00:48:34 EDT Sat 27 Apr 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 408,637,092
Close 2015-10-06 C$ 62.96
Market Cap C$ 25,727,791,312
Recent Sedar Documents

Globe says Magna, rivals hear Tories pledge $1B in aid

2015-10-07 07:44 ET - In the News

Also In the News (C-GMM) General Motors Company
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Also In the News (C-MRE) Martinrea International Inc

The Globe and Mail reports in its Wednesday edition that Stephen Harper is pledging $1-billion in grant money to the auto sector to dampen fears the Trans-Pacific Partnership will leave this vital industry more vulnerable to foreign competition. The Globe's Steven Chase, Greg Keenan and Gloria Galloway write that the TPP deal would nix Canadian tariffs on Japanese vehicles and make it easier for manufacturers to use offshore parts in cars. This benefits low-wage Asian suppliers, while hurting Canadian firms. The Tories say they will funnel $1-billion into the Automotive Innovation Fund if re-elected. Offering grants instead of loans is something new for the Tories, something which they have eschewed in the past. NDP Leader Thomas Mulcair says the Tory carrot for the auto sector is an admission the trade deal is a job killer. Liberal leader Justin Trudeau avoided commenting on specifics, while insisting his party is "resolutely pro-trade." Unlike the $4.3-billion compensation Ottawa promised to Canadian farmers on Monday, Tuesday's auto announcement is not a government commitment but a campaign pledge that is contingent on the Conservative Party's re-election.

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