Steel slump prompts Iron Ore Co. to cut production
Sunday, November 30, 2008
Conservatives scrap plan to cut party subsidies
The federal government will drop its controversial plan to eliminate political party subsidies that are based on the number of votes received during elections, CBC News has learned.
ATB takes $55.5M hit on asset-backed paper
ATB Financial, Alberta's government-owned bank, took a $55.5 million hit in the second quarter over its asset-backed commercial paper (ABCP), the Crown corporation said Friday.
That raises the total ABCP charges the bank has taken to more than $308 million, including a provision of $253.1 million taken in the 2007-08 fiscal year.
ABCP is short-term corporate debt made up of a bundle of loans like credit card receivables. The debt was then resold to investors, including individuals and banks, but the ABCP market was frozen in the summer of 2007 after buyers balked because they feared the paper was based on bad assets.
Won't change economic update: Flaherty
Finance Minister Jim Flaherty said Friday that the federal government won't make changes to its economic update, even though opposition parties are threatening to vote against it.
"We are staying on track, and the bill is prepared and has the elements in it that I reviewed in the economic update yesterday," Flaherty said.
"This is the financial plan of the government of Canada," he told reporters following a speech in Toronto. "This is a matter of confidence."
Arts groups report strong sales despite recession fears
Many arts groups across the country are reporting strong ticket sales for the holiday season despite fears that Canada is sliding into an economic recession.
Kevin Garland, executive director of the National Ballet of Canada, says sales took a dive in the fall after a series of bad financial events but things are now looking up.
"It's been fairly substantial [the drop in sales in the fall], but we're relieved that our Nutcracker is tracking ahead of last year," Garland said.
2-for-1 is moneysaver for Quebec car dealer
A Quebec car dealership offering a two-for-one vehicle promotion says it will help save money down the road.
Girard Chrysler, a dealership in Repentigny, launched the offer earlier this week as a way to curtail a slowdown in the auto industry.
Buyers who purchase a luxury Chrysler 300C will receive a free Dodge Caliber, said sales manager Michel Leduc.
The car dealership east of Montreal is interested in moving more vehicles given that it wants to stock up on next year's models.
DBRS cuts Canwest Media ratings
Bond-rater DBRS said Friday it had downgraded Canwest Media, a subsidiary of Canwest Global Communications, because of pressure on advertising markets.
TSX breaks through 9,000, up 13.7% on week
The TSX/S&P composite index had a late-session spurt Friday, jumping 5.9 per cent and giving the benchmark index a 13.7 per cent gain on the week.
Saturday, November 29, 2008
Britain buys control of Royal Bank of Scotland
The British government bought control of the country's second-largest bank Friday after current stockholders refused to take up billions of shares offered by the Royal Bank of Scotland Group PLC.
The government will own 57.9 per cent of the bank's stock after a recapitalization deal closed Friday, the bank said. The bank had offered 22.9 billion shares at about $1.25 (65.5 pence) each to its current owners, but they bought only a tiny fraction of the issue because the price was higher than the market price, about $1 (53 pence) on Friday.
Bow Valley Energy eyes possible sale
Bow Valley Energy Ltd. said Friday it is considering selling all or part of the company as it faces a Dec. 31 deadline for its debt.
The oil and gas company also cited the weak global economic environment as part of its decision to look at a possible sale.
The Calgary-based company said it has hired Scotia Waterous to help explore alternatives, which could wind up including a merger or a sale. The company has also hired Tristone Capital Inc. to assist in the possible sale of some of its Peik assets in the United Kingdom zone of the North Sea. Money from a sale of the non-producing Peik assets would be put toward cutting Bow Valley's debt.
Cameco to halt uranium hexafluoride production at Ont. plant
Cameco Corp. said Friday it is temporarily suspending production of uranium hexafluoride at its Port Hope, Ont., plant, a move that will result in the layoff of fewer than 100 of the facility's 440 workers.
The company said it is halting production because of problems with its supply of hydrofluoric acid. Cameco said it has been in a contract dispute with its sole supplier of the acid, and it has been receiving "unreliable and expensive" deliveries of the material, which is required for uranium hexafluoride production.
Those surpluses will vanish: economist
The small budget surpluses projected Thursday by Finance Minister Jim Flaherty in his fiscal update are "just not on" for the Canadian economy, said one economist.
Flaherty is projecting small surpluses through the government's 2012-13 fiscal year, although he said those surpluses cannot be guaranteed, given the weak economic situation.
The government's outlook for economic growth next year has gone from 2.5 per cent, projected back in February, to only 0.3 per cent.
N.W.T. diamond mines, government pledge to expand northern workforce
The Northwest Territories' three diamond mines signed an agreement with the government Thursday, promising to work together to ensure more northerners are working in diamond mining.
Senior executives with BHP Billiton, Diavik Diamond Mines and De Beers Canada were in Yellowknife to sign a memorandum of understanding with Industry, Tourism and Investment Minister Bob McLeod and Education Minister Jackson Lafferty.
While the agreement is non-binding and does not make specific committments, it is being hailed as a unique opportunity — especially in a gloomy economic climate — for the three competing mines to work together and with the government.
Friday, November 28, 2008
Irving Oil extends construction date for proposed 2nd refinery
Shell Canada reviewing costs for Carmon Creek oilsands project
Shell Canada has withdrawn a regulatory application for an expansion to its Carmon Creek oilsands project as it looks at ways to cut costs, a spokeswoman said Thursday.
The company submitted a regulatory application in December 2006, but has since decided to make some technical changes to the steam-assisted gravity drainage development in Alberta's Peace River region.
"We had planned to submit an update to the regulatory application by the end of this year," said Shell Canada spokeswoman Adrienne Lamb.
Irving Oil extends construction date for proposed 2nd refinery
Irving Oil extends construction date for proposed 2nd refinery
Shell Canada reviewing costs for Carmon Creek oilsands project
Shell Canada has withdrawn a regulatory application for an expansion to its Carmon Creek oilsands project as it looks at ways to cut costs, a spokeswoman said Thursday.
The company submitted a regulatory application in December 2006, but has since decided to make some technical changes to the steam-assisted gravity drainage development in Alberta's Peace River region.
"We had planned to submit an update to the regulatory application by the end of this year," said Shell Canada spokeswoman Adrienne Lamb.
CTV confirms 105 layoffs in Toronto
A little more than a week after CTV chief Ivan Fecan warned staff of impending layoffs, the private broadcaster has announced it is cutting "approximately" 105 positions.
"Virtually all of these positions are here in Toronto," spokeswoman Bonnie Brownlee said about the cuts on Thursday.
Brownlee added that she doesn't "have the full breakdown" of the divisions affected.
CTV Inc. owns and operates 27 conventional television stations across the country and has news bureaus across Canada and internationally, including in Washington, London and Beijing.
Irving Oil extends construction date for proposed 2nd refinery
CTV confirms 105 layoffs in Toronto
A little more than a week after CTV chief Ivan Fecan warned staff of impending layoffs, the private broadcaster has announced it is cutting "approximately" 105 positions.
"Virtually all of these positions are here in Toronto," spokeswoman Bonnie Brownlee said about the cuts on Thursday.
Brownlee added that she doesn't "have the full breakdown" of the divisions affected.
CTV Inc. owns and operates 27 conventional television stations across the country and has news bureaus across Canada and internationally, including in Washington, London and Beijing.
CTV confirms 105 layoffs in Toronto
A little more than a week after CTV chief Ivan Fecan warned staff of impending layoffs, the private broadcaster has announced it is cutting "approximately" 105 positions.
"Virtually all of these positions are here in Toronto," spokeswoman Bonnie Brownlee said about the cuts on Thursday.
Brownlee added that she doesn't "have the full breakdown" of the divisions affected.
CTV Inc. owns and operates 27 conventional television stations across the country and has news bureaus across Canada and internationally, including in Washington, London and Beijing.
Shell Canada reviewing costs for Carmon Creek oilsands project
Shell Canada has withdrawn a regulatory application for an expansion to its Carmon Creek oilsands project as it looks at ways to cut costs, a spokeswoman said Thursday.
The company submitted a regulatory application in December 2006, but has since decided to make some technical changes to the steam-assisted gravity drainage development in Alberta's Peace River region.
"We had planned to submit an update to the regulatory application by the end of this year," said Shell Canada spokeswoman Adrienne Lamb.
CTV confirms 105 layoffs in Toronto
A little more than a week after CTV chief Ivan Fecan warned staff of impending layoffs, the private broadcaster has announced it is cutting "approximately" 105 positions.
"Virtually all of these positions are here in Toronto," spokeswoman Bonnie Brownlee said about the cuts on Thursday.
Brownlee added that she doesn't "have the full breakdown" of the divisions affected.
CTV Inc. owns and operates 27 conventional television stations across the country and has news bureaus across Canada and internationally, including in Washington, London and Beijing.
Commodity prices plunge in October
Commodity prices dropped in Canada in October by the largest amount on record, according to data released by Scotiabank Thursday.
The chartered bank's index of 32 commodity values fell by 15.6 per cent in October compared to September. That tumble represented the biggest one-month drop since Scotiabank began calculating the number in the late 1980s.
The index, which adds up changes in everything from potash to oil and gas to arrive at a single figure, is off almost 30 per cent since its July peak.
Federal government still projecting surpluses - but no guarantees
Commodity prices plunge in October
Commodity prices dropped in Canada in October by the largest amount on record, according to data released by Scotiabank Thursday.
The chartered bank's index of 32 commodity values fell by 15.6 per cent in October compared to September. That tumble represented the biggest one-month drop since Scotiabank began calculating the number in the late 1980s.
The index, which adds up changes in everything from potash to oil and gas to arrive at a single figure, is off almost 30 per cent since its July peak.
Commodity prices plunge in October
Commodity prices dropped in Canada in October by the largest amount on record, according to data released by Scotiabank Thursday.
The chartered bank's index of 32 commodity values fell by 15.6 per cent in October compared to September. That tumble represented the biggest one-month drop since Scotiabank began calculating the number in the late 1980s.
The index, which adds up changes in everything from potash to oil and gas to arrive at a single figure, is off almost 30 per cent since its July peak.
Commodity prices plunge in October
Commodity prices dropped in Canada in October by the largest amount on record, according to data released by Scotiabank Thursday.
The chartered bank's index of 32 commodity values fell by 15.6 per cent in October compared to September. That tumble represented the biggest one-month drop since Scotiabank began calculating the number in the late 1980s.
The index, which adds up changes in everything from potash to oil and gas to arrive at a single figure, is off almost 30 per cent since its July peak.
Federal government still projecting surpluses - but no guarantees
It's full steam ahead for Port of Vancouver expansion
Metro Vancouver's port authority is steaming ahead with a multibillion-dollar expansion despite the triple threat of a global financial crisis, increased competition and a slowdown in shipping traffic.
The port plans to spend about $4.5 billion over the next 10 years on a new terminal in Delta, and on the expansion of the existing container facilities and the possible expansion of the cruise ship terminal in Vancouver.
Port Metro Vancouver CEO Gordon Houston said he expects business will be down through much of next year, but that won't change the port's long-term plans.
It's full steam ahead for Port of Vancouver expansion
Metro Vancouver's port authority is steaming ahead with a multibillion-dollar expansion despite the triple threat of a global financial crisis, increased competition and a slowdown in shipping traffic.
The port plans to spend about $4.5 billion over the next 10 years on a new terminal in Delta, and on the expansion of the existing container facilities and the possible expansion of the cruise ship terminal in Vancouver.
Port Metro Vancouver CEO Gordon Houston said he expects business will be down through much of next year, but that won't change the port's long-term plans.
Federal government still projecting surpluses - but no guarantees
It's full steam ahead for Port of Vancouver expansion
Metro Vancouver's port authority is steaming ahead with a multibillion-dollar expansion despite the triple threat of a global financial crisis, increased competition and a slowdown in shipping traffic.
The port plans to spend about $4.5 billion over the next 10 years on a new terminal in Delta, and on the expansion of the existing container facilities and the possible expansion of the cruise ship terminal in Vancouver.
Port Metro Vancouver CEO Gordon Houston said he expects business will be down through much of next year, but that won't change the port's long-term plans.
It's full steam ahead for Port of Vancouver expansion
Metro Vancouver's port authority is steaming ahead with a multibillion-dollar expansion despite the triple threat of a global financial crisis, increased competition and a slowdown in shipping traffic.
The port plans to spend about $4.5 billion over the next 10 years on a new terminal in Delta, and on the expansion of the existing container facilities and the possible expansion of the cruise ship terminal in Vancouver.
Port Metro Vancouver CEO Gordon Houston said he expects business will be down through much of next year, but that won't change the port's long-term plans.
World's biggest steel maker to cut 9,000 jobs
ArcelorMittal, the world's biggest steelmaker, will offer voluntary "separation" programs as part of an effort to trim as many as 9,000 employees — three per cent of its global workforce.
ArcelorMittal, whose holdings include Dofasco of Hamilton, said Thursday the focus of the downsizing "is primarily on non-production employees," particularly in selling, general and administrative functions.
Luxembourg-based ArcelorMittal said the move is part of an bid to reduce spending by $1 billion US a year "in response to the current economic situation."
World's biggest steel maker to cut 9,000 jobs
ArcelorMittal, the world's biggest steelmaker, will offer voluntary "separation" programs as part of an effort to trim as many as 9,000 employees — three per cent of its global workforce.
ArcelorMittal, whose holdings include Dofasco of Hamilton, said Thursday the focus of the downsizing "is primarily on non-production employees," particularly in selling, general and administrative functions.
Luxembourg-based ArcelorMittal said the move is part of an bid to reduce spending by $1 billion US a year "in response to the current economic situation."
Bruce Power eyes northwest Sask. for nuclear plant
Bruce Power has identified a region in northwest Saskatchewan where it could build a nuclear power plant — an area that includes Lloydminster on the Saskatchewan-Alberta boundary, the Battlefords and Prince Albert.
Nuclear energy could add 1,000 megawatts of electricity to the Saskatchewan power grid by 2020, the Ontario-based company said in a feasibility study released Thursday.
A new plant would create 2,000 jobs during construction and 1,000 permanent jobs over 60 years of operation, the company said.
Thursday, November 27, 2008
New home sales in U.S. plunge in October
American new home sales in October fell to their lowest level in 17 years, according to data released by the U.S. government Wednesday.
The U.S. Census Bureau said the sale of new houses tumbled 5.3 per cent in October to an annualized rate of 433,000. That compared to 457,000 one month earlier and was the weakest showing since 1991, the federal agency said.
In addition, the 24,000 reduction was a far worse result than economists had expected for the month.
BCE shares plummet as takeover could be delayed
Shares of BCE tumbled more than 34 per cent Wednesday as the $52-billion privatization of the company could be facing another major hurdle, one that could halt Canada's largest leveraged corporate takeover.
October U.S. goods orders drop 6.2%, consumer spending down
U.S. durable goods orders tumbled out of bed in October, posting the biggest drop in two years, while individual Americans also reined in their spending in the same month, according to data released Wednesday.
The U.S. Commerce Department said orders for manufactured goods in October fell by an eye-popping 6.2 per cent, more than twice as much as economists had expected.
October's report was the largest drop since the same month in 2006, the agency said.
Saskatchewan's a potential spud powerhouse, scientist says
Saskatchewan produces just a tiny percentage of Canada's potatoes, but that could change in the future due to global warming, a University of Saskatchewan scientist says.
Horticulturist Doug Waterer said small increases in the temperature could turn the province into an ideal place to grow vegetables — especially potatoes.
At the same time, if it gets much warmer, some existing potato-growing areas could see their yields substantially reduced.
B.C.'s mining industry hit with layoffs
The impact of the global economic crisis is hitting B.C.'s mining industry with a wave of industry layoffs and troubled financing.
Up to 500 workers at four mines are expecting layoff notices, while the owners of a proposed mine confirm they are struggling to secure financing.
The companies blame low commodity prices for forcing them to cut costs and for scaring investors away.
The Willow Creek Mine near Chetwynd was the province's first new coal mine to open in decades and was heralded as a sign of the industry's resurgence.
French bank settles Manulife suit for $611 million
Manulife Financial Corp. said Wednesday it had settled a lawsuit against French bank Société Générale over losses from Portus Alternative Asset Management Inc., a failed Canadian hedge fund company.
In March of 2007, Manulife sued Société Générale on behalf of itself and all purchasers of Portus notes that were sold on the basis that the notes ensured investors would at least get back their principal.
Under the deal Wednesday, the French bank will repurchase $611 million of notes.
National Bank discloses $237M in Q4 charges
National Bank of Canada said Wednesday it will take $237 million in pre-tax charges in the fourth quarter.
The sixth-largest bank in the country said the charges include $117 million related to asset-backed commercial paper, a restructuring charge of $66 million from a revamp announced in September and $54 million for a writedown of tangible assets.
National said its fourth-quarter income is expected to reach $70 million, or 37 cents per share. After subtracting one-time items, those earnigs should be $228 milion, or $1.36 per share, up five per cent from the fourth quarter of 2007.
Wednesday, November 26, 2008
Obama picks Geithner for treasury secretary post
Faced with a historic financial crisis that will define the early days of his term, U.S. president-elect Barack Obama unveiled his economic team Monday, highlighted by the appointment of New York Federal Reserve head Timothy Geithner as his future treasury secretary.
Obama picks Geithner for treasury secretary post
Faced with a historic financial crisis that will define the early days of his term, U.S. president-elect Barack Obama unveiled his economic team Monday, highlighted by the appointment of New York Federal Reserve head Timothy Geithner as his future treasury secretary.
Obama picks Geithner for treasury secretary post
Faced with a historic financial crisis that will define the early days of his term, U.S. president-elect Barack Obama unveiled his economic team Monday, highlighted by the appointment of New York Federal Reserve head Timothy Geithner as his future treasury secretary.
Obama picks Geithner for treasury secretary post
Faced with a historic financial crisis that will define the early days of his term, U.S. president-elect Barack Obama unveiled his economic team Monday, highlighted by the appointment of New York Federal Reserve head Timothy Geithner as his future treasury secretary.
Obama picks Geithner for treasury secretary post
Faced with a historic financial crisis that will define the early days of his term, U.S. president-elect Barack Obama unveiled his economic team Monday, highlighted by the appointment of New York Federal Reserve head Timothy Geithner as his future treasury secretary.
Obama picks Geithner for treasury secretary post
Faced with a historic financial crisis that will define the early days of his term, U.S. president-elect Barack Obama unveiled his economic team Monday, highlighted by the appointment of New York Federal Reserve head Timothy Geithner as his future treasury secretary.
Dion: PM got it wrong on deficit, recession
Prime Minister Stephen Harper got it wrong when he told Canadians during the recent federal election campaign that Canada would not go into recession, and would not have a budget deficit, Liberal Leader Stéphane Dion said Tuesday.
"A few weeks ago, he said that talking about a deficit in Canada was stupid and ridiculous, but just last week he said that this was essential," Dion told the House of Commons during Tuesday's question period.
Dion: PM got it wrong on deficit, recession
Prime Minister Stephen Harper got it wrong when he told Canadians during the recent federal election campaign that Canada would not go into recession, and would not have a budget deficit, Liberal Leader Stéphane Dion said Tuesday.
"A few weeks ago, he said that talking about a deficit in Canada was stupid and ridiculous, but just last week he said that this was essential," Dion told the House of Commons during Tuesday's question period.
Federal deficit could exceed $27B next year, Ottawa think-tank says
An Ottawa research group thinks the government is heading even deeper into the red than Canada's parliamentary budget officer, who shook things up last week with talk of a $14-billion deficit in the next bookkeeping year.
In a report to be issued Tuesday, the Canadian Centre for Policy Alternatives says the deficit could hit $27.9 billion in 2009-10 and $46.8 billion in 2010-11 if there is a major recession and slow recovery. The federal fiscal year begins April 1.
Office rents to plunge in '09: report
Rents for commercial space will tumble next year as a flood of new office space crashes headlong into a slowing economy in 2009, according to a new report released by Cushman, Wakefield & Lepage on Tuesday.
The real estate service company said Canada will see a large amount of new office and commercial space come on the market in 2009 just as the national economy probably heads into a recession.
The result will be that rents will fall in all 11 major urban markets, including a 10 per cent swoon in Toronto and Vancouver and a five per cent decrease in Calgary, the report suggests.
Auto sales rebound drives September retail trade
Retail sales in Canada rebounded by a seasonally adjusted 1.1 per cent from August, the biggest jump in eight months, Statistics Canada said Tuesday.
Sales by new car dealers were up for the first time since January, accounting for most of this growth, the federal government agency said.
The September sales figures were much better than the increase of 0.4 per cent that economists had been forecasting.
Even after factoring out sales at new car dealers, used and recreational motor vehicle and parts dealers, Canada's retail activity was still up by 0.8 per cent, topping economists' expectations for an increase of 0.2 per cent from August.
AIG top boss to earn $1 salary
The chief executive officer of beleaguered insurance firm American International Group Inc. will get only $1 US in salary this year, the company said Tuesday.
Edward Liddy, who joined the company in September, will also only receive one buck in 2009. His only compensation will come in the form of stock grants, the firm said.
AIG's seven top executives will not get bonuses this year and won't see any pay increases through 2009. There will also be no salary increases through 2009 for the 50 next-highest executives, in addition to restrictions on bonus, severance and retention awards.
Oshawa's 96% jump in employment insurance recipients leads country
Even before the economic shocks of the past two months, Ontario's motor cities — Oshawa and Windsor — showed the biggest increases anywhere in the country in numbers of people on employment insurance.
In the third week of September, 480,400 people across the country were getting regular EI benefits, Statistics Canada reported Tuesday. That total was up 3.9 per cent from a year earlier.
Among provinces, Ontario showed the biggest jump with 14 per cent.
U.S. rolls out new programs to ease credit crunch
In a bid to calm markets and boost consumer confidence, the U.S. Federal Reserve and Treasury Department pledged $800 billion US to help boost the flow of lending for mortgages, students, cars, credit cards and small businesses.
The U.S. government will buy $100 billion in direct obligations from housing-related, government-sponsored enterprises, including Fannie Mae, Freddie Mac and the Federal Home Loan Banks. The government will also buy $500 billion in mortgage-backed securities.
Forestry revenues plunge in B.C.
Timber revenues are down almost 50 per cent, and it is going to take some creative thinking to revive the slumping forestry industry, B.C.'s forest minister says.
Canadians to ho-ho-hold back spending this holiday season
Canadians plan to dedicate an average of $571 to holiday spending — down from $663 in 2007, according to a national retail survey.
Seventy per cent of respondents in the Maritz Research survey released Monday reported they planned to pay for their purchases using cash over debit cards.
"This year, the consumer mood is changing and as a result retailers are facing fiercer competition for a smaller pool of spending dollars," Robert Daniel, managing director Maritz Research Canada, said in a release.
BMO Q4 earnings rise to $560M
Bank of Montreal became the first of Canada's big banks to report its year-end earnings when it said Tuesday that it made $560 million in the fourth quarter.
BMO said that was up from $452 million in the same quarter of last year.
Tuesday, November 25, 2008
Charges cut profit, but RBC expects to make $1.1B in Q4
Royal Bank said Monday that its bottom line for the quarter will be cut by $360 million because of charges related to the credit crunch, although the bank is still forecasting a profit of $1.1 billion.
RBC's overall profit for the last quarter of its fiscal year will be off from the $1.3 billion it made in the same period of last year.
"These are challenging times, with extreme volatility in the global financial markets and an uncertain outlook," said Gord Nixon, RBC's president and CEO. "However, RBC continues to be in a strong financial position."
TD to raise $1.2B from stock sale
The Toronto-Dominion Bank said Monday that it will raise $1.2 billion by selling new shares at a discount to the market price.
Ed Clark, president and CEO, said the bank didn't need the capital, but "decided to build another layer of assurance," because investors are worried about the capital position of banks in the current markets.
TSX up as U.S. investors rush to buy
The TSX moved up Monday, adding 3.5 per cent, or more than 280 points, to the 430-point gain on Friday.
The markets were evidently reacting to a massive government support package announced Sunday for troubled U.S. financial institution Citigroup, and the announcement about president-elect Barack Obama's economic team. The British government also said it was introducing a stimulus package.
U.S. existing-home sales, prices down in October
Existing-home sales and prices fell in October, the U.S. National Association of Realtors said Monday.
The national median existing-home price was $183,300 US in October, down 11.3 per cent from $206,700 in October 2007. "There remains a significant downward distortion in the current price from a large number of distress sales at discounted prices," the group said in a news release.
The number of existing-home sales fell 1.6 per cent in October from October 2007 to a seasonally adjusted annual rate of 4.98 million units.
Citigroup bailout a necessary safeguard: Bush
U.S. President George Bush said Monday that the $20-billion US bailout of financial giant Citigroup was necessary help to get the economy back on its feet.
"We have made these kinds of decisions in the past," Bush said in Washington in a brief statement with Treasury Secretary Henry Paulson. "We made one last night. And if need be we will make these kinds of decisions to safeguard our financial system in the future.
"This is a tough situation, but we will recover from it," Bush said.
Investors want to block HudBay-Lundin deal
A company that trades for seven cents a share wants to block HudBay Minerals Inc.'s takeover of Lundin Mining Corp. and instead take over HudBay itself and sell off the assets.
Flaherty offers no hints of stimulus package
Finance Minister Jim Flaherty made no promises Monday that a stimulus package might be forthcoming when he delivers his economic update later this week.
The federal government will update the House of Commons on where it expects the Canadian economy is headed, Flaherty said during a news conference, but he didn't offer any plans for a broad support package.
Britain on Monday became the latest country to unveil a scheme to try to stimulate its domestic economy in the face of global financial turmoil.
Monday, November 24, 2008
Harper announces free-trade pact with Colombia ahead of APEC summit
Canada could soon be in recession: Harper
Economic slump not hindering Vancouver's artists
5 injured during protest in Iceland over economic meltdown
Akzo fined $3.15M for price fixing
The Federal Court of Canada fined Dutch multinational Akzo Nobel Chemicals International BV $3.15 million after it pleaded guilty to criminal charges for fixing the price of hydrogen peroxide, the Competition Bureau said Friday.
A bureau investigation showed that between October 1998 and June 2001, Akzo Nobel and other unnamed companies agreed to fix the price of hydrogen peroxide, used in the pulp and paper industry as a bleaching agent, and by households to treat minor cuts.
Obama set to announce economic team
U.S. president-elect Barack Obama will hold a news conference in Chicago on Monday to announce members of a team he hopes will set the United States on the path to economic recovery.
The man reported to be Obama's choice as treasury secretary is Timothy Geithner, now president of the New York Federal Reserve.
Last Friday, the Dow Jones industrial average soared almost 500 points amid reports that Geithner has been chosen for the job.
Harper not keen on APEC's recovery 'timeline' for financial crisis
The global financial crisis will be overcome by mid-2010, leaders of the 21 member countries attending the Asia-Pacific Economic Cooperation forum in Lima said Sunday in an amended communiqué.
Canadian Prime Minister Stephen Harper, however, said he wasn't comfortable with that sort of "timeline," pointing out more immediate actions are in the works to solve the crisis.
The 2010 forecast emerged at the end of the leaders' two-day summit in the Peruvian capital.
Bombardier named in musician Travis Barker's Learjet lawsuit
U.S. slump brings not-so-glad tidings to N.B. wreath makers
U.S. orders for holiday wreaths are way down in New Brunswick because of the economic slowdown south of the border.
Laura and Ray Folkins of Sussex, who have been in the wreath-making business for over 20 years, have noticed a sharp drop in demand for their products.
"The wreath industry [has] pretty much dwindled here," Laura Folkins told CBC News. "We used to sell to the U.S. market, and that was our main buyer."
"But this year, I mean, I found one particular customer that we’ve been dealing with for a number of years, and when I was talking to them in September they said, 'Well, we’re not going to do Christmas,'" she said.
Saturday, November 22, 2008
Bush signs bill extending unemployment benefits into law
U.S. President George W. Bush on Friday signed into law a bill that will keep unemployment cheques flowing to jobless Americans through the holiday season.
The bill extending unemployment benefits was approved by the U.S. Congress just as new claims hit a 16-year high, and the number of people looking for work has surpassed 10 million.
The Labour Department said this week that first-time unemployment benefit claims surged to a seasonally adjusted 542,000 last week from 515,000 the previous week.
Budget officer forecasts $3.9B deficit next year
Canada is on course to record "modest" deficits in the next two years and faces the "distinct possibility" of falling into the red this year as well, says a report by Canada's independent parliamentary budget officer.
Kevin Page gave the sobering outlook on Thursday morning in his first fiscal and economic assessment of the country.
The report projects a deficit of $3.9 billion in 2009-10 and $1.4 billion in 2010-11, with a return to modest surpluses of $1.6 billion in 2011-12 and $3 billion in 2012-13.
Inflation rate eases to 2.6%
Canada's annual inflation rate eased to 2.6 per cent in October, down from the 12-month increase of 3.4 per cent seen in September.
October's slowdown was primarily a result of slower price increases for gasoline, but prices for food exerted stronger upward pressure on consumer prices, Statistics Canada said Friday.
For the month of October alone, on a seasonally unadjusted basis, consumer prices fell one per cent from September to October, the largest drop since June 1959. The seasonally adjusted figure is a drop of 0.5 per cent.
Caisse won't reveal financial data until next year
Opposition politicians in Quebec said Friday that the province's giant pension fund, the Caisse de dépôt et placement du Québec, is facing billions in losses, but the Liberals rejected demands they get involved.
Pierre Brunet, chairman, and Fernand Perreault, executive vice-president, met reporters in Montreal Friday afternoon, but said they won't release any numbers before the scheduled date early in 2009, when the figures for 2008 would normally be released.
J.D. Irving Ltd. slams Environment Canada over armed raid
A day after armed Environment Canada officials raided a Saint John pulp and paper mill, J.D. Irving Ltd. officials continue to call the tactics "heavy-handed."
The pulp mill was the site of an effluent spill that happened more than a year ago. But a senior J.D. Irving official said on Friday he has no idea why Environment Canada didn't just request what it decided it wanted to seize.
The company confirmed that more than 30 agents stormed into the mill, armed with a search warrant and guns. The company said the agents took over the company's offices, seized documents and computer files. Mark Mosher, an Irving vice-president, said the tactics were excessive.
TD discloses $350M charge
TD Bank became the latest of the big five Canadian banks to disclose large charges it will take in its fourth quarter as it will book $350 million in credit trading losses.
TD's earnings are due to be released in two weeks, but the bank said in a preview it will post a profit of $642 million, after factoring out one-time gains or charges.
Investors responded by sending TD shares down $6.36, or more than 12 per cent, to close at $43.57 on the TSX.
GM making more production cuts
General Motors of Canada will cut a second week of production at its Oshawa car plant in January, and may move up the timeframe for shuttering its Oshawa truck plant to May from July, a Canadian Auto Workers official said.
"Our car assembly plant was scheduled to be on layoff the first week of January, but they notified us today that they're going to take a second week out of January as well, as the market continues to soften," said Chris Buckley, president of union Local 222 in Oshawa.
Budget officer forecasts $3.9B deficit next year
Canada is on course to record "modest" deficits in the next two years and faces the "distinct possibility" of falling into the red this year as well, says a report by Canada's independent parliamentary budget officer.
Kevin Page gave the sobering outlook on Thursday morning in his first fiscal and economic assessment of the country.
The report projects a deficit of $3.9 billion in 2009-10 and $1.4 billion in 2010-11, with a return to modest surpluses of $1.6 billion in 2011-12 and $3 billion in 2012-13.
Inflation rate eases to 2.6%
Canada's annual inflation rate eased to 2.6 per cent in October, down from the 12-month increase of 3.4 per cent seen in September.
October's slowdown was primarily a result of slower price increases for gasoline, but prices for food exerted stronger upward pressure on consumer prices, Statistics Canada said Friday.
For the month of October alone, on a seasonally unadjusted basis, consumer prices fell one per cent from September to October, the largest drop since June 1959. The seasonally adjusted figure is a drop of 0.5 per cent.
Caisse won't reveal financial data until next year
Opposition politicians in Quebec said Friday that the province's giant pension fund, the Caisse de dépôt et placement du Québec, is facing billions in losses, but the Liberals rejected demands they get involved.
Pierre Brunet, chairman, and Fernand Perreault, executive vice-president, met reporters in Montreal Friday afternoon, but said they won't release any numbers before the scheduled date early in 2009, when the figures for 2008 would normally be released.
J.D. Irving Ltd. slams Environment Canada over armed raid
A day after armed Environment Canada officials raided a Saint John pulp and paper mill, J.D. Irving Ltd. officials continue to call the tactics "heavy-handed."
The pulp mill was the site of an effluent spill that happened more than a year ago. But a senior J.D. Irving official said on Friday he has no idea why Environment Canada didn't just request what it decided it wanted to seize.
The company confirmed that more than 30 agents stormed into the mill, armed with a search warrant and guns. The company said the agents took over the company's offices, seized documents and computer files. Mark Mosher, an Irving vice-president, said the tactics were excessive.
TD discloses $350M charge
TD Bank became the latest of the big five Canadian banks to disclose large charges it will take in its fourth quarter as it will book $350 million in credit trading losses.
TD's earnings are due to be released in two weeks, but the bank said in a preview it will post a profit of $642 million, after factoring out one-time gains or charges.
Investors responded by sending TD shares down $6.36, or more than 12 per cent, to close at $43.57 on the TSX.
GM making more production cuts
General Motors of Canada will cut a second week of production at its Oshawa car plant in January, and may move up the timeframe for shuttering its Oshawa truck plant to May from July, a Canadian Auto Workers official said.
"Our car assembly plant was scheduled to be on layoff the first week of January, but they notified us today that they're going to take a second week out of January as well, as the market continues to soften," said Chris Buckley, president of union Local 222 in Oshawa.
Bush signs bill extending unemployment benefits into law
U.S. President George W. Bush on Friday signed into law a bill that will keep unemployment cheques flowing to jobless Americans through the holiday season.
The bill extending unemployment benefits was approved by the U.S. Congress just as new claims hit a 16-year high, and the number of people looking for work has surpassed 10 million.
The Labour Department said this week that first-time unemployment benefit claims surged to a seasonally adjusted 542,000 last week from 515,000 the previous week.
Markets surge in late trading on report of new U.S. treasury secretary
Auto companies, unions must produce long-term plan: Clement
Budget officer forecasts $3.9B deficit next year
Canada is on course to record "modest" deficits in the next two years and faces the "distinct possibility" of falling into the red this year as well, says a report by Canada's independent parliamentary budget officer.
Kevin Page gave the sobering outlook on Thursday morning in his first fiscal and economic assessment of the country.
The report projects a deficit of $3.9 billion in 2009-10 and $1.4 billion in 2010-11, with a return to modest surpluses of $1.6 billion in 2011-12 and $3 billion in 2012-13.
Inflation rate eases to 2.6%
Canada's annual inflation rate eased to 2.6 per cent in October, down from the 12-month increase of 3.4 per cent seen in September.
October's slowdown was primarily a result of slower price increases for gasoline, but prices for food exerted stronger upward pressure on consumer prices, Statistics Canada said Friday.
For the month of October alone, on a seasonally unadjusted basis, consumer prices fell one per cent from September to October, the largest drop since June 1959. The seasonally adjusted figure is a drop of 0.5 per cent.
Caisse won't reveal financial data until next year
Opposition politicians in Quebec said Friday that the province's giant pension fund, the Caisse de dépôt et placement du Québec, is facing billions in losses, but the Liberals rejected demands they get involved.
Pierre Brunet, chairman, and Fernand Perreault, executive vice-president, met reporters in Montreal Friday afternoon, but said they won't release any numbers before the scheduled date early in 2009, when the figures for 2008 would normally be released.
J.D. Irving Ltd. slams Environment Canada over armed raid
A day after armed Environment Canada officials raided a Saint John pulp and paper mill, J.D. Irving Ltd. officials continue to call the tactics "heavy-handed."
The pulp mill was the site of an effluent spill that happened more than a year ago. But a senior J.D. Irving official said on Friday he has no idea why Environment Canada didn't just request what it decided it wanted to seize.
The company confirmed that more than 30 agents stormed into the mill, armed with a search warrant and guns. The company said the agents took over the company's offices, seized documents and computer files. Mark Mosher, an Irving vice-president, said the tactics were excessive.
TD discloses $350M charge
TD Bank became the latest of the big five Canadian banks to disclose large charges it will take in its fourth quarter as it will book $350 million in credit trading losses.
TD's earnings are due to be released in two weeks, but the bank said in a preview it will post a profit of $642 million, after factoring out one-time gains or charges.
Investors responded by sending TD shares down $6.36, or more than 12 per cent, to close at $43.57 on the TSX.
GM making more production cuts
General Motors of Canada will cut a second week of production at its Oshawa car plant in January, and may move up the timeframe for shuttering its Oshawa truck plant to May from July, a Canadian Auto Workers official said.
"Our car assembly plant was scheduled to be on layoff the first week of January, but they notified us today that they're going to take a second week out of January as well, as the market continues to soften," said Chris Buckley, president of union Local 222 in Oshawa.
Bush signs bill extending unemployment benefits into law
U.S. President George W. Bush on Friday signed into law a bill that will keep unemployment cheques flowing to jobless Americans through the holiday season.
The bill extending unemployment benefits was approved by the U.S. Congress just as new claims hit a 16-year high, and the number of people looking for work has surpassed 10 million.
The Labour Department said this week that first-time unemployment benefit claims surged to a seasonally adjusted 542,000 last week from 515,000 the previous week.
Markets surge in late trading on report of new U.S. treasury secretary
Auto companies, unions must produce long-term plan: Clement
Citigroup feared near major restructuring
Investors are treating New York financial services company Citigroup Inc. as the next financial institution to face the prospect of a dramatic makeover.
Citigroup feared near major restructuring
Investors are treating New York financial services company Citigroup Inc. as the next financial institution to face the prospect of a dramatic makeover.
Friday, November 21, 2008
Auto dealers call for government help
The industry group representing Canada's automobile dealers said Canadian politicians must take immediate steps to increase liquidity in the car markets.
"Predictable and acceptable credit is the oil in the auto industry's engine," said Richard Gauthier, president of the Canadian Automobile Dealers Association, during a press conference Friday in Ottawa.
"Any effort by government to support the banking sector must also be accompanied by a strong message to the banks that they must continue to support small, sound business," he said.
Auto dealers call for government help
The industry group representing Canada's automobile dealers said Canadian politicians must take immediate steps to increase liquidity in the car markets.
"Predictable and acceptable credit is the oil in the auto industry's engine," said Richard Gauthier, president of the Canadian Automobile Dealers Association, during a press conference Friday in Ottawa.
"Any effort by government to support the banking sector must also be accompanied by a strong message to the banks that they must continue to support small, sound business," he said.
Auto dealers call for government help
The industry group representing Canada's automobile dealers said Canadian politicians must take immediate steps to increase liquidity in the car markets.
"Predictable and acceptable credit is the oil in the auto industry's engine," said Richard Gauthier, president of the Canadian Automobile Dealers Association, during a press conference Friday in Ottawa.
"Any effort by government to support the banking sector must also be accompanied by a strong message to the banks that they must continue to support small, sound business," he said.
Auto dealers call for government help
The industry group representing Canada's automobile dealers said Canadian politicians must take immediate steps to increase liquidity in the car markets.
"Predictable and acceptable credit is the oil in the auto industry's engine," said Richard Gauthier, president of the Canadian Automobile Dealers Association, during a press conference Friday in Ottawa.
"Any effort by government to support the banking sector must also be accompanied by a strong message to the banks that they must continue to support small, sound business," he said.
Auto dealers call for government help
The industry group representing Canada's automobile dealers said Canadian politicians must take immediate steps to increase liquidity in the car markets.
"Predictable and acceptable credit is the oil in the auto industry's engine," said Richard Gauthier, president of the Canadian Automobile Dealers Association, during a press conference Friday in Ottawa.
"Any effort by government to support the banking sector must also be accompanied by a strong message to the banks that they must continue to support small, sound business," he said.
Auto dealers call for government help
The industry group representing Canada's automobile dealers said Canadian politicians must take immediate steps to increase liquidity in the car markets.
"Predictable and acceptable credit is the oil in the auto industry's engine," said Richard Gauthier, president of the Canadian Automobile Dealers Association, during a press conference Friday in Ottawa.
"Any effort by government to support the banking sector must also be accompanied by a strong message to the banks that they must continue to support small, sound business," he said.
Auto dealers call for government help
The industry group representing Canada's automobile dealers said Canadian politicians must take immediate steps to increase liquidity in the car markets.
"Predictable and acceptable credit is the oil in the auto industry's engine," said Richard Gauthier, president of the Canadian Automobile Dealers Association, during a press conference Friday in Ottawa.
"Any effort by government to support the banking sector must also be accompanied by a strong message to the banks that they must continue to support small, sound business," he said.
HudBay to buy Lundin Mining
HudBay Minerals Inc. is taking over Lundin Mining Corp. in an all-stock friendly deal that will create a company that can take advantage of the opportunities presented by the market turmoil, the companies said.
The resulting company will be the second largest base metals miner in Canada, based on market capitalization. It has excellent internal growth prospects, "and has the size and strength to take advantage of opportunities over the next 18 months," Lundin president and CEO Phil J. Wright said in a release.
Auto dealers call for government help
The industry group representing Canada's automobile dealers said Canadian politicians must take immediate steps to increase liquidity in the car markets.
"Predictable and acceptable credit is the oil in the auto industry's engine," said Richard Gauthier, president of the Canadian Automobile Dealers Association, during a press conference Friday in Ottawa.
"Any effort by government to support the banking sector must also be accompanied by a strong message to the banks that they must continue to support small, sound business," he said.
Auto dealers call for government help
The industry group representing Canada's automobile dealers said Canadian politicians must take immediate steps to increase liquidity in the car markets.
"Predictable and acceptable credit is the oil in the auto industry's engine," said Richard Gauthier, president of the Canadian Automobile Dealers Association, during a press conference Friday in Ottawa.
"Any effort by government to support the banking sector must also be accompanied by a strong message to the banks that they must continue to support small, sound business," he said.
HudBay to buy Lundin Mining
HudBay Minerals Inc. is taking over Lundin Mining Corp. in an all-stock friendly deal that will create a company that can take advantage of the opportunities presented by the market turmoil, the companies said.
The resulting company will be the second largest base metals miner in Canada, based on market capitalization. It has excellent internal growth prospects, "and has the size and strength to take advantage of opportunities over the next 18 months," Lundin president and CEO Phil J. Wright said in a release.
HudBay to buy Lundin Mining
HudBay Minerals Inc. is taking over Lundin Mining Corp. in an all-stock friendly deal that will create a company that can take advantage of the opportunities presented by the market turmoil, the companies said.
The resulting company will be the second largest base metals miner in Canada, based on market capitalization. It has excellent internal growth prospects, "and has the size and strength to take advantage of opportunities over the next 18 months," Lundin president and CEO Phil J. Wright said in a release.
HudBay to buy Lundin Mining
HudBay Minerals Inc. is taking over Lundin Mining Corp. in an all-stock friendly deal that will create a company that can take advantage of the opportunities presented by the market turmoil, the companies said.
The resulting company will be the second largest base metals miner in Canada, based on market capitalization. It has excellent internal growth prospects, "and has the size and strength to take advantage of opportunities over the next 18 months," Lundin president and CEO Phil J. Wright said in a release.
HudBay to buy Lundin Mining
HudBay Minerals Inc. is taking over Lundin Mining Corp. in an all-stock friendly deal that will create a company that can take advantage of the opportunities presented by the market turmoil, the companies said.
The resulting company will be the second largest base metals miner in Canada, based on market capitalization. It has excellent internal growth prospects, "and has the size and strength to take advantage of opportunities over the next 18 months," Lundin president and CEO Phil J. Wright said in a release.
HudBay to buy Lundin Mining
HudBay Minerals Inc. is taking over Lundin Mining Corp. in an all-stock friendly deal that will create a company that can take advantage of the opportunities presented by the market turmoil, the companies said.
The resulting company will be the second largest base metals miner in Canada, based on market capitalization. It has excellent internal growth prospects, "and has the size and strength to take advantage of opportunities over the next 18 months," Lundin president and CEO Phil J. Wright said in a release.
HudBay to buy Lundin Mining
HudBay Minerals Inc. is taking over Lundin Mining Corp. in an all-stock friendly deal that will create a company that can take advantage of the opportunities presented by the market turmoil, the companies said.
The resulting company will be the second largest base metals miner in Canada, based on market capitalization. It has excellent internal growth prospects, "and has the size and strength to take advantage of opportunities over the next 18 months," Lundin president and CEO Phil J. Wright said in a release.
Teck shares fall on debt-cutting plan
Shares in Teck Cominco Ltd. were crunched in trading Thursday after the debt-laden mining company suspended its dividend and unveiled its first steps to reduce its borrowings.
Teck shares plunged more than 21 per cent, or $1.12, to close the trading day on the TSX at $4.10.
The Vancouver-based mining giant announced a number of steps it would take to generate cash and reduce spending as Teck Cominco deals with a huge debtload.
TSX tumbles below 8,000
A double-barrelled shot of tumbling oil prices and more bad news from one of Canada's big banks pushed the S&P/TSX composite index under 8,000 points for the first time in over five years.
The TSX's dismal day saw a drop of 765.76 points, the fourth-largest retreat on record, to finish at 7,724.80. In terms of percentage points, Thursday's drop of more than nine per cent was the second largest on record.
The index has not gone below 8,000 points since Dec. 17, 2003, and has not had a close so low since Oct. 28. 2003.
N.W.T. garages may see silver lining from snow tire shortage
Drivers across Canada are dealing with a shortage of winter tires this season, thanks to a new snow-tire law in Quebec, but garages in the Northwest Territories say the early winters up north could give them an advantage.
Garages across the North have not been immune to the tire shortage, as Quebec motorists scramble to put winter radial tires on their vehicles before Dec. 15, when new provincial legislation will make winter tires mandatory.
Leading-edge entrepreneurs turn international heads
Thursday, November 20, 2008
Flaherty to deliver economic update next week
Finance Minister Jim Flaherty announced Thursday he will deliver a long-awaited economic update next week, even as a newly released report forecast a possible $5.3 billion in federal deficits over the next two years.
The Conservatives will be "setting out our own economic forecasts, as well as those of the private forecasters, in the update" at 4 p.m. Thursday, Flaherty said during question period.
"Canada is very well positioned compared to our G7 allies and relative to other economies, but the seriousness of this situation is not to be underestimated."
Flaherty to deliver economic update next week
Finance Minister Jim Flaherty announced Thursday he will deliver a long-awaited economic update next week, even as a newly released report forecast a possible $5.3 billion in federal deficits over the next two years.
The Conservatives will be "setting out our own economic forecasts, as well as those of the private forecasters, in the update" at 4 p.m. Thursday, Flaherty said during question period.
"Canada is very well positioned compared to our G7 allies and relative to other economies, but the seriousness of this situation is not to be underestimated."
Flaherty to deliver economic update next week
Finance Minister Jim Flaherty announced Thursday he will deliver a long-awaited economic update next week, even as a newly released report forecast a possible $5.3 billion in federal deficits over the next two years.
The Conservatives will be "setting out our own economic forecasts, as well as those of the private forecasters, in the update" at 4 p.m. Thursday, Flaherty said during question period.
"Canada is very well positioned compared to our G7 allies and relative to other economies, but the seriousness of this situation is not to be underestimated."
Conrad Black seeking clemency from President Bush
Conrad Black seeking clemency from President Bush
Flaherty to deliver economic update next week
Finance Minister Jim Flaherty announced Thursday he will deliver a long-awaited economic update next week, even as a newly released report forecast a possible $5.3 billion in federal deficits over the next two years.
The Conservatives will be "setting out our own economic forecasts, as well as those of the private forecasters, in the update" at 4 p.m. Thursday, Flaherty said during question period.
"Canada is very well positioned compared to our G7 allies and relative to other economies, but the seriousness of this situation is not to be underestimated."
Conrad Black seeking clemency from President Bush
Flaherty to deliver economic update next week
Finance Minister Jim Flaherty announced Thursday he will deliver a long-awaited economic update next week, even as a newly released report forecast a possible $5.3 billion in federal deficits over the next two years.
The Conservatives will be "setting out our own economic forecasts, as well as those of the private forecasters, in the update" at 4 p.m. Thursday, Flaherty said during question period.
"Canada is very well positioned compared to our G7 allies and relative to other economies, but the seriousness of this situation is not to be underestimated."
Flaherty to deliver economic update next week
Finance Minister Jim Flaherty announced Thursday he will deliver a long-awaited economic update next week, even as a newly released report forecast a possible $5.3 billion in federal deficits over the next two years.
The Conservatives will be "setting out our own economic forecasts, as well as those of the private forecasters, in the update" at 4 p.m. Thursday, Flaherty said during question period.
"Canada is very well positioned compared to our G7 allies and relative to other economies, but the seriousness of this situation is not to be underestimated."
U.S. jobless claims hit 16-year high
The U.S. government on Thursday released more details on the sinking state of the economy as it said new claims for unemployment benefits hit a 16-year high last week.
The Labour Department said first-time benefits claims surged to a seasonally adjusted 542,000 last week from 515,000 the previous week.
The claims figure was much worse than the 505,000 that economists had been expecting.
First-time claims have not been this high since July 1992, when the U.S. economy was trying to get out of recession.
Flaherty to deliver economic update next week
Finance Minister Jim Flaherty announced Thursday he will deliver a long-awaited economic update next week, even as a newly released report forecast a possible $5.3 billion in federal deficits over the next two years.
The Conservatives will be "setting out our own economic forecasts, as well as those of the private forecasters, in the update" at 4 p.m. Thursday, Flaherty said during question period.
"Canada is very well positioned compared to our G7 allies and relative to other economies, but the seriousness of this situation is not to be underestimated."
Flaherty to deliver economic update next week
Finance Minister Jim Flaherty announced Thursday he will deliver a long-awaited economic update next week, even as a newly released report forecast a possible $5.3 billion in federal deficits over the next two years.
The Conservatives will be "setting out our own economic forecasts, as well as those of the private forecasters, in the update" at 4 p.m. Thursday, Flaherty said during question period.
"Canada is very well positioned compared to our G7 allies and relative to other economies, but the seriousness of this situation is not to be underestimated."
Conrad Black seeking clemency from President Bush
U.S. jobless claims hit 16-year high
The U.S. government on Thursday released more details on the sinking state of the economy as it said new claims for unemployment benefits hit a 16-year high last week.
The Labour Department said first-time benefits claims surged to a seasonally adjusted 542,000 last week from 515,000 the previous week.
The claims figure was much worse than the 505,000 that economists had been expecting.
First-time claims have not been this high since July 1992, when the U.S. economy was trying to get out of recession.
U.S. jobless claims hit 16-year high
The U.S. government on Thursday released more details on the sinking state of the economy as it said new claims for unemployment benefits hit a 16-year high last week.
The Labour Department said first-time benefits claims surged to a seasonally adjusted 542,000 last week from 515,000 the previous week.
The claims figure was much worse than the 505,000 that economists had been expecting.
First-time claims have not been this high since July 1992, when the U.S. economy was trying to get out of recession.
Conrad Black seeking clemency from President Bush
U.S. jobless claims hit 16-year high
The U.S. government on Thursday released more details on the sinking state of the economy as it said new claims for unemployment benefits hit a 16-year high last week.
The Labour Department said first-time benefits claims surged to a seasonally adjusted 542,000 last week from 515,000 the previous week.
The claims figure was much worse than the 505,000 that economists had been expecting.
First-time claims have not been this high since July 1992, when the U.S. economy was trying to get out of recession.
CRTC allows Bell to continue internet throttling
Conrad Black seeking clemency from President Bush
U.S. jobless claims hit 16-year high
The U.S. government on Thursday released more details on the sinking state of the economy as it said new claims for unemployment benefits hit a 16-year high last week.
The Labour Department said first-time benefits claims surged to a seasonally adjusted 542,000 last week from 515,000 the previous week.
The claims figure was much worse than the 505,000 that economists had been expecting.
First-time claims have not been this high since July 1992, when the U.S. economy was trying to get out of recession.
U.S. jobless claims hit 16-year high
The U.S. government on Thursday released more details on the sinking state of the economy as it said new claims for unemployment benefits hit a 16-year high last week.
The Labour Department said first-time benefits claims surged to a seasonally adjusted 542,000 last week from 515,000 the previous week.
The claims figure was much worse than the 505,000 that economists had been expecting.
First-time claims have not been this high since July 1992, when the U.S. economy was trying to get out of recession.
U.S. jobless claims hit 16-year high
The U.S. government on Thursday released more details on the sinking state of the economy as it said new claims for unemployment benefits hit a 16-year high last week.
The Labour Department said first-time benefits claims surged to a seasonally adjusted 542,000 last week from 515,000 the previous week.
The claims figure was much worse than the 505,000 that economists had been expecting.
First-time claims have not been this high since July 1992, when the U.S. economy was trying to get out of recession.
CRTC allows Bell to continue internet throttling
CRTC allows Bell to continue internet throttling
CRTC allows Bell to continue internet throttling
CRTC allows Bell to continue internet throttling
CRTC allows Bell to continue internet throttling
CRTC allows Bell to continue internet throttling
U.S. jobless claims hit 16-year high
The U.S. government on Thursday released more details on the sinking state of the economy as it said new claims for unemployment benefits hit a 16-year high last week.
The Labour Department said first-time benefits claims surged to a seasonally adjusted 542,000 last week from 515,000 the previous week.
The claims figure was much worse than the 505,000 that economists had been expecting.
First-time claims have not been this high since July 1992, when the U.S. economy was trying to get out of recession.
U.S. jobless claims hit 16-year high
The U.S. government on Thursday released more details on the sinking state of the economy as it said new claims for unemployment benefits hit a 16-year high last week.
The Labour Department said first-time benefits claims surged to a seasonally adjusted 542,000 last week from 515,000 the previous week.
The claims figure was much worse than the 505,000 that economists had been expecting.
First-time claims have not been this high since July 1992, when the U.S. economy was trying to get out of recession.
CRTC allows Bell to continue internet throttling
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