sada reddy : grow your company, grow the economy – have you considered the capital markets opening address by mr sada reddy, governor of the reserve bank of fiji, to the capital markets & listing seminar, suva, 18 august 2010. * * * good afternoon ladies and gentlemen. i thank you all for accepting the rbf ’ s invitation to today ’ s seminar on the topic “ grow your company, grow the economy : have you considered the capital markets. ” just a little over 12 months ago, on august 19, 2009, the administration of the capital markets development authority ( cmda ) was transferred to the reserve bank under the capital markets decree 2009. i am pleased to say that the work on developing the capital markets has continued and in many respects strengthened by the change that has occurred. the capital markets unit has successfully integrated into the reserve bank family and has added a different dimension and skills - set to the bank. i am happy to say that we can expect some major activities and events for the capital markets in the future. in march this year, the reserve bank established the first capital markets development taskforce. the members are daryl tarte, bob niranjan, norman wilson, pradeep patel, lisa apted and myself as chair. this taskforce is a “ think tank ” for the capital markets development work of the reserve bank. let me now turn to today ’ s event. the development of the secondary trading and the stock exchange is a key factor to developing the capital markets in fiji. one of the core functions of a stock exchange is to connect entities with surplus funds to others who require capital. an exchange also facilitates the entire continuous trading and wealth creation process ; thus stimulating economic growth and development. the stock market fulfils a number of vital functions. these include : 1. price discovery through the generation of transparent prices 2. facilitate efficient allocation of resources 3. promote sound risk management and corporate governance structures within publicly listed organisations. consequently, a well functioning capital markets requires the support of strong institutions backed by a well developed legal, accounting, legislative and regulatory framework and a supportive private sector. ladies and gentlemen, the spse has been challenged and continues to be challenged with many issues, some of which are : 1. a number of investors in the share market are large institutional investors who buy and hold, instead of making market with their stocks ; 2. our mums - and - dads investors, who are generally risk averse, have not embraced

david dodge : economic and financial trends in canada opening statement by mr david dodge, governor of the bank of canada, at a press conference following the release of the monetary policy report, ottawa, 22 october 2003. * * * today, we released our october monetary policy report. the report reviews economic and financial trends in the context of canadaa€™s inflation - control strategy. since our april report, the canadian economy has been hit by a number of unusual shocks : sars, bse, the ontario electricity blackout, and the severe forest fires in british columbia. inflation has also fallen faster and further than expected. this drop in core inflation reflected several unforeseen developments. these included a broad - based weakness in the prices of goods, substantial reductions in the prices of tourism - related services because of sars, and a slightly faster easing of pressures from auto insurance premiums. the substantial fall in the value of the u. s. dollar added to the weakness in goods prices. we now estimate that there is more slack in the economy than was projected in april. the prospects for near - term growth in the global economy have improved since april, and geopolitical uncertainty has continued to decrease. the near - term outlook for the u. s. economy is much improved. the economy in the euro area is still weak, but prospects for asia look bright, led by china and india. the japanese economy is performing better than anticipated. we expect growth in the canadian economy to strengthen during the fourth quarter and through 2004. on balance, the expansion should be above the rate of potential growth, relying primarily on solid household spending and increased business investment. stronger growth abroad should boost foreign demand for canadian products, but this will be dampened by the higher value of the canadian dollar. growth is expected to average a little over 3 per cent in the second half of 2003 and 3 1 / 4 per cent in 2004. with growth above potential, the slack in the economy should be absorbed by early 2005. we expect core inflation to average just over 1. 5 per cent for the rest of 2003, and to fall to just above 1 per cent in early 2004, as the effects of earlier increases in auto insurance premiums dissipate. core inflation should return to 2 per cent by mid - 2005, as economic slack is taken up. total cpi inflation will continue to be importantly affected by swings in the price of crude oil. if prices ease to us $ 27 per barrel next year, total