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Mar 19, 2014

Canada’s energy minister to be named new finance minister -source

OTTAWA, March 19 (Reuters) – Canada’s energy minister, Joe
Oliver, will be sworn in on Wednesday as the country’s new
finance minister, a government official familiar with the
process said, signaling a stay-the-course approach to fiscal
policy.

Oliver has extensive experience in the financial industry,
having served at the Ontario Securities Commission, Investment
Dealers Association of Canada and Merrill Lynch.

Mar 18, 2014

Canada’s veteran finance minister quits, budget surplus in sight

OTTAWA, March 18 (Reuters) – Canada’s Jim Flaherty, the
long-serving Conservative finance minister who helped steer the
economy through the global financial crisis, resigned from
politics on Tuesday, leaving the country on track to balance its
books by 2015.

Flaherty, 64, ends the third-longest stint as finance
minister in the country’s history. He has been suffering acutely
from a rare skin disease, though he denied his resignation had
anything to do with health.

Mar 18, 2014

Outspoken Canada Finance Minister Flaherty quits

OTTAWA, March 18 (Reuters) – Canada’s straight-talking
finance minister, Jim Flaherty, is stepping down after eight
years overseeing an economy that fared better than most in the
global financial crisis but before he reached his goal of
balancing the government’s books.

Flaherty, 64, announced his resignation on Tuesday after
months of speculation he would step down to attend to his
health. He suffers from a rare skin disease that has forced him
to dramatically reduce his public appearances and travel.

Mar 18, 2014

Canada factory sales bounce back after weather hit

OTTAWA, March 18 (Reuters) – Canadian manufacturing sales
bounced back more quickly than expected in January in a sign
that the economy may be recovering from weather-related weakness
at the end of last year.

Factory sales climbed 1.5 percent in January from December,
Statistics Canada said on Tuesday. It was the briskest pace in
nearly a year and well above the market forecast of a 0.6
percent gain, making up for the revised 1.5 percent downturn in
December.

Mar 17, 2014

Bank of Canada creates COO position, redefines role of its No. 2

OTTAWA, March 17 (Reuters) – Canada’s central bank is
redefining the role of its No. 2 policymaker, introducing
changes that may attract a broader range of candidates to fill
the job when the current second-in-command, Tiff Macklem, steps
down later this year.

To split off some of the responsibilities now undertaken by
Macklem, the Bank of Canada’s senior deputy governor, the bank
is creating the position of chief operating officer (COO),
according to a job vacancy posted online by executive
recruitment firm Boyden.

Mar 7, 2014

Canada suffers jobs setback in Feb; Jan trade gap narrows

OTTAWA, March 7 (Reuters) – The Canadian economy
unexpectedly lost 7,000 jobs in February, giving little reason
for the Bank of Canada to change its neutral stance on interest
rates after strong hiring in January had raised hopes of renewed
vigor in the labor market.

Statistics Canada’s employment report, released on Friday,
was mixed, showing 18,900 full-time jobs were created in the
month while 25,900 part-time positions disappeared. The private
sector hired 35,200 new workers while the public sector shed
50,700. The services sector was hardest hit.

Mar 5, 2014

Bank of Canada holds rates, frets about low inflation

OTTAWA, March 5 (Reuters) – The Bank of Canada continued to
express concerns about weak inflation on Wednesday, even after
consumer prices picked up markedly in January, and it repeated
that its next move on interest rates could be either up or down.

The central bank left its benchmark interest rate unchanged
at 1.0 percent, as expected, extending a freeze that has lasted
more than three years. Analysts do not expect the bank to move
on rates until the third quarter of next year.

Feb 25, 2014

Canada’s finance minister undecided on 2015 run amid health issues

MELBOURNE, Feb 25 (Reuters) – Canada’s Finance Minister Jim
Flaherty has not yet decided whether to run for office again in
the 2015 general election, he told Reuters on Tuesday, amid
speculation he may step down before then to attend to health
issues.

“We’ll see. I haven’t decided,” Flaherty said in an
interview when asked to confirm his intentions.

Feb 23, 2014

G20 aspires to faster economic growth, roadmap sketchy

SYDNEY, Feb 23 (Reuters) – The world’s top economies have
embraced a goal of generating more than $2 trillion in
additional output over five years while creating tens of million
of new jobs, signalling optimism that the worst of crisis-era
austerity was behind them.

The final communique from the two-day meeting of Group 20
finance ministers and central bankers in Sydney said they would
take concrete action to increase investment and employment,
among other reforms. The group accounts for around 85 percent of
the global economy.

Feb 23, 2014

G20 ready to aspire to faster global growth

SYDNEY (Reuters) – The world’s top economies are on the verge of adopting a soft target of adding an extra 2 percentage points to global growth over five years at a meeting in Sydney, signaling optimism that the worst of crisis-era austerity was behind them.

The deal will come as the Group 20 finance ministers and central bankers struggle with the impact of the Federal Reserve’s tapering of its monetary stimulus on emerging markets and giving developing nations a greater say in the International Monetary Fund.

    • About Louise

      "I cover Canadian economic news, central banking and politics. I am based in Ottawa and have been in my current role since 2006. Before that, I wrote about Latin America from Buenos Aires and Santiago, Chile."
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