Floro names Canada roster for Socceroos game against former manager Holger Osieck
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. In November, even as two states in the United States voted to legalize recreational marijuana, the Harper government passed strict minimum penalties for people who grow as few as six marijuana plants. They treat pot like its plutonium, says Blair Longley, head of the single-issue Marijuana Party that fielded five candidates in the 2011 parliamentary elections. Speaking to TIME, Longley says hes concerned the market-based system, whichnixes the right to cheaply grow marijuana at home, will make marijuana less affordable for patients. We always knew that marijuana would get legalized in the worst possible way.
Todays offering attracted C$6.8 billion in bids for a bid-to-cover ratio, a gauge of demand, of 2.43, versus 2.49 at the August sale. The extra yield investors demand to own the debt of investment-grade corporations rather than the federal government was unchanged yesterday from a day earlier at 127 basis points, or 1.27 percentage points, the Bank of America Merrill Lynch Canada Corporate Index showed. Yields held at 3.25 percent. The premium investors demand for provincial debt compared to federal benchmarks remained at 73 basis points, according to the Bank of America Merrill Lynch Canadian Provincial & Municipal Index. Yields rose to 3.06 percent, from 3.05 percent on Sept. 30. Corporate Bonds Corporate debt has lost 0.1 percent this year, compared with provincial debts 2.7 percent drop and a 2.1 percent loss by federal-government debt. Government bonds rose today, with the yield on benchmark 10-year notes dropping one basis point to 2.55 percent. The price of the 1.5 percent security due June 2023 gained 8 cents to C$91.07 at 12:47 p.m. in Toronto. A Bank of America Merrill Lynch index of U.S. junk bonds has returned 3.8 percent in 2013, compared with a 2.5 percent loss on investment-grade bonds. In Canada, high-yield bonds gained 3.3 percent this year to Sept. 30. RBC arranged high-yield debt sales for companies including Sprint Corp., Sirius XM Radio Inc.
Economic Growth A partial shutdown lasting one week would probably shave 0.1 percentage point from economic growth, according to the median estimate of economists, with the costs accelerating if the closing persists. A private U.S. payrolls report said employment rose a less-than-forecast 166,000 in September, following a revised 159,000 gain in August that was also smaller than estimated, ADP Research Institute said. BlackBerry rose 1 percent to C$8.27 after an earlier loss of as much as 5.4 percent. The Wall Street Journal reported that the company has drawn the interest of Cerberus, a private-equity firm that specializes in distressed assets. Fairfax Financial Holdings Ltd., the largest shareholder of BlackBerry, (BB) announced Sept. 23 it was leading a group of investors planning a buyout of the money-losing smartphone maker. Restructuring Costs BlackBerry tumbled earlier today after saying it will record costs of about $400 million, four times the amount it originally projected, as it reduces staff by 40 percent and sells off equipment and real estate. Barrick Gold Corp. climbed 2.3 percent to C$19.02 and Semafo increased 6.7 percent to C$2.40 as gold rebounded from an eight-week low. Gold futures for December delivery rose 2.7 percent to $1,320.70 an ounce in New York , the most in almost two weeks. Canadian Natural Resources declined 1.7 percent to C$32.25 and Cenovus Energy Inc. slipped 1.6 percent to C$30.31 as energy stocks dropped 0.5 percent as a group.
Canada Stocks Fall as Oil Shares Slide Amid U.S. Shutdown
15 at London’s Craven Cottage. Osieck, now in charge of 53rd-ranked Australia, managed Canada from 1998 to 2003. Most famously he led “Holger’s Heroes” to victory in the 2000 CONCACAF Gold Cup, earning the Canadians a trip to Japan for the Confederations Cup. When he stepped down after a disastrous 2003 Gold Cup, the no-nonsense German coach left with a record of 20-17-9 and Canada ranked 78th in the world. The Canadian men, currently ranked 106th in the world, are now under the guidance of newly appointed manager Benito Floro. Frank Yallop, Dale Mitchell, and Stephen Hart filled the gap between Osieck and Floro, with Colin Miller and Tony Fonseca doing interim duty. Of the Floro roster announced Wednesday for the London friendly, only goalkeeper Lars Hirschfeld remains from the last Canadian starting 11 fielded by Osieck in that 2003 Gold Cup. Striker Iain Hume and midfielder Atiba Hutchinson are also in the Floro squad. They came on as a substitutes in the second half of the 2-0 loss to Cuba that proved to be Canada’s swansong at the tournament. Attacking midfielder Dwayne De Rosario was also part of the Osieck era, although he was injured for the 2003 tournament. Midfielder Julian de Guzman was allowed to stay with his German club side.