Statement by International Monetary Fund Managing Director Christine Lagarde on her Nomination as President of the European Central Bank
“I am honored to have been nominated for the Presidency of the European Central Bank. In light of this, and in consultation with the Ethics Committee of the IMF Executive Board, I have decided to temporarily relinquish my responsibilities as Managing Director of the IMF during the nomination period.”
On June 19, 2019, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation  with Canada. The 2019 Article IV focused on policies to secure sustainable growth and a resilient financial system.
Growth has slowed to a more sustainable level following the stellar pace set in 2017. Several rounds of macroprudential measures, provincial and municipal tax measures, and tighter monetary policy have contributed to a reduction in housing-related financial stability risks. Private consumption and residential investment have decelerated, and a slowing global economy and low oil prices have dampened exports and business investment. A deal to overhaul NAFTA has been signed and awaits legislative approval, but trade tensions between the U.S. and its major trading partners continue to cast a shadow over the outlook.
Real GDP growth is projected to slow to 1.5 percent in 2019 and rise again in 2020 as the effects of a temporary slowdown in oil-related activity fades. Demand for exports will be supported by a robust U.S. economy and reduced uncertainty related to the approval of USMCA, contributing to a narrowing of the current account deficit. Business investment is expected to benefit from the new federal tax provision on investment expensing, while oil pipeline constraints will continue to weigh on investment in the energy sector. Over the medium-term, weak external competitiveness, low productivity growth, and population aging will limit potential growth to around 1.7 percent.
Risks to the outlooks are tilted to the downside. A key domestic risk is a sharp correction in the housing market, particularly if accompanied by a rise in unemployment and a collapse in private consumption, which could spark additional risks to financial stability and growth. External risks include a larger-than-expected global growth slowdown, a sharp tightening of global financial conditions, or an escalation of trade tensions between the U.S. and its major trading partners, which could include USMCA failing to get legislative approval. Against this backdrop, Canada should persevere with policies that preserve financial stability and focus efforts on supporting long-term growth.
Directors commended the Canadian authorities for their sound management of the economy and progress in reducing financial sector vulnerabilities. They noted that growth has slowed to a more sustainable level and inflation is well contained. The economic outlook is nevertheless susceptible to risks, including from housing market imbalances, high household debt, and continued trade tensions. Going forward, it would be important to rebuild policy buffers, preserve financial stability, and boost productivity and competitiveness.
Directors agreed that fiscal consolidation should remain gradual and growth-friendly. They welcomed the authorities’ commitment to preserve Canada’s low debt advantage and recommended using unexpected fiscal savings to reduce deficit and debt. They encouraged provinces with high deficits or high debt to make the necessary fiscal adjustment. Many Directors saw the benefits of well-designed fiscal rules in strengthening the credibility and transparency of the fiscal framework, although a number of Directors noted that, given Canada’s sound fiscal management, an explicit fiscal rule has limited value added and could limit the ability of fiscal policy to respond to shocks. Directors concurred that if downside risks materialize, automatic stabilizers should be allowed to operate fully. They welcomed ongoing efforts to review key elements of the tax system, with a view to enhancing its efficiency and competitiveness.
Directors supported the current accommodative stance of monetary policy. Given the balance of risks and uncertainty around the outlook, they agreed that monetary tightening should proceed with caution, guided by incoming data.
Directors noted that macroprudential measures have mitigated housing-related risks to financial stability. They encouraged the authorities to stand ready to adjust macroprudential tools if needed, and to harmonize provincial and municipal tax measures into broad-based tax measures targeted at speculative activity more generally. Supply-side policies to improve housing affordability would help address housing imbalances on a more durable basis.
Directors welcomed the assessment that the overall financial system is healthy and resilient. They also noted that the informal framework for systemic risk surveillance and crisis management has served Canada well. While acknowledging that there is no one-size-fits-all solution, Directors encouraged continued efforts to modernize the arrangement, and strengthen microprudential oversight and safety nets along the lines of the FSAP recommendations. They welcomed Canada’s voluntary participation in the Fund’s enhanced governance framework on the supply and facilitation of corruption. They looked forward to further progress on strengthening the AML/CFT and anti-foreign bribery frameworks.
Directors welcomed the authorities’ commitment to trade diversification and free trade. They commended Canada for leading an international effort to improve the multilateral trade system and for rapid ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Directors encouraged all levels of government to work together to continue reducing internal trade barriers and better facilitate infrastructure investment.
Directors stressed the importance of boosting long-term growth. They supported recent initiatives to promote a more productive workforce, a more competitive business environment, and greener infrastructure.
The world-renowned pianist Lang Lang married his beloved, Gina Alice in a lavish ceremony on the 2nd of June in France
A private ceremony was held at the Shangri La hotel in Paris followed by a grand diner at Le Chateau de Versailles.
Being the cultural ambassador of Le Chateau de Versailles, it was natural for Lang Lang to host his friends and family in this exceptional surrounding.
Among the guests of Gina Alice and Lang Lang who shared the celebration with them, were John Legend and his wife Chrissy Teigen, Placido Domingo, HRH Prince and Princess Michael of Kent , the Chinese Ambassador to France, Mr Yan, Bernard Arnault, President of LVMH, his wife Hélène Mercier-Arnault, Bianca Jagger, Jason Wu, tenor Jonas Kaufmann, Robert Smith and his wife Hope Dworaczyk, owner of Steinway, John Paulson, Sir Howard Stringer, Yannick Bolloré, French film composer Alexandre Desplat. Chinese celebrities like Jay Chou, Kun Ling and the artists Cai Guoqiang, Fan Zeng, Yan Peimin, TangKa master Niang Ben, Huang Xiaoming.
The highlight of the ceremony was the emotional moment when they exchanged their vows under the blessing of all the present guests. It was also more than magic when during the dinner, Lang Lang and his Gina Alice surprised everyone by playing a Bach piano piece together.
Lang Lang and his bride Gina Alice met in Berlin few years ago. Being both musicians, they have a lot of respect for each other and share the same passion.
Gina Alice, graduated from the Hamburg School of Music and Drama, has been studying and playing piano since the age of four. Her outstanding talent has enabled her to become a prestigious international artist.
Gina Alice is multilingual and speaks fluently German, English, French, Korean and Chinese.
After this wedding it is reported that Lang lang and his newly wed bride will return to Lang Lang home town Liaoning in China.
We wish Lang Lang and Gina Alice a wonderful and happy life.
11th annual Chinese Restaurant Awards
Celebrated by locals and visitors, the Awards serve as the ultimate guide for culinary excellence and aims to take endeavours in creating impeccable dining experiences. The just announced DINING by the Awards is a series of four stellar dining events that features the creative genius of “East and West” culinary masters, which will take place in May and June.
For years, Chinese Restaurant Awards have been creating opportunities for young talents to carry on the legacies of Chinese and Taiwanese cuisine in Vancouver. Today, the Awards have teams of culinary students from Vancouver Community College to present the annual Chinese cuisine inspired tasting experience at the award ceremony reception. MasterChef Canada season 5 finalist Eugene Cheng and contestant Michael Varga have also joined and presented the tasting of fresh BC geoduck.
Special Awards for the 11th Anniversary
Exclusively for this year, Lifetime Achievement Award goes to Chinese Master Chef Leung Yiu Tong and Hoi Tong Chinese Seafood Restaurant. At age 83, legendary Cantonese cuisine master Chef Leung Yiu Tong has just officially retired in February and closed his Hoi Tong Chinese Seafood Restaurant. The Awards pay homage and salute, once again, to his tireless effort in cultivating the most authentic and original Cantonese flavours and creating countless memorable dining experiences in the past 72 years.
Ocean Wise Sustainable Seafood Award acknowledges Chinese restaurants with a vision of focusing Ocean Wise certified seafood options on their menus and promoting the use of sustainable seafood to ensure the longevity of our oceans for generations to come. This year’s award recipients, YuShang Hot Pot in Vancouver and Vitality Steam Seafood Restaurant in Richmond, have become new partners of Ocean Wise.
Critics’ Choice Signature Dish Awards
Presented by Alberta Canola Growers, the Critics’ Choice Signature Dish Awards were judged by acclaimed local food critics Alexandra Gill, Brendon Mathews, Lee Man, and William Ho Wood Kuen. The judges began their tasting journey in September 2018 and had the mission-driven adventure to explore more eateries and recommend must-try dishes for the Awards’ consideration. The growing number of Chinese restaurants in Vancouver and the rising vibrancy of regional cuisines have made the judges’ tasting journey to be challenging, yet exciting.
To celebrate the 11th annual Awards, they have found 11 signature dishes from various Chinese regional cuisines, which succeed in the criteria of embodying an outstanding and memorable taste, while living up to the global recognition of Vancouver’s Chinese and Taiwanese cuisine. The seven first-time recipients of the Chinese Restaurant Awards are Happy Valley Seafood Restaurant on Lougheed Hwy, Li’s China Grill on Kingsway, Lougheed Wonton Restaurant in Port Moody, Mama’s Dumpling in Steveston, Mui Kee Chicken Pot and The Fish Man on Richmond’s renowned Eat street – Alexandra Road, and Western Lake Chinese Seafood Restaurant on Victoria Drive.
Earlier this afternoon, the 11th Chinese Restaurant Awards ceremony was held at the River Rock Show Theatre. CityTV Breakfast Television’s Thor Diakow and Fairchild Media’s Mary Lo were the masters of ceremony. Over 250 restauranteurs, industry leaders, winners, and media representatives gathered and awaited the announcement of the winners of the Special Awards of the Year, Critics’ Choice Signature Dish Awards, and the presentation of the previously announced Diners’ Choice Awards. Please see enclosed for the list of winners.
2019 Chinese Restaurant Awards –Vancouver: Winners List
Diners’ Choice Awards result was already announced on February 25
Lifetime Achievement Award
Chinese Master Chef Leung Yiu Tong
Special Awards of the Year
OCEAN WISE SUSTAINABLE SEAFOOD AWARD
YuShang Hot Pot
#202-950 W Broadway, Vancouver (604) 564-6686
Vitality Steam seafood Restaurant
#140-8500 Alexandra Road, Richmond (604) 370-6699
Critics’ Choice Signature Dish Awards, presented by Alberta Canola Growers
11 award-winning dishes in total | *first time winners of the award component
1. CRISPY ROAST PORK BELLY
Fortune Terrace Chinese Cuisine
#130-6200 River Road, Richmond (604) 285-8980
2. SHANGHAI-STYLE FRIED PORK BUNS
#103-11782 Hammersmith Way, Richmond (778) 297-1618
3. GRILL ROCK FISH WITH SPICY AND CHINESE SPICE
Li’s China Grill*
#4-3377 Kingsway, Vancouver (604) 568-1832
4. DUNGENESS CRAB WITH ZHAJIANG SAUCE & NOODLES
Lougheed Wonton Restaurant*
2408 Saint johns Street, Port Moody (604) 939-8833
5. STIR FRY SPICY CLAMS
The Fish Man*
#1170-8391 Alexandra Road, Richmond (604) 284-5393
6. BC GEODUCK DUO: STEAMED FILLETS WITH WASABI, AND STIR FRY WITH EGGS & BLACK TRUFFLE
Chef Tony Seafood Restaurant
#101–4600 No. 3 Road, Richmond (604) 279-0083
7. BRAISED SPARERIBS WITH CRANBERRY
Happy Valley Seafood Restaurant*
3432 Lougheed Hwy, Vancouver (604) 216-0100
8. SLOW-COOKED ANGUS TRIPLE A SHORT BEEF RIB WITH BLACK PEPPER SAUCE
The Jade Seafood Restaurant
#280-2811 No.3 Road, Richmond (604) 249-0082
9. DRIED SCALLOP & VERMICELLI IN CLAY POT
The Jade Seafood Restaurant
#280-2811 No.3 Road, Richmond (604) 249-0082
10. HERBAL CHINESE WINE CHICKEN POT
Mui Kee Chicken Pot*
#112-8391 Alexandra Road, Richmond (604) 370-4833
11. ROASTED SALT FREE RANGE CHICKEN
Western Lake Chinese Seafood Restaurant*
4989 Victoria Drive, Vancouver (604) 321-6862
The Chinese Restaurant Awards wish to thank the following partners: Gryphon Development, Alberta Canola Growers, China Eastern Airlines, River Rock Casino Resort, Underwater Harvesters Association, Oceanwise, Twiisted Media, Fantuan Takeout and Technology Support, Singtao Daily, Pure Luxury Magazine, A Bite of Vancouver, City365.com and Vanpeople.com.
About Chinese Restaurant Awards The Awards were launched in 2008 on two founding principles: to raise awareness for the exceptional Chinese and Taiwanese cuisine available in Metro Vancouver and to create a platform for cross-cultural culinary exchange, to support the development of a more vibrant and dynamic dining scene. The Awards are organized into two sections: Diners’ Choice Awards and Critics’ Choice Signature Dish Awards. The annual selections are widely recognized as the authority on Chinese food and serve as the go-to restaurant guide for visiting and local food lovers. The Chinese Restaurant Awards are celebrating their 11th anniversary this year and are now the longest running Chinese culinary awards event in the world. Since their founding, the Awards have distinguished themselves as pioneers of the Vancouver Chinese and Taiwanese food scene, striving to always inspire, excite, and engage diners.
GROCERY & SPECIALTY FOOD WEST 2019
Grocery & Specialty Food West is the premier and must-attend B2B grocery & specialty food show of the year! The grocery sector is all about building relationships to grow your business, and this is the only show that brings together all facets of the grocery trade together under one roof. The exhibition floor features over 80,000-sq.-ft. of dedicated pavilions focused on key grocery & specialty categories from front end to back end including equipment, technology, food services, garden, financial and insurance.
Interior Design Show - Vancouver
The Pacific Northwest has experienced a major design boom that has been especially embraced in Vancouver, where the design community has become vast and mighty. Now in its thirteenth year, IDS Vancouver has had the utmost privilege of seeing it grow, supporting its members and championing it the world over.
Vancouver Fashion Week Spring/Summer 2018
Vancouver Fashion Week kicked off on September 18, 2018 for their Spring/Summer season with a snippet preview of the sixteen designers showcasing this week, with each bringing in one key look. From vibrant colourful polka dot patterns to all black textured layers, the cross section was anything but standard. These outfits were a great tease of what’s to come. The featured designers who showed full lines were Charly Thorn, Aiki District, and Nozomi Kuwahara.
The colours of the sea and the use of transparencies are clear inspirations behind Charly Thorn’s Spring/Summer 2018 collection. Tropical prints of green palms are highlighted on white canvas, accented with polished metallic espadrille shoes. This feels like a resort collection perfect for your next holiday.
Aiki District plays with neutral colors and sheer fabrics, mixed with baby blues and highlights of vibrant red. There was a juxtaposition of structured pieces featuring exterior pockets and visible tailoring, mixed with softer more fluid silhouettes and laser cut attributes.
Playful and fluorescent colour are words best describes Nozomi Kuwahara’s latest collection. With a mix of geometric patterns and voluminous sleeves, her look is street style ready, with “Harajuku”-esque models rocking fluro-plaited pigtails. Mini jersey t-shirts are stitched together in a motif which was developed throughout.
The Abbotsford International Airshow
Designated Canada’s National Airshow, the annual aviation festival provides spectators an opportunity to watch one of the finest aerobatic performances in the world. People gather from around the globe to look to the skies in awe. Ranked among one of the Top Ten Airshows in the world by USA Today in 2013 – the event continues to distinguish itself. Through aviation excellence, aerospace advancement, and community participation, the Abbotsford International Airshow remains one of the best aviation events on earth and in the sky.
The event is located at the Abbotsford International Airport YXX, approximately 40 km East of the Port Mann Bridge just off the Trans-Canada Highway.
The Vancouver Pride Society brings together members of the Gay, Lesbian, Bisexual, Transgender and Two-Spirit community, their friends, allies and supporters in celebration of the unique spirit and culture of the LGBTQ2+ community by producing quality, inclusive events such as the Pride Parade and Festivals.
2017 marks the 39th Anniversary of Pride in Vancouver, the most diverse festivals and parade in the city! Pride 2017 includes over 20 events throughout the summer.
The VPS is committed to making all events as accessible possible, and 2017 will be the most accessible Pride yet. ASL interpretation will be provided by BC Rainbow Alliance of the Deaf at all Official Event sites. This year we are partnering with VocalEye to provide descriptive narration on the parade route for the blind and partially sighted. For a full list of accessibility services, visit: vancouverpride.ca/accessibility