February 2002 Edition
CYBERSHOPPING
Canadian on-line shoppers dramatically boosted their spending on websites during the holiday season contradicting experts' predictions. Shoppers spent an estimated C$1.16-billion for on-line gifts in late 2001, a 78 per cent surge from the estimated C$680-million they spent a year earlier. They spent an average of C$324 on on-line gifts, compared with C$228 in 2000 and C$141 in 1999. Studies found that shopping Internet sites enjoyed 25.6 per cent more "unique visitors" and 11.2 per cent more "minutes spent per unique visitor" in December from that month a year previously.
WHALES
A Japanese city is planning to farm whales in a bay 620 miles south-west of Tokyo, to entertain tourists, study breeding behaviour and ultimately, to supply restaurants with meat. The idea, which appals conservationists, involves trapping whales in the open sea and bringing them into a netted area of nearly two miles. Japan has been killing whales in the Antarctic for years despite the global ban on whaling.
ALTERNATIVE HEALTH CARE
In 1998/99, an estimated 3.8 million Canadians, about 17 per cent of the population aged 18 or older, reported having sought the care of alternative health care practitioners in the previous year. Alternative practitioners include chiropractors, massage therapists, acupuncturists, homeopaths and naturopaths. Women were more likely than men to consult an alternative practitioner. In 1998/99, about 2.2 million women aged 18 or older, or about 19 per cent of the female population of this age group, sought their services. The corresponding figures for men were 1.6 million, or about 14 per cent of the male population in this age range.
MERGERS
Worldwide mergers and acquisitions fell to $1.9 trillion, measured by deal value, in 2001, down by 45 per cent from 2000, as a slowing global economy cooled demand for new deals.
HEMP
Its Canadian makers tout the substance as an excellent source of vitamin E, protein and fatty acids that can be added to everything from pretzels to ice cream. The U.S. drug enforcement authorities say it's part of a family of dangerous hallucinogens. A Canadian firm, North America's largest producer of hemp seed, is to file a US$20-million-plus NAFTA lawsuit against the U.S. government arguing that a ban would destroy its growing business in the U.S. A rare private lawsuit, which under Chapter 11 of the NAFTA allows investors to sue governments directly, is just one of a handful of cases filed against the U.S. government by a Canadian company.
AFGHANISTAN
The fledgling government of Afghanistan is likely to receive nearly US$221- million in funds frozen in the U.S. once U.N. sanctions against the country are lifted. In addition, the Montreal-based International Air Transport Association has some $24-million for overflight fees that were withheld while the Taliban were in power. The monies in the U.S. include $196-million in gold reserves and $25- million in cash held by a variety of financial institutions.
CARS
Queen Elizabeth is to become the first British monarch to break with a tradition that Rolls Royce supplies the official royal limousine. Bentley, owned by Germany's Volkswagen, will give her a custom made model as a golden jubilee gift this year. BMW, owners of the Rolls Royce marque, are said not to be amused.
DUMPING
Japan and the European Union plan to ask the World Trade Organization to allow them to enact a law, similar to 1916 U.S. antidumping law, that enables American firms to claim damages from foreign firms accused of dumping in the U.S. market. This is unusual as, in the past, both Japan and the EU have filed separate complaints against the 1916 U.S. antidumping law. Two WTO dispute settlement panels have ruled against the U.S.
WEIGHT
After a long history of famine, the Chinese now have an emerging problem with obesity. Health officials recently released a national health survey which said that more than 10 per cent of boys, and five per cent of girls aged 7 to 18 were obese, roughly double the figures from 1995. Another study released last year said 30 million Chinese over age 20 were overweight. Besides children being spoiled as a result of the one-child policy during the Cultural Revolution, China's consumerism boom is creating a fast-food culture that mirrors that of the West.
FREE TRADE
Japan and Singapore have signed a free trade pact, the first of its kind for Japan, that is expected to remove tariffs on almost all goods traded between the two countries.The agreement eliminates tariffs on goods covering 98.5 per cent of trade between the countries. The pact also provides for cooperation in science and technology, financial services, education, tourism and training. Japan has stated that this will provide a model for Japan's economic relations with Asia.
LOANS
Eighty two percent of small and medium sized enterprises that sought a loan or other type of credit during 2000, were able to obtain it, according to a Statcan survey of 11,000 companies. Larger firms were more likely to have been accepted for financing than were smaller firms. Businesses in knowledge based industries had a lower authorization rate for debt financing. About 70 per cent of these companies were successful in obtaining financing, compared with 93 per cent of companies in agriculture and 88 per cent in the primary sector, which includes companies in forestry and mining.
TOOTHBRUSHES
According to designers, toothbrushes are now in the vanguard of consumer product design, becoming to teeth what athletic shoes have been to feet. The Industrial Designers Institute of America claims there's more design in a toothbrush today than in the first space shuttle.
PAINTING
A British firm has won a 15-month contract to repaint the Eiffel Tower after convincing the French that it is a European company. The Tower is repainted every seven years. 70 tons of paint will be required for the 1,000 foot tall tower.
POTATOES
Canadian Geographic reports that the most popular item on the Canadian menu is fries. 85 per cent of all potatoes grown in North America end up as fries and Canadians eat their own weight in potatoes each year. Canada grows some $600-million worth annually, making potatoes Canada's most valuable vegetable crop.
PETS
The market for pet food continues to grow, thanks to more pet ownership and greater use of premium foods. The top seven firms account for 60 per cent of worldwide dog- and cat-food sales and have combined sales of nearly US$19-billion annually.
VALUE
American consumers believe food offers the best bang for their buck, according to a new survey. Nearly half of those surveyed (48 per cent) say "food offers the best value" outranking clothing (15 per cent), home electronics (10 per cent), home furnishings (nine per cent), automobiles (eight per cent) and non-prescription drugs (seven per cent) for offering the best price, convenience, quality, customer service and choice. The food industry outranks even the federal government in terms of favourability.
FEES
The federal government is dropping fees it charges out-of-country individual performers and small groups visiting Canada. The change takes place in June. Previously, a non-Canadian solo artist with a valid work permit had to pay $150 each time he or she entered the country to perform. Ensembles with 15 members or more never had to pay the fees.
GLOBALIZATION
Canada has jumped three notches to place seventh in a prestigious ranking of the world's most global nations, outscoring the United States and key European rivals. The leader in the 2002 tables was Ireland moving up from sixth place to replace Singapore.
CULTURE
A recent Japanese government survey has revealed that the country's men perform household tasks in only one per cent of homes. This alarming statistic has prompted Tokyo to offer middle-aged men a beginner's guide to such household basics as peeling an apple, making rice, turning on the washing machine and using a duster. However, the program will stop teaching them how to hang out washing or air the futon on the tiny apartment balconies because it recognizes that being spotted by a neighbour would be considered a loss of face.
FRIDGES
Scientists claim to have created the world's first magnetic refrigerator, which someday may save consumers on energy bills and be better for the environment. Researchers have worked for years to develop magnetic refrigeration as an alternative to traditional cooling systems, which emit gases that contribute to global warming. The new refrigerator uses a special metal that heats up when exposed to a magnetic field then cools when the magnetic field is removed.
NUTRACEUTICALS
Baby boomers, who are concerned with their health, are fuelling a sharp rise in demand for functional foods or "nutraceuticals." 204 new nutraceutical products have been launched in major markets in the past 18 months. The biggest single category comprised "probiotic" products that contain beneficial bacteria. It is predicted that vitamin supplements will start to decline in significance as consumers turn increasingly to products that promise cures and prevention of specific ailments
CHARITY
The Vancouver Foundation reports that with $90-billion in annual revenues and $109-billion in assets across Canada, the non-profit sector is comparable in size to the economy of B.C. It accounts for more than 12 per cent of national gross domestic product and employs 1.3 million people. In the face of ongoing government cutbacks, the philanthropic sector will only become more vital to the economic and social wellbeing of the province.
SAUCE
How many lumps are allowed in a sauce before it becomes a vegetable? The question, to be considered by the EU, could affect millions of dollars of trade. While the EU tariff on imported sauce is only 20 per cent, the tariff on an imported vegetable is 228 per cent. Protectionists in the EU fear that vegetables may sneak into Europe disguised as tinned sauces. They argue that if a sauce is more than 20 per cent made up of lumps of fruit or vegetables, it should be considered a vegetable. Most of the multinational companies have shifted production to within the EU to avoid the tariffs.
BUILDING
December 2001 saw Canadian builders have their best month and their best year since 1992. Industry experts expect the momentum to continue in 2002.
FORGERY
Irish counterfeiters have failed in one of their first attempts to cash in on the euro by missing out the "o" on a forged one-euro coin. In addition to the spelling error, the coin also had a smooth, not a serrated edge. It was also faded as if the coin may have been in circulation for 30 or 40 years.
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