QUEBEC CITY, Nov 20 (Reuters) – The Canadian province of
Quebec said on Tuesday it will eliminate its C$1.6 billion ($1.6
billion) budget deficit by 2013-14 in a plan that pledged
spending restraint and higher taxes on the rich, but delayed
plans to raise mining royalties.
Finance Minister Nicolas Marceau promised to whittle down
the budget shortfall in the current 2012-13 fiscal year to C$1.5
billion, or 0.4 percent of gross domestic product, and balance
the books in the following year, as was widely expected, ending
a four-year string of deficits.
OTTAWA, Nov 15 (Reuters) – Canadian manufacturing sales grew
0.4 percent in September from August due mainly to a sharp rise
in the volatile aerospace sector, but sales fell in the
heavyweight auto industry and in most other industries,
Statistics Canada said on Thursday.
The gain was above the 0.3 percent increase forecast. But
analysts said the details of the report were weaker and
confirmed slower economic growth in the third quarter.
OTTAWA, Nov 14 (Reuters) – The Canadian agency investigating
whether banks manipulated a key global interest rates accused
Royal Bank of Scotland Group on Wednesday of failing to
cooperate with its probe and of making misleading statements
Escalating a dispute over the Canadian Competition Bureau’s
request for internal documents, the Ottawa-based agency said RBS
was not cooperating fully, as the bank claimed, with the probe
into possible collusion in setting the yen Libor rate.
OTTAWA, Nov 14 (Reuters) – A claim by Royal Bank of Scotland
Group that it is cooperating fully with Canada’s
Competition Bureau in an investigation into possible collusion
in setting the yen Libor rate is false, the Canadian law
enforcement agency said on Wednesday.
“The suggestion that the RBS Group is ‘co-operating fully’
with the bureau is false,” the federal agency said in a
statement on its website. “The RBS Group has not applied to the
Bureau’s immunity or leniency programs and, in fact, has
challenged a production order issued by the Ontario Superior
Court of Justice in relation to the bureau’s investigation,” it
OTTAWA, Nov 13 (Reuters) – Canada pushed back the target to
wipe out its federal budget deficit by a year on Tuesday, citing
the impact of a weak global economy that has dampened commodity
The finance department projected bigger-than-expected
federal budget deficits for this year and the following three
years. It now sees a return to a small surplus in 2016-17, a
year later than previously planned.
OTTAWA, Nov 12 (Reuters) – Canada will update its budget
forecasts on Tuesday in a report that may show Ottawa is
slightly behind schedule in its plan for eliminating a small
deficit, while also preparing a contingency plan for more
stimulus in case of a U.S. fiscal disaster.
The Conservative government’s finance minister, Jim
Flaherty, is scheduled to deliver a speech in Fredericton, New
Brunswick, on Tuesday at 1200 Eastern (1700 GMT). He will unveil
the annual fall fiscal update at the same time, according to a
government official who spoke on condition of anonymity.
MEXICO CITY, Nov 5 (Reuters) – International groups tasked
with safeguarding the world banking system conceded they would
miss a deadline for new rules aimed at limiting risk and
boosting transparency in the $648 trillion over-the-counter
At a meeting of the Group of 20 leading economies in Mexico
City, the head of the G20′s regulatory arm said the goal of
having strong global swaps reforms in place by the end of 2012
was not in the cards.
MEXICO CITY (Reuters) – Leading world economies plan to give themselves more time to meet their own targets for cutting budget deficits rather than risk aggravating a slowdown in many countries, chief among them the United States, G20 finance officials said.
Policymakers from the Group of 20 developed and developing economies met on Monday in Mexico and were set to allow themselves more flexibility on a target agreed in 2010 to halve their budget shortfalls by the end of next year.
MEXICO CITY, Nov 4 (Reuters) – Canada will report within two
weeks that it is “close” to meeting its target of eliminating
the budget deficit in 2015-16, Finance Minister Jim Flaherty
said on Sunday, suggesting Ottawa may still be a few billion
dollars in the red at that time.
Canada ran a fiscal surplus for over a decade prior to the
global financial crisis, but then fell into deficit as it
injected cash into the economy to stimulate growth. In 2009, the
Conservative government pledged to balance the books again in
2015-16 through government spending cuts and economic growth.
MEXICO CITY (Reuters) – The G20 risks becoming a “paper tiger” unless countries follow through on commitments aimed at preventing another global economic crisis, Canada’s finance minister said on Sunday, fingering the U.S. “fiscal cliff” as the greatest risk.
Flaherty spoke to reporters as some of the world’s major economies looked set to miss agreed deadlines for reducing their fiscal deficits and for implementing new bank capital rules to safeguard against taxpayer bailouts the next time they run into trouble.