Word: canadas
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...Canada lost 71,000 jobs in November, most of them in the province of Ontario, whose manufacturing sector has traditionally been a primary source of growth and prosperity. The single biggest monthly drop in a quarter-century is unlikely to be an isolated incident, and compares against 533,000 job losses for the same period...
...their suppliers - are suffering under the double burden of super-tight credit and unpaid receivables that is forcing them to burn through cash and capital in a manner not seen in generations. Detroit North is asking for C$6.8 billion in government assistance, including C$800 million that GM Canada needs immediately to keep its lights on over the holiday season...
...able to secure any job guarantees. "The real action is between Detroit and Washington," says Joe D'Cruz, a specialist in business strategy at University of Toronto's Rotman School of Management. He's concerned that Washington could make the transfer of jobs from Canada - which accounts for about 15% of Detroit Three production in North American - to the U.S. a condition of any assistance...
...Meanwhile Canada's major banks, which reported results for fiscal 2008 this month, continue to struggle with write-downs as a result of exposure to U.S. credit and equity markets. CIBC reported a loss of C$2.1 billion on the year, against net income of C$3.3 billion in 2007. The country's fifth-biggest bank blamed write downs to its U.S. subprime portfolio for the huge loss...
...Adding political infighting to the global financial crisis may not be what Canada needs to bounce back from recession, but it signals that the country's return to prosperity will be more difficult that most imagined just a few short months...