent, compared with November 2009.
Friday, January 21, 2011
Buying a Home for Your Child - Yahoo! Real Estate
It used to be big deal if Dad bought you a car when you were old enough to drive – but now some parents are buying homes for their kids. It's a great investment and saves them from paying rent, whether they are attending college or university or are striking out into the working world.
A recent poll by TD Canada Trust says that 10 per cent of Canadians would consider buying a condo for their adult children. For the parents it offers some peace of mind, since the investment may help their children into better housing than they could afford if paying rent. For the kids, it's a way to learn about the pros and cons of looking after their own homes, and perhaps even get some experience at becoming a landlord.
The trend is growing in cities across the country. In Montreal, developers have offered incentives specifically geared to families who are buying a condo for a young adult. In Toronto and Vancouver, where Asian investors are buying up many of the new condos, it's not uncommon for a family to buy a unit for their child to live in while attending school. Sometimes they have long-range plans to move to Canada themselves, so they buy now and have their child live in the unit, or rent it out.
For students heading to a new city to attend college or university, buying a house or condo eliminates the need to search for sometimes pricey student accommodation. Some of these students live in the homes and rent out a basement apartment or have roommates to help offset costs.
As with any real estate investment, there are a number of financial, tax planning and social aspects to consider before buying a home for your child. The usual rules of real estate apply: location, location, location. Buyers must ensure that the property will be in demand for renters, because the child may not want to live there for long. If the unit is sold in a couple of years, will the buyer be able to recoup his investment?
Buyers must ensure that a property being purchased with a rental suite complies with local zoning bylaws, fire codes and electrical safety standards, and that the proper insurance is in place. Some municipalities have tried to clamp down on student housing in new developments because of complaints from the neighbours.
If the adult child is going to rent out part of the house or have roommates, even if they are moving in with friends, it's important that the living arrangements are spelled out in advance in a businesslike manner. Each renter should sign a written tenancy agreement that covers how much rent will be paid, what additional costs (such as utilities) will be paid by the renter, what facilities will be shared, and house rules such as whether pets are allowed, smoking policies and provisions for parking and laundry facilities if applicable.
In some provinces, if the kitchen and bathrooms are being shared, the provincial tenancies act may not apply. That gives the landlord the ability to evict a renter without going through a formal eviction process if they find out they can't get along with the roommate.
Kathy Monro and Caryn Watt of PricewatershouseCoopers recently wrote a paper ( Wealth and Tax Matters, Winter 2011 ) about the tax implications of buying a home for your adult child, setting out four options.
The first is purchasing a condo in your own name. The downside to this is that when the condo is sold, it will be subject to capital gains tax because it isn't your principal residence. Under Canada's tax law, you and your spouse (including common-law partners) and any unmarried children under the age of 18 are entitled to designate just one property as your principal residence for each year.
The advantage is that it may protect your investment if your adult child is married or gets married and then gets a divorce. In provinces like Ontario, the matrimonial home is included in calculating "equalization payments" even if the home was a gift or inheritance and even if it was owned by one of the spouses before the marriage. So, the other spouse is entitled to an equal share of the value of the condo. If the condo is in your name, it would not be subject to this rule.
Munro and Watt say the second option is giving a cash gift to your child to cover the cost of the condo. The child holds the condo in their own name, and as a principal residence it does not incur capital gains taxes when sold. It does not protect the condo from equalization in the event of a divorce.
Option three is lending the money to the child by way of a mortgage. The mortgage should be interest-free to avoid taxable income. "Because the child owns the condo subject to a mortgage, we understand that this plan could provide better protection to you and your child under family law legislation should the child divorce while owning the condo," say Munro and Watt.
The fourth option is setting up a family trust, which would then own the condo. "Family trusts are popular vehicles for sharing wealth with family members because they offer the trustees the flexibility to accommodate the changing and competing needs of the beneficiaries," say the authors.
A recent poll by TD Canada Trust says that 10 per cent of Canadians would consider buying a condo for their adult children. For the parents it offers some peace of mind, since the investment may help their children into better housing than they could afford if paying rent. For the kids, it's a way to learn about the pros and cons of looking after their own homes, and perhaps even get some experience at becoming a landlord.
The trend is growing in cities across the country. In Montreal, developers have offered incentives specifically geared to families who are buying a condo for a young adult. In Toronto and Vancouver, where Asian investors are buying up many of the new condos, it's not uncommon for a family to buy a unit for their child to live in while attending school. Sometimes they have long-range plans to move to Canada themselves, so they buy now and have their child live in the unit, or rent it out.
For students heading to a new city to attend college or university, buying a house or condo eliminates the need to search for sometimes pricey student accommodation. Some of these students live in the homes and rent out a basement apartment or have roommates to help offset costs.
As with any real estate investment, there are a number of financial, tax planning and social aspects to consider before buying a home for your child. The usual rules of real estate apply: location, location, location. Buyers must ensure that the property will be in demand for renters, because the child may not want to live there for long. If the unit is sold in a couple of years, will the buyer be able to recoup his investment?
Buyers must ensure that a property being purchased with a rental suite complies with local zoning bylaws, fire codes and electrical safety standards, and that the proper insurance is in place. Some municipalities have tried to clamp down on student housing in new developments because of complaints from the neighbours.
If the adult child is going to rent out part of the house or have roommates, even if they are moving in with friends, it's important that the living arrangements are spelled out in advance in a businesslike manner. Each renter should sign a written tenancy agreement that covers how much rent will be paid, what additional costs (such as utilities) will be paid by the renter, what facilities will be shared, and house rules such as whether pets are allowed, smoking policies and provisions for parking and laundry facilities if applicable.
In some provinces, if the kitchen and bathrooms are being shared, the provincial tenancies act may not apply. That gives the landlord the ability to evict a renter without going through a formal eviction process if they find out they can't get along with the roommate.
Kathy Monro and Caryn Watt of PricewatershouseCoopers recently wrote a paper ( Wealth and Tax Matters, Winter 2011 ) about the tax implications of buying a home for your adult child, setting out four options.
The first is purchasing a condo in your own name. The downside to this is that when the condo is sold, it will be subject to capital gains tax because it isn't your principal residence. Under Canada's tax law, you and your spouse (including common-law partners) and any unmarried children under the age of 18 are entitled to designate just one property as your principal residence for each year.
The advantage is that it may protect your investment if your adult child is married or gets married and then gets a divorce. In provinces like Ontario, the matrimonial home is included in calculating "equalization payments" even if the home was a gift or inheritance and even if it was owned by one of the spouses before the marriage. So, the other spouse is entitled to an equal share of the value of the condo. If the condo is in your name, it would not be subject to this rule.
Munro and Watt say the second option is giving a cash gift to your child to cover the cost of the condo. The child holds the condo in their own name, and as a principal residence it does not incur capital gains taxes when sold. It does not protect the condo from equalization in the event of a divorce.
Option three is lending the money to the child by way of a mortgage. The mortgage should be interest-free to avoid taxable income. "Because the child owns the condo subject to a mortgage, we understand that this plan could provide better protection to you and your child under family law legislation should the child divorce while owning the condo," say Munro and Watt.
The fourth option is setting up a family trust, which would then own the condo. "Family trusts are popular vehicles for sharing wealth with family members because they offer the trustees the flexibility to accommodate the changing and competing needs of the beneficiaries," say the authors.
Tuesday, January 18, 2011
Carney keeps rate at 1%
The Bank of Canada elected to hold its benchmark overnight lending rate steady at one per cent in its latest policy decision on Tuesday.
"The global economic recovery is proceeding at a somewhat faster pace than the bank had anticipated, although risks remain elevated," the bank said in a statement.
"Any further reduction in monetary policy stimulus would need to be carefully considered."
The statement gave no clear indication as to when the bank might start raising rates again.
After cutting the rate to a record low of 0.25 per cent during the recession, the central bank raised the rate in June, July and September before standing pat in its three policy decisions since then.
Economists were expecting the bank to not change the rate — especially after the federal government moved to cool the housing market further on Monday by tinkering with mortgage rules.
However, the C.D. Howe policy council recommended last week that the time had come to start edging the rate toward meeting a target of 2.5 per cent by the end of the year.
BMO economist Michael Gregory predicted in a commentary released after the announcement that the bank would resume increasing rates in May.
With the Canadian dollar already strong, he said the bank "is going to want to see a persistent" improvement in the U.S. economy to avoid any American downturn that would push the loonie higher and make Canadian exports less competitive.
On the other hand, Pascal Gauthier, senior economist with TD Economics, predicted the bank is more likely to hold off until July before increasing rates while it waits for the U.S. Federal Reserve to finish its massive program of bond buying aimed at stimulating the American economy.
The bank usually signals a move in rates ahead of time. Its next statement in March "will be crucial to help determine whether markets should reasonably expect that to be as early as the spring or in the summer," said Gauthier.
High dollar a worry
The bank signalled it is clearly worried about the Canadian dollar, which is trading over parity with the U.S. currency, and the low productivity of Canadian businesses.
In its last projection, the central bank expected the loonie to remain around the 98 cents US level. But the dollar has been trading above parity with its U.S. counterpart for all of 2011 so far. The loonie was trading 0.54 of a US cent lower, to 100.78 cents, on Tuesday.
The loonie slid on the interest rate news even as the U.S. dollar weakened against other currencies including the euro.
"The cumulative effects of the persistent strength in the Canadian dollar and Canada's poor relative productivity performance are restraining this recovery in net exports and contributing to a widening of Canada's current account deficit to a 20-year high," the bank's statement said.
The bank projects the economy will expand by 2.4 per cent in 2011 and 2.8 per cent in 2012 — a slightly firmer profile than had been forecast in October.
Core inflation is projected to edge gradually up to two per cent by the end of 2012, as excess supply in the economy is slowly absorbed.
The bank did not change its target date for when it expects the economy to return to full capacity from the end of 2012.
As well, the bank continued to stress that risks to the global recovery remain "elevated" because of large government debt buildups, particularly in Europe, and the poor financial positions of international banks.
The bank will issue a new comprehensive outlook on the economy on Wednesday, when its intentions over interest rates might become clearer.
"The global economic recovery is proceeding at a somewhat faster pace than the bank had anticipated, although risks remain elevated," the bank said in a statement.
"Any further reduction in monetary policy stimulus would need to be carefully considered."
The statement gave no clear indication as to when the bank might start raising rates again.
After cutting the rate to a record low of 0.25 per cent during the recession, the central bank raised the rate in June, July and September before standing pat in its three policy decisions since then.
Economists were expecting the bank to not change the rate — especially after the federal government moved to cool the housing market further on Monday by tinkering with mortgage rules.
However, the C.D. Howe policy council recommended last week that the time had come to start edging the rate toward meeting a target of 2.5 per cent by the end of the year.
BMO economist Michael Gregory predicted in a commentary released after the announcement that the bank would resume increasing rates in May.
With the Canadian dollar already strong, he said the bank "is going to want to see a persistent" improvement in the U.S. economy to avoid any American downturn that would push the loonie higher and make Canadian exports less competitive.
On the other hand, Pascal Gauthier, senior economist with TD Economics, predicted the bank is more likely to hold off until July before increasing rates while it waits for the U.S. Federal Reserve to finish its massive program of bond buying aimed at stimulating the American economy.
The bank usually signals a move in rates ahead of time. Its next statement in March "will be crucial to help determine whether markets should reasonably expect that to be as early as the spring or in the summer," said Gauthier.
High dollar a worry
The bank signalled it is clearly worried about the Canadian dollar, which is trading over parity with the U.S. currency, and the low productivity of Canadian businesses.
In its last projection, the central bank expected the loonie to remain around the 98 cents US level. But the dollar has been trading above parity with its U.S. counterpart for all of 2011 so far. The loonie was trading 0.54 of a US cent lower, to 100.78 cents, on Tuesday.
The loonie slid on the interest rate news even as the U.S. dollar weakened against other currencies including the euro.
"The cumulative effects of the persistent strength in the Canadian dollar and Canada's poor relative productivity performance are restraining this recovery in net exports and contributing to a widening of Canada's current account deficit to a 20-year high," the bank's statement said.
The bank projects the economy will expand by 2.4 per cent in 2011 and 2.8 per cent in 2012 — a slightly firmer profile than had been forecast in October.
Core inflation is projected to edge gradually up to two per cent by the end of 2012, as excess supply in the economy is slowly absorbed.
The bank did not change its target date for when it expects the economy to return to full capacity from the end of 2012.
As well, the bank continued to stress that risks to the global recovery remain "elevated" because of large government debt buildups, particularly in Europe, and the poor financial positions of international banks.
The bank will issue a new comprehensive outlook on the economy on Wednesday, when its intentions over interest rates might become clearer.
Tuesday, January 11, 2011
Solid weekend for Whistler's Janyk siblings
January 10, 2011
Eric MacKenzie
eric@whistlerquestion.com
Britt Janyk has started to produce some consistent results on the alpine World Cup circuit in the past few events, while younger brother Michael had a return to form on the weekend as well.
Britt had a pair of top-15 finishes Saturday and Sunday (Jan. 8 and 9) at Zauchensee, Austria that came on the heels of a 13th-place showing in her last race before Christmas, while Michael secured his best finish of the season when placing fifth in slalom at Adelboden, Switzerland on Sunday.
Britt raced to 15th spot in Saturday's downhill and trumped that Sunday when reaching ninth place in super-G.
Wearing bib No. 2, Britt finished the super-G run in one minute, 14.26 seconds to be seven-tenths off the podium and place in the top 10 of a World Cup race for the first time in exactly one year.
Marie-Michele Gagnon was 30th and Georgia Simmerling placed 35th to round out the Canadian showing.
Britt Janyk had the top Canadian finish in Saturday's downhill as well, finishing slightly more than two seconds behind winner Lindsey Vonn.
Michael Janyk's fifth place highlighted a strong day for the Canadian men's technical team, as Brad Spence and Trevor White both cracked the top 20 as well.
The 28 year old was fifth after the first run and finished in that position despite adding more than a second to his second run. It's the first time Janyk has completed both runs of a World Cup race this season.
Janyk, who matched his best result from last season when he had three fifth-place finishes, rebounded from a tough outing at the Zagreb, Croatia slalom on Thursday (Jan. 6), when he missed qualifying for the second run by less than a tenth of a second and placed 33rd as the top Canuck.
No Canadian men qualified for the second run of Saturday's giant slalom at Adelboden, including Janyk, while fellow Whistlerite Robbie Dixon sat out the race with a suspected concussion.
Look for a more complete wrap of the Janyks' weekend performances in the Jan. 13 issue of The Question .
Eric MacKenzie
eric@whistlerquestion.com
Britt Janyk has started to produce some consistent results on the alpine World Cup circuit in the past few events, while younger brother Michael had a return to form on the weekend as well.
Britt had a pair of top-15 finishes Saturday and Sunday (Jan. 8 and 9) at Zauchensee, Austria that came on the heels of a 13th-place showing in her last race before Christmas, while Michael secured his best finish of the season when placing fifth in slalom at Adelboden, Switzerland on Sunday.
Britt raced to 15th spot in Saturday's downhill and trumped that Sunday when reaching ninth place in super-G.
Wearing bib No. 2, Britt finished the super-G run in one minute, 14.26 seconds to be seven-tenths off the podium and place in the top 10 of a World Cup race for the first time in exactly one year.
Marie-Michele Gagnon was 30th and Georgia Simmerling placed 35th to round out the Canadian showing.
Britt Janyk had the top Canadian finish in Saturday's downhill as well, finishing slightly more than two seconds behind winner Lindsey Vonn.
Michael Janyk's fifth place highlighted a strong day for the Canadian men's technical team, as Brad Spence and Trevor White both cracked the top 20 as well.
The 28 year old was fifth after the first run and finished in that position despite adding more than a second to his second run. It's the first time Janyk has completed both runs of a World Cup race this season.
Janyk, who matched his best result from last season when he had three fifth-place finishes, rebounded from a tough outing at the Zagreb, Croatia slalom on Thursday (Jan. 6), when he missed qualifying for the second run by less than a tenth of a second and placed 33rd as the top Canuck.
No Canadian men qualified for the second run of Saturday's giant slalom at Adelboden, including Janyk, while fellow Whistlerite Robbie Dixon sat out the race with a suspected concussion.
Look for a more complete wrap of the Janyks' weekend performances in the Jan. 13 issue of The Question .
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