Canada's Ontario forecasts smaller deficit, helped by Hydro IPO

The Ontario government said on Thursday it expects a smaller budget deficit in the current fiscal year than previously anticipated, helped by the initial public offering of utility Hydro One Ltd. Canada's most populous province expects to run a deficit of C$7.52 billion ($5.66 billion) in the 2015-16 fiscal year, its Liberal government said in a budget update, down from the C$8.5 billion deficit it had estimated in its April budget. Ontario, which accounts for about 40 percent of Canada's econom