The Financial Post reports in its Friday edition Quebec government is vowing to do everything it can to support Bombardier and the 1,000 local employees affected by layoffs announced on Thursday. The Post's Damon van der Linde quotes Economy Minister Jacques Daoust as saying the government is ready to provide loans to the company. "We cannot abandon the aerospace industry," Mr. Daoust told reporters.
"We will not give them grants, but if it is appropriate to support them financially, we will do it." Mr. Daoust said Bombardier told him there was a slowdown in the global market, a contention disputed by some analysts. The company has cut at least 4,550 aerospace and support jobs since last July, including 1,000 in the United States and Mexico when it halted development of the Learjet 85. Isabelle Dostaler at Concordia University's department of management said governments often support their aerospace industries. What makes her uncomfortable about Quebec's support is Bombardier's dual-class share structure that gives the Beaudoin family 54 per cent of the company's voting rights with just 14 per cent of its equity.
"I don't necessarily like this idea of putting my income tax in the pocket of this family."
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