VENTURE CAPITAL POST

Slumping oil prices take its toll on the Canadian economy. Canada is now officially in a recession for the first time in six years, as crude prices plummet due to supply glut and falling global demand, particularly from China.

Canada is now facing its worst dilemma - a mild contraction, according to Stephen Poloz, governor of the Bank of Canada.

Canada must join a proposed Pacific trade pact but will strive to protect farmers, Prime Minister Stephen Harper said on Thursday, referring to foreign pressure to scrap tariffs that protect the dairy industry.

Canada's New Democrats on Saturday proposed enacting a C$15-an-hour ($13.53) federal minimum wage, as the left-leaning party, lagging in third place in opinion polls, seeks to stake out specific policy positions before a likely 2015 election.

Canada is likely to choose between two major U.S. firms when it buys a new fleet of jet fighters, excluding two European competitors, according to a source with direct knowledge of the matter.