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A2 Moody’s warns of
impact from slow
UP FRONTThursday 5 November 2015 China, US rate hike
Canada: PAN PYLAS
Associated Press
Justin Trudeau sworn in as new prime minister LONDON (AP) — Rating
agency Moody’s warned
ROB GILLIES The new prime minister lice officer, is the new de- ings were held in secret Wednesday that a slow-
Associated Press now has the chance to fense minister. and ministers never spoke down in global growth
TORONTO (AP) — Jus- restore his father’s Liberal Women make up half of after them. linked to China and a rise
tin Trudeau was sworn in legacy, providing a gen- the Cabinet. Asked why Trudeau talks often about in U.S. interest rates are two
Wednesday as Canada’s erational change in the gender balance is impor- “sunny ways” and ran a key reasons why it could
new Liberal prime minister, party’s leadership. tant is, Trudeau said: “Be- campaign with an optimis- lower its credit grades for
promising a less controlling countries next year.
style of “government by Justin Trudeau, and his wife, Sophie Gregoire-Trudeau, and their children Xavier, Ella-Grace and Though the agency’s over-
Cabinet” after almost 10 Hadrien and Trudeau’s mother Margaret Trudeau walk to Rideau Hall with his future cabinet to all view is that a “shal-
years of Conservative rule take part in a swearing-in ceremony in Ottawa on Wednesday, Nov. 4, 2015. The 43-year-old son low” economic recovery
under Stephen Harper. of late Prime Minister Pierre Trudeau, became the second youngest prime minister in Canadian around the world should
The 43-year-old Trudeau, history. help shore up the ratings it
a former school teacher assigns to countries, it said
and member of Parliament (Sean Kilpatrick/The Canadian Press via AP) there’s potential for some
since 2008, became the downgrades in 2016 and
second youngest prime Most of Trudeau’s Cabinet cause it’s 2015.” tic theme. that risks are “tilted to the
minister in Canadian his- members are between the “Canadians from all across His youthful demeanor and downside.”
tory. ages of 35 and 50. He said this country sent a mes- enthusiasm also provides a In a wide-ranging report,
“Government by Cabinet he’s appointed a Cabinet sage that it is time for real sharp contrast with the so- the agency cautioned that
is back,” Trudeau said, that looks like Canada. change, and I am deeply ber and dour Harper, who a rate hike by the U.S. Fed-
vowing to have an open Former failed Liberal leader honored by the faith they stepped down as prime eral Reserve, which would
and transparent govern- Stephane Dion, who lost an have placed in my team minister just ahead of the be its first in more than nine
ment. Power in Harper’s election for the party previ- and me,” Trudeau said swearing-in ceremony. years, could hit emerging
government was centered ously, is the new foreign af- earlier in a statement. Trudeau and his wife and market countries. Inves-
around his office. fairs minister while Toronto The Cabinet is scheduled his new Cabinet arrived tors have used low interest
The new leader is the son businessman Bill Morneau to hold its first meeting in at Rideau Hall on a bus for rates in the U.S. to borrow
of the late Pierre Trudeau, is the new finance minis- the afternoon and then the swearing-in ceremony. money to invest in higher-
who served as prime minis- ter. Harjit Sajjan, a former face the media — a de- They waved to a large growth, riskier economies
ter from 1968 to 1984 with Canadian soldier, Afghani- parture from the Harper crowd as they walked up around the world.
a short interruption and re- stan war veteran and po- era. Harper Cabinet meet- the grounds to the hall. q Moody’s said higher U.S.
mains one of the few Ca- interest rates will create
nadian politicians known in more uncertainty for coun-
other countries. tries like Turkey, Tunisia,
Justin Trudeau mouthed “I Venezuela and Argentina,
love you” to his young fam- that have in recent years
ily and his mother after be- benefited from foreign in-
ing sworn in. vestment.
“I think of my father and It does not, however, fore-
how pleased he must be cast a crisis in emerging
that Canada so firmly markets.
came together around The agency also warned
an ambitious vision for the that a sharp slowdown in
country that we present- China would have “broad
ed,” Trudeau said. implications and negative-
“But my thoughts today, ly affect trading partners
sorry Dad, aren’t mostly on and economies that are
him, but with my own kids highly dependent on com-
and the kids across Cana- modity exports.”
da. We are going to work China has been the main
very hard to ensure we locomotive of the world
have a better future.” economy over the past
few years but its growth is
North Korea: US action could open path to treaty now coming off the boil.
Though its economy is still
LONDON (AP) — North Ko- News, senior North Kore- tive schemes.” the impasse requires de- expected to grow about
rea says the United States an Foreign Ministry official North Korea’s official name cisive action by Washing- 6-7 percent range in the
needs to end its “nuclear- Jong Tong Hak said a per- is the Democratic Peoples’ ton. “The issue of signing a coming year, that is much
based threats and black- manent peace settlement Republic of Korea, or DPRK. peace treaty between the slow than in the previous
mail” and respond to the on the Korean Peninsula He said Washington pro- DPRK and the United States few years.
North’s recent diplomatic first requires a North Kore- vides “strategic nuclear depends on the policy de- Jitters over China’s econ-
overture to formally end an-U.S. agreement. weapons” to South Korea, terminations of the U.S. ad- omy have become more
the decades-old Korean Discussing North Korea’s “in other words the nucle- ministration,” he said, add- acute this year, notably in
conflict. Fighting ended view of the root cause of ar-powered aircraft carriers ing that Washington must August, when global stock
in 1953 without a peace tensions, he blamed what it always pushes (toward “make a policy decision markets suffered one of
treaty, leaving North and he described as “the U.S. the DPRK) and the strategic to respect our republic’s their biggest routs since the
South Korea still technically government’s decades nuclear bombers it always sovereignty and end the dark days of 2008-9.q
at war. of hostile policies against has flying in the skies above decades-long hostility be-
Speaking in an interview the DPRK and its endless the southern part of the Ko- tween the DPRK and the
this week in London with nuclear-based threats, rean Peninsula.” Jong said U.S. to guarantee peace in
Associated Press Television blackmail and manipula- a compromise to break the Korean Peninsula.”q
