Crosscountry CANADA AT A GLANCE CURRENCIES Flying higher
ANALYSTS AT SCOTIABANK say the loonie could soar to US87¢ by the end of 2018, reports The Huffington Post. This would be in keeping with its recent rise: it was trading at US81.9¢ in mid-September, aſter hitting a low of US72.7¢ in May. The bank’s chief economist says the prediction is based on the belief that the Bank of Canada will raise interest rates faster than what the market is expecting, thereby attracting international traders to our currency. Not all analysts see a higher loonie on the horizon. Capital Economics claims the Bank of Canada’s recent rate hikes were ill-timed and that the real estate market is headed for a correction, caused in large part by the hikes. Therefore, the loonie will drop back down to US75¢. — YB
MUSIC
Making lemons with Lemonade
BEYONCÉ FANS spent months waiting for the vinyl version of the pop star’s bestselling 2016 Lemonade album. But fans were in for a surprise when it finally came out: on some copies, one side of the album was filled with songs from the Uphill Battle album by punk band Zex, a relatively obscure Ottawa group, reports The Guardian. The error happened at Celebrate
Records, Sony’s record-pressing plant in Germany. The music company apologized to fans and offered to replace the albums free of charge. According to Zex guitarist Jo
Galipeau, not all Beyoncé fans were disappointed. “A lot of them said, ‘Oh, I like the surprise that I got on the other side, it’s good music.’” The Guardian does not say if the unexpected publicity will boost sales for Zex. — YB
ONLINE RETAIL
Tweeting for Amazon
THE MAYORS OF MONTREAL, TORONTO AND VANCOUVER have been tweeting up a storm ever since Amazon called for submissions to establish a second headquarters in North America — a move that will bring an investment of US$5 billion and up to 50,000 jobs, reports TVA Nouvelles. Toronto mayor John Tory said he was personally taking charge of the project to ensure Amazon feels at home in Toronto. Montreal’s Denis Coderre quickly tweeted that his city was the “dream” destination for HQ2, Amazon’s name for its project. But Quebec City mayor Régis Labeaume took a totally different stance. “Fiſty thousand jobs, that’s not a good idea. It would drain the city’s companies of all their IT staff.” — Yan Barcelo
TRAVEL
Toronto to Montreal in 39 minutes THE MONTREAL-TORONTO
corridor has been chosen as one of the top 10 candidates in the world for a hyperloop system that would cut the travel time between the cities from six hours to 39 minutes, reports Metro News. Hyperloop is a transportation
system where passengers and cargo are placed in individual cylindrical capsules that travel via electric propulsion through low-pressure tubes suspended above the track using magnetic levitation. The system was recently tested successfully in Nevada. Transportation expert Martin Collier is not particularly thrilled with the idea
of shooting through a tube at speeds of up to 1,000 km/h — four times faster than high-speed trains. But Sébastien Gendron, CEO of Toronto startup TransPod, which hopes to operate a hyperloop system in Canada by 2025, thinks the public will go for it. “We already travel at that speed with an aircraſt, and the main difference with our system is we are on the ground. And it’s safer on the ground than in the air.” — YB
NOVEMBER 2017 | CPA MAGAZINE | 7
Bloomberg/Getty
John Gurzinski/AFP/Getty
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