Spain faces 1st recession in 15 years

Spain may post its second successive quarter of negative growth by the year's end, the country's economy minister said Tuesday, which would push the country into a recession for the first time in 15 years.

"The fourth quarter is a quarter that could see negative growth — if it does the conclusion is obvious," Economy Minister Pedro Solbes said.

Two successive quarters of negative growth are considered a sign of recession.

Solbes made the comments after the Bank of Spain said in its December report that the fourth quarter will likely follow the pattern of the third one, which saw the economy shrink by 0.2 per cent.

No surprise here - fewer firms expect to hire in '09

You might have a harder time finding work in 2009, according to a new survey of Canadian hiring intentions released Tuesday.

On the other hand, the CareerBuilder.ca survey suggests that if you do have a job next year, you have a better than three-out-of-four chance of getting a raise.

Although few Canadian companies say they expect to add to their workforce in 2009, 77 per cent said they figured to increase the pay for existing workers within the next 12 months.

Payroll taxes to wipe out income tax cuts in 2009: watchdog group

Higher employment insurance and Canada Pension Plan payments will wipe out skimpy tax cuts for many Canadians in 2009, according to the Canadian Taxpayers Federation.

While CPP contribution limits are normally raised each year, EI rates are lowered, making the overall increase to payroll taxes very small.

But next year, both EI and CPP contribution limits increase. At the maximum (incomes over $42,800), Canadians will pay an additional $188 in payroll taxes in 2009, the federation said in its annual new year tax change calculations, released Monday.

U.S. consumer confidence slumps in December

The U.S. Conference Board said American consumer confidence fell to a record low in December, an indication that the holiday season could be bleak for retailers.

The business think-tank, which publishes the monthly indicator, said December's dip reversed November's modest uptick in sentiment and showed the flagging economy throughout the fall has turned buyer sentiment distinctly negative.

"The further erosion of the [index] reflects the rapid and steep deterioration of economic conditions that occurred in the fourth quarter of 2008," said Lynn Franco, director of the Conference Board's consumer research centre.

Investors pull out of TransCanada's Colorado pipeline project

TransCanada Pipelines Ltd. was sent scrambling for new partners Tuesday after two potential investors pulled out of a proposed natural gas pipeline though the U.S. Rocky Mountains.

This week, Fort Worth, Texas-based Quicksilver Gas Services LP and Houston's Enterprise Products Partners LP both decided not to go through with an agreement to buy a 50-per-cent stake in TransCanada's Pathfinder project, a 1,084-kilometre pipeline to move natural gas to North Dakota from Colorado .

Christmas Tally: Retail Sales Plummet

Christmas Tally: Retail Sales Plummet

Retailers' sales fell as much as 4 percent during the holiday season, as the weak economy and bad weather created one of the worst holiday shopping climates in modern times, according to data released on Thursday by SpendingPulse.

The figures, from the retail data service of MasterCard Advisors, show the 2008 holiday shopping season was the weakest in decades, as U.S. consumers cut spending as they confront a yearlong recession, mounting job losses and tighter credit.

Christmas Tally: Retail Sales Plummet

Christmas Tally: Retail Sales Plummet

Retailers' sales fell as much as 4 percent during the holiday season, as the weak economy and bad weather created one of the worst holiday shopping climates in modern times, according to data released on Thursday by SpendingPulse.

The figures, from the retail data service of MasterCard Advisors, show the 2008 holiday shopping season was the weakest in decades, as U.S. consumers cut spending as they confront a yearlong recession, mounting job losses and tighter credit.

U.K. jobless to jump 30% in '09 says new survey

The number of unemployed in the United Kingdom could jump by nearly one-third in 2009, according to a new survey released Monday.

The Chartered Institute of Personnel and Development (CIPD), a U.K. organization of personnel managers, said that job cuts in England and associated countries could reach as high as 600,000 next year as the economy slows dramatically.

In November, the number without work in those countries stood at 1.86 million. Thus, the '09 cuts would represent a 32 per cent increase in the ranks of the unemployed.

U.K. jobless to jump 30% in '09 says new survey

The number of unemployed in the United Kingdom could jump by nearly one-third in 2009, according to a new survey released Monday.

The Chartered Institute of Personnel and Development (CIPD), a U.K. organization of personnel managers, said that job cuts in England and associated countries could reach as high as 600,000 next year as the economy slows dramatically.

In November, the number without work in those countries stood at 1.86 million. Thus, the '09 cuts would represent a 32 per cent increase in the ranks of the unemployed.

Crew Gold stops, starts Guinea gold mine

A TSX-listed mining company said it restarted production at its gold property in Guinea Monday after a new military government in the West African country ordered the company to resume operations.

Crew Gold Corp. said the new military regime of Capt. Moussa Camara told the company to resume production at its Lefa gold mine one day after telling the London-based company to halt operations.

"The review of mining concessions by the new regime would proceed while operations continue as usual," said Bill LeClair, Crew's interim chief executive officer.

Crew Gold stops, starts Guinea gold mine

A TSX-listed mining company said it restarted production at its gold property in Guinea Monday after a new military government in the West African country ordered the company to resume operations.

Crew Gold Corp. said the new military regime of Capt. Moussa Camara told the company to resume production at its Lefa gold mine one day after telling the London-based company to halt operations.

"The review of mining concessions by the new regime would proceed while operations continue as usual," said Bill LeClair, Crew's interim chief executive officer.

Crew Gold stops, starts Guinea gold mine

A TSX-listed mining company said it restarted production at its gold property in Guinea Monday after a new military government in the West African country ordered the company to resume operations.

Crew Gold Corp. said the new military regime of Capt. Moussa Camara told the company to resume production at its Lefa gold mine one day after telling the London-based company to halt operations.

"The review of mining concessions by the new regime would proceed while operations continue as usual," said Bill LeClair, Crew's interim chief executive officer.

Cape Breton paper mill 'OK' for now: official

A paper plant in Cape Breton is running at full production, though concerns linger about its future and the hundreds of workers who rely on it.

NewPage Corporation took over the plant in Point Tupper from Stora Enso about a year ago. At the time, people in the area feared the U.S.-based company would close the operation.

Twelve months later, the plant remains in full swing, said company spokeswoman Patricia Dietz.

"So far, we're doing OK considering the volatile state of the marketplace right now," she said.

New Saskatchewan casino opens

Saskatchewan's eighth casino opened its doors Monday amid optimism it will generate more revenue for First Nations.

The $35-million Living Sky Casino in Swift Current, a joint venture between the Saskatchewn Indian Gaming Authority and the File Hills Qu'appelle Tribal Council, will employ 340 people.

"The success of this casino will be broad and far-reaching," tribal council chair Edmund Bellegarde said in a news release.

"In addition to creating jobs, it will generate important revenue for First Nations communities across Saskatchewan."

New Saskatchewan casino opens

Saskatchewan's eighth casino opened its doors Monday amid optimism it will generate more revenue for First Nations.

The $35-million Living Sky Casino in Swift Current, a joint venture between the Saskatchewn Indian Gaming Authority and the File Hills Qu'appelle Tribal Council, will employ 340 people.

"The success of this casino will be broad and far-reaching," tribal council chair Edmund Bellegarde said in a news release.

"In addition to creating jobs, it will generate important revenue for First Nations communities across Saskatchewan."

Mexico suspends meat imports from 30 U.S. plants

Mexico has suspended meat imports from 30 U.S. processing plants, including some run by leading packers, the U.S. Department of Agriculture website shows.

The plants were added to the list on Wednesday and Friday.

Some reports suggested Mexico was retaliating against a U.S. law that came into effect on Oct. 1 requiring meat products sold in the United States to have a label showing their country of origin.

However, Reuters reported that Mexican officials are concerned that some U.S. imports failed to meet packaging, labelling and other standards, and the suspension could be lifted as soon as Monday.

Franco-Nevada to buy stake in U.S. gold field for $103M US

Franco-Nevada Corp. will pay $103.5 million US for a small piece of a prominent Nevada gold field, the Canadian miner said Tuesday.

Franco-Nevada has entered into a cash agreement with private individuals to buy a 7.29 per cent interest in the Gold Quarry Royalty property. The 209-hectare property, in the north-central part of Nevada, represents a portion of the lucrative Gold Quarry field.

The Gold Quarry open-pit mine is operated by Newmont Mining Corp., which calls the field "the most prolific gold field in the Western Hemisphere".

Franco-Nevada to buy stake in U.S. gold field for $103M US

Franco-Nevada Corp. will pay $103.5 million US for a small piece of a prominent Nevada gold field, the Canadian miner said Tuesday.

Franco-Nevada has entered into a cash agreement with private individuals to buy a 7.29 per cent interest in the Gold Quarry Royalty property. The 209-hectare property, in the north-central part of Nevada, represents a portion of the lucrative Gold Quarry field.

The Gold Quarry open-pit mine is operated by Newmont Mining Corp., which calls the field "the most prolific gold field in the Western Hemisphere".

Franco-Nevada to buy stake in U.S. gold field for $103M US

Franco-Nevada Corp. will pay $103.5 million US for a small piece of a prominent Nevada gold field, the Canadian miner said Tuesday.

Franco-Nevada has entered into a cash agreement with private individuals to buy a 7.29 per cent interest in the Gold Quarry Royalty property. The 209-hectare property, in the north-central part of Nevada, represents a portion of the lucrative Gold Quarry field.

The Gold Quarry open-pit mine is operated by Newmont Mining Corp., which calls the field "the most prolific gold field in the Western Hemisphere".

Canadian stocks slip in short Christmas Eve session

Canadian stocks closed slightly lower Wednesday in an abbreviated Christmas Eve trading session. The S&P/TSX composite index was down by 1.36 points, ending at 8,310.55 points.

The gold sub-index slipped by 1.2 per cent, while the mining group was down 0.95 per cent. The information technology group eased 0.82 per cent.

The telecommunications group was the leading gainer, adding 1.68 per cent, while the real-estate group rose 1.59 per cent.

Franco-Nevada to buy stake in U.S. gold field for $103M US

Franco-Nevada Corp. will pay $103.5 million US for a small piece of a prominent Nevada gold field, the Canadian miner said Tuesday.

Franco-Nevada has entered into a cash agreement with private individuals to buy a 7.29 per cent interest in the Gold Quarry Royalty property. The 209-hectare property, in the north-central part of Nevada, represents a portion of the lucrative Gold Quarry field.

The Gold Quarry open-pit mine is operated by Newmont Mining Corp., which calls the field "the most prolific gold field in the Western Hemisphere".

Canadian stocks slip in short Christmas Eve session

Canadian stocks closed slightly lower Wednesday in an abbreviated Christmas Eve trading session. The S&P/TSX composite index was down by 1.36 points, ending at 8,310.55 points.

The gold sub-index slipped by 1.2 per cent, while the mining group was down 0.95 per cent. The information technology group eased 0.82 per cent.

The telecommunications group was the leading gainer, adding 1.68 per cent, while the real-estate group rose 1.59 per cent.

Canadian stocks slip in short Christmas Eve session

Canadian stocks closed slightly lower Wednesday in an abbreviated Christmas Eve trading session. The S&P/TSX composite index was down by 1.36 points, ending at 8,310.55 points.

The gold sub-index slipped by 1.2 per cent, while the mining group was down 0.95 per cent. The information technology group eased 0.82 per cent.

The telecommunications group was the leading gainer, adding 1.68 per cent, while the real-estate group rose 1.59 per cent.

U.S. housing market takes more sales hits

The U.S. housing market got a double-barrelled blast of bad news Tuesday as sales of new and existing homes had big tumbles last month.

The U.S. National Association of Realtors reported that sales of existing homes for November fell by 8.6 per cent to an annual rate of 4.49 million, down from October's 4.91 million units.

Economists had been expecting November's annual rate to come in at 4.9 million units, according to Thomson Reuters.

U.S. housing market takes more sales hits

The U.S. housing market got a double-barrelled blast of bad news Tuesday as sales of new and existing homes had big tumbles last month.

The U.S. National Association of Realtors reported that sales of existing homes for November fell by 8.6 per cent to an annual rate of 4.49 million, down from October's 4.91 million units.

Economists had been expecting November's annual rate to come in at 4.9 million units, according to Thomson Reuters.

Toronto, Calgary office markets to sag in '09: Colliers

Office vacancy rates in Toronto and Calgary will jump in 2009 as new buildings open during an economic downturn, according to a study released by Colliers International on Tuesday.

The commercial real estate service company said that while many of Canada's business rental markets should fare well, property owners in the country's biggest city and its economic juggernaut both will face financial woes in the coming months.

"Calgary and Toronto will feel the fallout of the global economic slowdown as these two markets share the same short-term oversupply issues, with several million square feet of new office space completed in 2009 and 2010," Colliers said in its most recent study of the rental markets in six major Canadian cities.

Farm machine maker Buhler makes hay with '08 profit

Winnipeg's Buhler Industries Inc. posted a yearly profit more than three times what the company made in 2007, thanks to growing farm sales and a new distribution network in Russia, Buhler said on Tuesday.

Buhler, which makes tractors, combines and other types of heavy farm machinery, earned $21.9 million for the year ending Sept. 30. That worked out to a profit of 88 cents a share and was up substantially compared to last year's earnings of $6.9 million, or 27 cents a share.

Gas prices reach 4-year low across Canada

Holiday motorists are getting a break this season as the price of gas dips to a four-year low across much of the country.

The average price of gas stands at 74.9 cents a litre, according to Calgary-based consulting firm M.J. Ervin's weekly survey, released Tuesday. That's down 1.4 cents from a week ago.

The last time Canadians saw prices this low was December 2004 when gas averaged 74.5 cents a litre.

Ottawa motorists are enjoying the cheapest gas at 65.8 cents a litre, while pumps in Labrador City are charging 93.5 cents a litre.

As unemployment rises, Americans spending less, producing less

A trio of U.S. economic indicators released Wednesday show an American economy continuing to veer off course as Christmas approaches.

Americans spent less in November, the first real proof that the yuletide selling season will be tough for retailers, while U.S. durable goods orders slumped in the same month, a further sign that American manufacturers still face bleak economic prospects.

Finally, in mid-December, the number of first-time jobless benefit claimants hit the highest level in 26 years.

Economy shrank 0.1% in October: StatsCan

Canada's economy contracted by 0.1 per cent in October, although that was a smaller drop than the 0.3 per cent decline economists had been forecasting.

Statistics Canada said Wednesday that declines in wholesale trade, manufacturing and in the output of real estate agents and brokers contributed most to the October decrease.

The federal government agency also said residential construction and retail trade fell.

The weakness in those sectors was offset by advances in several service industries. Output of the energy sector also regained some of the ground lost in the previous two months.

U.S. economy retreated in Q3

The U.S. government confirmed Tuesday that the economy contracted by 0.5 per cent in the third quarter of the year, matching a forecast issued a month ago.

The third-quarter decline was the steepest since the same quarter of 2001, when the U.S. economy was staggering following the attacks of Sept. 11.

Amid job losses and housing sector turmoil, consumer spending for the July-September period of this year tumbled by 3.8 per cent, according to the U.S. Commerce Department. That marked the biggest drop since 1980.

Canada's '09 economic plunge accelerating: TD

Canada's economy will take a steep tumble in 2009, with Ontario leading the rush to the pavement, according to Toronto-Dominion Bank on Tuesday.

Canadian gross domestic product (GDP) will shrink by 1.4 per cent next year after barely moving the '08 growth needle by 0.7 per cent, TD said in its latest provincial economic forecast.

Ontario is set for an even bigger contraction than the national economy.

In Canada's most populous province, the GDP will drop by 1.8 per cent, hurt by the extreme uncertainty surrounding the country's auto sector.

NAFTA threat not at all scary, Williams tells AbitibiBowater

Danny Williams says he is not losing sleep over a 'blowhard' legal threat from AbitibiBowater. (CBC)

Workers vote to end 13-month lockout at Petro-Canada refinery

Workers at a Petro-Canada refinery in Montreal have voted to accept a new collective agreement, a move that will put an end to a 13-month lockout.

Union officials, representing 260 employees, said Tuesday the agreement was accepted by 94.6 per cent of members. Employees will be back at work Jan. 12.

The three-year deal includes wage increases of about five per cent per year, a $4,000 bonus, vacation benefits, employee profit sharing and a provision dropping all charges arising from the labour dispute.

Redfern suspends construction at Tulsequah mine

Vancouver-based Redfern Resources has halted construction indefinitely on its controversial Tulsequah Chief mining project in northwestern B.C.

Work on the zinc-copper-lead-silver-gold project 160 kilometres south of Atlin, in the salmon-rich Taku River watershed, was suspended last Thursday with no commitment from the company as to when or if work will resume.

Company president Terry Chandler told CBC News on Tuesday the planned three-week holiday shutdown has been extended until the firm has more financial certainty.

Fed expands TALF

The Federal Reserve Board on Friday released revised terms and conditions involving the program dubbed Term Asset-Backed Securities Loan Facility.

Under TALF, the Federal Reserve pledged to lend as much as $200 billion to holders of newly issued, highly rated, asset-backed securities collateralized by student loans, auto loans, credit card loans and loans guaranteed by the Small Business Administration. The program aims to revive the waning securitization market.

Housing: No Bottom In Sight

Housing: No Bottom In Sight

Existing Home Sales (Nov) Actual 4.49M, Expected 4.90M, Previous 4.91M (Revised from 4.98M)

Release Explanation: Annualized number of existing residential buildings that were sold during the previous month, excluding new construction. They include both quantity and price statistics. Important since the housing market is included in most economic forecasts. Retail Sales, CPI, and PCE in the US. A happy householder will usually lead to a strong economic outlook. A miss here, either way, and the Markets gets to see the real confidence of the US consumer. There is a very strong impact on the sentiment towards the US Dollar from this report.

Federal government posts $603M deficit in October

Jim Flaherty's department released sobering fiscal news Tuesday, but the finance minister still had time to smile at his Toronto office. (Jim Ross/Canadian Press)

No Presents For The Market This Christmas

No Presents For The Market This Christmas

U.S. Dollar Trading (USD) managed small gains again today as the market shrugged off bad economic data and year end demand favored the Dollar. US GDP was confirmed at -0.5% and University of Michigan Dec sentiment was revised higher to 60.1 vs 55.3. November New Home Sales dropped -2.9% to 407K vs. 420K forecast. Existing Home Sales dropped -8.6% to 4.49M. In U.S. share markets, the NASDAQ was down -10 points (-0.71%) and the Dow Jones was down -100 points (-1.18%). Crude Oil closed down $0.93 ending the New York session at $38.98 per barrel. Looking ahead, November Durable Goods Order at seen at -3 vs. -6.9 previously. Weekly Jobless Claims are forecast at 560k vs. 554k previously.

Barrick Gold picks new CEO

Gold company Barrick Gold Corp. said Tuesday it has tapped Aaron Regent to be its next chief executive officer.

Regent, 43, is a chartered accountant and currently the senior managing partner of Brookfield Asset Management Inc. and co-CEO of its infrastructure group. Regent will assume his duties on Jan. 16.

He was previously the president and CEO of Canadian mining company Falconbridge Ltd. from 2002 to 2005.

Regent takes over his new role from Barrick founder and chairman Peter Munk, who has been acting CEO since March of this year, when he replaced Greg Wilkins, who went on medical leave. Wilkins returned to Barrick in July in the role of executive vice-chairman.

Slowdown takes sparkle off Canadian diamond industry

The Canadian diamond industry is bracing for cutbacks and slowing sales as demand for luxury items wanes.

Royal Bank of Canada analyst Des Kilalea says over the last four months, diamond prices have dropped an average of 30 per cent.

"Demand has just hit a wall and diamonds are really a discretionary spend item," he said.

De Beers plans to scale back production by 10 per cent in Canada. The company is closing an Ontario mine for two weeks over Christmas to perform planned maintenance while 105 workers in the Northwest Territories were laid off in November.

Real Estate Bust- Hard to Tackle

Real estate is one boom-gone-bust that’s proving hard to tackle. At the government’s prodding, public sector banks recently offered concessional interest rates on new home loans up to Rs 5 lakh and between Rs 5 lakh and Rs 20 lakh. This was welcome, save that discretionary lending could still thwart loan aspirants. Also, the rates weren’t retrospective, giving existing borrowers cause to grumble. As a palliative, the government appealed for lower floating interest rates. Its efforts paid off. State Bank of India, the country’s largest bank, is to offer cheaper loans. Earlier, HDFC, India’s largest private mortgage player, announced cuts in home loan rates for both new and existing borrowers. ICICI also hinted at reductions. So the soft rate trend is emerging in major private loan disbursing institutions as well. Reportedly, other realty-boosters under the government’s consideration are an external commercial borrowing window, a service tax cut and rationalisation of stamp duty on property deals.

Real Estate Bust- Hard to Tackle

Real estate is one boom-gone-bust that’s proving hard to tackle. At the government’s prodding, public sector banks recently offered concessional interest rates on new home loans up to Rs 5 lakh and between Rs 5 lakh and Rs 20 lakh. This was welcome, save that discretionary lending could still thwart loan aspirants. Also, the rates weren’t retrospective, giving existing borrowers cause to grumble. As a palliative, the government appealed for lower floating interest rates. Its efforts paid off. State Bank of India, the country’s largest bank, is to offer cheaper loans. Earlier, HDFC, India’s largest private mortgage player, announced cuts in home loan rates for both new and existing borrowers. ICICI also hinted at reductions. So the soft rate trend is emerging in major private loan disbursing institutions as well. Reportedly, other realty-boosters under the government’s consideration are an external commercial borrowing window, a service tax cut and rationalisation of stamp duty on property deals.

Son of Ted Rogers to take over company reins

Rogers Cable president and CEO Edward Rogers speaks during the Rogers annual shareholders meeting in Toronto in May 2004. (Aaron Harris/Canadian Press)

Canada, Ontario announce $4B auto aid package

The federal and Ontario governments pledged $4 billion in emergency loans Saturday to support the Canadian subsidiaries of U.S. automakers Chrysler and General Motors.

Son of Ted Rogers to take over company reins

Rogers Cable president and CEO Edward Rogers speaks during the Rogers annual shareholders meeting in Toronto in May 2004. (Aaron Harris/Canadian Press)

Real Estate Bust- Hard to Tackle

Real estate is one boom-gone-bust that’s proving hard to tackle. At the government’s prodding, public sector banks recently offered concessional interest rates on new home loans up to Rs 5 lakh and between Rs 5 lakh and Rs 20 lakh. This was welcome, save that discretionary lending could still thwart loan aspirants. Also, the rates weren’t retrospective, giving existing borrowers cause to grumble. As a palliative, the government appealed for lower floating interest rates. Its efforts paid off. State Bank of India, the country’s largest bank, is to offer cheaper loans. Earlier, HDFC, India’s largest private mortgage player, announced cuts in home loan rates for both new and existing borrowers. ICICI also hinted at reductions. So the soft rate trend is emerging in major private loan disbursing institutions as well. Reportedly, other realty-boosters under the government’s consideration are an external commercial borrowing window, a service tax cut and rationalisation of stamp duty on property deals.

Canada, Ontario announce $4B auto aid package

The federal and Ontario governments pledged $4 billion in emergency loans Saturday to support the Canadian subsidiaries of U.S. automakers Chrysler and General Motors.

Certicom rejects RIM's bid, seeks to block it legally

Certicom three-month TSX trading

The target of a takeover bid from BlackBerry maker Research in Motion Ltd. said Monday that its board has rejected the offer, and it has gone to court to seek a regulatory ruling to block the proposal.

Canada, Ontario announce $4B auto aid package

The federal and Ontario governments pledged $4 billion in emergency loans Saturday to support the Canadian subsidiaries of U.S. automakers Chrysler and General Motors.

Canada, Ontario announce $4B auto aid package

The federal and Ontario governments pledged $4 billion in emergency loans Saturday to support the Canadian subsidiaries of U.S. automakers Chrysler and General Motors.

Canada, Ontario announce $4B auto aid package

The federal and Ontario governments pledged $4 billion in emergency loans Saturday to support the Canadian subsidiaries of U.S. automakers Chrysler and General Motors.

Real Estate Bust- Hard to Tackle

Real estate is one boom-gone-bust that’s proving hard to tackle. At the government’s prodding, public sector banks recently offered concessional interest rates on new home loans up to Rs 5 lakh and between Rs 5 lakh and Rs 20 lakh. This was welcome, save that discretionary lending could still thwart loan aspirants. Also, the rates weren’t retrospective, giving existing borrowers cause to grumble. As a palliative, the government appealed for lower floating interest rates. Its efforts paid off. State Bank of India, the country’s largest bank, is to offer cheaper loans. Earlier, HDFC, India’s largest private mortgage player, announced cuts in home loan rates for both new and existing borrowers. ICICI also hinted at reductions. So the soft rate trend is emerging in major private loan disbursing institutions as well. Reportedly, other realty-boosters under the government’s consideration are an external commercial borrowing window, a service tax cut and rationalisation of stamp duty on property deals.

Son of Ted Rogers to take over company reins

Rogers Cable president and CEO Edward Rogers speaks during the Rogers annual shareholders meeting in Toronto in May 2004. (Aaron Harris/Canadian Press)

Certicom rejects RIM's bid, seeks to block it legally

Certicom three-month TSX trading

The target of a takeover bid from BlackBerry maker Research in Motion Ltd. said Monday that its board has rejected the offer, and it has gone to court to seek a regulatory ruling to block the proposal.

Son of Ted Rogers to take over company reins

Rogers Cable president and CEO Edward Rogers speaks during the Rogers annual shareholders meeting in Toronto in May 2004. (Aaron Harris/Canadian Press)

Canada, Ontario announce $4B auto aid package

The federal and Ontario governments pledged $4 billion in emergency loans Saturday to support the Canadian subsidiaries of U.S. automakers Chrysler and General Motors.

Real Estate Bust- Hard to Tackle

Real estate is one boom-gone-bust that’s proving hard to tackle. At the government’s prodding, public sector banks recently offered concessional interest rates on new home loans up to Rs 5 lakh and between Rs 5 lakh and Rs 20 lakh. This was welcome, save that discretionary lending could still thwart loan aspirants. Also, the rates weren’t retrospective, giving existing borrowers cause to grumble. As a palliative, the government appealed for lower floating interest rates. Its efforts paid off. State Bank of India, the country’s largest bank, is to offer cheaper loans. Earlier, HDFC, India’s largest private mortgage player, announced cuts in home loan rates for both new and existing borrowers. ICICI also hinted at reductions. So the soft rate trend is emerging in major private loan disbursing institutions as well. Reportedly, other realty-boosters under the government’s consideration are an external commercial borrowing window, a service tax cut and rationalisation of stamp duty on property deals.

Real Estate Bust- Hard to Tackle

Real estate is one boom-gone-bust that’s proving hard to tackle. At the government’s prodding, public sector banks recently offered concessional interest rates on new home loans up to Rs 5 lakh and between Rs 5 lakh and Rs 20 lakh. This was welcome, save that discretionary lending could still thwart loan aspirants. Also, the rates weren’t retrospective, giving existing borrowers cause to grumble. As a palliative, the government appealed for lower floating interest rates. Its efforts paid off. State Bank of India, the country’s largest bank, is to offer cheaper loans. Earlier, HDFC, India’s largest private mortgage player, announced cuts in home loan rates for both new and existing borrowers. ICICI also hinted at reductions. So the soft rate trend is emerging in major private loan disbursing institutions as well. Reportedly, other realty-boosters under the government’s consideration are an external commercial borrowing window, a service tax cut and rationalisation of stamp duty on property deals.

Son of Ted Rogers to take over company reins

Rogers Cable president and CEO Edward Rogers speaks during the Rogers annual shareholders meeting in Toronto in May 2004. (Aaron Harris/Canadian Press)

Consumer confidence shakier than stats warrant: economist

Canadians plan on spending $790 on the holidays this year, down $117 from 2007, according to a recent survey. (Canadian Press)Canadians are adopting a bleak recessionary mood, even though the numbers are not that grim, an economist says.

Son of Ted Rogers to take over company reins

Rogers Cable president and CEO Edward Rogers speaks during the Rogers annual shareholders meeting in Toronto in May 2004. (Aaron Harris/Canadian Press)

Certicom rejects RIM's bid, seeks to block it legally

Certicom three-month TSX trading

The target of a takeover bid from BlackBerry maker Research in Motion Ltd. said Monday that its board has rejected the offer, and it has gone to court to seek a regulatory ruling to block the proposal.

Certicom rejects RIM's bid, seeks to block it legally

Certicom three-month TSX trading

The target of a takeover bid from BlackBerry maker Research in Motion Ltd. said Monday that its board has rejected the offer, and it has gone to court to seek a regulatory ruling to block the proposal.

Real Estate Bust- Hard to Tackle

Real estate is one boom-gone-bust that’s proving hard to tackle. At the government’s prodding, public sector banks recently offered concessional interest rates on new home loans up to Rs 5 lakh and between Rs 5 lakh and Rs 20 lakh. This was welcome, save that discretionary lending could still thwart loan aspirants. Also, the rates weren’t retrospective, giving existing borrowers cause to grumble. As a palliative, the government appealed for lower floating interest rates. Its efforts paid off. State Bank of India, the country’s largest bank, is to offer cheaper loans. Earlier, HDFC, India’s largest private mortgage player, announced cuts in home loan rates for both new and existing borrowers. ICICI also hinted at reductions. So the soft rate trend is emerging in major private loan disbursing institutions as well. Reportedly, other realty-boosters under the government’s consideration are an external commercial borrowing window, a service tax cut and rationalisation of stamp duty on property deals.

Canada, Ontario announce $4B auto aid package

The federal and Ontario governments pledged $4 billion in emergency loans Saturday to support the Canadian subsidiaries of U.S. automakers Chrysler and General Motors.

Canada, Ontario announce $4B auto aid package

The federal and Ontario governments pledged $4 billion in emergency loans Saturday to support the Canadian subsidiaries of U.S. automakers Chrysler and General Motors.

Consumer confidence shakier than stats warrant: economist

Canadians plan on spending $790 on the holidays this year, down $117 from 2007, according to a recent survey. (Canadian Press)Canadians are adopting a bleak recessionary mood, even though the numbers are not that grim, an economist says.

Canada, Ontario announce $4B auto aid package

The federal and Ontario governments pledged $4 billion in emergency loans Saturday to support the Canadian subsidiaries of U.S. automakers Chrysler and General Motors.

Consumer confidence shakier than stats warrant: economist

Canadians plan on spending $790 on the holidays this year, down $117 from 2007, according to a recent survey. (Canadian Press)Canadians are adopting a bleak recessionary mood, even though the numbers are not that grim, an economist says.

Canada, Ontario announce $4B auto aid package

The federal and Ontario governments pledged $4 billion in emergency loans Saturday to support the Canadian subsidiaries of U.S. automakers Chrysler and General Motors.

Son of Ted Rogers to take over company reins

Rogers Cable president and CEO Edward Rogers speaks during the Rogers annual shareholders meeting in Toronto in May 2004. (Aaron Harris/Canadian Press)

Son of Ted Rogers to take over company reins

Rogers Cable president and CEO Edward Rogers speaks during the Rogers annual shareholders meeting in Toronto in May 2004. (Aaron Harris/Canadian Press)

Son of Ted Rogers to take over company reins

Rogers Cable president and CEO Edward Rogers speaks during the Rogers annual shareholders meeting in Toronto in May 2004. (Aaron Harris/Canadian Press)

Highly educated immigrants face uphill job searches: StatsCan

University-educated immigrants living in Canada for more than a decade found it increasingly difficult to get work in their areas of expertise between 1991 and 2006, Statistics Canada reported Monday.

The search for work became more challenging not just for recent immigrants — those in Canada less than five years — but also for well-established ones living in the country between 11 and 15 years, the agency reported.

"The proportion of long-term immigrants with a university degree in jobs with low education requirements" rose steadily over the decade and a half surveyed, the report said.

Highly educated immigrants face uphill job searches: StatsCan

University-educated immigrants living in Canada for more than a decade found it increasingly difficult to get work in their areas of expertise between 1991 and 2006, Statistics Canada reported Monday.

The search for work became more challenging not just for recent immigrants — those in Canada less than five years — but also for well-established ones living in the country between 11 and 15 years, the agency reported.

"The proportion of long-term immigrants with a university degree in jobs with low education requirements" rose steadily over the decade and a half surveyed, the report said.

Highly educated immigrants face uphill job searches: StatsCan

University-educated immigrants living in Canada for more than a decade found it increasingly difficult to get work in their areas of expertise between 1991 and 2006, Statistics Canada reported Monday.

The search for work became more challenging not just for recent immigrants — those in Canada less than five years — but also for well-established ones living in the country between 11 and 15 years, the agency reported.

"The proportion of long-term immigrants with a university degree in jobs with low education requirements" rose steadily over the decade and a half surveyed, the report said.

Fronteer stock tumbles after bid for Aurora

Shares of Fronteer Development Group Inc. lost nearly a third of their value Monday after the company announced an all-stock offer for the 58 per cent of Aurora Energy Resources Inc. it doesn't already own.

Fronteer stock fell 94 cents to $2.19 in trading on the Toronto Stock Exchange. It has ranged between $1.55 and $11.50 in the past year.

Before the market opened Monday, the Vancouver-based company announced it would offer 0.825 of its shares for each Aurora share.

Fronteer stock tumbles after bid for Aurora

Shares of Fronteer Development Group Inc. lost nearly a third of their value Monday after the company announced an all-stock offer for the 58 per cent of Aurora Energy Resources Inc. it doesn't already own.

Fronteer stock fell 94 cents to $2.19 in trading on the Toronto Stock Exchange. It has ranged between $1.55 and $11.50 in the past year.

Before the market opened Monday, the Vancouver-based company announced it would offer 0.825 of its shares for each Aurora share.

Fronteer stock tumbles after bid for Aurora

Shares of Fronteer Development Group Inc. lost nearly a third of their value Monday after the company announced an all-stock offer for the 58 per cent of Aurora Energy Resources Inc. it doesn't already own.

Fronteer stock fell 94 cents to $2.19 in trading on the Toronto Stock Exchange. It has ranged between $1.55 and $11.50 in the past year.

Before the market opened Monday, the Vancouver-based company announced it would offer 0.825 of its shares for each Aurora share.

Fronteer stock tumbles after bid for Aurora

Shares of Fronteer Development Group Inc. lost nearly a third of their value Monday after the company announced an all-stock offer for the 58 per cent of Aurora Energy Resources Inc. it doesn't already own.

Fronteer stock fell 94 cents to $2.19 in trading on the Toronto Stock Exchange. It has ranged between $1.55 and $11.50 in the past year.

Before the market opened Monday, the Vancouver-based company announced it would offer 0.825 of its shares for each Aurora share.

Fronteer stock tumbles after bid for Aurora

Shares of Fronteer Development Group Inc. lost nearly a third of their value Monday after the company announced an all-stock offer for the 58 per cent of Aurora Energy Resources Inc. it doesn't already own.

Fronteer stock fell 94 cents to $2.19 in trading on the Toronto Stock Exchange. It has ranged between $1.55 and $11.50 in the past year.

Before the market opened Monday, the Vancouver-based company announced it would offer 0.825 of its shares for each Aurora share.

Fronteer stock tumbles after bid for Aurora

Shares of Fronteer Development Group Inc. lost nearly a third of their value Monday after the company announced an all-stock offer for the 58 per cent of Aurora Energy Resources Inc. it doesn't already own.

Fronteer stock fell 94 cents to $2.19 in trading on the Toronto Stock Exchange. It has ranged between $1.55 and $11.50 in the past year.

Before the market opened Monday, the Vancouver-based company announced it would offer 0.825 of its shares for each Aurora share.

Certicom rejects RIM's bid, seeks to block it legally

Certicom three-month TSX trading

The target of a takeover bid from BlackBerry maker Research in Motion Ltd. said Monday that its board has rejected the offer, and it has gone to court to seek a regulatory ruling to block the proposal.

Certicom rejects RIM's bid, seeks to block it legally

Certicom three-month TSX trading

The target of a takeover bid from BlackBerry maker Research in Motion Ltd. said Monday that its board has rejected the offer, and it has gone to court to seek a regulatory ruling to block the proposal.

Consumer confidence shakier than stats warrant: economist

Canadians plan on spending $790 on the holidays this year, down $117 from 2007, according to a recent survey. (Canadian Press)Canadians are adopting a bleak recessionary mood, even though the numbers are not that grim, an economist says.

Consumer confidence shakier than stats warrant: economist

Canadians plan on spending $790 on the holidays this year, down $117 from 2007, according to a recent survey. (Canadian Press)Canadians are adopting a bleak recessionary mood, even though the numbers are not that grim, an economist says.

Highly educated immigrants face uphill job searches: StatsCan

University-educated immigrants living in Canada for more than a decade found it increasingly difficult to get work in their areas of expertise between 1991 and 2006, Statistics Canada reported Monday.

The search for work became more challenging not just for recent immigrants — those in Canada less than five years — but also for well-established ones living in the country between 11 and 15 years, the agency reported.

"The proportion of long-term immigrants with a university degree in jobs with low education requirements" rose steadily over the decade and a half surveyed, the report said.

Highly educated immigrants face uphill job searches: StatsCan

University-educated immigrants living in Canada for more than a decade found it increasingly difficult to get work in their areas of expertise between 1991 and 2006, Statistics Canada reported Monday.

The search for work became more challenging not just for recent immigrants — those in Canada less than five years — but also for well-established ones living in the country between 11 and 15 years, the agency reported.

"The proportion of long-term immigrants with a university degree in jobs with low education requirements" rose steadily over the decade and a half surveyed, the report said.

Fronteer stock tumbles after bid for Aurora

Shares of Fronteer Development Group Inc. lost nearly a third of their value Monday after the company announced an all-stock offer for the 58 per cent of Aurora Energy Resources Inc. it doesn't already own.

Fronteer stock fell 94 cents to $2.19 in trading on the Toronto Stock Exchange. It has ranged between $1.55 and $11.50 in the past year.

Before the market opened Monday, the Vancouver-based company announced it would offer 0.825 of its shares for each Aurora share.

Fronteer stock tumbles after bid for Aurora

Shares of Fronteer Development Group Inc. lost nearly a third of their value Monday after the company announced an all-stock offer for the 58 per cent of Aurora Energy Resources Inc. it doesn't already own.

Fronteer stock fell 94 cents to $2.19 in trading on the Toronto Stock Exchange. It has ranged between $1.55 and $11.50 in the past year.

Before the market opened Monday, the Vancouver-based company announced it would offer 0.825 of its shares for each Aurora share.

Ontario car dealers call for tax rebates to spur sales

New car dealers in Ontario are calling for the governments of Canada and Ontario to give tax rebates for three or six months to help get more people into showrooms and stimulate vehicle sales.

Geoff Wilkinson, the executive director of the Ontario Automobile Dealer Association, said Sunday night his members have a mixed outlook for 2009 because of the current weak economic conditions.

"But if we could see tax rebates for consumers and affordable credit programs, they'll better cope within this economic climate," he said.

TSX drops as commodities fall

Three-month track of the TSX composite index

The key Toronto stock market index slid steadily Monday with continuing weakness in commodities.

The S&P/TSX composite index closed down nearly 302.47 points at 8,249.53.

Ontario car dealers call for tax rebates to spur sales

New car dealers in Ontario are calling for the governments of Canada and Ontario to give tax rebates for three or six months to help get more people into showrooms and stimulate vehicle sales.

Geoff Wilkinson, the executive director of the Ontario Automobile Dealer Association, said Sunday night his members have a mixed outlook for 2009 because of the current weak economic conditions.

"But if we could see tax rebates for consumers and affordable credit programs, they'll better cope within this economic climate," he said.

TSX drops as commodities fall

Three-month track of the TSX composite index

The key Toronto stock market index slid steadily Monday with continuing weakness in commodities.

The S&P/TSX composite index closed down nearly 302.47 points at 8,249.53.

TSX drops as commodities fall

Three-month track of the TSX composite index

The key Toronto stock market index slid steadily Monday with continuing weakness in commodities.

The S&P/TSX composite index closed down nearly 302.47 points at 8,249.53.

Ontario car dealers call for tax rebates to spur sales

New car dealers in Ontario are calling for the governments of Canada and Ontario to give tax rebates for three or six months to help get more people into showrooms and stimulate vehicle sales.

Geoff Wilkinson, the executive director of the Ontario Automobile Dealer Association, said Sunday night his members have a mixed outlook for 2009 because of the current weak economic conditions.

"But if we could see tax rebates for consumers and affordable credit programs, they'll better cope within this economic climate," he said.

TSX drops as commodities fall

Three-month track of the TSX composite index

The key Toronto stock market index slid steadily Monday with continuing weakness in commodities.

The S&P/TSX composite index closed down nearly 302.47 points at 8,249.53.

Ontario car dealers call for tax rebates to spur sales

New car dealers in Ontario are calling for the governments of Canada and Ontario to give tax rebates for three or six months to help get more people into showrooms and stimulate vehicle sales.

Geoff Wilkinson, the executive director of the Ontario Automobile Dealer Association, said Sunday night his members have a mixed outlook for 2009 because of the current weak economic conditions.

"But if we could see tax rebates for consumers and affordable credit programs, they'll better cope within this economic climate," he said.

Ontario car dealers call for tax rebates to spur sales

New car dealers in Ontario are calling for the governments of Canada and Ontario to give tax rebates for three or six months to help get more people into showrooms and stimulate vehicle sales.

Geoff Wilkinson, the executive director of the Ontario Automobile Dealer Association, said Sunday night his members have a mixed outlook for 2009 because of the current weak economic conditions.

"But if we could see tax rebates for consumers and affordable credit programs, they'll better cope within this economic climate," he said.

TSX drops as commodities fall

Three-month track of the TSX composite index

The key Toronto stock market index slid steadily Monday with continuing weakness in commodities.

The S&P/TSX composite index closed down nearly 302.47 points at 8,249.53.

Ontario car dealers call for tax rebates to spur sales

New car dealers in Ontario are calling for the governments of Canada and Ontario to give tax rebates for three or six months to help get more people into showrooms and stimulate vehicle sales.

Geoff Wilkinson, the executive director of the Ontario Automobile Dealer Association, said Sunday night his members have a mixed outlook for 2009 because of the current weak economic conditions.

"But if we could see tax rebates for consumers and affordable credit programs, they'll better cope within this economic climate," he said.

Ontario car dealers call for tax rebates to spur sales

New car dealers in Ontario are calling for the governments of Canada and Ontario to give tax rebates for three or six months to help get more people into showrooms and stimulate vehicle sales.

Geoff Wilkinson, the executive director of the Ontario Automobile Dealer Association, said Sunday night his members have a mixed outlook for 2009 because of the current weak economic conditions.

"But if we could see tax rebates for consumers and affordable credit programs, they'll better cope within this economic climate," he said.

Retailers slash prices in holiday rush to attract reluctant shoppers

Canadians plan on spending $790 on holiday expenses this year, down $117 from 2007, according to a recent survey.(Canadian Press)

Retailers slash prices in holiday rush to attract reluctant shoppers

Canadians plan on spending $790 on holiday expenses this year, down $117 from 2007, according to a recent survey.(Canadian Press)

Retailers slash prices in holiday rush to attract reluctant shoppers

Canadians plan on spending $790 on holiday expenses this year, down $117 from 2007, according to a recent survey.(Canadian Press)

TSX drops as commodities fall

Three-month track of the TSX composite index

The key Toronto stock market index slid steadily Monday with continuing weakness in commodities.

The S&P/TSX composite index closed down nearly 302.47 points at 8,249.53.

TSX drops as commodities fall

Three-month track of the TSX composite index

The key Toronto stock market index slid steadily Monday with continuing weakness in commodities.

The S&P/TSX composite index closed down nearly 302.47 points at 8,249.53.

Retailers slash prices in holiday rush to attract reluctant shoppers

Canadians plan on spending $790 on holiday expenses this year, down $117 from 2007, according to a recent survey.(Canadian Press)

Retailers slash prices in holiday rush to attract reluctant shoppers

Canadians plan on spending $790 on holiday expenses this year, down $117 from 2007, according to a recent survey.(Canadian Press)

Retailers slash prices in holiday rush to attract reluctant shoppers

Canadians plan on spending $790 on holiday expenses this year, down $117 from 2007, according to a recent survey.(Canadian Press)

Retailers slash prices in holiday rush to attract reluctant shoppers

Canadians plan on spending $790 on holiday expenses this year, down $117 from 2007, according to a recent survey.(Canadian Press)

Retailers slash prices in holiday rush to attract reluctant shoppers

Canadians plan on spending $790 on holiday expenses this year, down $117 from 2007, according to a recent survey.(Canadian Press)

Retailers slash prices in holiday rush to attract reluctant shoppers

Canadians plan on spending $790 on holiday expenses this year, down $117 from 2007, according to a recent survey.(Canadian Press)

Chennai may have Less Impact of Housing Loan Deduction

Even while welcoming the move of public sector undertaking (PSU) banks to reduce the rate of interest for housing loans up to Rs 20 lakh, builders are sceptical about whether it would have a major impact on their business in Chennai. Prakash Challa, president of the Tamil Nadu chapter of the Confederation of Real Estate Developers‘ Associations of India (CREDAI), said, “Such cosmetic measures will not be of much help when the whole housing sector is in crisis. We do not have even a single project anywhere within a 25-km radius of Chennai in the Rs 5 lakh to Rs 20 lakh bandwidth. Only in far-flung areas can such projects come up because of the high land price in Chennai. However, in such places support infrastructure and economic activity will be minimal and people will find it difficult to manage. CREDAI had requested the government and banks to reduce the interest to 7.5% for housing loans up to Rs 50 lakh. They could have fixed varying upper limits for availing loans on concessional rate of interest for different cities. For example, in Mumbai and Delhi, the upper limit should be Rs 50 lakh and for a city like Chennai, it could be Rs 35 lakh. Such a move would have encouraged many people to invest in houses and many builders to start new projects too.” Challa said that about 3,000 budget apartments were coming up in areas surrounding Chennai, but quite far away from the city.

Economic council to offer Flaherty business perspective, chair says

Carole Taylor, shown at a news conference in Victoria on Nov. 30, 2007, will serve as chair of the economic advisory council.(Adrian Lam/Canadian Press)The chair of the economic advisory council appointed by Finance Minister Jim Flaherty said Friday one of her group's responsibilities is to ensure that economic policies that sound good in theory would work in practice.

Ottawa should limit deficit to $22B next year: TD Bank

Canada should limit next year's budget deficit to $22 billion even as it boosts spending to deal with the world economic downturn, TD Bank's chief economist said Friday.

But even that amount of red ink will not totally shelter Canada from the global financial storm, Don Drummond said.

"It's not going to make a horrific difference to most Canadians.... We do have physical limits to what we can do," he told CBC Newsworld.

In recent days, Prime Minister Stephen Harper has begun talking about running a deficit in the range of $30 billion in the next fiscal year — an amount Drummond called unrealistic.

Auto bailout greeted with optimism in Canada

The mayors of Oshawa and Windsor — two Ontario cities heavily reliant on the auto sector — welcomed Friday's announcement of U.S. support for the troubled Detroit Big Three.

Oshawa Mayor John Gray said the bailout should help to lift some of the uncertainty the Big Three are facing by getting them to a March 31 deadline to ensure their viability.

"We can, at least, get these companies through the hurdle," Gray said.

"Hopefully by then, some of the credit will start to ease up so that buyers buy vehicles," he said.

EA to shut Vancouver's Black Box studio

A week after cancelling plans to expand its presence in British Columbia, video-game giant Electronic Arts. Inc. announced Friday morning it would further contract, closing downtown Vancouver's Black Box studio and revealing plans for more layoffs.

Operations for EA Black Box will be moved to the company's EA Canada studio in Burnaby, B.C., the company announced. EA Black Box, best known for making the Need for Speed series of video games, employs about 400 people, while EA Canada's studio houses about 1,400 employees.

Bush offers $17.4B to automakers

U.S. President George W. Bush pauses during a statement on the auto industry at the White House on Friday in Washington. (Evan Vucci/Associated Press)

Calling it the "more responsible option," U.S. President George W. Bush on Friday dipped into the massive financial bailout package to offer $17.4 billion US in short-term loans to automakers.