Smart Money Business Report
Canadian Loonie has Bright Future
A new report says the loonie should stay within a couple cents of its current level.
A new survey finds most Canadian companies are waiting for the economic recovery to pick up steam before increasing investment and hiring.
The Bank of Canada's quarterly barometer of 100 firms shows there's little appetite for the kind of investment that would spur strong economic growth.
Instead the firms say they do not foresee a marked change in the expected pace of their sales over the next 12 months.
C-I-B-C sees brighter days ahead for the Canadian dollar.
A new report from CIBC World Markets says the loonie should stay within a couple of cents of current levels for the rest of the year.
The loonie has been under pressure recently amid continued weakness in the global economy.
The bank's chief economist, Avery Shenfeld, also predicts our dollar will rebound to parity with the U.S. greenback by end of 2014.
The value of building permits issued across Canada rose for a 5th straight month in May.
Stats Canada reports municipalities issued 7.3 billion dollars worth of building permits.
That is an increase of 4 and a half per cent from April.
Stats show it was largely generated by the residential sector in Ontario.
And profits appears to be soaring at Samsung.
The world's largest smartphone maker in South Korea estimates its operating profit in the second quarter was 8.3 billion dollars.
That is up 47 per cent over the same time last year.
Sales of the Galaxy S-4 -- the latest smartphone from Samsung -- hit 10 million units in May -- less than a month after it made its debut.