Tops financial stories in the business world happening in Canada today!
Canada Stocks Fall, Led by EnCana, TD Bank, on Oil, Debt Losses
Nov. 20 (Bloomberg) -- Canadian stocks tumbled toward their worst year ever, led by banks and energy producers, after Toronto-Dominion Bank reported credit trading losses and oil prices fell below $50 a barrel for the first time in two years.
The Standard & Poor's/TSX Composite Index fell 3.4 percent to 8,198.30 at 9:47 a.m. in Toronto, extending the market's drop this year to 41 percent. Such a retreat would be its worst year ever, surpassing a 37 percent slide in 1931.
The S&P/TSX, which gets almost three-quarters of its value from finance, energy and mining shares, had fallen 44 percent before today from a June record as global credit losses approached $1 trillion and commodity prices slumped.
1 billion dollar bailout- Chrysler Canada
Chrysler Canada Inc has asked the Canadian and Ontario governments for C$1 billion in financial assistance to help it through the global economic crisis, making it the first Canadian automaker to specify how much it is seeking, the Globe and Mail reported on Thursday. However, the newspaper, citing sources, said the company had not specified what form of assistance it wants or how the payout would be split between the two levels of government.
The outlook's bleak and getting bleaker
OTTAWA -- Canada's already bleak economic outlook will likely deteriorate further.
That was the warning yesterday from Bank of Canada governor Mark Carney, who reiterated that more interest-rate cuts will almost certainly be needed to stimulate growth, and from Statistics Canada's barometer of the short-term outlook for the economy, which was undercut by plunging stock markets.
While the Harper government in its speech from the throne was promising to "protect Canadians in difficult times," their deeply depleted investment savings were being further eroded by another steep drop in stock markets, which added to the darkening economic mood.
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