The Conservative government Friday sought the power to take stakes in the country’s banks and to seize control of troubled financial institutions, in the most radical and far-reaching response yet to the crisis in the global financial system.
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The federal government believes it will stay out of deficit for the coming years based largely on efforts to extract nearly $15-billion from savings and “effective management” of the bureaucracy over the next half-decade, according to its fiscal update released Thursday.
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Royal Bank of Scotland’s bailout deal closed with the government taking some 20-billion pounds (US$31-billion) in stock or 58% of the company.
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A weaker oil price reflecting poor economic demand ahead shut off a rally in world stocks on Friday while government bond yields sank.
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Scores of manufacturing workers in Ontario won’t be pried from family gatherings because of work this holiday season but not for a reason they’re likely happy about.
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Canada ranks only 25 out of 98 countries in its openess to world markets, according to a study published by the C.D. Howe Institute.
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HudBay had become a safe haven in the market downturn because of its monstrous $844-million cash balance. So when Mr. Palmiere, the chief executive, struck the $597-million all-stock deal for Lundin, investors focused on what it would do to HudBay’s pristine balance sheet in the short-term.
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Bonnie Brownlee described the cuts as a follow up to chief executive Ivan Fecan’s message to staff earlier this month that reductions in employee numbers would be necessary due to tough economic conditions.
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Bank chiefs on Bay Street are urging Ottawa to commit to making a major injection of cash into the economy to help stem a rising tide of bad loans, after internal bank figures showed Canadians were increasingly struggling to make payments on money they’ve borrowed.
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Leading economists are warning the federal government that the “unprecedented” fiscal stimulus program it is contemplating to deal with the fallout from the U.S.-originated financial crisis runs the risk of failing.
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