BoC to cut interest rates
Deteriorating economic conditions expected to persuade BoC to cut
interest rates Canadians can
look forward to more interest rate relief this week with the Bank of Canada
expected cut its key interest rate again. It is widely anticipated the central
bank will cut the rate by at least half a point to 1.75 per cent to deal with
rapidly deteriorating economic conditions. The Canadian Press
White House, Democrats agree to $15B auto aid
Kevin Drawbaugh and John Crawley, Reuters WASHINGTON -- U.S. Democratic leaders and the White
House reached a deal to provide billions of dollars in relief to the ailing
U.S. auto industry, a senior congressional aide told Reuters on Friday.
The package,
which Democratic leaders hope to win passage of next week and send to President
George W. Bush, totals between US$15-billion and $17-billion, the aide said,
speaking on condition of anonymity.
The plan
would tap an existing US$25-billion Energy Department fund for advanced
technology, a source with knowledge of the discussions told Reuters on Friday.
A stalemate
between the White House and Congress over the source of money to help
The amount is
far less than the $34-billion requested this week by General Motors, Ford
Motor, and Chrysler, but Democratic leaders believe the money will keep them
going until Barack Obama replaces Bush as president on Jan. 20 and a new effort
can be made for a rescue plan.
Harper pressured to act fast regarding auto
sector
Paul Vieira in Ottawa and Nicolas Van Praet
in Toronto, Financial Post After
averting certain defeat by getting Parliament shut down, Prime Minister Stephen
Harper now faces the unenviable task of deciding how to help the near-bankrupt
Detroit automakers, and figuring out where his government will find the money
The
"Regretfully, North American economic conditions now make it
necessary for us to seek government assistance to sustain our business and
supply chain," Arturo Elias, General Motors Corp.'s top executive in
Canada, said in a statement.
GM,
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