Lake Shore Gold expects to write down assets in fourth quarter report

TORONTO — Lake Shore Gold Corp. says it will be reducing the carrying value of its assets in Mexico and Timmins, Ont., but the amount hasn’t yet been determined.The Toronto-based mining company had a total market value of $266-million as of Friday, when its shares closed at 64 cents on the Toronto Stock Exchange.The stock dropped a penny after markets re-opened Monday.That was just above a 52-week low set on Feb. 20.The company’s stock is worth only about one-third of the high it set a year ago.The Canadian Press

TSX registers small advance as oil prices move higher

TORONTO — The Toronto stock market closed modestly higher Wednesday as investors tried to mount a relief rally after two days of punishing losses sparked by a collapse in oil prices to below US$50 a barrel and worries about the effects of such a decline.But the rally largely fizzled as the S&P/TSX composite index came down from a 180-point run-up early in the morning to close up 38.23 points at 14,285, regaining little of the more than 500-point plunge over the previous two sessions.The steady decline in gains during the session didn’t surprise Kash Pashootan, portfolio manager at First Avenue Advisory in Ottawa, a Raymond James company.“On a day like today you see the investor (has) confidence in the overall market through this relief rally,” Pashootan said, adding investors need “some sort of longer-term direction in terms of where (oil) supply is going.”“I don’t see how anyone can really pick a bottom without it being pure speculation until we get some clarity and direction from oil supply cuts.”The Canadian dollar closed up 0.05 of a cent at 84.6 cents US amid data showing falling oil exports increased the Canadian trade deficit in November.U.S. indexes were higher as the release of the minutes from last month’s U.S. Federal Reserve meeting reassured investors that the central bank likely will not raise rates sooner than generally expected, which is around the middle of this year. On an upbeat note, the minutes also said that the Fed sees foreign weakness as a risk to the U.S. economy but expects the huge drop in oil prices to be positive.The Dow Jones industrials jumped 212.88 points to 17,584.52, the Nasdaq climbed 57.73 points to 4,650.47 and the S&P 500 index was up 23.29 points at 2,025.9.Most of the positive TSX action came from non-resource sectors that have been beaten down recently — the consumer discretionary component up 1.4% and telcos ahead 1.25%.But the TSX financial and industrial sectors lost early momentum.And the energy sector continued to pile up losses and gave back another 0.55% even as oil prices stabilized for the moment. The February crude contract in New York climbed 72 cents to US$48.65 a barrel as data from the U.S. Energy Information Administration showed that U.S. crude inventories declined by 3.1 million barrels last week. Analysts had expected supplies to increase by 380,000 barrels.Prices have plunged 55% since the highs of last June. Markets are dealing with an overabundance of supply, made worse by OPEC’s refusal to cut production to support prices.Traders have become reluctant to speculate on where a bottom for prices is but on Wednesday, Bank of America-Merrill Lynch warned that the sharp drop in prices could prompt Saudi Arabia and other petro-states into cutting production.“We see a growing risk of WTI (West Texas Intermediate) and Brent falling to $35 and $40 per barrel near term to force either non-OPEC producers or Saudi to cut,” it said.The gold sector faded 1.5% as gold prices backed off after charging ahead the previous three sessions as investors shunned riskier assets. The February contract faded $8.70 to US$1,210.70 an ounce.The base metals group declined one% while March copper drifted a penny lower to US$2.76 a pound. Meanwhile, two days before the release of the government’s employment report for December, payroll firm ADP reported that the private sector created 241,000 jobs last month. Economists expect that a total of 240,000 jobs were created, down from 321,000 in November. read more

Tax change proposals divisive but more favour Liberal position poll

OTTAWA — A new poll suggests that Canadians who support the Liberal government’s tax-change proposal outnumber those opposed to the idea — barely.The Ekos-Canadian Press survey found that based on what people know of the idea, 49 per cent of respondents support it, while 44 per cent are against.The Liberals are proposing three updates to the tax code to close loopholes they say let the wealthiest Canadians pay less tax — changes the Opposition says will have far wider and negative implications for small businesses.The poll surveyed 3,855 people over a 10-day period in September as the issue dominated the start of the fall sitting of Parliament.Of those surveyed, 53 per cent said they support the Liberal argument that the changes will create a fairer tax system, while 40 per cent agreed with a statement that the changes amount to a tax grab.The poll, which reached respondents on both cellphones and land lines, carries a margin of error of plus or minus 1.6 per cent, 19 times out of 20. read more

Linamar reaches 12 billion deal to buy agriculture manufacturer MacDon

GUELPH, Ont. — Manufacturer Linamar Corp. says it has reached an agreement to buy Winnipeg-based agriculture equipment maker MacDon Industries Ltd. for $1.2 billion.Guelph, Ont.-based Linamar says MacDon and its group of companies will complement its existing agricultural harvesting business in Hungary and allow the company to serve more markets globally.Linamar, which makes precision metallic parts for a range of sectors including automobiles, says the MacDon deal will allow it to further diversity its operations and end markets.‘America has much more to lose than they will ever gain’ by scrapping NAFTA: Linamar CEO‘Astoundingly clean’ balance sheet: Canada’s auto parts makers just keep roaring alongCompany CEO Linda Hasenfratz says the increased exposure to agriculture comes as the sector is in the early stages of a cyclical recovery, and with strong growth to be driven by a growing and developing global population.MacDon sells its specialized agricultural harvesting equipment in over 40 countries and has about 1,400 dealers and distributors in its global network.Linamar, with 59 manufacturing facilities globally and about 24,500 employees, had sales of $6 billion in 2016. read more

TNA raises concerns over Menik Farm closure

Reports further quoted the families as saying that they were told they will not get any form of assistance if they attempt to remain in the camp. Tamil media reports said that the families remaining at the Menik Farm camp have been told to leave as the camp will be closed by tomorrow. Vavuniya Government Agent Bandula Harischandra said that the temporary shelters that collectively formed Menik Farm are currently being dismantled and the entire camp area is being cleared and it will be used for public purposes in the future.  He said that however, several schools and hospitals established within Menik Farm will remain. (Colombo Gazette) The Tamil National Alliance (TNA) has raised concerns over the sudden closure of the Menik Farm displacement camp, saying it is a move to mislead the government.TNA MP Suresh Premachandran told the Colombo Gazette that the remaining war displaced people in the camp are to be shifted to another camp in Mullaitivu instead of being resettled in their original homes. Premachandran said that the government is attempting to show the world that three years after the war it has completed the resettlement process and that the main IDP camp is also closed.Minister of Resettlement Gunaratne Weerakoon has said that by 30 September the camp will be empty, and the final group of 1,185 IDPs would be resettled in their places of origin next week. read more

President to avoid New Delhi during India visit

While in Bihar, he is expected to meet Chief Minister Nitish Kumar. He is also set to inaugurate a cultural centre in Bodh Gaya. According to Indian officials, Rajapaksa will then proceed to the Tirupati temple, before returning to Sri Lanka Saturday or Sunday. The attack lasted only a couple of minutes. Eight CCTV cameras installed at different spots in the branch recorded the incidents from 1.30 p.m. to 1.32 p.m. The men did not go to the top floor, where cash was kept. (Agencies) A group of men attacked the Bank of Ceylon branch in Egmore, Chennai yesterday, causing injuries to some employees and police personnel on duty.Police suspect the attack was in protest against the visit of President Rajapaksa to India, the Hindu newspaper reported. President Mahinda Rajapaksa who will leave for in India on pilgrimage today, will will not visit New Delhi to meet the country’s leaders, the Indian media quoted official sources as saying.The Indo Asian News Service (IANS) said the president will fly from Colombo Friday to Bodh Gaya, the site where Lord Buddha attained enlightenment and which hosts a 1,500-year-old temple — the most sacred to Buddhists worldwide. The report said that 12 masked men arrived in autorickshaws and motorcycles at Jarret Gardens 2nd Avenue, Casa Major Road, where the bank in located in a two-storey building, police said.They entered the premises by pushing the two policemen on duty and damaged the guardroom and the bank’s signboard on the ground floor.“They barged into the first floor office and attacked clerk Maria Rajesh and trainee Janakan, a city college student, with clubs and shards of glass. The group shouted slogans against Mr. Rajapaksa and damaged the cubicles. They threw whatever object they could lay their hands on at glass partitions and damaged a wall clock,” said an investigating officer. read more

Yashwant joins antiSri Lanka CHOGM chorus

Praising the State unit of his party, the student community and the film fraternity for spearheading a movement for Lankan Tamils, the Rajya Sabha member said the issue of Tamils in the island country was a national issue and not of one state alone. “If a BJP-led government comes to power, we will implement our policy.” At the same time, he also cautioned that any future action should be taken with care so that the interests of the Tamils were not further endangered. Taking at a dig at “those who have remained unperturbed and undisturbed,” when the photograph of slain LTTE leader V Prabhakaran’s son was published, he said the boy had fallen like a man with bullet wounds on his chest: “That is the spirit of the Tamils of Sri Lanka.”Drawing a sharp contrast between the policy of the Atal Bihari Vajpayee-led NDA government and the Congress-led UPA coalition on the issue, the former foreign minister said there was a ceasefire between the then Lankan government and the LTTE when the BJP came to power. “We made it clear to the Sri Lankan government that it had to be a peaceful, negotiated settlement and that India will not agree to a military solution.” Claiming that Colombo accepted New Delhi’s advice, he said a ceasefire came into effect in 2002. Senior BJP leader Yashwant Sinha urged Indian Prime Minister Manmohan Singh to skip the Commonwealth Heads of Government Meeting (CHOGM) scheduled to be held in Sri Lanka from November 15 to 17, the New Indian Express reportedAddressing a hall meeting on the Sri Lankan Tamils issue in Chennai, Sinha said India was the pivot of the Commonwealth body. “If India does not go there, CHOGM cannot be held,” he said. When the Congress-led UPA came to power in 2004, the intention from the beginning was to play second fiddle to the Lankan government. Stating that there can be no parallel between the situation in Sri Lanka, which is an internal uprising, and Kashmir, which is facing external aggression, Sinha stressed that New Delhi should also shed fears that if it was “too harsh” on Colombo, China would then move in. “China is already all over the place. What is it we have achieved?” he asked.Calling for an India-sponsored resolution at the UNHRC, he said Lanka should vacate all its forces from the north and eastern provinces of the island. Elections should be held at the earliest under international supervision. There should be an independent inquiry of the atrocities committed against the Tamils.Refraining from extending any overt support to the demand for a separate Tamil Eelam, he pointed to Bangaldesh, East Timor and North and South Sudan, where people overthrew suppressive regimes and warned Rajapaksa to reform. The Indian media report said that the BJP leader also called for the suspension of Sri Lanka from Commonwealth membership by the Commonwealth Ministerial Action Group for violations of the Harare Declaration. “The CMAG is responsible for protecting democratic values and any country which acts in violation of those norms or human rights can be suspended if allegations are proved,” he said. “This is where India should take action and see that Sri Lanka is suspended.” read more

Focus shifts to long term recovery after floods landslides

In the first phase the SLRCS with support from the International Federation of Red Cross & Red Crescent Societies (IFRC) aims to reach 40,000 people with aid over the next 18 months. The support will consist of providing relief items, cash transfers that will help households recover or diversify their livelihoods by establishing agriculture and livestock projects or small and medium-scale business ventures.Cash transfers coupled with guidance on safer shelter construction will also be channelled to families to make repairs to their homes. During the emergency phase the Red Cross managed to reach over 200,000 people directly and indirectly through first aid, providing of food and dry rations, emergency evacuation, search and rescue, distribution of non food relief items, psychological support and through providing support for people housed at temporary camps. In Aranayake and Bulathkohupitiya the Red Cross is currently in discussion with Government Authorities in order to provide housing for the people who survived the landslide. A safer location needs to be demarcated by the Government and should be agreed by the people prior to the reconstruction efforts can take place.SLRC said that as they move away from the emergency phase they appeal to all to continue to be with the people affected by floods and landslides as they strive to return to normality and to live a dignified life. (Colombo Gazette) The Sri Lanka Red Cross Society says it has ended the emergency phase of its operations after the floods and landslides in Sri Lanka and will shift focus on longer term recovery and reconstruction needs from today.As of now, 105 people are known to have died and many remain missing, most as a result of two deadly landslides in Aranayake, in the hills of Kegalle district. From 1st June 2016, the operation will move on towards focusing on longer term recovery and reconstruction needs of the people affected by floods and landslides. read more