Canadian dollar moves higher amid worsening eurozone economic downturn

TORONTO – The Canadian dollar closed higher Thursday amid data showing a deepening economic contraction in the eurozone.The loonie was up 0.06 of a cent at 99.88 cents US as the data also showed that Germany is beginning to crack under the weight of worsening conditions in the monetary union.Eurostat, the EU’s statistics office, said Thursday that the eurozone economy shrank by 0.6 per cent in the final quarter of 2012 from the previous three-month period.The decline was bigger than the 0.4 per cent drop expected by markets and represented the biggest fall since the first quarter of 2009 when the global economy was in its deepest recession since the Second World War.The eurozone has now contracted for three straight quarters, weighed down by weak, debt-laden countries such as Greece and Spain, where governments have been aggressively increasing taxes and cutting spending.Equally worrisome was worsening conditions in Europe’s biggest economy. The German economy shrank by a quarterly rate of 0.6 per cent in the fourth quarter as demand for its exports fell.“The Eurozone economies are weaker than expected, complicating the outlook for Europe, reviving fears that there are still significant hurdles ahead and raising the potential that the European Central Bank will need to be more accommodative,” observed Scotia Capital chief currency strategist Camilla Sutton.On the commodity markets, the March crude contract on the New York Mercantile Exchange gained 30 cents to US$97.31 a barrel.April gold bullion declined $9.60 to US$1,635.5041.30 an ounce while copper for March was unchanged at US$3.74 a pound.Meanwhile, traders looked ahead to a key meeting of the Group of 20 finance ministers this weekend.Exchange rates and the threat of a “currency war” are expected to feature heavily at the meeting.Attention has been recently centred on the Japanese yen, which this week dropped to its lowest against the U.S. dollar since May 2010.Earlier this week, finance ministers from the Group of Seven industrialized countries pledged to refrain from intentionally weakening their currencies. Finance ministers said they remained committed to exchange rates driven by the market, not government or central bank policies.Traders interpreted the statement as a message directed at Japan, where the yen has plummeted against the U.S. dollar since Prime Minister Shinzo Abe took office and pushed the country’s central bank to further relax its monetary policy.At the same time, the euro has been strengthening lately, which further hampers an economic recovery for Europe. AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email by Malcolm Morrison, The Canadian Press Posted Feb 14, 2013 4:23 pm MDT Canadian dollar moves higher amid worsening eurozone economic downturn read more

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Offices moved detours expected as construction projects get underway

As the result of several construction projects, including work to DeCew and Lowenberger residences, Village Road and parking Lot S, the Brock community can expect to encounter changes on campus over the coming months.The following is a list of planned relocations and disruptions set to take place through the summer.DeCew Residence renewal project  Interior renovations will begin in portions of DeCew Residence on Monday, April 29. As a result, access to the building will be restricted, with the exception of Brock Facilities Management staff.All phone numbers and email addresses for staff who typically work out of the building will remain the same.The DeCew Dining Hall will remain closed for the summer.The following services and offices will be relocated:Both the DeCew Residence North Service Desk and Residence Facilities Office have been moved to the Earp Residence lobby until spring of 2020.The Department of Residences (including Residence Admissions, Residence Life and Director of Residence) and Student Life management have moved to the first floor of the short hallway of Earp Residence (rooms 100-119) until late August.Brock Dining Services and Catering have moved to various locations, including Earp Residence and other food service outlets until late August.Campus Faith and Life has moved to Alphie’s Trough for an undetermined amount of time.For updates, visit Residence Cladding replacement will begin on the exterior of Lowenberger Residence on Friday, April 26.Anyone wishing to enter the building can do so around construction fencing, but is asked to adhere to construction signage and routes. The fencing will shift around the building as work on each section is completed. Eight parking spaces on the southwest side of Lot B will unavailable until June 7.Work is expected to be completed in June.Lot S and Village Road expansion Beginning Monday, April 29, Lot S will be closed for phase 1 of its expansion. Permit holders will park in Zone 1 or Zone 2 throughout the spring and summer. Pedestrians who typically walk through Lot S from Zone 2 are reminded to use the sidewalk on Flora Egerter Way as the area will be fenced off.Also beginning Monday, Village Road will be restricted to one lane managed by traffic control personnel. Beginning Wednesday, May 1, access to the road will be closed. Access will remain available to emergency and service vehicles.Road reconstruction will shift according to a gas main relocation that is taking place simultaneously and will continue to Aug. 23.Temporary closures and lane restrictions will be in effect throughout the construction period. Access to service vehicles will be maintained through the majority of the project.Lot P will be an integral part of the road reconstruction, requiring occasional closures and restrictions.For updates visit read more

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