The Canadian government is seeking new powers to enable it to take a stake in banks and other financial institutions, following the example set by the US and the United Kingdom. ┬á The new legislation would allow the government to inject capital into private institutions or to take over a failing lender and split it into a "good bank" and "bad bank."┬á┬á Minister of Finance Jim Flaherty said in his autumn economic statement that the measures were "in keeping with the action plans we agreed to with our international counterparts at the G7 and G20 meetings." ┬á┬á The minis

With the United States announcing another stimulus package to revitalize its economy, this time a staggering $800-billion, the Canadian federal government is under increasing pressure to do something similar, and quickly.  But while Finance Minister Jim Flaherty will present the annual fall fiscal and economic update today in the House of Commons, he has already made it clear that he will not be announcing any significant spending or tax initiatives until next yearÔÇÖs budget. ┬á┬á Critics are many, and furious.

The Federal Reserve announced another $800 billion injection into the US economy in an effort to further stabilize the financial system.   US Secretary Henry Paulson said basic lending such as credit cards, car loans and student loans had basically come to a halt in October, as financial institutions are reluctant to lend. Paulson said the stimulus package is aimed at making more lending available to consumers, and getting the basic types of lending back to more normal levels.

BHP Billiton has called off itÔÇÖs bid for rival mining company Rio Tinto after falling commodity prices and regulatory demands that it sell off assets has left the firm with more than just cold feet. ┬á The firm said the decision had come from the European Commission, which had been set to deliver a verdict in January on whether the two Anglo-Australian companies could merge, as the combination would create the largest merger in the history of the mining industry.

US President-elect Barack Obama is expected to name Timothy Geithner, current president of the New York Federal Reserve Bank, as his treasury secretary and is set to announce the remainder of his economic team early next week.   Obama is delaying other cabinet announcements until after Thanksgiving, but BBC correspondents said the President-elect had decided his economic appointments could not wait, as the new economic team will be responsible for revitalizing the faltering US economy.

According to reports in the Wall Street Journal, one of AmericaÔÇÖs largest banks, Citigroup, is considering selling parts of the company after losing more than $20 billion in the past year because of the global financial crisis. ┬á While the debate within the company is still in its preliminary stage, the newspaper said Citigroup executives are looking into selling its Smith Barney retail brokerage and its worldwide credit-card division and transaction-services unit, which is considered to be the bankÔÇÖs most profitable and fast-growing business.

After much disagreement between Congressional Democrats and Republicans and the White House as to where funding for the bail-out should come from, US politicians are seeking a compromise plan to aid the countryÔÇÖs devastated car industry.

InBev agreed to sell its Labatt USA business and associated licenses under stipulations set by the US Justice Department in order to close its $52 billion takeover of US brewer Anheuser-Busch. ┬á ÔÇ£Effective today, InBev has changed its name to Anheuser-Busch InBev,ÔÇØ InBev said in a statement. ┬á Stella Artois brewer InBev and Budweiser brewer Anheuser-Busch will merge to become the worldÔÇÖs largest brewer.

Ford, Chrysler, and General Motors are desperate for financial aid after falling US sales and growing losses have hit the three largest US auto makers hard, and Democrats and Republicans are clashing over where the money should come from.   Congressional Democrats gave proposals yesterday giving seven to 10-year loans to domestic automakers and their suppliers amounting to $25 billion, with the money coming from the $700 billion bank rescue package.

From blue sky to reality┬áBluewater Health is amalgamating all of SarniaÔÇÖs hospital services on one site through a big construction and renovation project. Tracy Gazarek explains to Gay Sutton how the project was designed for the local community and to help protect the environment. On the shores of the southernmost tip of Lake Huron lies the city of Sarnia, Ontario. Enjoying an enviable position at the point where the St. Clair River exits the Great Lakes, it is one of the busiest gateways to the US from Ontario.