Rogers Wireless said it will not offer the new BlackBerry Z30 smartphone as part of its lineup, dealing a blow to the struggling company as it tries to pull itself out of a deep hole. “We have a longstanding relationship with BlackBerry and continue to be big supporters of the company and their products,” a Rogers spokeswoman said in a statement. “The device manufacturers we work with bring a number of devices to market every year. We pick which devices to carry based on the needs of our customers and the decision not to carry this model was made several months ago.” Rogers currently carries the Blackberry Z10, Q10, and Q5, which the carrier said “can meet our customers’ demands for a BlackBerry device.” The company said “this is the way we’ve always done it,” pointing out that it declined to sell the BlackBerry Storm or the 9300. BlackBerry said the Z30 will instead be available in Canada on Bell, Telus , and MTS starting on Oct. 15. As noted by the Canadian Press, Rogers’s decision not to carry the Z30 has angered some who believe the carrier is abandoning BlackBerry in its time of need. “While some media reports have suggested that Rogers’ decision not to carry the device represents a change in our relationship with BlackBerry that’s simply not the case,” Rogers said. “We remain committed to BlackBerry and look forward to continuing to work together.” BlackBerry unveiled the Z30 in late September. As PCMag’s Sascha Segan described it , the Z30 is a “Galaxy S 4-sized maxi-Berry with a 5-inch screen, a bigger battery, and stereo speakers that runs the new BlackBerry OS 10.2.” Two days later, BlackBerry said it would drop two devices from its lineup for a total of four phones: two high-end devices and two entry-level devices in all-touch and QWERTY models. The Z30 will be the company’s high-tier smartphone, while BlackBerry will “re-tier” the Z10 so that it appeals to a more entry-level audience. More recently, however, BlackBerry announced plans to sell its business to a consortium led by Fairfax Financial Holdings Limited, which will take the troubled phone maker private in a $4.7 billion deal. Cerberus Capital Management is also reportedly interested in the company, the Wall Street Journal said . Editor’s Note: This story was updated at 2:30 p.m.
Canada Dollar Falls Amid Concern Over U.S. Shutdown Impact, Oil
cents. Bonds Fall Canadas benchmark 10-year government bond declined for the first time in four weeks, pushing yields on the benchmark security up two basis points, or 0.02 percentage point, to 2.58 percent. The price of the 1.5 percent security due in June 2023 fell 18 cents to C$90.85. The U.S. government began its first partial shutdown in 17 years on Oct. 1 as Republicans who control the House insisted on changes to the nations 2010 health-care law, President Barack Obama s signature legislative achievement. The Senate, controlled by Democrats, refused. Congress also faces the $16.7 trillion statutory debt ceiling, which the Treasury has said will be reached Oct. 17. The shutdown is bad for growth in Canada, and as we get closer to the debt-ceiling deadline there is more concern manifesting, which is weighing on the U.S. dollar relative to the loonie, Shaun Osborne , chief currency strategist at Toronto-Dominion Banks TD Securities unit in Toronto, said by phone. We will probably continue to chop around in a range until this monumental uncertainty is cleared up. Its all a question of waiting for Washington at this point. Canadas dollar touched a four-day high on Sept. 30, C$1.0275, after a report showed gross domestic product increased at the fastest pace in two years in July, with output rising 0.6 percent to an annualized C$1.58 trillion.
Canada Rolls Out a ‘$1 Billion’ Privatized Medical Marijuana Industry
2, and his [other] deputies give better speeches. And I think all of that is very good. The change in approach at the bank was evident on Tuesday, when Tiff Macklem, 52, the banks senior deputy governor and the person Mr. Poloz beat out for the top job, spoke to the Economic Club of Canada in Toronto. Nothing surprising in that deputies are regularly dispatched around the country to address members of the business community and take their questions. But while Mr.Macklem covered familiar ground on the uncertain state of the global economy, he also did the unexpected: offering an updated forecast in this case, a downgrade for the Canadian economy. We are now expecting growth in the third and fourth quarters of this year to be in the 2%-2.5% range before strengthening next year as the rotation to exports and investment gains momentum, he said. That is a change from the Bank of Canadas previous forecast of 3.8% for the third quarter of this year and 2.5% the following quarter. Such specific updates traditionally come during regular policy announcements, such as in the banks quarterly Monetary Policy Report (MPR). It is interesting that they chose to revise their forecasts in a speech in between MPR release dates, Mr. Ragan said. A perfectly workable alternative would have been to talk with some precision about the higher expected growth in Q2 and therefore the lower-than-expected bounce back in Q3. And that kind of talk would have conditioned the markets well for arrival of the Q3 MPR [on Oct. 23]. I do consider this [speech] unusual and a welcome new chapter in the banks communication Avery Shenfeld, chief economist at CIBC World Markets, said the news wasnt really unexpected. The last rate announcement changed the line about a narrowing of the output gap to have it start in 2014 . The only surprise was that [Mr.] Poloz didnt mention such details in his [Sept.
But even as the new system privatizes distribution, critics fear regulation under the conservative-led government will make it harder for patients to get access to the drug. In Canada, medical marijuana has been legal but highly regulated for more than a decade. Patients with doctor approval could grow or have someone else grow small quantities or request limited amounts from Health Canada, the national healthcare department. But the conservative-led government voted earlier this year to effectively scrap that system in favor of a privatebut also strictly regulatedsystem, targeting the flow of legal marijuana into the black market and shedding Health Canadas role in marijuana production. Health Canada will phase out the current system, under which it sells registered users marijuana grown by Prairie Plant Systems , by the end of March. Instead, starting Tuesday, medical marijuana users, or aspiring users, can send in an application directly to sanctioned corporate producers , along with a doctors note (or in some cases, a nurses note). If approved, they can place an order, pay the market price (the black market price is about $10 a gram; officials say the medical marijuana price will drop below that within a year), and wait for the secure courier to deliver their weed. (MORE: Majority of Americans Support Legalization of Marijuana ) There are nearly 40,000 people registered to use the drug under the current system in a country with a tenth the population of the U.S., and the government expects that number to balloonup to 450,000 by 2024and fuel what could become a $1.3 billion domestic pot industry. But the government expects that the privatized system, with only heavily-vetted producers (so far there are two licensed distributors, of at least 156 applications), will help ensure a higher level of oversight. Were fairly confident that well have a healthy commercial industry in time, Sophie Galarneau, a senior official with Health Canada, told the Canadian Press. Its a whole other ball game. The new regulations have failed to win over advocates for legalized marijuana, who have faced strong resistance from the conservative government led by Prime Minister Stephen Harper.