New U.K. note hard to stomach for some
LONDON -- The Bank of England's new plastic 5-pound note is stronger, cleaner and safer -- but apparently not suitable for vegetarians.
Vegans and vegetarians are calling for the new bank notes, which have been in circulation for only two months, to be replaced because they are made with a substance derived from animal fat.
The Bank of England confirmed on Twitter that the notes contain "a trace of a substance known as tallow" -- a rendered form of animal fat, processed from suet, which is sometimes used in soaps and candles.
An online petition against the notes was been getting attention Wednesday. The petition says the use of tallow is "unacceptable to millions of vegans, vegetarians, Hindus, Sikhs, Jains and others in the U.K."
-- The Associated Press
Oil fuels 3.5% GDP upsurge in Canada
Canada's economy grew at the fastest pace in two years in the third quarter as oil production surged, and a faster-than forecast increase in September signaled a broader recovery may be taking hold.
Gross domestic product expanded at a 3.5 percent annualized pace between July and September, Statistics Canada reported Wednesday from Ottawa. Output grew 0.3 percent in September from August, faster than the Bloomberg economist survey calling for a 0.1 percent rise.
The report should provide some relief to Stephen Poloz, Bank of Canada's governor, who had been considering a cut in interest rates after a disappointing first-half economic performance for the country that included a second-quarter contraction.
"The Bank of Canada will look at this report with a smile," said Jimmy Jean, a strategist in the fixed-income group at Desjardins Capital Markets in Montreal. "Areas that were preoccupying from the Bank of Canada perspective performed better than expected," such as business investment, he said.
-- Bloomberg News
Pending U.S. home sales up in October
WASHINGTON -- The number of Americans who signed contracts to purchase homes edged up slightly in October, a sign that the housing market remains on sure footing after solid price and sales gains this year.
The National Association of Realtors said Wednesday that its seasonally adjusted pending home sales index rose 0.1 percent to 110. Pending sales improved in the Northeast, Midwest and West, while falling in the South.
Many of the contracts were signed when 30-year mortgage rates were averaging less than 3.5 percent, close to a historic low. In the weeks since the presidential election, average rates have jumped above 4 percent, making it costlier to buy a home.
The Mortgage Bankers Association reported Wednesday that applications for both new home loans and refinanced loans dropped over the past week.
Pending sales contracts are a barometer of future purchases. A sale is typically completed a month or two after a contract is signed.
Over the past 12 months, sales of previously owned homes have climbed 5.9 percent to an annual rate of 5.6 million.
-- The Associated Press
Business on 12/01/2016