Harper plans early Parliament recall on crisis

CALGARY, Alberta (Reuters) - Newly reelected Canadian Prime Minister Stephen Harper will meet other world leaders and put Parliament back to work quickly to hammer out ways to weather the credit crisis and keep the country's economy competitive, he said on Wednesday. In the wake of Tuesday's federal election, which strengthened Harper's minority government, other opposition leaders said they were ready to work together to tackle the fallout from global economic instability.

Liberals face major rebuilding after loss

OTTAWA (Reuters) - Canada's Liberals, who have governed the country longer than any other party, faced a major rebuilding job on Wednesday after their worst election performance for 24 years. The party -- saddled with an unpopular leader and unpopular policy platform -- ran a poor campaign leading up to Tuesday's election, in which the Conservatives were reelected with a strengthened minority.

Leader of Bloc Quebecois call for unity to tackle crisis

OTTAWA (Reuters) - The leader of the separatist Bloc Quebecois said on Wednesday that Canada's parliament should return quickly after Tuesday's election so all political parties can cooperate on the economy. "The first thing to do is reconvene the House (of Commons) as quickly as possible so we can work together to sustain and stimulate the economy," Gilles Duceppe told a news conference in Montreal.

Canada economy to steer clear of recession: report

TORONTO (Reuters) - The Canadian economy will avoid slipping into a recession as domestic demand helps to offset the negative impact of falling commodity prices, the Conference Board of Canada said on Wednesday. In its autumn outlook, the Conference Board said the economic turmoil plaguing the United States will limit Canadian economic growth to 0.8 percent this year, down from the 1.7 percent the board forecast in its summer outlook.

Son of "Trudeaumania" wins office in Canada

OTTAWA (Reuters) - A well-known name from Canada's political past has returned to the national stage with the election of Justin Trudeau in Tuesday's federal election. The son of former Prime MinisterPierre Elliott Trudeau won a narrow victory in Montreal as a candidate for the Liberal Party. His father was Liberal leader from 1968 to 1984, and led the country for much of that time.

TSX drops 500 points

TORONTO (Reuters) - Toronto's main stock index was down more than 500 points at midafternoon on Wednesday as falling metals and oil shares helped eat into the previous session's big gain. The Toronto Stock Exchange's S&P/TSX composite index was down 509.98 points, or 5.1 percent, at 9,445.68.

Leafs' Hollweg receives three-game suspension

TORONTO, Oct 15 - Toronto Maple Leafs left wing Ryan Hollweg has been suspended for three games after being assessed with a game misconduct against the St Louis Blues on Monday, the National Hockey League said Wednesday. The infraction was Hollweg's fourth game misconduct for boarding or hitting from behind within 41 games, meaning the 24-year-old will receive an automatic suspension.

Dion concedes defeat, won't quit

OTTAWA (Reuters) - Stephane Dion, the leader of Canada's opposition Liberal Party, on Wednesday conceded defeat in Tuesday's general election amid speculation he would soon be out of that job. The Liberals lost badly to Prime Minister Stephen Harper's ruling Conservatives, putting in their worst performance since 1984, but Dion said he had no plans to step down.

Canada average house price falls in September

TORONTO (Reuters) - Home resales in Canada rose modestly in September from August, but a drop in sales in some expensive markets pulled down the average price, the Canadian Real Estate Association said on Wednesday. Existing home sales in major markets rose 3 percent to 25,680 units on a month-over-month basis, according to CREA, which represents more than 98,000 real estate dealers.

Flaherty reelected, says crisis not over

OTTAWA (Reuters) - Finance Minister Jim Flaherty, who was reelected on Tuesday, vowed to shield Canadian homeowners and businesses from the global credit crisis and run a balanced budget this year. Flaherty declined to say whether he would continue as finance minister in a second minority Conservative government, which will likely involve a cabinet shuffle.

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