hamad al - sayari : financial planning and wealth management in saudi arabia speech by his excellency hamad al - sayari, governor of the saudi arabian monetary agency, on the occasion of the graduation of the 7th and 8th batches of the financial planning program and the 2nd and 3rd batches of the wealth management program, riyadh, 17 january 2007. * * * dear audience, i am really glad on this blessed day to be with you in this happy occasion to celebrate the graduation of the 7th and 8th batches of the personal financial planning program, and the 2nd and 3rd batches of the wealth management program. in pursuance of its key role in developing the banking and financial sector, sama has been very keen to develop human resources in all financial and banking specializations. to this end, sama has made many initiatives. it has instructed the iob to conduct a comprehensive study on the investment sector to determine the professional and educational criteria that must be satisfied by personnel involved in the various areas of investment. the findings of the study have showed that all staff working in investment and financial intermediation should have certain basic knowledge and skills in these fields. to meet these needs, the iob designed scientific subjects and standardized tests on the basics of investment and stock trading. moreover, the findings have indicated that banks ’ customers are in need of persons specialized in offering financial advisory services. therefore, the iob has worked on developing two programs, namely, • personal financial planning program. • wealth management program. these two programs have been designed according to the latest international scientific standards. they have been designed after the model of capabilities required in a successful and professional financial planner and wealth manager. a number of members of the training staff in the institute of banking have participated in this process, and experts have also been hired from prestigious universities and educational institutions outside the kingdom. as a result of this model, more than ten programs in financial planning and four programs in wealth management have been carried out. the programs have been commended by saudi banks. dear attendance, management of investment operations requires specialists enjoying necessary knowledge, required skills, and professional conduct. the role of a financial advisor has gained more importance, and it should be practiced by qualified professionals who care, in the first place, for the interests of their customers who have put their confidence in them, and they should comply with the application of the policies of the supervisory authorities and financial institutions to which they belong. the importance of transparency and

mark carney : summary of the latest monetary policy report opening statement by mr mark carney, governor of the bank of canada, at the press conference following the release of the monetary policy report, ottawa, 26 october 2011. * * * good morning. tiff and i are pleased to be here with you today to discuss the october monetary policy report, which the bank published this morning. the global economy has slowed markedly as several downside risks to the projection outlined in the bank ’ s july mpr have been realized. volatility has increased and there has been a generalized retrenchment from risk - taking across markets. the combination of ongoing deleveraging by banks and households, increased fiscal austerity and declining confidence is expected to restrain growth across the advanced economies. the bank now expects that the euro area – where these dynamics are most acute – will experience a brief recession. the bank ’ s base - case scenario nonetheless assumes that the euro - area crisis will be contained, although this assumption is clearly subject to downside risks. in the united states, real gdp growth is expected to be weak through the first half of 2012, reflecting diminished household confidence, tighter financial conditions and increased fiscal drag. growth in china and other emerging - market economies is projected to moderate to a more sustainable pace. these developments, combined with recent declines in commodity prices, are expected to dampen global inflationary pressures. the outlook for the canadian economy has weakened since july, with the significantly less favourable external environment affecting canada through financial, confidence and trade channels. although canadian growth rebounded in the third quarter with the unwinding of temporary factors, underlying economic momentum has slowed and is expected to remain modest through the middle of next year. domestic demand is expected to remain the principal driver of growth over the projection horizon. household expenditures are now projected to grow relatively modestly as lower commodity prices and heightened volatility in financial markets weigh on the incomes, wealth and confidence of canadian households. business fixed investment is still expected to grow solidly in response to very stimulative financial conditions and heightened competitive pressures, although it will be dampened by the weaker and more uncertain global economic environment. net exports are expected to remain a source of weakness, owing to sluggish foreign demand and ongoing competitiveness challenges, including the persistent strength of the canadian dollar. overall, the bank expects that growth in canada will be slow through mid - 2012 before picking up as the global economic environment improves, uncertainty dissi