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Loonie nears 3¢ above parity on hopes of Fed boost

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TORONTO — The Canadian dollar was at a 13-month high Tuesday morning amid expectations that the U.S. Federal Reserve will launch another round of stimulus to help the American economy.The loonie rose 0.53 of a cent to 102.83 cents US as traders also took in a strong housing report.Canada Mortgage and Housing Corp. said housing starts came in at an annual rate of 224,900 during August. The showing was a pleasant surprise as economists had expected a decline to 200,000.“Clearly low interest rates continue to support home construction activity, although signs of deceleration in the secondary market could dampen that momentum,” said CIBC World Markets economist Emanuella Enenajor.“Today’s data suggest residential construction in the third quarter may not be as measurable a drag to activity as previously thought.”The greenback weakened ahead of the wrapup of the Fed’s two-day meeting on interest rates. The central bank could announce another round of quantitative easing Thursday, which would see the Fed print more money to buy up bonds in order to keep interest rates low and encourage lending.Expectations that the Fed would move on another jolt for the economy increased after jobs data released Friday failed to meet modest expectations of 125,000 new jobs. Instead, the economy cranked out 97,000 jobs and employment numbers for June and July were revised downward.However, there is a degree of uncertainty as to whether the Fed will act now, especially as it may not want to become a key point of debate in the upcoming U.S. presidential election.Commodities were mixed with October crude on the New York Mercantile Exchange unchanged at US$96.54 a barrel.December copper on the Nymex was up a penny at US$3.71 a pound, adding to a 17-cent gain in the past two sessions.Copper rose amid hopes that the Chinese government will move to launch stimulus measures to arrest a slowing economy.Addressing the World Economic Forum Tuesday, China’s premier Wen Jiabao promised more tax cuts and measures to boost consumer spending.Copper is seen as a global economic barometer as it is used in so many applications. China is the world’s biggest consumer of the metal.December bullion gained $3 to US$1,734.80 an ounce. read more

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A bridge named after the late great Jim Stynes was opened in

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first_imgAUSTRALIA IMMORTALISED THE late Jim Stynes today as they opened a Melbourne bridge named in his honour.Officials saluted the inspirational Dubliner, who died in 2012 following a long battle with cancer, as “an outstanding man, footballer and philanthropist.”“This bridge ensures that Jim’s work is alive in the hearts and minds of all Melburnians,” state planning minister Matthew Guy said.Stynes left Dublin to head down under in 1984 and made his name as an Aussie Rules legend, becoming the only overseas player to win the sport’s prestigious Brownlow Medal in 1991.After retirement he continued to devote himself to the game and charity work, and co-founded the Reach Foundation to support and inspire teenagers and young adults.He was diagnosed with cancer in 2009 and after a long battle, died in March 2012 aged 45. Source: Melbourne FCStynes’s wife Sam and their children Matisse and Tiernan were among those present at Wednesday’s official unveiling.The Jim Stynes Bridge — a hovering steel arc bridge — is the first of its kind in Australia and forms part of a $25 million redevelopment in central Melbourne.It is inscribed with a quote from Stynes: “Life is a challenge, and many people who have accomplished great things in their lives have done so not in spite of serious setbacks, but because of them.”Mick O’Dwyer on 3 great years with Laois and why ‘Kerry will be there or thereabouts’last_img read more

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