BPS--Justin--Hottot

The credit rating agency Standard & Poor's has stripped the US of its top-notch AAA credit rating, downgrading it to AA+ in August of 2011. The United States will probably suffer another loss of its once triple-A credit rating from an additional rating agency by the end of this year.

This seems likely because the bipartisan congressional committee formed to address the deficit (known as the "super committee") failed to agree on a plan to reduce the deficit. By November 23, $1.2 trillion is automatic going to be cut for the spending budget, mostly discretionary spending will be triggered, beginning in 2013, which would negatively impact the already fragile U.S. economy, says Merrill. The bank also cut its 2012 and 2013 U.S. GDP forecast to 1.8% to 1.4% respectively. Merrill's North American economist, Ethan Harris, said. "We expect at least one credit downgrade in late November or early December when the super committee crashes."

As to which agency would hand down the next downgrade , Moody's looks good for now, since Fitch still has a stable outlook on its AA+ rating on the United States, which suggests it is more likely to revise to negative outlook before the actual downgrade. Moody's, on the other hand, already has a negative outlook on the United State's once AAA+ rating, and indicated that failure by the committee to come up with an agreement "would be negative information" and result in another downgrade. And then they will be only at A+, the United States has to pick up their game or maybe the once UNI-polar power is slowly loosing grip on the top of the world.

SPORTS:

Rangers snap Devils’ streak

RANGERS 1, DEVILS O Shanahan’s one-timerwins it in overtime

NEW YORK – The New York Rangers needed overtime to do it, but they ended the New Jersey Devils’ terrific run.

Brendan Shanahan scored the game-winner in overtime and Henrik Lundqvist recorded his fifth shutout of the season as the Rangers posted a 1-0 victory over the Devils yesterday.
Martin Brodeur stopped 28 shots for the Devils, who had their season-best nine-game winning streak snapped.

Shanahan helped the Rangers snap a three-game skid as he took a feed from Scott Gomez and blasted a one-timer from the right faceoff circle past Brodeur only 30 seconds into the extra session.

Lundqvist stopped four shots in the first, nine in the second and four in the third to post his 12th career shutout.

New York remained unbeaten in the eight-game season series with the Devils, who had dropped a 4-2 decision to them at home only three days before the ninegame winning streak began.
It was not easy for the Rangers, who outshot the Devils, 29-17. They could not get their first 28 shots past Brodeur, who entered the game with a 1.53 goalsagainst average and a .940 save percentage in his last nine contests.

Before getting the gamewinner, the Rangers had been frequently frustrated by Brodeur. The reigning Vézina Trophy winner withstood a 12-shot barrage in the first and made a spectacular glove save on Petr Prucha with 1:56 remaining in the second. He then made a lunging blocker save on Ryan Callahan with just under 12 minutes remaining in regulation. Red Wings 5, Hurricanes 2

At Detroit, defenceman Andreas Lilja scored the gamewinner and Jiri Hudler had three assists to lead the Red Wings to their sixth straight win. Dominik Hasek made 15 saves for Detroit, which has not lost to an Eastern Conference opponent since March 11 of last season. Flames 3, Blackhawks 2

At Chicago, Owen Nolan scored in the second period and Cory Sarich and Daymond Langkow added third-period goals for the Calgary Flames, who won for only the second time in seven games. Calgary goaltender Miikka Kiprusoff made 35 saves – including 18 in the third period – to help preserve the victory. Avalanche 9, Blues 5

At Denver, Milan Hejduk notched his fifth career hat trick and added three assists, and Paul Stastny had two goals and set up three others to lead the Avalanche to a rout of the St. Louis Blues.

Latest News:

Mother appeals for return of son’s body

18-year- old man charged in shooting death

KATHERINE WILTONTHE GAZETTE

It was two weeks ago that David Nyagahene asked his
mother for the first time whether he could sleep over at
a friend’s house.

A creature of habit, the 17-yearold liked the comfort of his
own bed and was never interested in sleeping outside his
Montreal North duplex. But on Saturday, Nov. 24, things
were different. David told his mother he and his good friend
were going to stay in and watch television or a movie. After
taking down his friend’s home phone number and his cellphone
number, his mother reluctantly agreed to the sleepover.

As he left their duplex on Fortin Ave., David tried to reassure
his anxious mother.
“Tomorrow morning, I will be here,” he said.
That was the last time she saw him.

Instead of staying in that night as he had promised, David
and his buddy ended up at a gathering with three other youths
in an apartment on Forest St., a few kilometres away.

Business:

High-flying loonie pecking at Lee Valley Tools

BUT NO LAYOFFS IN 2008, OWNER SAYS More than half of mail- order businesscomes from
U. S. customers

KATE JAIMET CANWEST NEWS SERVICE

OTTAWA – The high Canadian dollar threatens to drive Ottawa’s Lee Valley Tool company out of the manufacturing business, says the company’s founder and former president, Leonard Lee.
But Lee, 70, said there will be no layoffs in 2008 among the 125 employees in the company’s manufacturing branch, who make fine woodworking tools in a small plant next to Lee Valley’s Ottawa retail store.

Lee said Lee Valley has never had layoffs in 30 years of operation, even though its manufacturing operations have decreased by about one-third over the past three years.
“We’ve been able to handle the reductions in manufacturing by shuffling people and by natural attrition,” Lee said in an interview.

“I think we’ll make it through next year, but we can’t continue forever. If the dollar continues to appreciate, we’ll be out of manufacturing.”

Founded in 1978, Lee Valley sells fine woodworking and gardening tools from retail locations and through mail-order to customers in Canada and the United States.

Almost one-quarter of the products are manufactured by the company, Lee said. The others are either designed by Lee Valley and manufactured to their specifications, or bought directly from manufacturers around the globe.

More than half of the company’s mail-order business comes from customers in the United States, Lee said. And the devaluation of the U.S. dollar over the past six years has hurt those sales. While the Canadian dollar was worth just 64 cents U.S. in December 2002, it now hovers near parity at 99 cents.

“What (U.S. customers) used to buy for $6 dollars, they now buy for $10. Or they don’t buy it,” Lee said.

Lee said the difficulties are not unique to Lee Valley, but are shared by all manufacturers in Canada and in Europe.

However, he added, there are some problems specific to Ontario, where 500 of Lee Valley’s 900 employees are based.

Lee has long railed against the Ontario government’s health tax, which requires employers to pay a levy for their employees’ medicare coverage. His complaint is that the tax is based on payroll, not on profit – essentially giving companies an incentive to cut jobs to lower their costs.
The Ontario government made another wrong move when Premier Dalton McGuinty promised in his re-election campaign to create an extra statutory holiday called “Family Day.”

Lee said the payroll for that day alone will cost Lee Valley $100,000. “It’s suddenly a new employment cost."