Toronto’s main stock index continued to push higher Thursday as Wall Street veered lower on heightened interest rate expectations from the U.S. Federal Reserve.The S&P/TSX composite index climbed 65.32 points to 15,454.92, with rising energy and financials shares among the key gainers.Following Wednesday’s announcement that the Fed remains on course to raise rates one more time this year and three times in 2018, interest-sensitive names on the TSX have benefited, said portfolio manager Kash Pashootan.“Banks stocks are having a good couple of days here given that higher interest rates help their net interest margins,” said Pashootan, who works at First Avenue Advisory, a Raymond James company.“So although the announcement came from the U.S. it had a spillover effect in Canada.”South of the border, banks and industrials were among the few bright spots on U.S. stock indexes as modest gains from a day earlier were wiped out.The Dow Jones industrial average was down 53.36 points to 22,359.23. The S&P 500 index lost 7.64 points to 2,500.60 and the Nasdaq composite index gave back 33.35 points to 6,422.69.“You’re seeing a hangover effect from yesterday’s Federal Reserve meeting and comments,” said Pashootan. “Really, the take away of course is that if there were any doubts that rates were going to continue to rise, that’s been removed off the table.”As a result, he said, that’s having a bullish effect on the U.S. dollar and putting downward pressure on the loonie.The Canadian dollar was trading at an average price of 81.04 cents US, down 0.44 of a cent.Pashootan said the fact that the market has been fairly boring and inactive in the United States “is a good thing because it’s taking the time needed to digest the news.”“If you think about monetary policy in Canada compared to the U.S., it’s been quite different in the sense that the U.S. has done a better job at speaking ahead and preparing the markets for higher rates,” he said.“The Bank of Canada didn’t prepare the markets as well in advance and you’ve seen the result of that in the Canadian dollar being up double digits in the last six months.”In commodities news, the November crude contract shed 14 cents to US$50.55 per barrel and the October natural gas contract was down 15 cents to US$2.95 per mmBTU.The December gold contract dropped $21.60 to US$1,294.80 an ounce and the December copper contract declined three cents to US$2.93 a pound.Follow @DaveHTO on Twitter
The Pan American Health Organization (PAHO), a regional arm of the United Nations World Health Organization (WHO), called today for the elimination of industrial trans fats from food supplies throughout the Americas in order to prevent heart attacks. Citing “conclusive evidence” that consuming trans fats increases the risk of heart disease and possibly the risk of sudden cardiac death and diabetes, nutrition and public health experts convened by PAHO said reducing such consumption by just 2 per cent to 4 per cent of total calories would prevent an estimated 30,000 to 225,000 heart attacks in Latin America and the Caribbean.The negative effects of trans fats “are completely avoidable through good education and information,” said Dr. Ricardo Uauy, President of the International Union of Nutritional Sciences and chairman of a task force on the issue.Trans fats are found primarily in foods that contain partially hydrogenated oils, whose texture and longer shelf-life make them attractive to food processors, but which have harmful effects on human health, according to the experts. Research has shown that trans fats contribute to heart disease by raising levels of “bad cholesterol,” lowering levels of “good cholesterol,” and damaging the cells in the linings of blood vessels, contributing to inflammation and blockage and leading to heart attacks.The PAHO task force suggested several measures to speed up the process of eliminating trans fats from food in the Americas, including eliminating industrial trans fat from food supplies and promoting unsaturated fats as an alternative. It also recommended that governments consider mandatory labelling of trans fat content in foods, and that public health advocates work with industry to speed the phasing out of trans fats and to promote healthier oils and fats in foods.The experts noted that several countries have begun to take action to reduce or eliminate industrially produced trans fats. Canada and the United States both require labelling of trans fat in processed foods and recommend that consumers reduce trans fat consumption to as little as possible. Meanwhile, Argentina, Brazil, Chile, Costa Rica, Paraguay and Uruguay are all considering proposals to reduce trans fat consumption by their populations. 7 June 2007The Pan American Health Organization (PAHO), a regional arm of the United Nations World Health Organization (WHO), called today for the elimination of industrial trans fats from food supplies throughout the Americas in order to prevent heart attacks.
It is said that when fate closes one door, it opens another.Thursday night, fate dealt the Kansas City Chiefs a rotten blow when reigning NFL Most Valuable Player Patrick Mahomes dislocated a kneecap. Chiefs teammate Travis Kelce told ESPN, “His knee didn’t even look like a knee. It was all out of whack. I couldn’t even describe it.”Clearly Mahomes won’t be coming back soon.But wait, was that a knock on the door? Yeah, we get it. Not a week goes by without a Colin Kaepernick …
He said it is important to have an objective approach and extend equal treatment to all countries when fulfilling the assigned mandate. With regard to High Commissioner Pillay’s reference to the last days of the armed conflict, Prof. Peiris stated that the Sri Lanka military was involved in the largest hostage rescue operation in contemporary history. It is factually known that the LTTE ruthlessly annihilated people trying to escape from their clutches. While noting that Ms. Pillay too had called on Sri Lanka to end military operations, the Minister stated that if Sri Lanka had acceded to that call the present ground realities would have been different as a responsible government steps had to be undertaken to safeguard the Sri Lankan people not heeding to calls of some external elements.The Minister also referred to the High Commissioner’s concern over the inclusion of the police under the newly created Ministry of Law and Order, instead of the Ministry of Justice. He indicated that her stated position is fundamentally unacceptable and does not move in accordance with the established procedures of Sri Lanka. The Minister pointed out that the Police Department has consistently been under the Ministry of Defence and only briefly, 2002-2004, under an Interior Ministry. It has to be noted that most countries too have Police under Ministries other than Justice, and further, he indicated that the creation of the new Ministry of Law and Order under which the Police Department is now placed is in line with a LLRC recommendation. (Colombo Gazette) On the aspect of accountability, the Minister highlighted the action taken by the law enforcement authorities and cited the instances of some members of the Special Task Force having been indicted in relation to the killing of five students in Trincomalee and status of investigations with regard to the Muttur incident involving the ACF workers. He further explained the difficulties encountered in identifying the perpetrators due to the conditions prevailing at the time of incidence, with regard to the ACF case. The Minister informed however that mobile phone evidence is being pursued in this regard, and therefore the case remains open. He drew a parallel with the case of the assassination of the former Foreign Minister late Lakshman Kadirgamar, where conviction has not been possible due to the lack of evidence.Addressing allegations of disappearances, Prof Peiris explained that the Ministry of Justice has formulated a draft amendment to the Penal Code to criminalize enforced disappearances, also formulated amendments to the Criminal Procedure Code and the Human Rights Commission of Sri Lanka Act in order to give effect to recommendations in the National Human Rights Action Plan. He outlined the difficulties in identifying the missing due to instances involving persons having migrated to other countries holding multiple identities, and those host governments not divulging their details. This fact aggravates the difficulty in compiling correct statistics. It was indicated that the repeated use of baseless and arbitrary figures in respect of disappearances, eventually acquire authenticity in the face of the massive propaganda that is being carried out against the Government of Sri Lanka. The government says there is no culture of impunity in the country and in instances where evidence is available action to conduct legal proceedings have been instituted irrespective of the status of those accused, which include politicians, public officials and officers of the law enforcement agencies.External Affairs Minister, Prof. G.L. Peiris said this when he met visiting UN High Commissioner for Human Rights Navanethem Pillay at the Ministry of External Affairs today. Minister Peiris reiterated to High Commissioner Pillay Sri Lanka’s firm resolve to work with the United Nations system. However he said that there is a perception in the country about the lack of objectivity and fairness in the treatment meted out to Sri Lanka. The Minister added that Sri Lanka accepts constructive and justified criticism but resents vicious and baseless positions which are incessantly repeated.