Closing Bell TSX closes lower early enthusiasm for Cypriot bailout deal evaporates

TORONTO — The Toronto stock market closed lower Monday as earlier relief over a bailout deal for Cyprus faded.Here are the closing numbersTSX — 12,680.71 -76.64 -0.60%S&P 500 — 1,551.69 -5.20 +0.33%Dow — 14,447.75 -64.28 -0.44%Nasdaq — 3,235.30 -9.70 -0.30%The S&P/TSX composite index finished the session down 76.64 points to 12,680.71 with smartphone maker BlackBerry also a major weight ahead of its earnings release later in the week.Indexes had been higher earlier in the session after Cyprus clinched a (euro)10-billion bailout from the International Monetary Fund, the European Commission and the ECB aimed at preventing the country from sliding into bankruptcy and ditching the euro currency.But in order to get the money, Cyprus had to come up with (euro)5.8 billion on its own. The bulk of that money is now being raised by forcing losses on holders of large bank deposits, with the remainder coming from tax increases and privatizations.Losses picked up after a top European official said that inflicting losses on banks’ shareholders, bondholders and even large depositors should become the 17-country eurozone’s default approach for dealing with ailing lenders.Banks’ owners and investors must be held responsible “before looking at public money or any other instrument coming from the public side,” said Jeroen Dijsselbloem, the Dutch finance minister who chairs the Eurogroup gatherings of the 17 eurozone finance ministers.He later pointed out that “Cyprus is a specific case with exceptional challenges” but traders worry that forcing losses on large deposits could encourage investors to pull money out of weaker southern European economies to more stable nations in the north, like Germany.The Canadian dollar was also down from the highs of the session and closed up 0.2 of a cent to 97.92 cents US.U.S. indexes also lost early traction as the Dow Jones industrials declined 64.28 points to 14,447.75, the Nasdaq was down 9.7 points at 3,235.3 and the S&P 500 index dipped 5.2 points to 1,551.69.The focus will likely remain on developments surrounding Cyprus for awhile yet. In particular, investors will be interested to see the level of withdrawals from the country’s banks when they reopen. That had been scheduled for Tuesday.A longer-lasting concern though is how the Cyprus deal plays out in other countries, notably those at the forefront of Europe’s debt crisis. Analysts warned there is still a risk of contagion spreading to other weak eurozone countries such as Spain, Italy and Greece.Anthony Conroy, head trader at ConvergEx Group, which provides technology to support big traders like investment advisers and hedge funds, said that traders expect more turbulence from Europe before the crisis has been resolved.“I think there’s more to come,” he said.“When you have concern, you have volatility, and you’re seeing volatility in here,” he said.Shares in smartphone maker BlackBerry (TSX:BB) fell for a second session in a row ahead of the release of its quarterly earnings on Thursday. Its stock was off session lows but still down 68 cents, or 4.48%, to $14.51 on top of an eight% slide Friday as the smartphone maker’s new Z10 product officially went on sale in the U.S.The stock also backed off after analyst Simona Jankowski at Goldman Sachs downgraded BlackBerry to neutral. In a note to clients, Jankowski said her firm’s research indicated a “disappointing” U.S. launch for the Z10 “with limited marketing and tepid sell-through at AT&T and Best Buy stores alike.”The company’s fourth-quarter earnings give a glimpse into how well the smartphones are selling in Canada, the U.K. and India, though details on its U.S. launch and other markets won’t be part of the financial report until the next earnings period.“On balance, I think the numbers will be pretty decent — it’s going to be a loss, which is not unexpected but the sales numbers are going to be the story here,” said Bob Gorman, chief portfolio strategist at TD Waterhouse.“We have had mixed sentiment with respect to very very early responses. I don’t think you’re going to see anything conclusive there until the keyboard equipped device comes out a little later on.”Elsewhere on the TSX, the base metals sector led decliners, down 1.76% with May copper off two cents at US$3.44 a pound. First Quantum Minerals (TSX:FM) dropped 71 cents to C$19.41.The gold sector dropped about 1.7% as April bullion closed well off the worst levels of the day, slipping $1.60 to US$1,604.50 an ounce. Goldcorp Inc. (TSX:G) lost 66 cents to C$33.67.The May crude contract on the New York Mercantile Exchange was up $1.10 to US$94.81 a barrel. The energy sector was down 0.76% as Cenovus Energy (TSX:CVE) fell 53 cents to C$31.40.The industrials sector lost 0.89% as Bombardier Inc. (TSX:BBD.B) shed 11 cents to $3.95. The transportation giant said Monday that it has fully powered up the main electrical systems for the first time on its CSeries test aircraft. The company also says it has completed two crucial wing tests ahead of the commercial plane’s first flight by the end of June.The TSX Venture Exchange slipped three points to 1,103.35.Here’s the news investors were watching today: Saving Cyprus means no one in eurozone safe as rot threatens to spreadWhere do Canada’s mortgage rates go from here?Why does everyone suddenly hate copper?Michael Dell likely to sweeten bid to save 30-year legacyON DECK TUESDAYNew Brunswick budget ECONOMIC NEWSUNITED STATES8:30 a.m.Durable goods orders (Feb): Economists expect 3.9% rise 9 a.m.S&P Case-Shiller home price index (Jan): Economists expect 0.8% rise from month before, 7.8% year over year 10 a.m.New home sales (Feb): Economists expect a decline of 3.9% from month before Conference Board consumer confidence index (March): Economists expect reading of 67.5, down from month before CORPORATE NEWSUNITED STATESSAIC Inc Q4 earnings: Analysts expect 52¢ a share read more

SNP politician accuses BBC of racism for using Jock Shock in a

first_img Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings. We do not consider the reference to be offensiveBBC Scotland While some claimed the term amounted to “casual racism”, others said it was light hearted and pointed out that it was routinely used to describe soldiers in Scottish regiments.According to the Urban Dictionary, Jock is a term “used by English people to generally describe Scottish people in a derogatory fashion” and is now “considered to verge on racism when used by a non-Scot”.It adds that it is the equivalent of using the word “Paddy” to describe an Irishman.The Oxford English Dictionary defines it as slang for a Scottish or northern English sailor or soldier, as well as “for any Scotsman”. BBC Scotland said the headline was merely a play on the words “Shock Jock”, but the term has led to police complaints and court cases in the past.Last year, Police Scotland chose not to take any action after receiving complaints about the newspaper columnist Katie Hopkins describing Scottish people as “sweaty little jocks”.In 2010, a Scottish pilot, Douglas Maughan, who claimed he was victimised by fellow pilots, lost an employment tribunal alleging his colleagues had used a number of racist slurs, including the word Jock.However, there have also been successful prosecutions involving the word.Alexander Blood, a 21-year-old English football fan who travelled to Glasgow for a Rangers-Celtic match in February 2015 was given a community payback order after admitting acting in a racially aggravated manner by calling a Scottish police officer a “Jock ****”.In 2011, a postman was convicted of racism after calling Andy Murray a “useless Jock”.Darren Swain, 45, from Coventry, daubed dozens of posters with abusive comments, including the reference to the Scottish tennis player. He was given 200 hours of unpaid work.The term Jock has been used since the First World War to describe Scottish soldiers, and it appears in old Scottish music hall songs, including Harry Lauder’s “Stop Your Tickling Jock”.On the Army’s website, the section on The Royal Regiment of Scotland states: “Our soldiers call themselves ‘The Jocks’. They are proud, fierce, professionals, trained to accomplish the full range of operational infantry roles.”A spokesman for BBC Scotland said: “The news headline that was used with an article on the Scottish economy was a play on words on the term Shock Jock. It was produced by our Scottish news team and we do not consider the reference to be offensive.”center_img The BBC has been accused of racism by an SNP politician for using the word “Jock” in a headline about the Scottish economy.A report suggesting the economy north of the border is in need of a shock, and that Brexit might provide it, appeared on the corporation’s website under the headline “Jock Shock”.Carol Monaghan, an SNP MP, took to Twitter to complain that the word was “as unacceptable as any other racist slur”, prompting a furious debate on social media. The use of “Jock” is as unacceptable as any other racist slur. @BBCScotland is this considered an appropriate headline? https://t.co/fl6hrRG2yI— Carol Monaghan MP (@CMonaghanMP) September 19, 2016last_img read more