Canada Savings Bonds face phaseout as rates swing
Ottawa's Finance Minister raises CSB rates to stop cash drain as Canadians redeem for higher-yield investments. CSBs now about 15 billion outstanding, down from 16, amid rising rates and complex returns. Demand for cash anytime feature drives government to adjust to keep investors.
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Allan MacEachen
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Csbs
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MacEachen
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Banks market rates rise as central bank holds high policy
The Bank of Canada pushed its bank rate to a record 19.1 percent, with chartered banks lifting lending charges and some saving rates. The Royal Bank of Canada raised mortgage rates up to 18.75 percent and savings payouts to 16.5 percent. Economists foresee modest declines ahead, followed by further increases. Alberta cuts oil production amid Ottawa pricing tensions, driving gasoline and heating fuel price hikes.
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Ford Canada taps new president to woo disaffected buyers
Kenneth Harrigan, Ford Canada's new president, says the company will focus on small, fuel efficient cars that are fun to drive and durable to win back customers, aiming to boost May sales after a 17 percent rise. He notes ongoing losses earlier in 1981 but expects improvement amid new product entries and high interest rates challenges.
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Ford Motor Co. of Canada Ltd
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Kenneth Harrigan
Ford Canada
Harrigan
Canadian Business Magazine
Canada
General Motors of Canada Ltd
Canadian Pacific Ltd
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Ford of Europe Inc
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Dominion Stores Ltd
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