Canada report

By JIM FOX

© St. Petersburg Times, published January 7, 2001

Canada will not mirror rate cut

The spillover effect from worries of an economic slowdown in the United States is being felt in Canada, but there's been no key interest rate cut.

Just as the U.S. Federal Reserve Board cut its key rate by half a percentage point, Canadian banks lowered mortgage rates to help revive consumer confidence about the housing market.

Further U.S. cuts of up to half or three-quarters of a point are expected over the next several months to prevent a rapid decline in the U.S. economy and boost stock market confidence.

Similar action isn't being contemplated publicly by the federal Bank of Canada as figures suggest Canadians are fairly confident about the economy.

Skier killed by cougar

A cross-country skier was stalked and killed by a cougar in Alberta's Banff National Park.

Authorities came upon the cat and shot it as it crouched over the body of Frances Frost, 30, of Canmore, Alberta. She was on a trail near Lake Minnewanka, a popular area near the town of Banff on Tuesday afternoon.

Cougar attacks on dogs have rekindled the debate over humans and wildlife competing for space in the national park.

In brief

Fugitives Ron and Loren Koval remain in a Toronto jail, accused of defrauding investors of more than $100-million to pay for a failing private health clinic. The couple, who gave themselves up at the Canada-New York border after spending two months living in a Myrtle Beach, S.C., motel, await a continuation of a court hearing on a bid to be released on bail.

Toronto-based Moore Corp. is cutting 1,400 jobs in a broad restructuring to reduce expenses. The troubled business-form maker is trimming 10 percent of its staff, mostly in the United States, to cut $100-million in costs over the next 12 to 18 months.

Facts and figures

Canada's dollar was little changed over the past week as interest rates remained steady. The dollar closed Friday at 66.72 cents U.S. while the U.S. dollar was worth $1.4987 Canadian before bank exchange fees.

There's no change in the Bank of Canada key interest rate of 6 percent or the 7.5 percent prime lending rate.

Stock markets were mixed, with the Toronto 300 Index lower at 8,690 points on Friday while the Canadian Venture Exchange was higher at 2,939 points.

Lotto 6-49: (Wednesday) 5, 7, 12, 37, 39 and 46; bonus 22. (Dec. 30) 7, 9, 17, 27, 31 and 48; bonus 41.

Regional briefs

The New Brunswick government is trying to avert a walkout by doctors, due to start Monday. Premier Bernard Lord asked a mediator to try to get both sides in the dispute back together. Medical Society President Dr. John McCann said he doubts mediation could stop the strike over pay and working conditions.

Love-struck juror Gillian Guess was ordered freed from jail in Vancouver so she can pursue a bid to appeal to the Supreme Court of Canada her obstruction conviction. She is serving an 18-month term after having an affair with accused killer Peter Gill while a juror at his first-degree murder trial in 1995. Gill and five co-defendants were acquitted of two gangland-style slayings.

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