Volvo to cut 500 jobs in Ontario plant

The Volvo group announced Tuesday it would cut about 500 jobs in Ontario, as it moves work from its Goderich, Ont., plant to a U.S. factory.

The Swedish company — separate from the Volvo carmaker owned by Ford Motor Co. — said Tuesday that its Volvo Construction Equipment division will move some equipment-making activities from the town on the Lake Huron shore to Shippensburg, Pa.

The company's work on motor graders, a type of industrial vehicle used to level surfaces, will be affected the most.

Volvo to cut 500 jobs in Ontario plant

The Volvo group announced Tuesday it would cut about 500 jobs in Ontario, as it moves work from its Goderich, Ont., plant to a U.S. factory.

The Swedish company — separate from the Volvo carmaker owned by Ford Motor Co. — said Tuesday that its Volvo Construction Equipment division will move some equipment-making activities from the town on the Lake Huron shore to Shippensburg, Pa.

The company's work on motor graders, a type of industrial vehicle used to level surfaces, will be affected the most.

Volvo to cut 500 jobs in Ontario plant

The Volvo group announced Tuesday it would cut about 500 jobs in Ontario, as it moves work from its Goderich, Ont., plant to a U.S. factory.

The Swedish company — separate from the Volvo carmaker owned by Ford Motor Co. — said Tuesday that its Volvo Construction Equipment division will move some equipment-making activities from the town on the Lake Huron shore to Shippensburg, Pa.

The company's work on motor graders, a type of industrial vehicle used to level surfaces, will be affected the most.

GDP grew faster than expected in July: StatsCan

Canada's GDP grew more than three times as fast in July as economists had predicted, thanks to gushing oil and gas production, Statistics Canada said Tuesday.

The country's national statistical agency said gross domestic product jumped by 0.7 per cent in July compared with June, a much better performance than the 0.2 per cent private sector growth economists had been forecasting.

The stellar month was a marked contrast to May-to-June period, when the economy grew, on average, by 0.05 per cent.

GDP grew faster than expected in July: StatsCan

Canada's GDP grew more than three times as fast in July as economists had predicted, thanks to gushing oil and gas production, Statistics Canada said Tuesday.

The country's national statistical agency said gross domestic product jumped by 0.7 per cent in July compared with June, a much better performance than the 0.2 per cent private sector growth economists had been forecasting.

The stellar month was a marked contrast to May-to-June period, when the economy grew, on average, by 0.05 per cent.

GDP grew faster than expected in July: StatsCan

Canada's GDP grew more than three times as fast in July as economists had predicted, thanks to gushing oil and gas production, Statistics Canada said Tuesday.

The country's national statistical agency said gross domestic product jumped by 0.7 per cent in July compared with June, a much better performance than the 0.2 per cent private sector growth economists had been forecasting.

The stellar month was a marked contrast to May-to-June period, when the economy grew, on average, by 0.05 per cent.

More pink slips expected at DeFehr Furniture

Winnipeg's DeFehr Furniture says it needs to trim its operations while it restructures, but the company has not yet revealed how many employees will be laid off.

Late Monday, the Winnipeg company announced it had applied for credit protection while it completes a restructuring process.

CEO Andrew DeFehr said DeFehr's Canadian market has struggled over the past year, as the Canadian dollar has gained strength globally, leaving the company too big for the current market.

'Congress must act' to prevent long-term economic damage, Bush warns

U.S. President George W. Bush makes a statement about the economic bailout bill and financial crisis on Tuesday at the White House.(Charles Dharapak/Associated Press)

'Congress must act' to prevent long-term economic damage, Bush warns

U.S. President George W. Bush makes a statement about the economic bailout bill and financial crisis on Tuesday at the White House.(Charles Dharapak/Associated Press)

More pink slips expected at DeFehr Furniture

Winnipeg's DeFehr Furniture says it needs to trim its operations while it restructures, but the company has not yet revealed how many employees will be laid off.

Late Monday, the Winnipeg company announced it had applied for credit protection while it completes a restructuring process.

CEO Andrew DeFehr said DeFehr's Canadian market has struggled over the past year, as the Canadian dollar has gained strength globally, leaving the company too big for the current market.

McGuinty has little to offer seniors worried about market meltdown

Ontario Premier Dalton McGuinty says there isn't a lot he can do for seniors worried about their pensions.

Commenting on the recent market meltdown, McGuinty said Tuesday at Queen's Park that the turmoil of the past few weeks will not force his government to cut essential services. But he also said some of the damage to the province's economy is beyond repair.

"There are parts of the economy that are not coming back," he said referring to job losses that have already occurred in manufacturing.

'Congress must act' to prevent long-term economic damage, Bush warns

U.S. President George W. Bush makes a statement about the economic bailout bill and financial crisis on Tuesday at the White House.(Charles Dharapak/Associated Press)

TSX closes up 467 points as markets shake off some of Monday's panic

Toronto's benchmark stock index gained more than 467 points Tuesday, suggesting that some people thought Monday's record 840.93-point drop was overdone.

Although Washington was still deadlocked on a financial bailout plan, New York stocks bounced back too, with the Dow Jones industrial average regaining more than 485 of the 777.68 points it lost the day before.

McGuinty has little to offer seniors worried about market meltdown

Ontario Premier Dalton McGuinty says there isn't a lot he can do for seniors worried about their pensions.

Commenting on the recent market meltdown, McGuinty said Tuesday at Queen's Park that the turmoil of the past few weeks will not force his government to cut essential services. But he also said some of the damage to the province's economy is beyond repair.

"There are parts of the economy that are not coming back," he said referring to job losses that have already occurred in manufacturing.

TSX closes up 467 points as markets shake off some of Monday's panic

Toronto's benchmark stock index gained more than 467 points Tuesday, suggesting that some people thought Monday's record 840.93-point drop was overdone.

Although Washington was still deadlocked on a financial bailout plan, New York stocks bounced back too, with the Dow Jones industrial average regaining more than 485 of the 777.68 points it lost the day before.

TSX closes up 467 points as markets shake off some of Monday's panic

Toronto's benchmark stock index gained more than 467 points Tuesday, suggesting that some people thought Monday's record 840.93-point drop was overdone.

Although Washington was still deadlocked on a financial bailout plan, New York stocks bounced back too, with the Dow Jones industrial average regaining more than 485 of the 777.68 points it lost the day before.

U.S. legislators vote against $700B bailout; leaders urge them back to the table

A $700-billion US package negotiated by U.S. congressional leaders over the weekend to bail out the American financial industry failed a vote in the House of Representatives.

Despite pleas by President George W. Bush — who was phoning undecided legislators minutes before the roll call — as well as congressional leaders, Monday afternoon’s vote failed by a margin of 228-205.

U.S. legislators vote against $700B bailout; leaders urge them back to the table

A $700-billion US package negotiated by U.S. congressional leaders over the weekend to bail out the American financial industry failed a vote in the House of Representatives.

Despite pleas by President George W. Bush — who was phoning undecided legislators minutes before the roll call — as well as congressional leaders, Monday afternoon’s vote failed by a margin of 228-205.

U.S. legislators vote against $700B bailout; leaders urge them back to the table

A $700-billion US package negotiated by U.S. congressional leaders over the weekend to bail out the American financial industry failed a vote in the House of Representatives.

Despite pleas by President George W. Bush — who was phoning undecided legislators minutes before the roll call — as well as congressional leaders, Monday afternoon’s vote failed by a margin of 228-205.

U.S. legislators vote against $700B bailout; leaders urge them back to the table

A $700-billion US package negotiated by U.S. congressional leaders over the weekend to bail out the American financial industry failed a vote in the House of Representatives.

Despite pleas by President George W. Bush — who was phoning undecided legislators minutes before the roll call — as well as congressional leaders, Monday afternoon’s vote failed by a margin of 228-205.

U.S. legislators vote against $700B bailout; leaders urge them back to the table

A $700-billion US package negotiated by U.S. congressional leaders over the weekend to bail out the American financial industry failed a vote in the House of Representatives.

Despite pleas by President George W. Bush — who was phoning undecided legislators minutes before the roll call — as well as congressional leaders, Monday afternoon’s vote failed by a margin of 228-205.

Investor program brings liability concern: P.E.I. businessman

Hundreds of millions of dollars have been invested in P.E.I. companies through an immigrant investor program, raising questions of who is responsible for oversight of the money.

'Canada Immigration is alarmed by that because of the failure rate of startup companies.'— Rob McEachern

More than 2,000 potential immigrants to P.E.I. put down $200,000 each between April 1 and Sept. 2 this year. The resulting $400 million was distributed as equity investments in Island companies in private transactions arranged by local brokers, according to documents obtained by CBC News.

Investor program brings liability concern: P.E.I. businessman

Hundreds of millions of dollars have been invested in P.E.I. companies through an immigrant investor program, raising questions of who is responsible for oversight of the money.

'Canada Immigration is alarmed by that because of the failure rate of startup companies.'— Rob McEachern

More than 2,000 potential immigrants to P.E.I. put down $200,000 each between April 1 and Sept. 2 this year. The resulting $400 million was distributed as equity investments in Island companies in private transactions arranged by local brokers, according to documents obtained by CBC News.

U.S. legislators vote against $700B bailout; leaders urge them back to the table

A $700-billion US package negotiated by U.S. congressional leaders over the weekend to bail out the American financial industry failed a vote in the House of Representatives.

Despite pleas by President George W. Bush — who was phoning undecided legislators minutes before the roll call — as well as congressional leaders, Monday afternoon’s vote failed by a margin of 228-205.

Investor program brings liability concern: P.E.I. businessman

Hundreds of millions of dollars have been invested in P.E.I. companies through an immigrant investor program, raising questions of who is responsible for oversight of the money.

'Canada Immigration is alarmed by that because of the failure rate of startup companies.'— Rob McEachern

More than 2,000 potential immigrants to P.E.I. put down $200,000 each between April 1 and Sept. 2 this year. The resulting $400 million was distributed as equity investments in Island companies in private transactions arranged by local brokers, according to documents obtained by CBC News.

Investor program brings liability concern: P.E.I. businessman

Hundreds of millions of dollars have been invested in P.E.I. companies through an immigrant investor program, raising questions of who is responsible for oversight of the money.

'Canada Immigration is alarmed by that because of the failure rate of startup companies.'— Rob McEachern

More than 2,000 potential immigrants to P.E.I. put down $200,000 each between April 1 and Sept. 2 this year. The resulting $400 million was distributed as equity investments in Island companies in private transactions arranged by local brokers, according to documents obtained by CBC News.

Investor program brings liability concern: P.E.I. businessman

Hundreds of millions of dollars have been invested in P.E.I. companies through an immigrant investor program, raising questions of who is responsible for oversight of the money.

'Canada Immigration is alarmed by that because of the failure rate of startup companies.'— Rob McEachern

More than 2,000 potential immigrants to P.E.I. put down $200,000 each between April 1 and Sept. 2 this year. The resulting $400 million was distributed as equity investments in Island companies in private transactions arranged by local brokers, according to documents obtained by CBC News.

Investor program brings liability concern: P.E.I. businessman

Hundreds of millions of dollars have been invested in P.E.I. companies through an immigrant investor program, raising questions of who is responsible for oversight of the money.

'Canada Immigration is alarmed by that because of the failure rate of startup companies.'— Rob McEachern

More than 2,000 potential immigrants to P.E.I. put down $200,000 each between April 1 and Sept. 2 this year. The resulting $400 million was distributed as equity investments in Island companies in private transactions arranged by local brokers, according to documents obtained by CBC News.

Investor program brings liability concern: P.E.I. businessman

Hundreds of millions of dollars have been invested in P.E.I. companies through an immigrant investor program, raising questions of who is responsible for oversight of the money.

'Canada Immigration is alarmed by that because of the failure rate of startup companies.'— Rob McEachern

More than 2,000 potential immigrants to P.E.I. put down $200,000 each between April 1 and Sept. 2 this year. The resulting $400 million was distributed as equity investments in Island companies in private transactions arranged by local brokers, according to documents obtained by CBC News.

Investor program brings liability concern: P.E.I. businessman

Hundreds of millions of dollars have been invested in P.E.I. companies through an immigrant investor program, raising questions of who is responsible for oversight of the money.

'Canada Immigration is alarmed by that because of the failure rate of startup companies.'— Rob McEachern

More than 2,000 potential immigrants to P.E.I. put down $200,000 each between April 1 and Sept. 2 this year. The resulting $400 million was distributed as equity investments in Island companies in private transactions arranged by local brokers, according to documents obtained by CBC News.

Investor program brings liability concern: P.E.I. businessman

Hundreds of millions of dollars have been invested in P.E.I. companies through an immigrant investor program, raising questions of who is responsible for oversight of the money.

'Canada Immigration is alarmed by that because of the failure rate of startup companies.'— Rob McEachern

More than 2,000 potential immigrants to P.E.I. put down $200,000 each between April 1 and Sept. 2 this year. The resulting $400 million was distributed as equity investments in Island companies in private transactions arranged by local brokers, according to documents obtained by CBC News.

Investor program brings liability concern: P.E.I. businessman

Hundreds of millions of dollars have been invested in P.E.I. companies through an immigrant investor program, raising questions of who is responsible for oversight of the money.

'Canada Immigration is alarmed by that because of the failure rate of startup companies.'— Rob McEachern

More than 2,000 potential immigrants to P.E.I. put down $200,000 each between April 1 and Sept. 2 this year. The resulting $400 million was distributed as equity investments in Island companies in private transactions arranged by local brokers, according to documents obtained by CBC News.

TSX falls by record 840.93 points; oil drops to $95 US

Traders on the floor of the New York Stock Exchange watch the boards and a television monitor as the bailout bill votes are counted in the House of Representatives Monday afternoon. (AP Photo/Richard Drew)

TSX falls by record 840.93 points; oil drops to $95 US

Traders on the floor of the New York Stock Exchange watch the boards and a television monitor as the bailout bill votes are counted in the House of Representatives Monday afternoon. (AP Photo/Richard Drew)

TSX falls by record 840.93 points; oil drops to $95 US

Traders on the floor of the New York Stock Exchange watch the boards and a television monitor as the bailout bill votes are counted in the House of Representatives Monday afternoon. (AP Photo/Richard Drew)

TSX falls by record 840.93 points; oil drops to $95 US

Traders on the floor of the New York Stock Exchange watch the boards and a television monitor as the bailout bill votes are counted in the House of Representatives Monday afternoon. (AP Photo/Richard Drew)

TSX falls by record 840.93 points; oil drops to $95 US

Traders on the floor of the New York Stock Exchange watch the boards and a television monitor as the bailout bill votes are counted in the House of Representatives Monday afternoon. (AP Photo/Richard Drew)

TSX falls by record 840.93 points; oil drops to $95 US

Traders on the floor of the New York Stock Exchange watch the boards and a television monitor as the bailout bill votes are counted in the House of Representatives Monday afternoon. (AP Photo/Richard Drew)

TSX falls by record 840.93 points; oil drops to $95 US

Traders on the floor of the New York Stock Exchange watch the boards and a television monitor as the bailout bill votes are counted in the House of Representatives Monday afternoon. (AP Photo/Richard Drew)

TSX falls by record 840.93 points; oil drops to $95 US

Traders on the floor of the New York Stock Exchange watch the boards and a television monitor as the bailout bill votes are counted in the House of Representatives Monday afternoon. (AP Photo/Richard Drew)

TSX falls by record 840.93 points; oil drops to $95 US

Traders on the floor of the New York Stock Exchange watch the boards and a television monitor as the bailout bill votes are counted in the House of Representatives Monday afternoon. (AP Photo/Richard Drew)

Bank of Canada lines up more U.S. cash in case markets freeze

The Bank of Canada has lined up a $30 billion US currency swap with the U.S. Federal Reserve.

Bank of Canada lines up more U.S. cash in case markets freeze

The Bank of Canada has lined up a $30 billion US currency swap with the U.S. Federal Reserve.

Bank of Canada lines up more U.S. cash in case markets freeze

The Bank of Canada has lined up a $30 billion US currency swap with the U.S. Federal Reserve.

Bank of Canada lines up more U.S. cash in case markets freeze

The Bank of Canada has lined up a $30 billion US currency swap with the U.S. Federal Reserve.

Bank of Canada lines up more U.S. cash in case markets freeze

The Bank of Canada has lined up a $30 billion US currency swap with the U.S. Federal Reserve.

Manulife exposure to Wachovia just under $600M, CEO says

Manulife Financial Corp. CEO Dominic D'Alessandro says the insurance company has slightly less than $600 million in exposure to Wachovia Corp., the latest U.S. bank to fall victim to the Wall Street credit troubles.

D'Alessandro revealed the figure Monday during an investor conference in Toronto.

Earlier this month, Manulife said it has just over $800 million US in total exposure to other troubled U.S. financial firms Lehman Brothers, American International Group and Washington Mutual.

Manulife exposure to Wachovia just under $600M, CEO says

Manulife Financial Corp. CEO Dominic D'Alessandro says the insurance company has slightly less than $600 million in exposure to Wachovia Corp., the latest U.S. bank to fall victim to the Wall Street credit troubles.

D'Alessandro revealed the figure Monday during an investor conference in Toronto.

Earlier this month, Manulife said it has just over $800 million US in total exposure to other troubled U.S. financial firms Lehman Brothers, American International Group and Washington Mutual.

U.S. executive named president of Sun Life

Veteran U.S. financial executive Jon Boscia has been appointed president of Sun Life Financial Inc., the Toronto-based insurer announced Monday.

Boscia, 56, will be based in Wellesley Hills, Mass., and will be responsible for Sun Life's overall U.S. business, apart from Massachusetts Financial Services Co., Sun Life said in a release. He will also oversee worldwide marketing.

Boscia retired from Lincoln Financial Group in August 2007 after serving as chief executive officer for a decade.

U.S. executive named president of Sun Life

Veteran U.S. financial executive Jon Boscia has been appointed president of Sun Life Financial Inc., the Toronto-based insurer announced Monday.

Boscia, 56, will be based in Wellesley Hills, Mass., and will be responsible for Sun Life's overall U.S. business, apart from Massachusetts Financial Services Co., Sun Life said in a release. He will also oversee worldwide marketing.

Boscia retired from Lincoln Financial Group in August 2007 after serving as chief executive officer for a decade.

U.S. executive named president of Sun Life

Veteran U.S. financial executive Jon Boscia has been appointed president of Sun Life Financial Inc., the Toronto-based insurer announced Monday.

Boscia, 56, will be based in Wellesley Hills, Mass., and will be responsible for Sun Life's overall U.S. business, apart from Massachusetts Financial Services Co., Sun Life said in a release. He will also oversee worldwide marketing.

Boscia retired from Lincoln Financial Group in August 2007 after serving as chief executive officer for a decade.

U.S. executive named president of Sun Life

Veteran U.S. financial executive Jon Boscia has been appointed president of Sun Life Financial Inc., the Toronto-based insurer announced Monday.

Boscia, 56, will be based in Wellesley Hills, Mass., and will be responsible for Sun Life's overall U.S. business, apart from Massachusetts Financial Services Co., Sun Life said in a release. He will also oversee worldwide marketing.

Boscia retired from Lincoln Financial Group in August 2007 after serving as chief executive officer for a decade.

Internet entrepreneur successfully launches rocket on 4th try

The co-founder of internet financial services firm, PayPal Inc., launched a commercial rocket into orbit on Sunday in a bid to make space travel affordable for the general public.

The South Pacific launch marked Space Exploration Technologies' fourth attempt to get its two-stage Falcon 1 rocket into orbit.

Elon Musk, who made his fortune with the PayPal electronic payment system, pledged to continue getting rockets into orbit, saying the company has resolved design issues that plagued previous attempts.

Investor-rights foundation launched

A Canadian investor-rights organization was launched Monday with a multimillion-dollar budget largely funded by fines imposed on rule breakers in the investment industry.

The Foundation for the Advancement of Investor Rights (FAIR) bills itself as a non-profit, independent national organization that will represent the interests of Canadian investors in securities regulation.

It will be chaired by former Ontario Securities Commission chair Stanley Beck.

Investor-rights foundation launched

A Canadian investor-rights organization was launched Monday with a multimillion-dollar budget largely funded by fines imposed on rule breakers in the investment industry.

The Foundation for the Advancement of Investor Rights (FAIR) bills itself as a non-profit, independent national organization that will represent the interests of Canadian investors in securities regulation.

It will be chaired by former Ontario Securities Commission chair Stanley Beck.

Investor-rights foundation launched

A Canadian investor-rights organization was launched Monday with a multimillion-dollar budget largely funded by fines imposed on rule breakers in the investment industry.

The Foundation for the Advancement of Investor Rights (FAIR) bills itself as a non-profit, independent national organization that will represent the interests of Canadian investors in securities regulation.

It will be chaired by former Ontario Securities Commission chair Stanley Beck.

Teck secures financing to buy Fording, but share prices fall

Teck Cominco Ltd. said Monday it has secured the nearly $10 billion in financing needed to take over Fording Canadian Coal Trust, but that reassurance didn't keep the big metal producer's shares from being trounced in a commodity selloff.

Teck shares sank $4.65, or 13.9 per cent, to $28.92 on the TSX, just shy of its 52-week low of $28. Teck shares were trading near $53 in May.

Analysts said the share drop has more to do with a decline in global metals prices as a result of fears the Wall Street financial crisis will lead to a slumping worldwide economy and reduced demand for metals and other commodities, especially from fast-growing economies in India and China.

Teck secures financing to buy Fording, but share prices fall

Teck Cominco Ltd. said Monday it has secured the nearly $10 billion in financing needed to take over Fording Canadian Coal Trust, but that reassurance didn't keep the big metal producer's shares from being trounced in a commodity selloff.

Teck shares sank $4.65, or 13.9 per cent, to $28.92 on the TSX, just shy of its 52-week low of $28. Teck shares were trading near $53 in May.

Analysts said the share drop has more to do with a decline in global metals prices as a result of fears the Wall Street financial crisis will lead to a slumping worldwide economy and reduced demand for metals and other commodities, especially from fast-growing economies in India and China.

Probe launched into activities at Fannie Mae, Freddie Mac

A U.S. grand jury is investigating accounting and disclosure issues at giant mortgage finance companies Fannie Mae and Freddie Mac, the firms said Monday.

The companies said they received subpoenas Friday from the U.S. Attorney's office in Manhattan as well as requests from the Securities and Exchange Commission that they preserve documents.

Fannie Mae and Freddie Mac were taken over by the government earlier this month as their mounting defaults and foreclosures threatened the entire mortgage market.

Probe launched into activities at Fannie Mae, Freddie Mac

A U.S. grand jury is investigating accounting and disclosure issues at giant mortgage finance companies Fannie Mae and Freddie Mac, the firms said Monday.

The companies said they received subpoenas Friday from the U.S. Attorney's office in Manhattan as well as requests from the Securities and Exchange Commission that they preserve documents.

Fannie Mae and Freddie Mac were taken over by the government earlier this month as their mounting defaults and foreclosures threatened the entire mortgage market.

Probe launched into activities at Fannie Mae, Freddie Mac

A U.S. grand jury is investigating accounting and disclosure issues at giant mortgage finance companies Fannie Mae and Freddie Mac, the firms said Monday.

The companies said they received subpoenas Friday from the U.S. Attorney's office in Manhattan as well as requests from the Securities and Exchange Commission that they preserve documents.

Fannie Mae and Freddie Mac were taken over by the government earlier this month as their mounting defaults and foreclosures threatened the entire mortgage market.

Probe launched into activities at Fannie Mae, Freddie Mac

A U.S. grand jury is investigating accounting and disclosure issues at giant mortgage finance companies Fannie Mae and Freddie Mac, the firms said Monday.

The companies said they received subpoenas Friday from the U.S. Attorney's office in Manhattan as well as requests from the Securities and Exchange Commission that they preserve documents.

Fannie Mae and Freddie Mac were taken over by the government earlier this month as their mounting defaults and foreclosures threatened the entire mortgage market.

Probe launched into activities at Fannie Mae, Freddie Mac

A U.S. grand jury is investigating accounting and disclosure issues at giant mortgage finance companies Fannie Mae and Freddie Mac, the firms said Monday.

The companies said they received subpoenas Friday from the U.S. Attorney's office in Manhattan as well as requests from the Securities and Exchange Commission that they preserve documents.

Fannie Mae and Freddie Mac were taken over by the government earlier this month as their mounting defaults and foreclosures threatened the entire mortgage market.

Innu hydro deal will be hard to sell, former leader claims

A tentative deal involving Innu leaders and the Newfoundland and Labrador government over land rights and hydro revenues came with no consultation, a former leader says.

The Innu Nation and leaders of the two Innu communities in Sheshatshiu and Natuashish have sided with the government in a deal that includes compensation for flooding in the late 1960s for the Upper Churchill power megaproject, and royalties for the undeveloped Lower Churchill project.

Licensing Toronto landlords ensures check on slum landlords: councillor

Toronto Coun. Howard Moscoe says he expects landlords in the city will have to be licensed starting next year.

Moscoe, chair of the Toronto licensing and standards committee, says it's the only way to ensure slum landlords keep their buildings up to standard and that city staff have written a report outlining ways the proposal can move forward.

For tenants in a building on West Lodge Avenue, the move would be welcomed. They says they've spent 10 years trying to get their landlord to make repairs.

Toronto new home sales off nearly 40% in August

Sales of new homes plunged 39.6 per cent in August in the Toronto area, compared with a year earlier, the Building Industry & Land Development Association said Friday.

Low-rise sales in Toronto and the surrounding Durham, Halton, Peel and York regions fell 53.1 per cent to 709 from 1,511, while highrise sales were down 25.3 per cent to 1,067 from 1,428, the group said in a release.

In addition, year-to-date sales were off 29 per cent from the first eight months of 2007.

Boycott Petro-Canada, say locked-out workers in Montreal

Unionized workers at Petro-Canada's Montreal refinery are asking Quebecers to boycott the company's gas stations in support of their labour dispute.

The Quebec Labour Federation made the boycott call Thursday, after locked-out refinery workers overwhelmingly rejected Petro-Canada's latest contract offer earlier this week.

The six-year deal included 14 per cent salary increases in the first three years.

A majority of the 260 locked-out workers voted 95.6 per cent against the contract proposal.

TSX plunges as RIM shares drop

Pedestrians watch a sharply lower TSX stock ticker board on the sidewalk in Toronto's financial district as markets open on Friday.(J.P. Moczulski/Canadian Press)

The Toronto market took a pounding Friday as investors fled technology company Research in Motion, and energy stocks sagged.

TSX plunges as RIM shares drop

Pedestrians watch a sharply lower TSX stock ticker board on the sidewalk in Toronto's financial district as markets open on Friday.(J.P. Moczulski/Canadian Press)

The Toronto market took a pounding Friday as investors fled technology company Research in Motion, and energy stocks sagged.

N.L. businesses confident of success

More than half of the small- and medium-sized businesses in Newfoundland and Labrador expect a stronger economic performance in the next 12 months.

That's one of the results of a recent survey by the Canadian Federation of Independent Business, which also indicated that business owners in the province were the second-most optimistic in the country, just behind Saskatchewan.

The federation's provincial director, Bradley George, says confidence is on the rise mainly because of the Hebron announcement last month that got the ball rolling on another major offshore oil development.

N.L. businesses confident of success

More than half of the small- and medium-sized businesses in Newfoundland and Labrador expect a stronger economic performance in the next 12 months.

That's one of the results of a recent survey by the Canadian Federation of Independent Business, which also indicated that business owners in the province were the second-most optimistic in the country, just behind Saskatchewan.

The federation's provincial director, Bradley George, says confidence is on the rise mainly because of the Hebron announcement last month that got the ball rolling on another major offshore oil development.

Royal Bank eyeing small U.S. acquisitions

Three-month TSX trading in the Royal Bank

The Royal Bank of Canada is looking for smaller U.S. commercial banks or wealth management companies that it might buy, chief executive Gordon Nixon said Friday.

Fish canner Connors selling out to New York firm

Connors Bros. three-month chart

Fish canner Connors Bros. Income Fund saw its unit price jump as much as 35 per cent Friday after it announced a tentative deal to sell its business to a New York private equity firm.

Fish canner Connors selling out to New York firm

Connors Bros. three-month chart

Fish canner Connors Bros. Income Fund saw its unit price jump as much as 35 per cent Friday after it announced a tentative deal to sell its business to a New York private equity firm.

'Significant progress' reported in financial bailout talks

Some U.S. senators are reporting progress in talks on a $700-billion bailout to alleviate the crisis in the country's financial sector.

The Senate's Democratic leader, Harry Reid, said on Saturday that congressional aides had worked late into the night and he was hoping for an agreement in principle by late Sunday.

"It is still a long way from completing it but we've made significant progress," he said.

Two Republican senators, Mitch McConnell and Judd Gregg, also reported making progress in pushing through the economic package, aimed at keeping the domestic banking industry afloat.

'Significant progress' reported in financial bailout talks

Some U.S. senators are reporting progress in talks on a $700-billion bailout to alleviate the crisis in the country's financial sector.

The Senate's Democratic leader, Harry Reid, said on Saturday that congressional aides had worked late into the night and he was hoping for an agreement in principle by late Sunday.

"It is still a long way from completing it but we've made significant progress," he said.

Two Republican senators, Mitch McConnell and Judd Gregg, also reported making progress in pushing through the economic package, aimed at keeping the domestic banking industry afloat.

N.L., Innu strike deal on hydro megaprojects

Newfoundland and Labrador Premier Danny Williams announces the agreement on Friday.(CBC)

Newfoundland and Labrador Premier Danny Williams announced an agreement Friday with Labrador's Innu over a proposed hydroelectric megaproject, and compensation for another.

Teranet urges rejection of $2 billion takeover bid

Teranet three-month chart

Teranet Income Fund, the private-enterprise gatekeeper of Ontario's electronic land registry, is urging its owners to reject a $2-billion takeover by an arm of the Ontario Municipal Employees Retirement System.

Sun Life left with $270M Cdn in bonds issued by failed U.S. bank

As U.S. financial firms continued to crumble, Toronto's Sun Life Financial Inc. has reported more damage to its investments south of the border, this time involving bonds caught in the biggest bank failure in U.S. history.

The Canadian insurer disclosed Friday that it holds bonds with face value of $270 million issued by Seattle-based Washington Mutual Inc. and related entities.

Sun Life stock fell six per cent, dropping $2.39 to $37.10 in TSX trading.

Severity of crisis could be blessing in disguise: Bank of Canada chief

Bank of Canada Governor Mark Carney says a $700-billion US bailout plan being put together in Washington is critically important for the world economy(CBC)

U.S. figures show economy slipping

New home sales and durable goods orders in the U.S. both fell in August while jobless claims jumped in the past two weeks in September, all signs of the American economy slipping badly, according to new data released Thursday.

The number of new houses that changed hands across the United States plummeted by 11.5 per cent in August compared to July and was a whopping 34.5 per cent below the sales level for the same month one year earlier.

U.S. figures show economy slipping

New home sales and durable goods orders in the U.S. both fell in August while jobless claims jumped in the past two weeks in September, all signs of the American economy slipping badly, according to new data released Thursday.

The number of new houses that changed hands across the United States plummeted by 11.5 per cent in August compared to July and was a whopping 34.5 per cent below the sales level for the same month one year earlier.

U.S. figures show economy slipping

New home sales and durable goods orders in the U.S. both fell in August while jobless claims jumped in the past two weeks in September, all signs of the American economy slipping badly, according to new data released Thursday.

The number of new houses that changed hands across the United States plummeted by 11.5 per cent in August compared to July and was a whopping 34.5 per cent below the sales level for the same month one year earlier.

Ottawa ran $1.7B surplus in July, government reports

The federal government reported a surplus of $1.7 billion in July, boosted by higher income and excise taxes and duties, the Department of Finance said in its monthly report, released Friday.

That big jump pushed the surplus for the first four months of the fiscal year to an estimated $2.9 billion. That's already more than Finance Minister Jim Flaherty projected in the February budget, when he called for a surplus of $2.3 billion for the full year ending March 31, 2009.

N.L. government lends footwear company $8M

The Newfoundland and Labrador government announced Thursday it would lend a footwear company $8 million interest-free to expand its factory in the eastern Newfoundland community of Harbour Grace.

The expansion of Terra Nova Shoes, a subsidiary of Kodiak Group Holdings, means an extra 50 jobs at the factory which has operated in Harbour Grace for over three decades.

Premier Danny Williams called the company a major employer and mainstay of the community. It has already built a 30,000-square-foot extension to the existing 70,000-square-foot building to accommodate the expansion of the operation from 170 employees to 220.

British property-market woes hit MacDonald Dettwiler stock

MDA three-month chart

MacDonald Dettwiler and Associates, best known to Canadians for its exploits in space, saw its share price shrink nearly 20 per cent at times Thursday because of weakness in the British property market.

N.L. government lends footwear company $8M

The Newfoundland and Labrador government announced Thursday it would lend a footwear company $8 million interest-free to expand its factory in the eastern Newfoundland community of Harbour Grace.

The expansion of Terra Nova Shoes, a subsidiary of Kodiak Group Holdings, means an extra 50 jobs at the factory which has operated in Harbour Grace for over three decades.

Premier Danny Williams called the company a major employer and mainstay of the community. It has already built a 30,000-square-foot extension to the existing 70,000-square-foot building to accommodate the expansion of the operation from 170 employees to 220.

British property-market woes hit MacDonald Dettwiler stock

MDA three-month chart

MacDonald Dettwiler and Associates, best known to Canadians for its exploits in space, saw its share price shrink nearly 20 per cent at times Thursday because of weakness in the British property market.

British property-market woes hit MacDonald Dettwiler stock

MDA three-month chart

MacDonald Dettwiler and Associates, best known to Canadians for its exploits in space, saw its share price shrink nearly 20 per cent at times Thursday because of weakness in the British property market.

Washington watchdog says bailout should cost less than $700B US

A watchdog agency says Washington's plan to rescue Wall Street will eventually cost "substantially less" than the often-quoted amount of $700 billion US.

"The administration probably will spend that amount of money buying bad debt from ailing financial institutions," said Peter Orszag, director of the Congressional Budget Office, a federal agency that examines and criticizes various government proposals.

"[But] the government would sell the acquired assets and thus generate income that would offset at least much of the initial cost," he said in testimony Wednesday before the U.S. House of Representatives' budget committee.

Washington watchdog says bailout should cost less than $700B US

A watchdog agency says Washington's plan to rescue Wall Street will eventually cost "substantially less" than the often-quoted amount of $700 billion US.

"The administration probably will spend that amount of money buying bad debt from ailing financial institutions," said Peter Orszag, director of the Congressional Budget Office, a federal agency that examines and criticizes various government proposals.

"[But] the government would sell the acquired assets and thus generate income that would offset at least much of the initial cost," he said in testimony Wednesday before the U.S. House of Representatives' budget committee.

Pricey homes still selling well in Canada: Re/Max

If you cannot get rid of your $2-million starter home in Vancouver or that $1-million bungalow in Calgary, take heart, according to a new report by realty giant Re/Max Canada.

Sales of luxury homes across Canada have stayed solid for the first seven months of the year, unlike the overall housing market, the company said Thursday.

The number of expensive homes changing hands rose for the first seven months of 2008 in 10 of the 15 major Canadian urban markets tracked by Re/Max.

Replay of Great Depression unlikely, TD bank says

Is the United States about to revisit the Dirty Thirties and take the rest of us along for the ride?

Probably not, say economists at the Toronto Dominion Bank.

They argue that the Federal Reserve Board, the U.S. central bank, is avoiding mistakes it made before the big crash of 1929 and during the long economic darkness that followed.

"Some draw parallels between the current situation and the Great Depression," the bank's economics department said in a quarterly economic forecast issued Thursday, dismissing such comparisons as "a stretch."

FBI investigates 4 companies at heart of financial meltdown

The FBI is investigating four major U.S. financial institutions whose collapse helped trigger a $700 billion bailout plan by the Bush administration, the Associated Press has learned.

Two law enforcement officials said Tuesday the FBI is looking at potential fraud by mortgage finance giants Fannie Mae and Freddie Mac, and insurer American International Group Inc. Additionally, a senior law enforcement official said Lehman Brothers Holdings Inc. also is under investigation.

Buffett buys $5-billion chunk of Goldman Sachs

Warren Buffett's holding company Berkshire Hathaway Inc. is investing $5 billion US in brokerage-turned-bank Goldman Sachs Group Inc., in a deal that could give other investors renewed confidence in Wall Street.

The so-called "Oracle of Omaha" and one of the richest Americans, Buffett said late Tuesday the agreement gives his company a bigger window onto the quickly-changing investment banking world.

Buffett buys $5-billion chunk of Goldman Sachs

Warren Buffett's holding company Berkshire Hathaway Inc. is investing $5 billion US in brokerage-turned-bank Goldman Sachs Group Inc., in a deal that could give other investors renewed confidence in Wall Street.

The so-called "Oracle of Omaha" and one of the richest Americans, Buffett said late Tuesday the agreement gives his company a bigger window onto the quickly-changing investment banking world.

Liberals' income trust plan adds uncertainty: CI's Holland

A Liberal election promise to reopen the controversial income trust issue would be a mistake, says William Holland, chief executive of CI Financial Income Fund.

That's because his company and others can't run their businesses properly if the tax rules keep changing, Holland said in an interview Wednesday.

"The issue just keeps hanging out there and hanging out there," he said.

The complex — and hotly debated — issue was thrust back onto the national stage when, earlier this week, Liberal Leader Stéphane Dion said he would alter the income trust tax system if the Liberals win the Oct. 14 general election.

Liberals' income trust plan adds uncertainty: CI's Holland

A Liberal election promise to reopen the controversial income trust issue would be a mistake, says William Holland, chief executive of CI Financial Income Fund.

That's because his company and others can't run their businesses properly if the tax rules keep changing, Holland said in an interview Wednesday.

"The issue just keeps hanging out there and hanging out there," he said.

The complex — and hotly debated — issue was thrust back onto the national stage when, earlier this week, Liberal Leader Stéphane Dion said he would alter the income trust tax system if the Liberals win the Oct. 14 general election.

Harper dismisses gloomy report on Canadian housing market

Conservative Leader Stephen Harper says he disagrees with a report by brokerage firm Merrill Lynch that warns Canada could be headed for a housing and mortgage meltdown similar to the one that has devastated the United States economy.

Drug maker to disclose payments to doctors

A major drug maker announced Wednesday it will voluntarily report how much it pays doctors for giving advice and speeches on the company's behalf. The move comes amid a debate over what influence the money has on medical research and prescribing habits.

Eli Lilly and Company president and CEO John Lechleiter announced the company intends to post all payments of more than $500 in an online database that it plans to launch as early as the second half of 2009.

Harper dismisses gloomy report on Canadian housing market

Conservative Leader Stephen Harper says he disagrees with a report by brokerage firm Merrill Lynch that warns Canada could be headed for a housing and mortgage meltdown similar to the one that has devastated the United States economy.

FBI investigates 4 companies at heart of financial meltdown

The FBI is investigating four major U.S. financial institutions whose collapse helped trigger a $700 billion bailout plan by the Bush administration, the Associated Press has learned.

Two law enforcement officials said Tuesday the FBI is looking at potential fraud by mortgage finance giants Fannie Mae and Freddie Mac, and insurer American International Group Inc. Additionally, a senior law enforcement official said Lehman Brothers Holdings Inc. also is under investigation.

Buffett buys $5-billion chunk of Goldman Sachs

Warren Buffett's holding company Berkshire Hathaway Inc. is investing $5 billion US in brokerage-turned-bank Goldman Sachs Group Inc., in a deal that could give other investors renewed confidence in Wall Street.

The so-called "Oracle of Omaha" and one of the richest Americans, Buffett said late Tuesday the agreement gives his company a bigger window onto the quickly-changing investment banking world.

Layton pledges to pull out of softwood lumber agreement

An NDP government would reverse the Conservatives' softwood lumber deal with the United States, NDP Leader Jack Layton announced Wednesday in the struggling forestry community of Kenora, Ont.

Layton was in the northern Ontario riding to present his party's policy for the forestry industry. He criticized the seven-year softwood lumber deal that the Conservative government signed with the U.S. in 2006 and that passed in Parliament in 2007.

Mortgage customers' data stolen, warns National Bank

National Bank urged its mortgage customers to be extra vigilant about suspicious activity in their accounts after a laptop was stolen from the company's Montreal head office this week.

The bank said while the risk of fraud is minimal, it decided to issue the warning as a precaution for customers.

The number of client files stored in the laptop database isn't being made public, but the theft did affect a "high percentage" of National Bank mortgage customers across the country, said a spokesperson at the financial institution.

Mortgage customers' data stolen, warns National Bank

National Bank urged its mortgage customers to be extra vigilant about suspicious activity in their accounts after a laptop was stolen from the company's Montreal head office this week.

The bank said while the risk of fraud is minimal, it decided to issue the warning as a precaution for customers.

The number of client files stored in the laptop database isn't being made public, but the theft did affect a "high percentage" of National Bank mortgage customers across the country, said a spokesperson at the financial institution.

Stock markets unsettled over prospects of U.S. bailout plan

Stock markets remained unsettled Tuesday as the Bush administration pressured Congress to pass a $700-billion US bailout plan quickly in an effort to stabilize the financial system.

Toronto's TSX composite index closed down 105 points to 12,532. In New York, the Dow Jones lost 116 points, while the Nasdaq fell 25 points.

Investors in Europe and Asia were equally uncertain about prospects for the bailout and the U.S. economy, sending stock markets lower.

Stock markets calmer as investors await bailout news

Stock markets were relatively calm Wednesday as investors waited to see what would happen to the Bush administration's $700-billion US bailout package aimed at stabilizing the financial system.

Toronto's TSX composite index closed down 19 points to 12,513. In New York, the Dow Jones lost 29 points while the Nasdaq edged up two points.

European markets closed slightly lower, with Britain's FTSE 100 index down 0.79 per cent, Germany's Dax down 0.26 per cent and France's CAC 40 off 0.61 per cent.

Stock markets calmer as investors await bailout news

Stock markets were relatively calm Wednesday as investors waited to see what would happen to the Bush administration's $700-billion US bailout package aimed at stabilizing the financial system.

Toronto's TSX composite index closed down 19 points to 12,513. In New York, the Dow Jones lost 29 points while the Nasdaq edged up two points.

European markets closed slightly lower, with Britain's FTSE 100 index down 0.79 per cent, Germany's Dax down 0.26 per cent and France's CAC 40 off 0.61 per cent.

Stock markets calmer as investors await bailout news

Stock markets were relatively calm Wednesday as investors waited to see what would happen to the Bush administration's $700-billion US bailout package aimed at stabilizing the financial system.

Toronto's TSX composite index closed down 19 points to 12,513. In New York, the Dow Jones lost 29 points while the Nasdaq edged up two points.

European markets closed slightly lower, with Britain's FTSE 100 index down 0.79 per cent, Germany's Dax down 0.26 per cent and France's CAC 40 off 0.61 per cent.

Bauer grabs Mission-Itech in hockey takeover

Bauer Hockey has purchased Mission-Itech Hockey, a maker of goalie equipment and other protective wear, in an ongoing consolidation of the hockey gear industry.

Mission-Itech's facility in Kirkland, Que., and its distribution facility in Plattsburgh, N.Y., will remain open until May 31, 2009 — and then close in a multi-stage process affecting 140 non-union employees.

Bauer Hockey continues to employ 300 people at its research, design and development centre in St. Jerome, Que., and its Canadian headquarters and distribution centre in Mississauga, Ont.

Bush to go on TV to push $700B financial bailout plan

U.S. President George W. Bush will go on television Wednesday night to talk to Americans about the crisis in the financial system as the administration's $700-billion US bailout plan continues to meet resistance from Congress.

The White House said Bush's prime-time speech at 9:01 p.m. ET will be between 12 and 14 minutes long, and will be delivered from the state floor of the White House.

Press secretary Dana Perino said the president wants to tell Americans how the crisis affects them and help them understand the depth of the problem.

TD might be among foreign banks eyeing U.S. financial assets

TD Bank is reportedly kicking the tires of Washington Mutual, the largest savings and loan institution in the United States, with an eye to picking up valuable financial assets at distressed prices, according to news reports Tuesday.

Experts said a Toronto-Dominion Bank purchase would make sense.

There is little overlap with the bank's current U.S. acquisitions, Robert Sedran, an analyst with National Bank Financial, wrote in a note to clients Tuesday.

Alitalia pleads for buyers

Alitalia hung out a "for sale" sign again Tuesday, taking out ads in four newspapers to solicit offers for any or all of the bankrupt airline's assets.

The move comes after an Italian investor group made official Monday its decision to withdraw an offer to take over the profitable assets of the Italian air carrier.

It was the third failed attempt to sell the long-troubled airline in less than two years as Italy struggles to keep a four-year-old pledge to the European Union to privatize the flagship carrier.

Brookfield expands in U.S., buying GMAC Home Services

The property division of Brookfield Asset Management Inc. is buying U.S. real estate, relocation and financing firm GMAC Home Services in anticipation of an eventual recovery of the U.S. housing market, the company announced Tuesday.

Brookfield, based in Toronto, did not disclose the purchase price.

"We have a long-term upbeat view on real estate and we have been rewarded when we have a patient, long-term view around these sorts of things," said Graham Badun, head of Brookfield Residential Property Services.

OSC extends short-selling ban on 13 financial stocks

The Ontario Securities Commission has extended a ban on the short-selling of 13 major financial services stocks on the Toronto Stock Exchange until Oct. 3.

The prohibition, originally imposed on Sept. 21, prevents traders from engaging in the practice of shorting the shares of those companies — essentially betting that the stock will fall — until the agency reviews the order again.

The firms include the country's five largest chartered banks: Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia and Bank of Montreal.

T-Mobile unveils 1st phone to use Google software

T-Mobile unveiled in New York on Tuesday the first mobile phone powered by Android, an open-source mobile platform created by Google.(T-Mobile USA Inc.)

Liberals promise to roll back income trust tax

The Liberals are promising to reduce the tax on income trusts introduced by the Conservative government in 2006.

Liberal Leader Stéphane Dion, unveiling his party's platform in Ottawa on Monday, said if elected on Oct. 14, his party will introduce an immediate 10-per-cent tax on income trusts that will replace the 31.5 per-cent tax introduced by the Conservatives, which goes into effect in 2011.

The federal Liberals say their plan will generate $1 billion in new revenue over the next four years. They say their tax would be refundable for Canadian residents, but not for U.S. or overseas investors.

Precarious financial markets require government action: Bush

President George W. Bush, flanked by, Federal Reserve chair Ben Bernanke, left, and Treasury Secretary Henry Paulson, delivers a statement about the economy and government efforts to remedy the crisis. (Pablo Martinez Monsivais/Associated Press)

Canadian retail sales inch up in July

Canadian retail sales grew in July — barely — as Canadians bought more items for the home, offsetting falling car sales, according to Statistics Canada.

The country's national statistical agency said on Monday that Canadians purchased $35.99 billion worth of goods in the month, an increase of 0.1 per cent compared with June's figures.

Sales of furniture, computers and home electronics rose 2.2 per cent in the period, offsetting continuing weakness in automotive purchases.

Oil has best 1-day showing on record

Oil on Monday had its largest one-day price jump on record, as buyers expressed renewed hope for global economic growth following the U.S. government's unveiling last week of a massive financial rescue package.

The contract to buy oil for October delivery that expires on Monday jumped $25.40 US a barrel to $130.

It was the sharpest spike in prices on record, signalling that crude players see Washington's $700-billion rescue package as a boost to global economic growth in the wake of September's financial meltdown.

The skinny on short-selling

On the Street, the practice is referred to as "shorting" but it has nothing to do with electricity. Short-selling is a financial transaction in which the person sells a stock he or she does not yet own, hoping to buy the required shares cheaper at a later time and make a profit.

It sounds complicated. Is it?

Once you accept the notion that the person shorting the stock is selling a certificate that he or she does not currently own, the strategy becomes clearer.

Last major investment banks in U.S. change status

Traders crowd the post that handles Morgan Stanley on the floor of the New York Stock Exchange Monday.(Richard Drew/Associated Press)

Top court refuses to hear appeal in ABCP case

The Supreme Court of Canada has declined to hear a challenge to a controversial rescue plan for about $32 billion of frozen asset-backed commercial paper (ABCP).

The court's decision not to hear the appeal was handed down at 4:30 p.m. ET after stock markets had closed. As usual, the court gave no reason for its decision.

A group of more than a dozen companies led by Jean Coutu Group filed a brief Sept. 8 asking the court to hear their appeal, arguing the case was of national importance.

Why they hate short sellers

Every market and every game has its own whipping post.

In baseball, it's the umpire. At the gas pump, it's the big oil companies. And in the stock market, it's the short seller.

On Thursday, Sept. 18, British regulators banned short selling on the shares of 29 U.K. financial firms until January; they subsequently added four more companies' stocks to the list.

The U.S. Securities and Exchange Commission followed suit the next day, suspending short sales for 10 trading days in the equities of 799 financial service institutions.

Stock markets soar on planned U.S. financial system bailout

A broker talks on a cellphone at a brokerage firm in Hong Kong as the city's main stock index surged more than 9.6 per cent on Friday. (Kin Cheung/Associated Press)

World markets rise after U.S. proposes bailout plan

Stock markets in Asia rallied Monday after the U.S. government announced a $700 billion plan on the weekend to buy up the bad mortgage debt that's at the centre of the crisis.

Japan's Nikkei index rose 1.4 per cent to 12,090.59 points, while Hong Kong's Hang Seng index jumped 1.2 per cent to 19,632.20.

In China, the Shanghai Composite Index climbed 7.8 per cent with investors encouraged by efforts by China to stabilize its financial market. Markets in Australia and Taiwan also advanced strongly.

Paulson urges quick approval for $700B financial bailout

Treasury Secretary Henry Paulson wants Congress to quickly pass the proposed financial bailout package. (Freddie Lee/FOX News Sunday/Associated Press)

Wholesale trade up 5th month in a row: StatsCan

Canada's wholesale trade sales rose for the fifth consecutive month in July, according to figures released by Statistics Canada Thursday.

Wholesale trade — how much wholesaler merchants have sold or added to their product inventories — rose by 2.3 per cent in July, hitting $46.2 billion in the month.

The indicator has been rising non-stop since March and could give a hint regarding demand for Canadian products.

In June, wholesale sales rose by two per cent.

GM recalls Saturn Vue SUVs

General Motors Corp recalled more than 42,000 Saturn Vue compact SUVs on Friday — including 2,624 sold in Canada — because of a potential leak of power steering fluid that could lead to a fire.

GM said there were four reports of minor fires in the United States after fluid came in contact with the exhaust system, but no reports of accidents or injuries. It's unclear if there were any incidents reported in Canada.

The recall includes six-cylinder engine Saturn Vues from the 2008 and 2009 model years.

U.S., British market regulators ban short-selling

A man walks past the London Stock Exchange on Friday. The main British stock index was up more than nine per cent Friday after a ban on short-selling of financial stocks and news of U.S. plans to combat the financial crisis.(Kirsty Wigglesworth/Associated Press)

BC Ferries maintains fuel surcharge, despite drop in oil prices

BC Ferries passengers will get no immediate relief from fuel surcharges, despite the falling price of oil, president David Hahn said Thursday. (CBC)

U.S. government seeks approval for $700B financial bailout

The bailout of the U.S. banking industry would cost an estimated $700 billion US, according to a draft of the proposal.