08 October 2008 15:15 [Source: ICIS news]
TORONTO (ICIS news)--Canada, in line with other major central banks, on Wednesday reduced its interest rates, cutting the country's overnight lending rate by 0.5 points to 2.5% to help support the economy amid the ongoing global financial crisis.
“In recent weeks conditions in global financial markets have deteriorated sharply, the ?xml:namespace>
As a result, credit conditions in
Weaker growth in the
Analysts said the global rate cuts could help revive demand and prices in Canada's big commodities sectors.
In a related development, Prime Minister Stephen Harper on Tuesday revealed a Canadian dollar (C$) 400m ($360m) aid package to help manufacturers, particularly the automotive and aerospace sectors in
The package is as part of Harper's campaign platform to get his ruling Conservatives re-elected in federal elections on 14 October.
($1 = C$1.10)
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections