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(March 4, 2008) The new governor of the Bank of Canada, Mark Carney, has made his first interest rate announcement, slashing the key overnight rate by 50 basis points to 3.5%.

While the economy had unfolded as expected throughout 2007, the Bank said in a statement that “there are clear signs that the U.S. economy is likely to experience a deeper and more prolonged slowdown than had been projected in January.” The threat of the U.S. downturn spilling across into Canada was deemed sufficient to cut rates.

The Bank also suggested that further rate cuts were in the offing and could come as early as the April 24 Monetary Policy Report.

“The Bank now judges that the balance of risks around its January projection for inflation has clearly shifted to the downside, and, as a result, the Bank is lowering the target for the overnight rate,” BoC said in its statement. “Further monetary stimulus is likely to be required in the near term to keep aggregate supply and demand in balance and to achieve the 2% inflation target over the medium term.”

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Scotiabank names new group treasurer

(March 4, 2008) Scotiabank has announced the appointment of Jeff Heath as executive vice-president and group treasurer. Heath is currently senior vice-president and head of risk policy and capital markets.

Heath takes over from vice-chairman Bob Brooks, who will retire at the end of the bank’s fiscal year.

“Bob Brooks has been an integral part of our success and, during the transition period, he will continue to play an important leadership role both for the Scotiabank group and his team,” said Rick Waugh, president and CEO. “I truly appreciate his contribution, and I know that I speak for all Scotiabankers in wishing him all the best in his retirement.”

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Mavrix names two new C-suite members

(March 4, 2008) Mavrix Fund Management has announced the appointment of Sergio DiVito as chief operating officer. DiVito is already senior vice-president of trading and will retain this role as well.

At the same time, the company announced the appointment of David Balsdon as chief compliance officer, subject to regulatory approval. He will also continue in his current roles of vice-president of operations and administration and of secretary-treasurer.

(03/04/08)