Wednesday brought gloom to Quebec as its Finance Minister Monique Jerome-Forget warned that the province will be forced to post a deficit in 2009-2010 because of the current global economic crisis.
"The budget has got to reveal the truth," she said in a news conference.
"I have no intention of playing a game here. No intention. I am going to tell the truth and the truth is that we're being affected."
The budget is expected to be listed in March. For the first time in the last decade the province is, in most probability, about to show a deficit.
Last month federal government announced, in its budget, the formation of the Canadian Secured Credit Facility under which Ottawa will purchase up to $12 billion in securities from financial institutions including banks.
The securities would be supported by loans and leases on vehicles and equipment. This would enable the automakers to offer financing to more consumers and dealers.
This news comes as the much needed relief to the automobile industry scorched by recession. But they seem to be getting much too impatient to wait till June.
The ongoing global financial crisis, becoming grimmer day by day, can adversely hit India's foreign direct investment target of USD 35 billion for the FY09. Lowering the earlier estimates, Commerce and Industry Minister Kamal Nath said on Thursday that India can mange to get FDI worth USD 30 billion foreign investment under uncertain conditions of financial world.
Mr. Nath said that government would not change 49 percent cap for foreign direct investment in single-brand retail.
Indian public sector undertaking Bharat Electronics Limited (BEL) and Italian defence company Selex Galileo and Astra Microwave Products, a Hyderabad based company, have signed memorandum of understandings (MoU) for cooperation and sharing their expertise in the fields of electronic warfare and microwave components.
Leading tyre maker, Apollo Tyres Ltd announced to start retrenchment drive, shedding about 1500 jobs, out of total headcount of 10,000, in days to come. The move is aimed to mitigate the impact of global slowdown on its business and register adequate growth rate by employing cost cutting and cost saving measures.
The firm has also decided to halt fresh recruitment until improvement in market conditions, adversely impacting tyre segment due to low demand and costly finance.
Continuing its journey towards making news heights, gold on Thursday made a new record high of Rs 14,900
Wednesday brought gloom to Quebec as its Finance Minister Monique Jerome-Forget warned that the province will be forced to post a deficit in 2009-2010 because of the current global economic crisis.
Last month federal government announced, in its budget, the formation of the Canadian Secured Credit Facility under which Ottawa will purchase up to $12 billion in securities from financial institutions including banks.
The ongoing global financial crisis, becoming grimmer day by day, can adversely hit India's foreign direct investment target of USD 35 billion for the FY09. Lowering the earlier estimates, Commerce and Industry Minister Kamal Nath said on Thursday that India can mange to get FDI worth USD 30 billion foreign investment under uncertain conditions of financial world.
Indian public sector undertaking Bharat Electronics Limited (BEL) and Italian defence company Selex Galileo and Astra Microwave Products, a Hyderabad based company, have signed memorandum of understandings (MoU) for cooperation and sharing their expertise in the fields of electronic warfare and microwave components.
Leading tyre maker, Apollo Tyres Ltd announced to start retrenchment drive, shedding about 1500 jobs, out of total headcount of 10,000, in days to come. The move is aimed to mitigate the impact of global slowdown on its business and register adequate growth rate by employing cost cutting and cost saving measures. 
