Carrier Moves Jobs   Carrier Corp., the air conditioning company, is laying off 338 employees at a factory in Indianapolis on Thursday, the six-month anniversary of President Donald Trump's inauguration.

Carrier Moves Jobs To Mexico Despite Trump

Carrier Moves Jobs To Mexico Despite Trump

Carrier-072017-lt.jpg

FOREX INVESTORS Carrier Moves Jobs   Carrier Corp., the air conditioning company, is laying off 338 employees at a factory in Indianapolis on Thursday, the six-month anniversary of President Donald Trump’s inauguration.

As president-elect, Trump had boasted of having worked out a deal with the company to prevent jobs at the Carrier factory from moving to Mexico.




 

Carrier Moves Jobs

 

 

Carrier said Thursday that approximately 300 employees will leave the company this week as part of a previously announced plan to relocate fan coil manufacturing production lines. The positions will be shifted to Mexico.

The employees include more than 30 associates who have chosen to take advantage of the company’s Employee Scholar Program and pursue degree programs, according to the company.

Carrier noted that the transition will impact approximately 600 Indianapolis jobs over the next several months, but added that the impacted employees will have an opportunity for employment across UTC’s manufacturing operations.

An additional 290 employees are planned to be terminated on December 22, just three days before Christmas.

However, Carrier also said it continues to honor its 2016 commitment to employ approximately 1,100 associates in Indianapolis.

“As announced in November, this includes headquarters and engineering jobs and more than 800 employees supporting our world-class gas furnace manufacturing center.”

Carrier previously announced in 2016 that it was planning to shed 2,100 jobs from its Indianapolis factory.

But in late November 2016, Carrier said it has negotiated an agreement with the incoming Trump administration. Accordingly, the company added that it will continue to manufacture gas furnaces in Indianapolis, in addition to retaining engineering and headquarters staff, preserving more than 1,000 jobs.

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BUZZ  DOLLAR AT HIGHS

DOLLAR AT HIGHS, SHRUGS OFF WEAK INFLATION AND JOBS DATA

DOLLAR AT HIGHS, SHRUGS OFF WEAK INFLATION AND JOBS DATA

DOLLAR AT HIGHS  The dollar advanced to session highs against a basket of global currencies on Thursday, shrugging off a duo of weaker

FOREX INVESTORS BUZZ  DOLLAR AT HIGHS  The dollar advanced to session highs against a basket of global currencies on Thursday, shrugging off a duo of weaker than expected economic reports.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose by 0.12% to 95.66.

The dollar hit session highs despite data showing that both wholesale inflation and initial jobless claims undershot expectations.

Inflation continued to stutter as U.S. producer prices rose 0.1% in June, missing expectations of a 0.2% rise.

The U.S. Department of Labor reported Thursday that initial jobless claims fell by 3000 to 247,000 in the week ended July 7, missing forecasts of a 5,000 decline.



DOLLAR AT HIGHS

 

The latest batch of soft inflation data come amid a second day of testimony from Fed chair Janet Yellen, which was mainly focused on regulatory issues, but Yellen did mention there weren’t any signs the current economic expansion will come to end soon.

A day earlier on Wednesday, Yellen signalled that interest rate increases would be gradual, lowering investor expectations of the Fed adopting an aggressive rate hike path.

The tick higher in the greenback weighed on the euro, with EUR/USD at $1.1387, down 0.22%.

GBP/USD rose to $1.2921, up 0.29%, after Bank of England policymaker Ian McCafferty urged the central bank to consider unwinding its quantitative easing programme early.

USD/CAD fell by 0.10% to C$1.2738 while USD/JPY added 0.15% to Y113.31.

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JOBS REPORT   All eyes will be fixed Friday on the publication of the June jobs report which is expected to continue to show a strong U.S. labor market

JOBS REPORT HAS POTENTIAL TO SHIFT MARKET OUTLOOK ON FED RATE HIKES

JOBS REPORT HAS POTENTIAL TO SHIFT MARKET OUTLOOK ON FED RATE HIKES

JOBS REPORT   All eyes will be fixed Friday on the publication of the June jobs report which is expected to continue to show a strong U.S. labor market

FOREX INVESTORS  JOBS REPORT   All eyes will be fixed Friday on the publication of the June jobs report which is expected to continue to show a strong U.S. labor market but further has the potential to shift market expectations for the future path of monetary policy.

The U.S. Labor Department will publish the release at 8:30AM ET (1230GMT) on Friday.

The consensus forecast is that the data will show jobs growth of 179,000 last month, following an increase of 138,000 in May.

Morgan Stanley however has a lower estimate because the broker believes that there is a lack of supply.

“Surveys and other indications of hiring intentions have remained positive, but reports of labor shortages remained widespread,” these experts explained in a note to clients.

“We expect lack of available workers to restrain job growth again in June to 150,000,” they added.

These analysts feel that even that number would be “unsustainably strong” as they do not see “a lot of excess discouraged workers left at this point broadly measured” and their best case scenario is a stable participation rate.

“If so, the pace of job growth consistent with a stable unemployment rate with a stable participation rate is 100,000 a month, and at 150,000 the unemployment rate would fall a tenth every three months and be below 4% early next year,” they said.




JOBS REPORT

 

Morgan Stanley agreed with the consensus that the June report will the unemployment rate hold steady at 4.3%, a 16-year low.

In the meantime, another key data point that many experts are focusing on for the June report is wage inflation. Economists expect average hourly earnings to rise 0.3% after gaining 0.2% a month earlier, which in turn would boost the annualized rate of increase to 2.6%, from the prior 2.5%.

Despite the U.S. labor market widely being considered to be at full employment, wage inflation has been subdued.

Economists generally tout that an annual wage increase of 3% to 3.5% is needed to lift general inflation towards the Federal Reserve’s (Fed) 2% inflation target.

Fed chair Janet Yellen herself stated in the press conference following the last policy meeting in June that “wage inflation has picked up somewhat”, but admitted that “it remains low.”

Data points that could alter Fed policy plans

The Fed has embarked on gradual policy tightening as it begins to be concerned that its accommodative policy could begin to have a negative impact on the economy.

As part of that normalization process, it already hiked rates twice this year and projected that there would be one further increase in 2017.

The central bank further announced a plan to wind down asset purchases, reducing its $4.5 trillion balance sheet.

In order to follow through on these plans, Allianz chief economic adviser Mohamed El-Erian believes that “the Fed needs to see further evidence of low and declining slack in the labor market.”

In an opinion piece written for Bloomberg, El-Erian said that Friday’s job report would need to provide evidence of wage growth heading towards an annualized pace of 3% or more, a steady state of job creation that he defined as in excess of 80,000 to 100,0000 posts per month, a drop in the more comprehensive U-6 unemployment rate and a relatively constant participation rate.

“If this is what the jobs report contains on Friday, markets will need to price more seriously the likelihood that the Fed will deliver on its policy guidance, starting with initiating the process of shrinking its balance sheet, together with another hike in the remainder of the year,” he concluded.

Markets ahead of the report at 3:01AM ET (7:01GMT):

Ahead of the publication of the jobs report, Fed fund futures priced in the odds of a rate hike in December at 49%, according to Investing.com’s Fed Rate Monitor Tool.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, advanced 0.16% at 95.73.

EUR/USD slipped 0.0% to 1.1416, GBP/USD dropped 0.08% to 1.2959, while USD/JPY gained 0.49% to 113.77.

Gold futures for August delivery on the Comex division of the New York Mercantile Exchange dropped 0.15%, or $1.81, to $1,221.49.

The yield on the 10-year Treasure was up 1.3 basis points, or 0.55%, at 2.382%.

U.S. stock futures pointed to a flat to higher open. The Dow futures edged forward 0.03%, the S&P 500 futures inched up 0.06%, while Nasdaq 100 futures rose 0.15%.

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Canopy Growth Corporation (CGC)

Tweed Grasslands: Creating Jobs and Economic Growth in Saskatchewan

Chart | Calendar   | TRADE NOW | WEED

Tweed Grasslands: Creating Jobs and Economic Growth in Saskatchewan

Canopy Growth Corporation <span data-recalc-dims=(CGC)" width="300" height="169" srcset="https://i2.wp.com/investorsbuz.com/wp-content/uploads/2016/11/31.jpg?resize=300%2C169 300w, https://i2.wp.com/investorsbuz.com/wp-content/uploads/2016/11/31.jpg?w=750 750w" sizes="(max-width: 300px) 100vw, 300px" />

BUZ INVESTORS PRESS RELEASE  Tweed Grasslands Canopy Growth Corporation (TSX: WEED) (“Canopy Growth” or the “Company”) is pleased to announce the closing of the previously announced acquisition of rTrees Producers Limited Inc., a late-stage applicant in Health Canada’s Access to Cannabis for Medical Purposes Regulations. If and when licensed, the site will operate as Tweed Grasslands (“Tweed Grasslands”) and become the newest facility to join Canada’s largest network of legal, licensed cannabis producers owned and operated by Canopy Growth.

Tweed Grasslands will operate a 90,000 sq. ft. facility in Yorkton with the capacity to expand operations to over 300,000 sq. ft. as the markets for medical and recreational cannabis develop.

Led by an experienced team of entrepreneurs and medical cannabis pioneers, Tweed Grasslands is now looking to hire several key positions in anticipation of commencing operations. All told, Tweed Grasslands intends to create 40-50 new permanent jobs at the Yorkton facility with substantial economic input also coming from a multi-million dollar investment in order to build out the full 90k square feet of initial production space.



Tweed Grasslands

>>>TRADE NOW<<<

“After years of hard work setting up the business we’re now excited to be focused on the task of producing medical cannabis for people all across Canada,” said Andrew MacCorquodale, Head of Operations for Western Canada, Canopy Growth and founder of Tweed Grasslands. “With support and expertise from our new colleagues at Canopy Growth we hope to be licensed and fully operational in Saskatchewan within months and that means we need to find great people to drive the vision forward.”

Tweed Grasslands will supply medical markets in Canada and abroad as they emerge in a federally legal manner, as well as the Canadian recreational cannabis market upon the establishment of a national regulatory framework.

Tweed’s existing headquarters in Smiths Falls, ON, a small town of 9,000 has benefitted very positively with over $45 million of investment put into its flagship 40-acre campus at 1 Hershey Drive, creating over 240 jobs. With the addition of Tweed Grasslands, the Company is eager to bring some of that economic activity to Saskatchewan.

The first wave of job postings is available online now.

Here’s to Future (Grasslands) Growth.

About Canopy Growth Corporation
Canopy Growth Corporation (TSX: WEED) is a world-leading diversified cannabis company, offering diverse brands and curated cannabis strain varieties in dried and oil extract forms.  Through its wholly‑owned subsidiaries, Canopy Growth Corporation operates numerous state-of-the-art production facilities with over half a million square feet of indoor and greenhouse production capacity.  Canopy Growth Corporation has established partnerships with leading sector names in Canada and abroad.  For more information visit www.canopygrowth.com.

Notice Regarding Forward Looking Statements
This news release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canopy Growth Corporation, Tweed Inc., Tweed Farms Inc., Mettrum Health Corp., Bedrocan Canada Inc. or Tweed Grasslands Cannabis (collectively, the “Companies”) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release, but are not limited to the factors included under “Risk Factors” in the Company’s annual information form for the fiscal year ended March 31, 2016, dated July 28, 2016. Examples of such forward-looking statements include the intention to hire and create new jobs, future investments, Tweed Grasslands Cannabis obtaining a license to legally produce cannabis, the performance of the Companies’ business and operations, the operational timeline and future operational and production capacity of Tweed Grasslands Cannabis, the impact of enhanced infrastructure and production capabilities, forecasted available product selection, future supply of the Companies’ product, the impact of the establishment of a national regulatory framework and future expectations of the industry’s generated revenue. The forward-looking statements included in this news release are made as of the date of this news release and Canopy Growth Corporation. does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.

Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

SOURCE Canopy Growth Corporation



Number of unemployment benefits claimants in the UK unexpectedly fell in July

US created 211,000 jobs in April, vs 185,000 jobs expected

Chart | Calendar   | TRADE NOW | USD

US created 211,000 jobs in April, vs 185,000 jobs expected

BUZ INVESTORS US created 211,000 jobs  April jobs up 211,000, unemployment rate falls to 4.4%  

Job creation in April bounced back from a disappointing March, with nonfarm payrolls growing by 211,000 while the unemployment rate fell to 4.4 percent, its lowest since May 2007.

Economists surveyed by Reuters had been expecting payroll growth of 185,000 and the headline jobless rate to tick up one-tenth to 4.6 percent. The payroll increase nearly tripled the dismal March number.

Market experts believe the report likely cements an imminent interest rate hike.

“The market has sorely needed a shot of unambiguously positive ‘hard’ data,” Quincy Krosby, market strategist at Prudential Financial, said in a statement. “This morning’s employment report suggests the Fed will most certainly move in June.”




US created 211,000 jobs  April

>>>TRADE NOW<<<

US Economy Adds 211K Jobs In April, Beats Forecasts

Non farm payrolls in the United States increased by 211 thousand in April of 2017, higher than a downwardly revised 79 thousand in March and beating market expectations of 185 thousand. Employment rose in leisure and hospitality, health care and social assistance, financial activities, and mining.

 

In April, leisure and hospitality added 55,000 jobs. Employment in food services and drinking places continued to trend up over the month (+26,000) and has increased by 260,000 over the year.
Employment in health care and social assistance increased by 37,000 in April. Health care employment continued to trend up over the month (+20,000). This is in line with the industry’s average monthly job growth during the first quarter of this year but below the average gain of 32,000 per month in 2016. Social assistance added 17,000 jobs in April, with all of the gain in individual and family services.
In April, financial activities added 19,000 jobs, with insurance carriers and related activities accounting for most of the gain (+14,000). Over the year, financial activities has added 173,000 jobs.
Employment in mining rose by 9,000 in April, with most of the increase in support activities for mining (+7,000). Since a recent low in October 2016, mining has added 44,000 jobs, with three-fourths of the gain in support activities for mining.
Employment in professional and business services continued to trend up in April (+39,000). The industry has added 612,000 jobs over the past 12 months.
Employment in other major industries, including construction, manufacturing, wholesale trade, retail trade, transportation and warehousing, information, and government, showed little change over the month.

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Inflation, retail sales face same chill that jobs growth did

Inflation, retail sales face same chill that jobs growth did INVESTORS BUZ Inflation, retail sales The pace of hiring in the U.S. backed off in March after strong gains in the first two months of the year. Now the same thing could happen to inflation and retail sales. A trio of […]

New jobs, investment to come from renewables

Alberta’s Renewable Electricity Program is expected to attract at least $10.5 billion of investment into the Alberta economy by 2030, creating more than 7,200 jobs for Albertans. Energy Minister with Calgary MLAs, SAIT officials and graduates Buz Investors New jobs, investment The Alberta Electric System Operator is set to open […]

ASIAN SESSION – GOLD EXTENDS LOSSES; ALL EYES ON US JOBS REPORT

  ASIAN SESSION – GOLD EXTENDS LOSSES; ALL EYES ON US JOBS REPORT Buz Investors ASIAN SESSION The dollar remains relatively strong, posting gains against most major counterparts with the exception of the euro which was helped in the aftermath of yesterday’s ECB meeting and subsequent press conference by its […]

USDCAD Trump Shock Pushes Canadian Dollar Down

USDCAD Canadian Dollar Lower Ahead of US Jobs Report

Chart | Calendar   | TRADE NOW | USDCAD

USDCAD Canadian Dollar Lower Ahead of US Jobs Report

BUZ INVESTORS  Canadian Dollar Lower  The Canadian dollar continues to lose ground against the greenback as oil prices drop after supply data points to a lack of demand. The loonie is heavily correlated with the price of oil and turbulence in the trade relationship between the US and Canada has hit the currency. The CAD is trading at lows not seen since the aftermath of the Chinese sell off in the beginning of 2016. The market volatility at the time prompted the Organization of the Petroleum Exporting Countries (OPEC) to reach out publicly to Russia in the hopes of reaching a production cut agreement. Although it took almost 9 months the deal was reached and was put into effect in 2017. With the original six month term reaching the end, an extension has been discussed but even though it appears to be a mere formality as the OPEC and non-members have seen the stability it brought to the price of oil this time it does not seem to be enough to stop the slide as US producers ramp up production.



Canadian Dollar Lower

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Canadian Dollar | Data | Chart | Calendar | Forecast | News


source: tradingeconomics.com
The USDCAD decreased 0.0048 or 0.35% to 1.3700 on Friday May 5 from 1.3747 in the previous trading session. Historically, the Canadian Dollar reached an all time high of 1.61 in January of 2002 and a record low of 0.92 in November of 2007.

Canada Jobless Rate At 8-1/2-Year Low Of 6.5% In April

The unemployment rate in Canada decreased to 6.5 percent in April of 2017 from 6.7 percent in the previous month and below market expectations of 6.7 percent. It was the lowest jobless rate since October of 2008, as the number of unemployed persons fell by 48.7 thousand while employed rose by 3.2 thousand, below market consensus of a 10 thousand increase.
Unemployment decreased by 48,700 to 1,265,000, and employment went up by 3.2 thousand to 18,311,200. Full-time employment decreased by 31.2 thousand, following a 18.4 thousand rise in March. Part-time employment rose by 34.3 thousand after a 1 thousand gain in the previous month.

Canada Trade Gap Narrows Sharply In March

Canada’s trade deficit narrowed to CAD 0.14 billion in March of 2017, following an upwardly revised CAD 1.08 billion gap in the previous month and better than market expectations of a CAD 0.9 billion deficit. Exports were up 3.8 percent, due to stronger sales of energy products and consumer goods. Imports rose 1.7 percent, driven by metal and non-metallic mineral products, industrial machinery, equipment and parts and motor vehicles and parts.

Total exports rose 3.8 percent to a record high CAD 47 billion. There were higher exports of energy products (7 percent), consumer goods (6.8 percent) and metal and non-metallic mineral products (7.1 percent). Sales excluding energy products were also up 3.1 percent.

 

Canada Markets Last Previous Highest Lowest Unit
Currency 1.37 1.38 1.61 0.92 [+]
Stock Market 15569.76 15396.70 15922.37 217.50 points [+]
Government Bond 10Y 1.54 1.54 12.44 0.95 percent [+]

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Canada Manufacturing PMI

Chart | Calendar   | TRADE NOW | USDCAD Canada Manufacturing PMI | Data | Chart | Calendar | Forecast source: tradingeconomics.com BUZ INVESTORS Canada Manufacturing PMI  The seasonally adjusted Markit Canada Manufacturing PMI rose to 55.9 in April 2017 from 55.5 in the previous month. It was the highest reading since April […]

Canada S&P/TSX Toronto Stock Market Index | Data | Chart

BUZ INVESTORS Toronto Stock Market Toronto TSX decreased 23 points or 0.15% to 15602 on Friday April 21 from 15626 in the previous trading session. Historically, the Canada S&P/TSX Toronto Stock Market Index reached an all time high of 15922.37 in February of 2017 and a record low of 217.50 […]

Canada Inflation Rate MoM | 1950-2017 | Data | Chart | Calendar | Forecast

BUZ INVESTORS  Canada Inflation Rate MoM The Consumer Price Index in Canada increased 0.20 percent in March of 2017 over the previous month. Inflation Rate Mom in Canada averaged 0.29 percent from 1950 until 2017, Canada Inflation Rate MoM reaching an all time high of 2.60 percent in January of […]

INVESTORS BUZ Inflation, retail sales The pace of hiring in the U.S. backed off in March after strong gains in the first two months of the year

Inflation, retail sales face same chill that jobs growth did

Inflation, retail sales face same chill that jobs growth did

INVESTORS BUZ Inflation, retail sales The pace of hiring in the U.S. backed off in March after strong gains in the first two months of the year

INVESTORS BUZ Inflation, retail sales The pace of hiring in the U.S. backed off in March after strong gains in the first two months of the year. Now the same thing could happen to inflation and retail sales. A trio of tools the government uses to measure the cost of living for American households are forecast to decline or remain flat in March. The reason: a sharp drop in the price of oil. An uptick in energy prices during the winter had been pushing U.S. inflation steadily higher, eliciting fresh worries at the Federal Reserve. The yearly increase in the cost of goods and services as measured by the Fed’s preferred gauge known as the PCE index topped 2% last month for



OTHER STORIES BUZ TRADERS FOLLOW

Inflation, retail sales

An uptick in energy prices during the winter had been pushing U.S. inflation steadily higher, eliciting fresh worries at the Federal Reserve. The yearly increase in the cost of goods and services as measured by the Fed’s preferred gauge known as the PCE index topped 2% last month for the first time in five years.

It’s not just oil, either.

Inflation is higher than it’s been in a long time even if energy is stripped out. Americans are paying more for staples such as rent, new housing, and airline fares. The cost of services such as medical care, financial advice, insurance and dining out are also higher.

As a result, most economists don’t expect a big dropoff in inflation even if the cost of oil, gasoline and other forms of energy remain stable.

Still, it’s quite a stretch to argue that 2% inflation has suddenly become a danger, especially with rents beginning to ease and gas prices holding the line.

“Inflation pressures remain fairly tame,” said Richard Moody, chief economist at Regions Financial.Like up on FACEBOOK


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Buz Investors New jobs, investment The Alberta Electric System Operator is set to open the first of a series of competitions to create greener energy in the province, putting Alberta on track to achieve its target of 30 per cent renewable electricity by 2030.

New jobs, investment to come from renewables

Alberta’s Renewable Electricity Program is expected to attract at least $10.5 billion of investment into the Alberta economy by 2030, creating more than 7,200 jobs for Albertans.

Energy Minister with Calgary MLAs, SAIT officials and graduates

Energy Minister with Calgary MLAs, SAIT officials and graduates

Buz Investors New jobs, investment The Alberta Electric System Operator is set to open the first of a series of competitions to create greener energy in the province, putting Alberta on track to achieve its target of 30 per cent renewable electricity by 2030.




OTHER STORIES BUZ TRADERS FOLLOW

New jobs, investment

“We’re excited to kick off our program to create jobs, diversify our economy and increase private-sector investment in Alberta’s electricity system. I’ve been hearing a lot of interest from industry in anticipation of this launch. This will be a competitive process, bringing the most renewable generation online at the lowest cost.”

Margaret McCuaig-Boyd, Minister of Energy

The first competition will see companies bidding to provide up to 400 megawatts of renewable electricity, which could power up to 170,000 homes. Successful projects will be announced around the end of the year. The expression of interest stage officially opens on March 31.

The program will not be funded by consumer electricity charges. Successful projects will be private investments supported by carbon revenues from large industrial emitters. As a competition-driven process, it will achieve the most renewable energy development for our investment, keeping costs as low as possible while maintaining a reliable and sustainable electricity system.

The projects are expected to be operational by the end of 2019. In total, the Renewable Electricity Program will support the development of 5,000 megawatts of renewable electricity capacity by 2030.

“The renewables sector is one of the key areas of growth for Calgary as we become a green energy hub. It is an important element of our overall position as a centre of excellence in all things energy.”

Mary Moran, president and CEO, Calgary Economic Development

“Since graduating in 2015, I’ve seen exponential growth in the number of jobs in areas of wind and solar technologies. I’m looking forward to even more jobs and investment as this industry thrives and expands in Alberta.”

Kai Fahrion, SAIT Red Seal electrician alumnus and energy efficiency advocate

The recent proclamation of the Renewable Electricity Act formally brings into force the Renewable Electricity Program, sets the 30 per cent of renewable electricity target and allows for the development of interim targets for the program. In addition, it ensures that environmental protection is in place for all large renewable projects, including wind and solar projects, under the program.

More information about the Renewable Electricity Program is available from the Alberta Electric System Operator at www.aeso.ca/rep.


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Buz Investors ASIAN SESSION The dollar remains relatively strong, posting gains against most major counterparts with the exception of the euro which was helped in the aftermath of yesterday’s ECB meeting and subsequent press conference

ASIAN SESSION – GOLD EXTENDS LOSSES; ALL EYES ON US JOBS REPORT

 

ASIAN SESSION – GOLD EXTENDS LOSSES; ALL EYES ON US JOBS REPORT

shadow

Buz Investors ASIAN SESSION The dollar remains relatively strong, posting gains against most major counterparts with the exception of the euro which was helped in the aftermath of yesterday’s ECB meeting and subsequent press conference by its President, Mario Draghi. As a result of dollar strength, gold was pushed below $1200 an ounce.

The European Central Bank signaled yesterday it currently does not plan to take further accommodative measures to boost the Eurozone economy as there are positive signs on the horizon. This helped a euro that was already strong due to favorable developments on the political front; namely Emmanuel Macron gaining in the polls against anti-EU rival Marine Le Pen.



OTHER STORIES BUZ TRADERS FOLLOW

ASIAN SESSION

The dollar continued to post losses against the euro during today’s Asian trading, though more moderate ones relative to yesterday’s European session trading. Euro / dollar was eyeing the 1.06 level in late Asian session. Relative to the yen, the greenback advanced yet again, this time surpassing the 115 yen level and setting a new seven-week high.

Investments out of Japan and into the US currency are partly coming on the back of rising US Treasury rates. Treasury yields extended their run with the 10-year note rate advancing for a tenth day to climb above the 2.6% mark, posting its longest streak since 1974.

Gold is extending its losses for a fifth straight day to record its longest losing run since October last year. The precious metal has been losing its attractiveness on improving expectations about the US economy, which are leading to a stronger dollar. Today it slid below the $1200 an ounce psychological level to reach a low of $1196.71, while in late Asian session it was close to its lows.

WTI crude oil rose from the three-month low reached recently but remains below the $50 a barrel level.

Further ahead, the main highlight of the day would be the much-awaited US jobs report with employers expected to have added 190,000 workers to payrolls, according to a poll by Reuters. The Canadian jobs report and manufacturing data out of the UK will also be on the watch list.




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