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As Canadians are voting to choose their next prime minister, the value of Canadian dollar is creeping up. It is touted to see more gains in the coming days irrespective of the election results.
With neck-to-neck competition between the main political parties, the election outcome is largely considered as a coin toss. Generally elections weaken the rate of currency due to uncertainty about the economic policies. However, the CAD forecast remains positive irrespective of who wins the election. The reason for this is mostly because of the striking similarities between the economic policies of both the leading political parties of the country.
Investment bankers of the country believe that the election result is not going to have a major impact on the CAD forecast. They expect a hung parliament or a minority government headed by the incumbent Prime Minister Justin Trudeau. And hence expect little or no change in the economic policies.
Rather than the election results, this week’s CAD forecast is driven by positive business outlook and retail sales. The supportive tone of risk sentiment is also aiding to strengthen the Loonie.
One of the factors for a strong CAD is the increased resilience of the Canadian bond yield due to Bank of Canada retaining the interest rates at 1.75% even when their counterparts in other countries have largely cut down the interest rates. This move made Canadian bonds attractive to foreign investors and contributed to the positive forecast.
The strengthening of job markets and increase in wage rates is another factor that has positive influence on the CAD rate. With both the parties promising significant tax cuts, the retail market is expected to be resilient.
However, the interest rate policy of bank of Canada will have a significant impact of the CAD forecast. If the BoC announces any rate cuts before later part of 2020, then it would signal difficulties for the CAD as the markets are not ready for an early rate cut.
A positive economic outlook and increased employment rate are pushing the CAD higher. The elections this time did not have any impact on the CAD forecast as both the political parties have announced similar economic polices and tax cuts.
Brexit is being closely watched by British businesses across the country, just like the average Brit. Fears over a ‘no-deal’ Brexit are affecting market outlook, with many industries hoping to make sure they’ve got their lifeboats if the worst should come to pass.
The fleet industry, in particular, has been close to a panic over the prospects of the industry in case of a ‘no-deal’ Brexit, with many fearing that auto parts, and other key supplies, will be unavailable in the aftermath.
In September 2019, the European motor industry issued warnings about the consequences that a ‘no-deal’ Brexit would bring to the market. They report that, should the World Trade Organisation’s current tariffs are applied to the UK, it would affect the market drastically. Prices on new vehicles could go up by 10%, while commercial vehicles and auto parts can go up by 22%, and 4.5%, respectively. Should that come to pass, it would result in the industry collapsing, as its “just-in-time” business model would be crippled by delays.
Fleet Assist, however, has been telling the industry at large not to panic, as their data says that auto parts suppliers in the EU have supplies set aside for the worst. In spite of the fact that about 80% of the replacement parts fitted to British vehicles are imported, Fleet Assist reports that suppliers in the EU still have stockpiles ready at warehouses across the region, allowing for continued normal operations.
According to Fleet Assist, manufacturers in the EU reported that they had an increased supply volume, capable of holding out for several weeks. On top of that, suppliers also reported that they have been stockpiling products to “six months” capacity, until the industry’s status post-Brexit is clear.
On top of that, other companies in the motoring industry, like parts suppliers and independent chains have gone on record to say that they’ve got additional stock invested at a local level.
Fleet Assist says that, in the medium and long-term, the entities they surveyed will do whatever they deem necessary in order to protect their business customers, as well as their partners, and to ensure minimal disruption in the industry at large.
That being said, they report that there are still some factors that they can’t account for, which they can’t control, making it impossible to account for every possible situation.
A Dublin-based architecture firm and their skilled architectural illustration team has recently been awarded the Royal Gold Medal, an annual award given by the Royal Institute of British Architects, considered to be one of the highest accolades in the country.
Grafton’s founders, Yvonne Farrell and Shelley McNamara will receive the award, approved by Her Majesty, Queen Elizabeth II, during a special awarding ceremony to be held in London at 2020. It’s only the fourth time that the award has been given to the Irish in at least a century.
The Royal Gold Medal had been given to other Irish before, like Dundalk’s Peter Rice, who was one of the contributors to the design of the Sydney Opera House, as well as the Parisian Centre Pompidou.
The RIBA stated that they’re handing the award over to Grafton Architects not only due to their architectural illustration team, but to their lifelong contributions to the architectural field. They even noted the foundation of the architectural firm, which happened back in 1978.
Grafton was founded by Farrell and McNamara alongside two directors, Gerard Carty and Philippe O’Sullivan, in what they described as a ‘people-centered practice’, one which has grown and received global recognition thanks to its work portfolio.
In 2013, the University of Limerick’s Grafton Medical School was listed as one of the main contenders for the RIBA Stirling Prize. 3 years after that, they managed to snag the RIBA International Prize for their UTEC campus in Lima, Peru, noted for its bold vertical design.
On hearing the news, the Grafton team says that they see architecture as an optimistic profession, with many chances to see how the future will unfold, while translating people’s desires and needs into a built form, via the silent language of spatial measurements. They also went on record to say that they share their award with their clients, teams, contractors, as well as colleagues.
RIBA President Alan Jones said in a statement, that Grafton’s influence is extraordinary, and that they are a role model to the architectural industry; an inspiration to all architects and anyone’s who’s had the pleasure of working with them.