StatsCan says 42,000 jobs — not 200 — were created in July

Posted by Ravi Gulati | Posted in Economy & Markets | Posted on 15-08-2014

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The Canadian economy added a whopping 42,000 jobs in July, Statistics Canada said as it released a highly anticipated correction to last Friday’s erroneous figures.

The unemployment rate inched down a tenth of a per cent to 7 per cent as previously reported, the corrected report also said.

The new version is seen as a major improvement over the incorrect information Statistics Canada released last Friday.

StatsCan says 42,000 jobs — not 200 — were created in July | Toronto Star.

Canadian housing market on brink of downturn

Posted by Ravi Gulati | Posted in Economy & Markets, News of Interest | Posted on 28-05-2014

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While the current ratio of sales-to-listings in Toronto points to price growth, at least for a few more months, of about five per cent, the picture doesn’t look so rosy in Canada’s priciest market. The sales-to-listings ratio in Vancouver “suggests that house price inflation will decline materially over the next few months.”

“Overall, with house prices already declining in some smaller regions, it may only be a matter of timing then before prices in other larger and much more overvalued markets begin to fall more sharply.”

Canadian housing market on brink of downturn: report | Toronto Star.

Major online bitcoin exchange Mt. Gox vanishes

Posted by Ravi Gulati | Posted in Economy & Markets, News of Interest, Uncategorized | Posted on 25-02-2014

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The website of major bitcoin exchange Mt. Gox is offline Tuesday amid reports it suffered a debilitating theft, a new setback for efforts to gain legitimacy for the virtual currency.

The URL of Tokyo-based Mt. Gox was returning a blank page. The disappearance of the site follows the resignation Sunday of Mt. Gox CEO Mark Karpeles from the board of the Bitcoin Foundation, a group seeking legitimacy for the currency………….

Bitcoin had been inching toward broader acceptance despite wild swings in value in the past year. For most of the currency’s history, each digital coin had been worth less than $10.

New bitcoins are “mined” or generated by computers. They get harder to generate all the time, which means the inflow of fresh bitcoins keeps falling.

There are about 12.4 million bitcoins in circulation today, according to Blockchain, a public registry of bitcoin transactions. The maximum number of bitcoins that can be generated is 21 million and by 2032, 99 per cent of those will have been created.

Major online bitcoin exchange Mt. Gox vanishes | Toronto Star.

House Votes to Raise Debt Ceiling, Without Conditions

Posted by Ravi Gulati | Posted in Economy & Markets | Posted on 11-02-2014

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Ending three years of brinkmanship in which the threat of a devastating default was used to wring conservative concessions from President Obama, the House on Tuesday voted to raise the government’s borrowing limit until March 2015 – without any conditions.

The vote – 221-201 – relied primarily on Democrats to carry the legislation, the first debt ceiling increase since 2009 that was not attached to other measures. Only 28 Republicans voted yes.

House Votes to Raise Debt Ceiling, Without Conditions – NYTimes.com.