Friday, October 31st8.4°C
21625
23823

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

23028


Recent Trending




Today's Market
S&P TSX14458.69-68.88
S&P CDNX771.65-9.42
DJIA17195.42221.11
Nasdaq4566.138+16.912
S&P 5001994.65+12.35
CDN Dollar0.8873-0.0061
Gold1165.30-33.2999
Oil80.27-0.63
Lumber322.40-1.20
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.11+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.150.00
Cantex0.045-0.015
Anavex Life Sciences0.1711-0.0089
Metalex Ventures0.0350.00
Russel Metals32.22-0.35
Copper Mountain Mining1.97-0.05
Colorado Resources0.14+0.005
ReliaBrand Inc0.012-0.004
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.375+0.005

 



22970

FEATURED Property
19964572420 Abbott
3 bedrooms 3 baths
$2,295,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...

_








Member of BC Press Council


22771