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bank of canada keeps interest rate at 1% - tonight Newspaper

bank of canada keeps interest rate at 1% - tonight Newspaper


NUMBERS BEHIND THE NEWSTUESDAY NIGHT | 04.12.2012 | P. 10CDN. WESTERN BANKQ4 net income$43M (+20%)CRUDE OILPrice per barrel$88.28 (-$0.81)CANADIAN DOLLARTuesday’s open100.61¢ U.S. (+0.10¢)NEEDY ONTHE RISEIN SPAINA man inspectscardboard boxes filledwith food for peopleleft needy by Spain’scritical economiccrisis in Pamplona,Spain, today. Peopleofficially registered asunemployed in Spainhas edged up toward 5million as the country’srecession shows fewsigns of abating.Alvaro Barrientos/ Associated PressETFs not just baskets of index membersBy DAVID PETTdpett@nationalpost.comExchange-traded fundseschewingmarketcapitalization-weightedindexes are on the rise, andmore rules-based offeringsbased on fundamental andquantitative factors areexpected as ETF providersin Canada and elsewheresearch for new products toattract investors.“I think we are still in theearly innings,” said ChrisBrightman, head of ResearchAffiliates LLC during apanel discussion in Torontolast week. “(Alternativeindexing) is a drop in theocean. We’re seeing rapidgrowth from a very smallbase.”Fundamentallyweighted indexing choosescomponents based oncriteria such as revenue,dividend rates, earningsor book value as opposedto market capitalization.Quantitatively basedindexes, meanwhile, usefactors such as volatility tobuild their benchmarks.Pat Chiefalo, an ETFstrategist at National BankFinancial, said there hasbeen tremendous growth inthe number of ETFs trackingalternatively weightedindexes, pointing out, forexample, the increase inlow-volatility strategiesover the past two years.Seven low-volatility ETFssince May 2011 have beenlaunched in the U.S., threefrom Powershares and fourfrom iShares. Their assetsunder management haveclimbed to $4.2 billion(U.S.) at the end of the thirdquarter of 2012, from just$80 million in the secondquarter of last year.Here in Canada, assetsin low-volatility strategiesnow total $66 million (Cdn.)across eight offerings, all ofwhich have been introducedin the past 14 months.BMO’s Low VolatilityCanadian Equity ETF inOctober 2011 was the firstto launch, followed by twoPowershares offeringsearlier this year and fivefrom iShares in July.“The goal of thesestrategies is to reducerisk by selecting andmaintaining exposure to agroup of securities with lowvolatility profiles,” Chiefalotold clients. Financial PostFor the latest in business news go to financialpost.comor pick up the National Post each morning for full FP coverage.TOMORROWSTOCK SNAPSHOT(GOOGLE FINANCE)CANADIAN NATURAL RESOURCES LIMITED (CNQ) — TSXYEAR TO DATE(-)26.34%ADP releases its U.S. employmentnumbers for NovemberCURRENT PRICE$28.19P/E13.08Canadian Natural Resources to increase spending to $6.9BCALGARY – Canadian Natural Resources Ltd. has set a 2013capital budget of $6.9 billion – about $500 million more than theCalgary-based energy company’s capital spending this year.The biggest increase is at the CNQ’s Horizon oilsands miningproject, which will see its budget rise to $2.55 billion next yearfrom $1.68 billion in 2012.An additional $1.3 billion – roughly $200 million less than thisyear – will be spent on CNQ’s Primrose, Future and Kirby oilsandsprojects, which use steam to soften the bitumen.Canadian Natural has cut about $100 million from its budgetfor property acquisitions, which drops to $85 million.A total of $3.015 billion – $65 million less than last year – willbe spent on other oil and gas operations.The Canadian PressQualcomm to invest $120M in Sharp to develop mobile displaysTOKYO – Sharp Corp. says Qualcomm Inc. will become ashareholder with an investment of up to 9.9 billion yen ($120million U.S.) that will fund joint development of new LCD screensfor mobile devices.The Japanese electronics manufacturer has been strugglingwith record losses and had its credit rating downgraded to junkby Fitch Ratings and Standard & Poor’s. There has been regularspeculation Intel or another technology company would becomea shareholder but no major deal has materialized yet.Sharp said today that it and Qualcomm’s Pixtronix Inc. unitwill develop small displays that have high colour resolutionand low power consumption based on Sharp’s “IGZO” displaytechnology.Associated PressPOST ARCADE’S VIDEO GAME DRIVE FOR KIDSOnce again the National Post’s FP Tech Desk and Post Arcade editor Matt Hartleyis collecting new and used video games for children’s hospitals and pediatric centres across Canada.We’re accepting games for all the major consoles – including Sony’s PlayStation 2 and 3, Microsoft’s Xbox andXbox 360, and Nintendo’s Wii, Wii U, DS and GameCube. Please ensure games are appropriate for kids (gamesrated “Everyone” or “E 10” are best).To donate a new or used game,please drop it off or ship toNational Post 1450 Don Mills Road,Don Mills, ON M3B 3R5For more information will be collecting games until December 19th.

TRAVELFROMTUESDAY NIGHT04.12.2012 P. 11THE LOUVRE’S NEW GROOVEPhoto by Avi BenderA view of the Louvre from the perspective of the Louvre Pyramid.By AMY THOMASIn the biggest expansion since I. M.Pei’s “sacrilegious” glass pyramidsshocked Parisians in 1989, this fallthe Louvre opens the sparkling newIslamic Arts wing.Algerian-born French architectRudy Ricciotti and his Italian colleagueMario Bellini designed athree-level, partially undergroundgallery veiled with an undulatingglass roof, located to the right ofthe now-beloved pyramids’ mainentrance in the Visconti courtyard.Layered with gold- and silverhuedwire mesh to shade its preciouscharges, the building evokeseverything from a sand dune orgolden cloud (claim the architects)to a “magic flying carpet” (says Saudiprince and project funder AlwaleedBin Talal).Inside, some 3,000 displayedobjets d’art illustrate 1,300 yearsof history, pulled from the Louvre’sIslamic collection of 18,000 items.Highlights include the sumptuous“Mantes” carpet, a Persian knottedrug from the late 16th or early 17thcentury; the sculpted ivory “Pyxis ofal-Mughira” casket (dating to 968Some 3,000 displayed objets d’artillustrate 1,300 years of history, pulledfrom the Louvre’s Islamic collectionSpain); and Dish With a Peacock,from the Louvre’s prestigious cacheof blue-and-white Iznik ceramics.The new wing makes a dramaticstatement as cultural barometeramid France’s increasing Muslimpopulation, also offering a “reminderof how ancient and fascinatingthe roots of Islam are, and of howartistically rich they are, too,” notesIsabelle Mayault, a Parisian journalistwho covers the Mideast.Together with L’Institut duMonde Arabe – another architecturalstunner showcasing Islamicart, located across the Seine in sightof the Cathedral of Notre Dame – theaddition encourages French-Arabrelations to further bend towardharmony.National Geographic Traveler

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