TORONTO • The Toronto Stock Exchange was dragged down to a triple-digit decline on Monday as gold and oil prices fell.The S&P/TSX composite index closed down 217.29 points to 14,425.55.The Toronto market’s move mirrored a slide in the prices for both oil and gold.Kevin Headland, director of capital markets and strategy at Manulife Asset Management, said the market was still experiencing a “hangover” from last week, when the Bank of Canada cut its benchmark interest rate by a quarter of a percentage point.He said markets have been hurt by recent news that Canada may be in a technical recession, defined as two consecutive quarters without economic growth, and that the country’s exports have been outpaced by imports recently despite a falling Canadian dollar.“We’re in a net trade deficit and we’re a trade surplus country,” he said. “We rely on a trade surplus for our economic growth.”The August contract for gold ended the day down $25.10 to US$1,106.50, while the September contract for crude oil closed down 77 cents to US$50.44.“It’s still a commodities-based index,” Headland said. “You’re not seeing any reason to move higher and you’re just getting pushed back by oil prices.”Headland said that indicators show the worldwide supply of oil is at its highest point in a decade, even before factoring in the impact of the recent nuclear deal with Iran that includes returning some of that country’s oil supplies to the global market.“The expectation is that oil could go even weaker from here,” he said. “Companies have kept up production. I won’t say the world is awash with oil but there’s enough supply, enough inventory to go around.”In Halifax, Natural Resources Minister Greg Rickford said on Monday that Canada needs to find new buyers and new markets for its oil.The August crude contract, which expired at the end of Monday’s session, settled at US$50.15.The slide in gold reflects the commodity’s decreasing value as a safe haven for investors, Headland said.Headland added that despite recent events in Greece and China — the latter a country where a stock-market free-fall was only halted by government intervention — the world’s economy has less uncertainty.And with stock markets recovering in the United States, Headland said, gold loses its lustre as a place to park your money.“I wouldn’t be surprised to see it bounce back off this low, but I think we’re going to see lower gold in this range for quite some time,” he said.The August contract for natural gas closed down 4.7 cents to US$2.82.In the U.S., the Dow Jones industrial average climbed 13.96 points to end the day at 18,100.41, while the Nasdaq gained 8.72 points to a record 5,218.86. The S&P 500 added 1.64 points to total 2,128.28.The Canadian dollar closed down 0.06 of a cent to 76.94 cents US.The Canadian Press

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first_imgMayor of Donegal Frank McBrearty has said the Garda Ombudsman must be made completely independent if it is to work.  In a wide-ranging attack on Garda misconduct, the Labour politician also points the finger at his own party and coalition partner Fine Gael for remaining silent on the issue.He also challenges the Minister for Justice to publish the files sent to the DPP by all Garda investigations into the death of Donegal cattle-dealer Richard Barron. Cllr McBrearty told Donegal Daily that it has been proven that Gardai cannot investigate Gardai.“I have listened over the last number of weeks to the many allegations being made against the Gardai. It is of no shock to me these allegations that have been leveled at the force and now the conduct of Minister Alan Shatter TD which is similar to previous Justice Ministers. The comments being made by politicians about the Morris tribunal recommendations still not being implemented is deafening to say the least and they are somewhat annoying when you have the knowledge I have about Garda wrong doing.“We have heard about the two Garda whistleblowers and how they are being treated. The reason they are being treated so badly is because the whistle blower charter is designed not to work and “even the dogs on the street” know this.”The Raphoe-based politician revealed that both whistle-blowers came to see him in February at his home. He spent three hours listening to their concerns and says it is disturbing that the division that one of them has served in had an internal Garda investigation recently which he claims has been ignored by the media over the last number of weeks.“I know how whistle blowers are treated as I have seen first-hand how members of the Gardai that helped my family and I were treated by the state.“The Minister is careful how he chooses to react to these allegations in public. What has changed since the Morris tribunal – nothing. Why, well we need to go back to the Morris tribunal and look at the whole issue of Gardai investigating Gardai. When the Gardai in Donegal were exposed by myself and my family, the then Minister for Justice John O’Donoghue TD brought the allegations to the then Garda Commissioner Pat Byrne who then appointed Assistant Commissioner Kevin Carty to investigate the allegations that where coming out of the division.“At the same time the Garda complaints board was conducting investigations into various complaints and eventually the then Minister appointed Shane Murphy SC to do a review which resulted in the setting up of the Morris tribunal.“This would not have happened if my family and I had not fought to clear our own names. What lessons have we learned – none. The Gardai are still conducting internal investigations into their own conduct. “The Minister for Justice is still supporting Senior Garda positions on allegations against the force. The Garda Ombudsman is still using members of the Gardai to investigate Gardai which is not independent,” he said.Mayor McBrearty said the Minister should now publish the reports and evidence that were held in camera at the Morris Tribunal and he should also publish the full internal Garda investigation conducted by Assistant Commissioner Kevin Carty to show the public the extent of reform that is needed within the force and it will show the similarities to the Kieran Boylan case.“The Ombudsman should be funded properly to the extent that it can be totally independent of the Gardai. To show the level of corruption within the force the Minister should publish the files sent to the DPP by all the Garda investigations into the death of Mr Richard Barron.“This will show the public the extent the Gardai will go to when they cover up for their own. “The Ian Bailey case is just one example of how the Gardai operate when they come under the microscope and there are many examples dating right back to the Kerry babies case.“The work of Kathleen O’Toole and the Garda inspectorate during her period in the job should be fully published, which in my opinion would show the extent of resistance within the ranks of Senior Gardai to reform the force.”He also attacks his own political colleagues on the issue of Garda misconduct and their failure to act on it.“I am very disappointed at the silence of my own party and Fine Gael on this issue as they are well aware of the problems that exist in our Garda force and the true reform that is needed.“Both parties know the extent that the Gardai went to in trying to discredit Minister Brendan Howlin TD and Jim Higgins MEP, which was not properly investigated by the Morris tribunal or the internal Garda Investigation which was conducted by former Garda Commissioner Fachtna Murphy then an A/Commissioner.“Last night we saw on RTE news a murder case in Co Cavan with serious question marks and the division that had an internal investigation recently. Can I remind the public of the many allegations made against me by Senior Gardai to the Minister for Justice John O’Donoghue and where Deputy Wallace now finds himself in a similar position, but there is a big difference – I was accused of Murder and he is accused of using his mobile phone.“The Minister should start the reform needed, by starting with the Department of Justice and if he does not then we will continue to see issues like the ones raised over the last few weeks surface into the future.“Finally we are a small country with a population the same as Manchester and we have a police force that has not been reformed since the foundation of the state and the serious allegations of corruption continue to surface against a force that is accountable to no one. We were promised reform after the Morris Tribunal, where is it Minister?”MAYOR MCBREARTY ATTACKS JUSTICE MINISTER – GARDAI CANNOT INVESTIGATE GARDAI was last modified: May 22nd, 2013 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:Garda misconductMayor Frank McBreartylast_img

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