Thursday, October 23rd8.8°C
23888

Harper to announce new finance minister today after Jim Flaherty's resignation

OTTAWA - Prime Minister Stephen Harper is expected to name a new finance minister today after Jim Flaherty turned in his resignation Tuesday afternoon ahead of a return to the private sector.

Sources say Natural Resources Minister Joe Oliver might step into the job which Flaherty held for eight years.

The Prime Minister's Office hasn't confirmed Oliver's promotion but the 73-year-old cancelled an event he had scheduled in British Columbia for today.

Oliver is widely respected within the Harper cabinet and among Conservatives, and is known on Bay Street, having spent decades working there as an investment banker.

Oliver has a much different demeanour than Flaherty though, and is often gruff and highly partisan.

Flaherty has been the only finance minister the Harper Conservatives have had since they came to power eight years ago.

He managed the country's economy through one of its worst economic crises in 2008-2009, running up large deficits but leaving the books virtually balanced after his Feb. 11 budget.

Flaherty has said his decision to resign was made with his family earlier this year and is unrelated to a rare skin condition that requires him to take medication that led to weight gain and apparent fatigue.

"As I begin another chapter in my life, I leave feeling fulfilled with what we have accomplished as a government and a country during one of the most challenging economic periods in our country's history," Flaherty said in a statement issued late Tuesday afternoon.

An official in the Prime Minister's Office said Flaherty would be retaining — at least for now — his seat in the House of Commons, meaning he remains an MP for the time being.

Observers have said whoever takes over from Flaherty will have their work cut out for them.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14312.07-235.64
S&P CDNX808.00-14.28
DJIA16461.32-153.49
Nasdaq4382.847-36.632
S&P 5001927.11-14.17
CDN Dollar0.8897+0.0002
Gold1239.40-6.10
Oil80.08-0.05
Lumber330.40+1.70
Natural Gas3.631-0.028

 
Okanagan Companies
Pacific Safety0.12+0.02
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.055-0.025
Anavex Life Sciences0.198+0.006
Metalex Ventures0.05+0.005
Russel Metals32.53-0.56
Copper Mountain Mining2.10-0.07
Colorado Resources0.145-0.005
ReliaBrand Inc0.013+0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.405-0.055

 



23658

FEATURED Property
1940908#22-625 Boynton Place kelowna
3 bedrooms 3 baths
$444,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...


Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...

_








Member of BC Press Council


22707