finance: Newfoundland and Labrador Finance Minister Tom Osborne speaks with reporters before a meeting with federal, provincial and territorial finance ministers in Ottawa in June, according to The Toronto Star. Newfoundland and Labrador had an unexpected oil price spike to thank for the slight relief in its deficit reported at Tuesday's fiscal update. The province reported a 547-million deficit on Tuesday, compared to the 683-million deficit projected in last spring's budget. PATRICK DOYLE / THE CANADIAN PRESS The difference 136 million is all oil, according to Finance Minister Tom Osborne, citing rising oil prices. While we have not yet turned the corner, it is clearly in sight, Osborne said after unveiling the fall fiscal update. The past three years have been the most economically difficult in the province since the Great Depression, he said, but he was confident his financial plan will get the province back on track.
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