Air Canada reaches tentative deal with 3 unions

Air Canada said late Monday that it has reached tentative deals on pension funding moratorium and collective agreement extension with three of its unions.

The airline said in a release late Monday it reached the agreements with the International Association of Machinists and Aerospace Workers, the Canadian Auto Workers union and the Canadian Airlines Dispatchers Association.

Collectively, they represent 16,500 employees or more than 60 per cent of its unionized workforce in Canada.

Air Canada reaches tentative deal with 3 unions

Air Canada said late Monday that it has reached tentative deals on pension funding moratorium and collective agreement extension with three of its unions.

The airline said in a release late Monday it reached the agreements with the International Association of Machinists and Aerospace Workers, the Canadian Auto Workers union and the Canadian Airlines Dispatchers Association.

Collectively, they represent 16,500 employees or more than 60 per cent of its unionized workforce in Canada.

Air Canada reaches tentative deal with 3 unions

Air Canada said late Monday that it has reached tentative deals on pension funding moratorium and collective agreement extension with three of its unions.

The airline said in a release late Monday it reached the agreements with the International Association of Machinists and Aerospace Workers, the Canadian Auto Workers union and the Canadian Airlines Dispatchers Association.

Collectively, they represent 16,500 employees or more than 60 per cent of its unionized workforce in Canada.

Air Canada reaches tentative deal with 3 unions

Air Canada said late Monday that it has reached tentative deals on pension funding moratorium and collective agreement extension with three of its unions.

The airline said in a release late Monday it reached the agreements with the International Association of Machinists and Aerospace Workers, the Canadian Auto Workers union and the Canadian Airlines Dispatchers Association.

Collectively, they represent 16,500 employees or more than 60 per cent of its unionized workforce in Canada.

Housing starts rebound to top forecast in May

Canada's housing construction sector had a better-than-expected May as the seasonally adjusted, annualized rate of starts rose to 128,400 for the month.

That was ahead of the 126,000 annualized rate that economists had forecast.

In April, the seasonally adjusted annualized rate was 117,600.

"This morning’s housing starts data for May from CMHC provided us with the first sign that a bottom might be forming in Canadian homebuilding activity," said TD Bank economist Pascal Gauthier.

Housing starts rebound to top forecast in May

Canada's housing construction sector had a better-than-expected May as the seasonally adjusted, annualized rate of starts rose to 128,400 for the month.

That was ahead of the 126,000 annualized rate that economists had forecast.

In April, the seasonally adjusted annualized rate was 117,600.

"This morning’s housing starts data for May from CMHC provided us with the first sign that a bottom might be forming in Canadian homebuilding activity," said TD Bank economist Pascal Gauthier.

Housing starts rebound to top forecast in May

Canada's housing construction sector had a better-than-expected May as the seasonally adjusted, annualized rate of starts rose to 128,400 for the month.

That was ahead of the 126,000 annualized rate that economists had forecast.

In April, the seasonally adjusted annualized rate was 117,600.

"This morning’s housing starts data for May from CMHC provided us with the first sign that a bottom might be forming in Canadian homebuilding activity," said TD Bank economist Pascal Gauthier.

Housing starts rebound to top forecast in May

Canada's housing construction sector had a better-than-expected May as the seasonally adjusted, annualized rate of starts rose to 128,400 for the month.

That was ahead of the 126,000 annualized rate that economists had forecast.

In April, the seasonally adjusted annualized rate was 117,600.

"This morning’s housing starts data for May from CMHC provided us with the first sign that a bottom might be forming in Canadian homebuilding activity," said TD Bank economist Pascal Gauthier.

Housing starts rebound to top forecast in May

Canada's housing construction sector had a better-than-expected May as the seasonally adjusted, annualized rate of starts rose to 128,400 for the month.

That was ahead of the 126,000 annualized rate that economists had forecast.

In April, the seasonally adjusted annualized rate was 117,600.

"This morning’s housing starts data for May from CMHC provided us with the first sign that a bottom might be forming in Canadian homebuilding activity," said TD Bank economist Pascal Gauthier.

Housing starts rebound to top forecast in May

Canada's housing construction sector had a better-than-expected May as the seasonally adjusted, annualized rate of starts rose to 128,400 for the month.

That was ahead of the 126,000 annualized rate that economists had forecast.

In April, the seasonally adjusted annualized rate was 117,600.

"This morning’s housing starts data for May from CMHC provided us with the first sign that a bottom might be forming in Canadian homebuilding activity," said TD Bank economist Pascal Gauthier.

Housing starts rebound to top forecast in May

Canada's housing construction sector had a better-than-expected May as the seasonally adjusted, annualized rate of starts rose to 128,400 for the month.

That was ahead of the 126,000 annualized rate that economists had forecast.

In April, the seasonally adjusted annualized rate was 117,600.

"This morning’s housing starts data for May from CMHC provided us with the first sign that a bottom might be forming in Canadian homebuilding activity," said TD Bank economist Pascal Gauthier.

Housing starts rebound to top forecast in May

Canada's housing construction sector had a better-than-expected May as the seasonally adjusted, annualized rate of starts rose to 128,400 for the month.

That was ahead of the 126,000 annualized rate that economists had forecast.

In April, the seasonally adjusted annualized rate was 117,600.

"This morning’s housing starts data for May from CMHC provided us with the first sign that a bottom might be forming in Canadian homebuilding activity," said TD Bank economist Pascal Gauthier.

GM quits medium-duty truck business

General Motors Corp. said Monday that it's getting out of the medium-duty truck business.

More than 22,000 GMC Topkick and Chevrolet Kodiak vehicles — used as tow and dump trucks and in other applications — were produced last year for GM and Isuzu Motors Ltd. Production will end in July.

The company will work with dealers to sell vehicles still in inventory over the next 18 months, GM spokesman Jim Hopson said.

The trucks are assembled by 398 workers at a plant in Flint, Mich., which also makes Chevrolet Silverado and GMC Sierra pickups, Hopson said. GM will keep as many of the 398 employed as possible.

GM quits medium-duty truck business

General Motors Corp. said Monday that it's getting out of the medium-duty truck business.

More than 22,000 GMC Topkick and Chevrolet Kodiak vehicles — used as tow and dump trucks and in other applications — were produced last year for GM and Isuzu Motors Ltd. Production will end in July.

The company will work with dealers to sell vehicles still in inventory over the next 18 months, GM spokesman Jim Hopson said.

The trucks are assembled by 398 workers at a plant in Flint, Mich., which also makes Chevrolet Silverado and GMC Sierra pickups, Hopson said. GM will keep as many of the 398 employed as possible.

GM quits medium-duty truck business

General Motors Corp. said Monday that it's getting out of the medium-duty truck business.

More than 22,000 GMC Topkick and Chevrolet Kodiak vehicles — used as tow and dump trucks and in other applications — were produced last year for GM and Isuzu Motors Ltd. Production will end in July.

The company will work with dealers to sell vehicles still in inventory over the next 18 months, GM spokesman Jim Hopson said.

The trucks are assembled by 398 workers at a plant in Flint, Mich., which also makes Chevrolet Silverado and GMC Sierra pickups, Hopson said. GM will keep as many of the 398 employed as possible.

GM quits medium-duty truck business

General Motors Corp. said Monday that it's getting out of the medium-duty truck business.

More than 22,000 GMC Topkick and Chevrolet Kodiak vehicles — used as tow and dump trucks and in other applications — were produced last year for GM and Isuzu Motors Ltd. Production will end in July.

The company will work with dealers to sell vehicles still in inventory over the next 18 months, GM spokesman Jim Hopson said.

The trucks are assembled by 398 workers at a plant in Flint, Mich., which also makes Chevrolet Silverado and GMC Sierra pickups, Hopson said. GM will keep as many of the 398 employed as possible.

GM quits medium-duty truck business

General Motors Corp. said Monday that it's getting out of the medium-duty truck business.

More than 22,000 GMC Topkick and Chevrolet Kodiak vehicles — used as tow and dump trucks and in other applications — were produced last year for GM and Isuzu Motors Ltd. Production will end in July.

The company will work with dealers to sell vehicles still in inventory over the next 18 months, GM spokesman Jim Hopson said.

The trucks are assembled by 398 workers at a plant in Flint, Mich., which also makes Chevrolet Silverado and GMC Sierra pickups, Hopson said. GM will keep as many of the 398 employed as possible.

GM quits medium-duty truck business

General Motors Corp. said Monday that it's getting out of the medium-duty truck business.

More than 22,000 GMC Topkick and Chevrolet Kodiak vehicles — used as tow and dump trucks and in other applications — were produced last year for GM and Isuzu Motors Ltd. Production will end in July.

The company will work with dealers to sell vehicles still in inventory over the next 18 months, GM spokesman Jim Hopson said.

The trucks are assembled by 398 workers at a plant in Flint, Mich., which also makes Chevrolet Silverado and GMC Sierra pickups, Hopson said. GM will keep as many of the 398 employed as possible.

Cape Breton distillery's court battle with Scots not over yet

The Scotch Whisky Association is asking Canada's highest court to stop the operators of the Glenora Inn and Distillery in Cape Breton from using the word "Glen" in the name of its whisky.

Glen Breton Rare Canadian Single Malt Whisky is the only single malt produced in Canada, according to the Glenora Inn and Distillery website.

Earlier this year, the Federal Court of Appeal ruled against the association's argument that the word would confuse consumers into thinking they were buying whisky made in Scotland. Now the association is asking the Supreme Court of Canada to overturn that decision.

GM quits medium-duty truck business

General Motors Corp. said Monday that it's getting out of the medium-duty truck business.

More than 22,000 GMC Topkick and Chevrolet Kodiak vehicles — used as tow and dump trucks and in other applications — were produced last year for GM and Isuzu Motors Ltd. Production will end in July.

The company will work with dealers to sell vehicles still in inventory over the next 18 months, GM spokesman Jim Hopson said.

The trucks are assembled by 398 workers at a plant in Flint, Mich., which also makes Chevrolet Silverado and GMC Sierra pickups, Hopson said. GM will keep as many of the 398 employed as possible.

Cape Breton distillery's court battle with Scots not over yet

The Scotch Whisky Association is asking Canada's highest court to stop the operators of the Glenora Inn and Distillery in Cape Breton from using the word "Glen" in the name of its whisky.

Glen Breton Rare Canadian Single Malt Whisky is the only single malt produced in Canada, according to the Glenora Inn and Distillery website.

Earlier this year, the Federal Court of Appeal ruled against the association's argument that the word would confuse consumers into thinking they were buying whisky made in Scotland. Now the association is asking the Supreme Court of Canada to overturn that decision.

Cape Breton distillery's court battle with Scots not over yet

The Scotch Whisky Association is asking Canada's highest court to stop the operators of the Glenora Inn and Distillery in Cape Breton from using the word "Glen" in the name of its whisky.

Glen Breton Rare Canadian Single Malt Whisky is the only single malt produced in Canada, according to the Glenora Inn and Distillery website.

Earlier this year, the Federal Court of Appeal ruled against the association's argument that the word would confuse consumers into thinking they were buying whisky made in Scotland. Now the association is asking the Supreme Court of Canada to overturn that decision.

GM quits medium-duty truck business

General Motors Corp. said Monday that it's getting out of the medium-duty truck business.

More than 22,000 GMC Topkick and Chevrolet Kodiak vehicles — used as tow and dump trucks and in other applications — were produced last year for GM and Isuzu Motors Ltd. Production will end in July.

The company will work with dealers to sell vehicles still in inventory over the next 18 months, GM spokesman Jim Hopson said.

The trucks are assembled by 398 workers at a plant in Flint, Mich., which also makes Chevrolet Silverado and GMC Sierra pickups, Hopson said. GM will keep as many of the 398 employed as possible.

Cape Breton distillery's court battle with Scots not over yet

The Scotch Whisky Association is asking Canada's highest court to stop the operators of the Glenora Inn and Distillery in Cape Breton from using the word "Glen" in the name of its whisky.

Glen Breton Rare Canadian Single Malt Whisky is the only single malt produced in Canada, according to the Glenora Inn and Distillery website.

Earlier this year, the Federal Court of Appeal ruled against the association's argument that the word would confuse consumers into thinking they were buying whisky made in Scotland. Now the association is asking the Supreme Court of Canada to overturn that decision.

Cape Breton distillery's court battle with Scots not over yet

The Scotch Whisky Association is asking Canada's highest court to stop the operators of the Glenora Inn and Distillery in Cape Breton from using the word "Glen" in the name of its whisky.

Glen Breton Rare Canadian Single Malt Whisky is the only single malt produced in Canada, according to the Glenora Inn and Distillery website.

Earlier this year, the Federal Court of Appeal ruled against the association's argument that the word would confuse consumers into thinking they were buying whisky made in Scotland. Now the association is asking the Supreme Court of Canada to overturn that decision.

Cape Breton distillery's court battle with Scots not over yet

The Scotch Whisky Association is asking Canada's highest court to stop the operators of the Glenora Inn and Distillery in Cape Breton from using the word "Glen" in the name of its whisky.

Glen Breton Rare Canadian Single Malt Whisky is the only single malt produced in Canada, according to the Glenora Inn and Distillery website.

Earlier this year, the Federal Court of Appeal ruled against the association's argument that the word would confuse consumers into thinking they were buying whisky made in Scotland. Now the association is asking the Supreme Court of Canada to overturn that decision.

Cape Breton distillery's court battle with Scots not over yet

The Scotch Whisky Association is asking Canada's highest court to stop the operators of the Glenora Inn and Distillery in Cape Breton from using the word "Glen" in the name of its whisky.

Glen Breton Rare Canadian Single Malt Whisky is the only single malt produced in Canada, according to the Glenora Inn and Distillery website.

Earlier this year, the Federal Court of Appeal ruled against the association's argument that the word would confuse consumers into thinking they were buying whisky made in Scotland. Now the association is asking the Supreme Court of Canada to overturn that decision.

U.S. judge suspends Fiat takeover of Chrysler

A judge of the U.S. Supreme Court on Monday stopped the sale of Chrysler's assets to Fiat, pending a further order from the court.

Judge Ruth Bader Ginsburg issued the decision after three Indiana pension funds sought to have the sale blocked.

The funds had asked the court to hear their appeal of two lower court rulings backing the sale.

Ginsburg's two-paragraph order did not address that issue, but it does give the court time to consider what it wants to do.

U.S. judge suspends Fiat takeover of Chrysler

A judge of the U.S. Supreme Court on Monday stopped the sale of Chrysler's assets to Fiat, pending a further order from the court.

Judge Ruth Bader Ginsburg issued the decision after three Indiana pension funds sought to have the sale blocked.

The funds had asked the court to hear their appeal of two lower court rulings backing the sale.

Ginsburg's two-paragraph order did not address that issue, but it does give the court time to consider what it wants to do.

Cape Breton distillery's court battle with Scots not over yet

The Scotch Whisky Association is asking Canada's highest court to stop the operators of the Glenora Inn and Distillery in Cape Breton from using the word "Glen" in the name of its whisky.

Glen Breton Rare Canadian Single Malt Whisky is the only single malt produced in Canada, according to the Glenora Inn and Distillery website.

Earlier this year, the Federal Court of Appeal ruled against the association's argument that the word would confuse consumers into thinking they were buying whisky made in Scotland. Now the association is asking the Supreme Court of Canada to overturn that decision.

U.S. judge suspends Fiat takeover of Chrysler

A judge of the U.S. Supreme Court on Monday stopped the sale of Chrysler's assets to Fiat, pending a further order from the court.

Judge Ruth Bader Ginsburg issued the decision after three Indiana pension funds sought to have the sale blocked.

The funds had asked the court to hear their appeal of two lower court rulings backing the sale.

Ginsburg's two-paragraph order did not address that issue, but it does give the court time to consider what it wants to do.

U.S. judge suspends Fiat takeover of Chrysler

A judge of the U.S. Supreme Court on Monday stopped the sale of Chrysler's assets to Fiat, pending a further order from the court.

Judge Ruth Bader Ginsburg issued the decision after three Indiana pension funds sought to have the sale blocked.

The funds had asked the court to hear their appeal of two lower court rulings backing the sale.

Ginsburg's two-paragraph order did not address that issue, but it does give the court time to consider what it wants to do.

U.S. judge suspends Fiat takeover of Chrysler

A judge of the U.S. Supreme Court on Monday stopped the sale of Chrysler's assets to Fiat, pending a further order from the court.

Judge Ruth Bader Ginsburg issued the decision after three Indiana pension funds sought to have the sale blocked.

The funds had asked the court to hear their appeal of two lower court rulings backing the sale.

Ginsburg's two-paragraph order did not address that issue, but it does give the court time to consider what it wants to do.

U.S. judge suspends Fiat takeover of Chrysler

A judge of the U.S. Supreme Court on Monday stopped the sale of Chrysler's assets to Fiat, pending a further order from the court.

Judge Ruth Bader Ginsburg issued the decision after three Indiana pension funds sought to have the sale blocked.

The funds had asked the court to hear their appeal of two lower court rulings backing the sale.

Ginsburg's two-paragraph order did not address that issue, but it does give the court time to consider what it wants to do.

U.S. judge suspends Fiat takeover of Chrysler

A judge of the U.S. Supreme Court on Monday stopped the sale of Chrysler's assets to Fiat, pending a further order from the court.

Judge Ruth Bader Ginsburg issued the decision after three Indiana pension funds sought to have the sale blocked.

The funds had asked the court to hear their appeal of two lower court rulings backing the sale.

Ginsburg's two-paragraph order did not address that issue, but it does give the court time to consider what it wants to do.

U.S. judge suspends Fiat takeover of Chrysler

A judge of the U.S. Supreme Court on Monday stopped the sale of Chrysler's assets to Fiat, pending a further order from the court.

Judge Ruth Bader Ginsburg issued the decision after three Indiana pension funds sought to have the sale blocked.

The funds had asked the court to hear their appeal of two lower court rulings backing the sale.

Ginsburg's two-paragraph order did not address that issue, but it does give the court time to consider what it wants to do.

R.R. Donnelley ups bid for Quebecor World

U.S. printing company R.R. Donnelley & Sons. Co. of Chicago has increased its offer for competitor Quebecor World, a filing with U.S. regulators shows.

Donnelley, which originally bid $1.3 billion US for Montreal-based Quebecor, has added about $200 million in cash and stock to its offer and "confirmed our intention to assume significant pension liabilities," it said in a letter to Quebecor World.

Quebecor World is restructuring in creditor protection.

R.R. Donnelley ups bid for Quebecor World

U.S. printing company R.R. Donnelley & Sons. Co. of Chicago has increased its offer for competitor Quebecor World, a filing with U.S. regulators shows.

Donnelley, which originally bid $1.3 billion US for Montreal-based Quebecor, has added about $200 million in cash and stock to its offer and "confirmed our intention to assume significant pension liabilities," it said in a letter to Quebecor World.

Quebecor World is restructuring in creditor protection.

R.R. Donnelley ups bid for Quebecor World

U.S. printing company R.R. Donnelley & Sons. Co. of Chicago has increased its offer for competitor Quebecor World, a filing with U.S. regulators shows.

Donnelley, which originally bid $1.3 billion US for Montreal-based Quebecor, has added about $200 million in cash and stock to its offer and "confirmed our intention to assume significant pension liabilities," it said in a letter to Quebecor World.

Quebecor World is restructuring in creditor protection.

R.R. Donnelley ups bid for Quebecor World

U.S. printing company R.R. Donnelley & Sons. Co. of Chicago has increased its offer for competitor Quebecor World, a filing with U.S. regulators shows.

Donnelley, which originally bid $1.3 billion US for Montreal-based Quebecor, has added about $200 million in cash and stock to its offer and "confirmed our intention to assume significant pension liabilities," it said in a letter to Quebecor World.

Quebecor World is restructuring in creditor protection.

R.R. Donnelley ups bid for Quebecor World

U.S. printing company R.R. Donnelley & Sons. Co. of Chicago has increased its offer for competitor Quebecor World, a filing with U.S. regulators shows.

Donnelley, which originally bid $1.3 billion US for Montreal-based Quebecor, has added about $200 million in cash and stock to its offer and "confirmed our intention to assume significant pension liabilities," it said in a letter to Quebecor World.

Quebecor World is restructuring in creditor protection.

R.R. Donnelley ups bid for Quebecor World

U.S. printing company R.R. Donnelley & Sons. Co. of Chicago has increased its offer for competitor Quebecor World, a filing with U.S. regulators shows.

Donnelley, which originally bid $1.3 billion US for Montreal-based Quebecor, has added about $200 million in cash and stock to its offer and "confirmed our intention to assume significant pension liabilities," it said in a letter to Quebecor World.

Quebecor World is restructuring in creditor protection.

Pace of job losses in U.S. slowed in May

Employers in the United States in May cut their payrolls by 345,000 — a much smaller drop than the 520,000 reduction expected by economists — but that was the smallest job loss since September.

While the pace of layoffs in the U.S. may be showing signs of easing, the unemployment rate in the U.S. rose by 0.5 percentage points last month to 9.4 per cent — the highest rate since July 1983. Economists had been forecasting a May unemployment rate of 9.2 per cent.

Pace of job losses in U.S. slowed in May

Employers in the United States in May cut their payrolls by 345,000 — a much smaller drop than the 520,000 reduction expected by economists — but that was the smallest job loss since September.

While the pace of layoffs in the U.S. may be showing signs of easing, the unemployment rate in the U.S. rose by 0.5 percentage points last month to 9.4 per cent — the highest rate since July 1983. Economists had been forecasting a May unemployment rate of 9.2 per cent.

Pace of job losses in U.S. slowed in May

Employers in the United States in May cut their payrolls by 345,000 — a much smaller drop than the 520,000 reduction expected by economists — but that was the smallest job loss since September.

While the pace of layoffs in the U.S. may be showing signs of easing, the unemployment rate in the U.S. rose by 0.5 percentage points last month to 9.4 per cent — the highest rate since July 1983. Economists had been forecasting a May unemployment rate of 9.2 per cent.

Pace of job losses in U.S. slowed in May

Employers in the United States in May cut their payrolls by 345,000 — a much smaller drop than the 520,000 reduction expected by economists — but that was the smallest job loss since September.

While the pace of layoffs in the U.S. may be showing signs of easing, the unemployment rate in the U.S. rose by 0.5 percentage points last month to 9.4 per cent — the highest rate since July 1983. Economists had been forecasting a May unemployment rate of 9.2 per cent.

Pace of job losses in U.S. slowed in May

Employers in the United States in May cut their payrolls by 345,000 — a much smaller drop than the 520,000 reduction expected by economists — but that was the smallest job loss since September.

While the pace of layoffs in the U.S. may be showing signs of easing, the unemployment rate in the U.S. rose by 0.5 percentage points last month to 9.4 per cent — the highest rate since July 1983. Economists had been forecasting a May unemployment rate of 9.2 per cent.

Pace of job losses in U.S. slowed in May

Employers in the United States in May cut their payrolls by 345,000 — a much smaller drop than the 520,000 reduction expected by economists — but that was the smallest job loss since September.

While the pace of layoffs in the U.S. may be showing signs of easing, the unemployment rate in the U.S. rose by 0.5 percentage points last month to 9.4 per cent — the highest rate since July 1983. Economists had been forecasting a May unemployment rate of 9.2 per cent.

Pace of job losses in U.S. slowed in May

Employers in the United States in May cut their payrolls by 345,000 — a much smaller drop than the 520,000 reduction expected by economists — but that was the smallest job loss since September.

While the pace of layoffs in the U.S. may be showing signs of easing, the unemployment rate in the U.S. rose by 0.5 percentage points last month to 9.4 per cent — the highest rate since July 1983. Economists had been forecasting a May unemployment rate of 9.2 per cent.

Pace of job losses in U.S. slowed in May

Employers in the United States in May cut their payrolls by 345,000 — a much smaller drop than the 520,000 reduction expected by economists — but that was the smallest job loss since September.

While the pace of layoffs in the U.S. may be showing signs of easing, the unemployment rate in the U.S. rose by 0.5 percentage points last month to 9.4 per cent — the highest rate since July 1983. Economists had been forecasting a May unemployment rate of 9.2 per cent.

No deal in sight for embattled N.L. shrimp industry

FFAW president Earle McCurdy warns the long-term future of the shrimp industry is in peril.(CBC)

Insolvencies up 1.5% in April from March

Just over 14,500 Canadian consumers and businesses went bankrupt or sought to renegotiate their debts in April, the Superintendent of Bankruptcy reported Thursday.

That's up 32.2 per cent from April 2008 and 1.5 per cent from March.

Insolvencies in the past six months April 14,455 March 14,244 February 12,320 January 10,775 December 10,477 November 11,194 Source: Superintendent of Bankruptcy

The total includes 11,465 bankruptcies and 2,990 proposals. A proposal is an offer to creditors to settle debts under different terms than originally negotiated.

Bank of Canada sounds warning over loonie's rise

The Bank of Canada left a key lending rate unchanged on Thursday, but sounded a warning over the recent rise in the Canadian dollar.

The central bank kept the overnight rate steady at 0.25 per cent — where it said back in April it will remain until the middle of 2010 to help boost the economy.

The bank said the rise in the loonie — which has gone from 79 cents on April 1 to above 90 cents US, with many economists predicting a return to parity with the U.S. dollar — threatens some of the positive factors in the Canadian economy.

Insolvencies up 1.5% in April from March

Just over 14,500 Canadian consumers and businesses went bankrupt or sought to renegotiate their debts in April, the Superintendent of Bankruptcy reported Thursday.

That's up 32.2 per cent from April 2008 and 1.5 per cent from March.

Insolvencies in the past six months April 14,455 March 14,244 February 12,320 January 10,775 December 10,477 November 11,194 Source: Superintendent of Bankruptcy

The total includes 11,465 bankruptcies and 2,990 proposals. A proposal is an offer to creditors to settle debts under different terms than originally negotiated.

Bank of Canada sounds warning over loonie's rise

The Bank of Canada left a key lending rate unchanged on Thursday, but sounded a warning over the recent rise in the Canadian dollar.

The central bank kept the overnight rate steady at 0.25 per cent — where it said back in April it will remain until the middle of 2010 to help boost the economy.

The bank said the rise in the loonie — which has gone from 79 cents on April 1 to above 90 cents US, with many economists predicting a return to parity with the U.S. dollar — threatens some of the positive factors in the Canadian economy.

Bank of Canada sounds warning over loonie's rise

The Bank of Canada left a key lending rate unchanged on Thursday, but sounded a warning over the recent rise in the Canadian dollar.

The central bank kept the overnight rate steady at 0.25 per cent — where it said back in April it will remain until the middle of 2010 to help boost the economy.

The bank said the rise in the loonie — which has gone from 79 cents on April 1 to above 90 cents US, with many economists predicting a return to parity with the U.S. dollar — threatens some of the positive factors in the Canadian economy.

Insolvencies up 1.5% in April from March

Just over 14,500 Canadian consumers and businesses went bankrupt or sought to renegotiate their debts in April, the Superintendent of Bankruptcy reported Thursday.

That's up 32.2 per cent from April 2008 and 1.5 per cent from March.

Insolvencies in the past six months April 14,455 March 14,244 February 12,320 January 10,775 December 10,477 November 11,194 Source: Superintendent of Bankruptcy

The total includes 11,465 bankruptcies and 2,990 proposals. A proposal is an offer to creditors to settle debts under different terms than originally negotiated.

Insolvencies up 1.5% in April from March

Just over 14,500 Canadian consumers and businesses went bankrupt or sought to renegotiate their debts in April, the Superintendent of Bankruptcy reported Thursday.

That's up 32.2 per cent from April 2008 and 1.5 per cent from March.

Insolvencies in the past six months April 14,455 March 14,244 February 12,320 January 10,775 December 10,477 November 11,194 Source: Superintendent of Bankruptcy

The total includes 11,465 bankruptcies and 2,990 proposals. A proposal is an offer to creditors to settle debts under different terms than originally negotiated.

Bank of Canada sounds warning over loonie's rise

The Bank of Canada left a key lending rate unchanged on Thursday, but sounded a warning over the recent rise in the Canadian dollar.

The central bank kept the overnight rate steady at 0.25 per cent — where it said back in April it will remain until the middle of 2010 to help boost the economy.

The bank said the rise in the loonie — which has gone from 79 cents on April 1 to above 90 cents US, with many economists predicting a return to parity with the U.S. dollar — threatens some of the positive factors in the Canadian economy.

GM agrees to sell Hummer brand; buyers eye Saturn, Saab

One day after filing for bankruptcy protection, General Motors Corp. said Tuesday it has found a buyer for its Hummer brand, and there are parties interested in Saturn and Saab.

GM did not disclose the name of the buyer, but The Associated Press cited anonymous sources who said the buyer was Sichuan Tengzhong Heavy Industrial Machinery Co. of China. Financial terms of the tentative deal, which still needs regulatory approval, were not disclosed.

Canadian car sales keep dropping, but analysts see a bottom

Canadian sales of cars and trucks plunged in May as turmoil within the sector hurt consumer confidence, according to statistics released Tuesday.

Last year saw the sector report high overall sales, which explains some of the large percentage drop between May 2008 and May 2009. But seasonal factors preclude a meaningful comparison between April and May.

Still, some analysts believe the sector's free-fall, which started even prior to the credit crunch, might finally be over.

GM agrees to sell Hummer brand; buyers eye Saturn, Saab

One day after filing for bankruptcy protection, General Motors Corp. said Tuesday it has found a buyer for its Hummer brand, and there are parties interested in Saturn and Saab.

GM did not disclose the name of the buyer, but The Associated Press cited anonymous sources who said the buyer was Sichuan Tengzhong Heavy Industrial Machinery Co. of China. Financial terms of the tentative deal, which still needs regulatory approval, were not disclosed.

May load factor declines for WestJet

WestJet Airlines Ltd. moved fewer passengers in May even as the number of seats it was trying to fill grew in the month, according to numbers released Wednesday.

Worse still, the Calgary-based airline's shrinking load factor might be the start of a trend rather than a one-off event.

"A continued weakened economy and aggressive pricing are leading to reduced fare levels, making it a difficult quarter," said Sean Durfy, WestJet's president and chief executive officer.

US Fed's Bernanke raises deficit alarm as job cuts ease

Washington needs to get a grip on its exploding deficit or risk the United States' longer term recovery, the country's top banker said Wednesday.

Ben Bernanke, chair of the U.S. Federal Reserve, said the government will need to develop a plan to tackle the huge U.S. budgetary shortfall in order to make sure important programs such as Medicare are funded while keeping tax rates competitive.

"In particular, over the longer term, achieving fiscal sustainability — defined, for example, as a situation in which the ratios of government debt and interest payments to GDP are stable or declining, and tax rates are not so high as to impede economic growth — requires that spending and budget deficits be well-controlled," Bernanke said in testimony before a budget committee of the U.S. House of Representatives.

May load factor declines for WestJet

WestJet Airlines Ltd. moved fewer passengers in May even as the number of seats it was trying to fill grew in the month, according to numbers released Wednesday.

Worse still, the Calgary-based airline's shrinking load factor might be the start of a trend rather than a one-off event.

"A continued weakened economy and aggressive pricing are leading to reduced fare levels, making it a difficult quarter," said Sean Durfy, WestJet's president and chief executive officer.

Canadian car sales keep dropping, but analysts see a bottom

Canadian sales of cars and trucks plunged in May as turmoil within the sector hurt consumer confidence, according to statistics released Tuesday.

Last year saw the sector report high overall sales, which explains some of the large percentage drop between May 2008 and May 2009. But seasonal factors preclude a meaningful comparison between April and May.

Still, some analysts believe the sector's free-fall, which started even prior to the credit crunch, might finally be over.

US Fed's Bernanke raises deficit alarm as job cuts ease

Washington needs to get a grip on its exploding deficit or risk the United States' longer term recovery, the country's top banker said Wednesday.

Ben Bernanke, chair of the U.S. Federal Reserve, said the government will need to develop a plan to tackle the huge U.S. budgetary shortfall in order to make sure important programs such as Medicare are funded while keeping tax rates competitive.

"In particular, over the longer term, achieving fiscal sustainability — defined, for example, as a situation in which the ratios of government debt and interest payments to GDP are stable or declining, and tax rates are not so high as to impede economic growth — requires that spending and budget deficits be well-controlled," Bernanke said in testimony before a budget committee of the U.S. House of Representatives.

Bombardier Q1 hit by weaker aircraft sector

Bombardier Inc. on Wednesday posted lower first-quarter revenues and profits as the company said the poor economy hit its aerospace division.

The Montreal-based company said it made $158 million, or nine cents a share, on revenues of $4.5 billion in the quarter that ended April 30. In the same quarter of last year, the company made $229 million, or 12 cents a share, on revenue of $4.8 billion. All figures are in U.S. dollars.

"The severe recession affecting most economies worldwide has continued to have a negative impact on our first quarter financial results," said Bombardier president and CEO Pierre Beaudoin.

US Fed's Bernanke raises deficit alarm as job cuts ease

Washington needs to get a grip on its exploding deficit or risk the United States' longer term recovery, the country's top banker said Wednesday.

Ben Bernanke, chair of the U.S. Federal Reserve, said the government will need to develop a plan to tackle the huge U.S. budgetary shortfall in order to make sure important programs such as Medicare are funded while keeping tax rates competitive.

"In particular, over the longer term, achieving fiscal sustainability — defined, for example, as a situation in which the ratios of government debt and interest payments to GDP are stable or declining, and tax rates are not so high as to impede economic growth — requires that spending and budget deficits be well-controlled," Bernanke said in testimony before a budget committee of the U.S. House of Representatives.

Bombardier Q1 hit by weaker aircraft sector

Bombardier Inc. on Wednesday posted lower first-quarter revenues and profits as the company said the poor economy hit its aerospace division.

The Montreal-based company said it made $158 million, or nine cents a share, on revenues of $4.5 billion in the quarter that ended April 30. In the same quarter of last year, the company made $229 million, or 12 cents a share, on revenue of $4.8 billion. All figures are in U.S. dollars.

"The severe recession affecting most economies worldwide has continued to have a negative impact on our first quarter financial results," said Bombardier president and CEO Pierre Beaudoin.

Deal possible to solve N.L. shrimp impasse, minister says

Fisheries Minister Tom Hedderson says he hopes processors and unionized fishermen can hammer out a deal to revive this year's shrimp season. (CBC)

Shareholders vote on Suncor, Petro-Canada merger

Shareholders in Petro-Canada and Suncor Energy Inc. are set to vote Thursday on the proposed merger of the country's two biggest energy firms.

Separate votes are being held in Calgary.

The marriage of the two heavyweights was announced back in March. Petro-Canada equity holders receive 1.28 shares in the new company for each Petro-Canada share, resulting in existing investors getting a 40 per cent piece of the merged entity. Suncor shareholders would own the remaining 60 per cent of the new firm.

Global consumers still lack confidence in economy: poll

Just over two-thirds of the world's consumers believe that economic prospects are neutral to poor, according to a new global poll released Tuesday.

Ipsos-Reid said only 29 per cent of 23,000 individuals in 23 countries queried between April 14 and May 7 believed the economic situation was "very good or somewhat good."

That number was marginally worse, by two percentage points, compared to the pollster's November reading, when 31 per cent of respondents answered "yes" to Ipsos-Reid's confidence question.

Canada's debt to jump to $630B in 5 years: TD Bank

Canada's total debt will jump more than 30 per cent by 2013-14 under current economic conditions, the Toronto-Dominion Bank said Tuesday in a new forecast.

The bank said Ottawa's auto bailout package, as well as a lagging economy, will add $167 billion in new public borrowing over the next five years.

That means government debt, estimated at $462.9 billion at the end of fiscal 2008-09, will rise by 36 per cent during the period to almost $630 billion, according to Don Drummond, TD's chief economist, and Derek Burleton, the bank's director of economic analysis.

Shareholders vote on Suncor, Petro-Canada merger

Shareholders in Petro-Canada and Suncor Energy Inc. are set to vote Thursday on the proposed merger of the country's two biggest energy firms.

Separate votes are being held in Calgary.

The marriage of the two heavyweights was announced back in March. Petro-Canada equity holders receive 1.28 shares in the new company for each Petro-Canada share, resulting in existing investors getting a 40 per cent piece of the merged entity. Suncor shareholders would own the remaining 60 per cent of the new firm.

Shareholders vote on Suncor, Petro-Canada merger

Shareholders in Petro-Canada and Suncor Energy Inc. are set to vote Thursday on the proposed merger of the country's two biggest energy firms.

Separate votes are being held in Calgary.

The marriage of the two heavyweights was announced back in March. Petro-Canada equity holders receive 1.28 shares in the new company for each Petro-Canada share, resulting in existing investors getting a 40 per cent piece of the merged entity. Suncor shareholders would own the remaining 60 per cent of the new firm.

Shareholders vote on Suncor, Petro-Canada merger

Shareholders in Petro-Canada and Suncor Energy Inc. are set to vote Thursday on the proposed merger of the country's two biggest energy firms.

Separate votes are being held in Calgary.

The marriage of the two heavyweights was announced back in March. Petro-Canada equity holders receive 1.28 shares in the new company for each Petro-Canada share, resulting in existing investors getting a 40 per cent piece of the merged entity. Suncor shareholders would own the remaining 60 per cent of the new firm.

Global consumers still lack confidence in economy: poll

Just over two-thirds of the world's consumers believe that economic prospects are neutral to poor, according to a new global poll released Tuesday.

Ipsos-Reid said only 29 per cent of 23,000 individuals in 23 countries queried between April 14 and May 7 believed the economic situation was "very good or somewhat good."

That number was marginally worse, by two percentage points, compared to the pollster's November reading, when 31 per cent of respondents answered "yes" to Ipsos-Reid's confidence question.

Shareholders vote on Suncor, Petro-Canada merger

Shareholders in Petro-Canada and Suncor Energy Inc. are set to vote Thursday on the proposed merger of the country's two biggest energy firms.

Separate votes are being held in Calgary.

The marriage of the two heavyweights was announced back in March. Petro-Canada equity holders receive 1.28 shares in the new company for each Petro-Canada share, resulting in existing investors getting a 40 per cent piece of the merged entity. Suncor shareholders would own the remaining 60 per cent of the new firm.

Global consumers still lack confidence in economy: poll

Just over two-thirds of the world's consumers believe that economic prospects are neutral to poor, according to a new global poll released Tuesday.

Ipsos-Reid said only 29 per cent of 23,000 individuals in 23 countries queried between April 14 and May 7 believed the economic situation was "very good or somewhat good."

That number was marginally worse, by two percentage points, compared to the pollster's November reading, when 31 per cent of respondents answered "yes" to Ipsos-Reid's confidence question.

Global consumers still lack confidence in economy: poll

Just over two-thirds of the world's consumers believe that economic prospects are neutral to poor, according to a new global poll released Tuesday.

Ipsos-Reid said only 29 per cent of 23,000 individuals in 23 countries queried between April 14 and May 7 believed the economic situation was "very good or somewhat good."

That number was marginally worse, by two percentage points, compared to the pollster's November reading, when 31 per cent of respondents answered "yes" to Ipsos-Reid's confidence question.

Shareholders vote on Suncor, Petro-Canada merger

Shareholders in Petro-Canada and Suncor Energy Inc. are set to vote Thursday on the proposed merger of the country's two biggest energy firms.

Separate votes are being held in Calgary.

The marriage of the two heavyweights was announced back in March. Petro-Canada equity holders receive 1.28 shares in the new company for each Petro-Canada share, resulting in existing investors getting a 40 per cent piece of the merged entity. Suncor shareholders would own the remaining 60 per cent of the new firm.

Canada's debt to jump to $630B in 5 years: TD Bank

Canada's total debt will jump more than 30 per cent by 2013-14 under current economic conditions, the Toronto-Dominion Bank said Tuesday in a new forecast.

The bank said Ottawa's auto bailout package, as well as a lagging economy, will add $167 billion in new public borrowing over the next five years.

That means government debt, estimated at $462.9 billion at the end of fiscal 2008-09, will rise by 36 per cent during the period to almost $630 billion, according to Don Drummond, TD's chief economist, and Derek Burleton, the bank's director of economic analysis.

Global consumers still lack confidence in economy: poll

Just over two-thirds of the world's consumers believe that economic prospects are neutral to poor, according to a new global poll released Tuesday.

Ipsos-Reid said only 29 per cent of 23,000 individuals in 23 countries queried between April 14 and May 7 believed the economic situation was "very good or somewhat good."

That number was marginally worse, by two percentage points, compared to the pollster's November reading, when 31 per cent of respondents answered "yes" to Ipsos-Reid's confidence question.

Canada's debt to jump to $630B in 5 years: TD Bank

Canada's total debt will jump more than 30 per cent by 2013-14 under current economic conditions, the Toronto-Dominion Bank said Tuesday in a new forecast.

The bank said Ottawa's auto bailout package, as well as a lagging economy, will add $167 billion in new public borrowing over the next five years.

That means government debt, estimated at $462.9 billion at the end of fiscal 2008-09, will rise by 36 per cent during the period to almost $630 billion, according to Don Drummond, TD's chief economist, and Derek Burleton, the bank's director of economic analysis.

Canada's debt to jump to $630B in 5 years: TD Bank

Canada's total debt will jump more than 30 per cent by 2013-14 under current economic conditions, the Toronto-Dominion Bank said Tuesday in a new forecast.

The bank said Ottawa's auto bailout package, as well as a lagging economy, will add $167 billion in new public borrowing over the next five years.

That means government debt, estimated at $462.9 billion at the end of fiscal 2008-09, will rise by 36 per cent during the period to almost $630 billion, according to Don Drummond, TD's chief economist, and Derek Burleton, the bank's director of economic analysis.

Global consumers still lack confidence in economy: poll

Just over two-thirds of the world's consumers believe that economic prospects are neutral to poor, according to a new global poll released Tuesday.

Ipsos-Reid said only 29 per cent of 23,000 individuals in 23 countries queried between April 14 and May 7 believed the economic situation was "very good or somewhat good."

That number was marginally worse, by two percentage points, compared to the pollster's November reading, when 31 per cent of respondents answered "yes" to Ipsos-Reid's confidence question.

Opel takeover to be done by September: Magna

Canadian auto parts supplier Magna International Inc. hopes to complete a deal to take a majority stake in car maker Opel by September, Magna's co-CEO said Wednesday.

Siegfried Wolf visited Adam Opel GmbH's headquarters days after hammering out an agreement with Opel parent General Motors Corp. and the German government to move forward with a rescue plan for the company.

"We should roll up our sleeves now and clear up the last open points," Wolf said after an employee meeting. "Then I think we can very quickly come to a conclusion."

Canada's debt to jump to $630B in 5 years: TD Bank

Canada's total debt will jump more than 30 per cent by 2013-14 under current economic conditions, the Toronto-Dominion Bank said Tuesday in a new forecast.

The bank said Ottawa's auto bailout package, as well as a lagging economy, will add $167 billion in new public borrowing over the next five years.

That means government debt, estimated at $462.9 billion at the end of fiscal 2008-09, will rise by 36 per cent during the period to almost $630 billion, according to Don Drummond, TD's chief economist, and Derek Burleton, the bank's director of economic analysis.

Opel takeover to be done by September: Magna

Canadian auto parts supplier Magna International Inc. hopes to complete a deal to take a majority stake in car maker Opel by September, Magna's co-CEO said Wednesday.

Siegfried Wolf visited Adam Opel GmbH's headquarters days after hammering out an agreement with Opel parent General Motors Corp. and the German government to move forward with a rescue plan for the company.

"We should roll up our sleeves now and clear up the last open points," Wolf said after an employee meeting. "Then I think we can very quickly come to a conclusion."

Opel takeover to be done by September: Magna

Canadian auto parts supplier Magna International Inc. hopes to complete a deal to take a majority stake in car maker Opel by September, Magna's co-CEO said Wednesday.

Siegfried Wolf visited Adam Opel GmbH's headquarters days after hammering out an agreement with Opel parent General Motors Corp. and the German government to move forward with a rescue plan for the company.

"We should roll up our sleeves now and clear up the last open points," Wolf said after an employee meeting. "Then I think we can very quickly come to a conclusion."

All aboard: Mega Brands hitches its future to Thomas the Tank Engine

Mega Brands Inc. said Wednesday it has inked a deal to develop products based on Thomas the Tank Engine characters in the hope of jump-starting the ailing toymaker's own profit train.

Montreal-based Mega Brands, which makes plastic building blocks for kids, signed a multi-year licensing agreement with London-based HIT, which owns the rights to the popular animated engine.

The pact will allow Mega Brands, which competes with the iconic Lego brand blocks for market share, to develop construction models using Thomas and all his buddies who inhabit the make-believe island of Sodor.

All aboard: Mega Brands hitches its future to Thomas the Tank Engine

Mega Brands Inc. said Wednesday it has inked a deal to develop products based on Thomas the Tank Engine characters in the hope of jump-starting the ailing toymaker's own profit train.

Montreal-based Mega Brands, which makes plastic building blocks for kids, signed a multi-year licensing agreement with London-based HIT, which owns the rights to the popular animated engine.

The pact will allow Mega Brands, which competes with the iconic Lego brand blocks for market share, to develop construction models using Thomas and all his buddies who inhabit the make-believe island of Sodor.

Canada's debt to jump to $630B in 5 years: TD Bank

Canada's total debt will jump more than 30 per cent by 2013-14 under current economic conditions, the Toronto-Dominion Bank said Tuesday in a new forecast.

The bank said Ottawa's auto bailout package, as well as a lagging economy, will add $167 billion in new public borrowing over the next five years.

That means government debt, estimated at $462.9 billion at the end of fiscal 2008-09, will rise by 36 per cent during the period to almost $630 billion, according to Don Drummond, TD's chief economist, and Derek Burleton, the bank's director of economic analysis.

Opel takeover to be done by September: Magna

Canadian auto parts supplier Magna International Inc. hopes to complete a deal to take a majority stake in car maker Opel by September, Magna's co-CEO said Wednesday.

Siegfried Wolf visited Adam Opel GmbH's headquarters days after hammering out an agreement with Opel parent General Motors Corp. and the German government to move forward with a rescue plan for the company.

"We should roll up our sleeves now and clear up the last open points," Wolf said after an employee meeting. "Then I think we can very quickly come to a conclusion."

All aboard: Mega Brands hitches its future to Thomas the Tank Engine

Mega Brands Inc. said Wednesday it has inked a deal to develop products based on Thomas the Tank Engine characters in the hope of jump-starting the ailing toymaker's own profit train.

Montreal-based Mega Brands, which makes plastic building blocks for kids, signed a multi-year licensing agreement with London-based HIT, which owns the rights to the popular animated engine.

The pact will allow Mega Brands, which competes with the iconic Lego brand blocks for market share, to develop construction models using Thomas and all his buddies who inhabit the make-believe island of Sodor.

Management will call shots at GM, not government: Obama

The U.S. government will be a hands-off owner of its stake in a revamped General Motors, says U.S. President Barack Obama.

He made the comments Monday after the automaker filed for bankruptcy protection.

Under the bankruptcy filing, the U.S. Treasury gets 60.8 per cent of the common equity of the new, revamped GM.

The Canadian and Ontario governments will take an 11.7 per cent stake in GM, and a United Auto Workers trust for health-care expenses would get 17.5 per cent, according to the reports.

Management will call shots at GM, not government: Obama

The U.S. government will be a hands-off owner of its stake in a revamped General Motors, says U.S. President Barack Obama.

He made the comments Monday after the automaker filed for bankruptcy protection.

Under the bankruptcy filing, the U.S. Treasury gets 60.8 per cent of the common equity of the new, revamped GM.

The Canadian and Ontario governments will take an 11.7 per cent stake in GM, and a United Auto Workers trust for health-care expenses would get 17.5 per cent, according to the reports.

Management will call shots at GM, not government: Obama

The U.S. government will be a hands-off owner of its stake in a revamped General Motors, says U.S. President Barack Obama.

He made the comments Monday after the automaker filed for bankruptcy protection.

Under the bankruptcy filing, the U.S. Treasury gets 60.8 per cent of the common equity of the new, revamped GM.

The Canadian and Ontario governments will take an 11.7 per cent stake in GM, and a United Auto Workers trust for health-care expenses would get 17.5 per cent, according to the reports.

Opel takeover to be done by September: Magna

Canadian auto parts supplier Magna International Inc. hopes to complete a deal to take a majority stake in car maker Opel by September, Magna's co-CEO said Wednesday.

Siegfried Wolf visited Adam Opel GmbH's headquarters days after hammering out an agreement with Opel parent General Motors Corp. and the German government to move forward with a rescue plan for the company.

"We should roll up our sleeves now and clear up the last open points," Wolf said after an employee meeting. "Then I think we can very quickly come to a conclusion."

All aboard: Mega Brands hitches its future to Thomas the Tank Engine

Mega Brands Inc. said Wednesday it has inked a deal to develop products based on Thomas the Tank Engine characters in the hope of jump-starting the ailing toymaker's own profit train.

Montreal-based Mega Brands, which makes plastic building blocks for kids, signed a multi-year licensing agreement with London-based HIT, which owns the rights to the popular animated engine.

The pact will allow Mega Brands, which competes with the iconic Lego brand blocks for market share, to develop construction models using Thomas and all his buddies who inhabit the make-believe island of Sodor.

Management will call shots at GM, not government: Obama

The U.S. government will be a hands-off owner of its stake in a revamped General Motors, says U.S. President Barack Obama.

He made the comments Monday after the automaker filed for bankruptcy protection.

Under the bankruptcy filing, the U.S. Treasury gets 60.8 per cent of the common equity of the new, revamped GM.

The Canadian and Ontario governments will take an 11.7 per cent stake in GM, and a United Auto Workers trust for health-care expenses would get 17.5 per cent, according to the reports.

Household borrowing fell in 1st quarter, StatsCan says

Household borrowing fell to $65 billion in the first quarter of 2009.(Jonathan Hayward/Canadian Press)

Household borrowing fell in 1st quarter, StatsCan says

Household borrowing fell to $65 billion in the first quarter of 2009.(Jonathan Hayward/Canadian Press)

Household borrowing fell in 1st quarter, StatsCan says

Household borrowing fell to $65 billion in the first quarter of 2009.(Jonathan Hayward/Canadian Press)

All aboard: Mega Brands hitches its future to Thomas the Tank Engine

Mega Brands Inc. said Wednesday it has inked a deal to develop products based on Thomas the Tank Engine characters in the hope of jump-starting the ailing toymaker's own profit train.

Montreal-based Mega Brands, which makes plastic building blocks for kids, signed a multi-year licensing agreement with London-based HIT, which owns the rights to the popular animated engine.

The pact will allow Mega Brands, which competes with the iconic Lego brand blocks for market share, to develop construction models using Thomas and all his buddies who inhabit the make-believe island of Sodor.

Management will call shots at GM, not government: Obama

The U.S. government will be a hands-off owner of its stake in a revamped General Motors, says U.S. President Barack Obama.

He made the comments Monday after the automaker filed for bankruptcy protection.

Under the bankruptcy filing, the U.S. Treasury gets 60.8 per cent of the common equity of the new, revamped GM.

The Canadian and Ontario governments will take an 11.7 per cent stake in GM, and a United Auto Workers trust for health-care expenses would get 17.5 per cent, according to the reports.

Household borrowing fell in 1st quarter, StatsCan says

Household borrowing fell to $65 billion in the first quarter of 2009.(Jonathan Hayward/Canadian Press)

Car giant GM files for bankruptcy protection

General Motors Corp. filed for Chapter 11 bankruptcy protection Monday, stating it had $82.29 billion US in assets and $172.81 billion in liabilities.(Dave Chidley/Canadian Press)

Canadian companies sell more bonds, borrow less cash in Q1

Canadian companies sliced their corporate borrowings by more than half in the first three months of the year, Statistics Canada said Tuesday.

The agency said Canadian non-financial firms borrowed $25.5 billion for the first quarter of 2009. That represented a decline of more than 55 per cent from the October-to-December period of 2008, when companies tapped global credit markets to the tune of $58.1 billion.

The global recession has crimped demand for company products and slashed corporate earnings, Statistics Canada said.

Car giant GM files for bankruptcy protection

General Motors Corp. filed for Chapter 11 bankruptcy protection Monday, stating it had $82.29 billion US in assets and $172.81 billion in liabilities.(Dave Chidley/Canadian Press)

Car giant GM files for bankruptcy protection

General Motors Corp. filed for Chapter 11 bankruptcy protection Monday, stating it had $82.29 billion US in assets and $172.81 billion in liabilities.(Dave Chidley/Canadian Press)

Canadian companies sell more bonds, borrow less cash in Q1

Canadian companies sliced their corporate borrowings by more than half in the first three months of the year, Statistics Canada said Tuesday.

The agency said Canadian non-financial firms borrowed $25.5 billion for the first quarter of 2009. That represented a decline of more than 55 per cent from the October-to-December period of 2008, when companies tapped global credit markets to the tune of $58.1 billion.

The global recession has crimped demand for company products and slashed corporate earnings, Statistics Canada said.

Q1 GDP decline worst since 1991

Canada suffered its largest quarterly drop in GDP in 18 years, according to figures released Monday.

Statistics Canada said the gross domestic product — essentially the country's income — fell by 1.4 per cent for the first three months of 2009 as companies stopped spending on new equipment because of the global recession.

That means that the country's performance for the January to March period was the worst since 1991.

Q1 GDP decline worst since 1991

Canada suffered its largest quarterly drop in GDP in 18 years, according to figures released Monday.

Statistics Canada said the gross domestic product — essentially the country's income — fell by 1.4 per cent for the first three months of 2009 as companies stopped spending on new equipment because of the global recession.

That means that the country's performance for the January to March period was the worst since 1991.

Canada's industrial prices slump on soaring currency

Canada's manufacturers saw prices for their products drop in April, mainly because of a rising loonie, according to figures released Monday.

Statistics Canada said its industrial product price index fell half a percentage point in April.

The index — which measures how much manufacturers get as their products leave the plant gate — stood at 117 in April, down 2.2 per cent versus last April.

That means that what manufacturers received has risen 17 per cent since 1997, when the index equaled 100.

Canada's industrial prices slump on soaring currency

Canada's manufacturers saw prices for their products drop in April, mainly because of a rising loonie, according to figures released Monday.

Statistics Canada said its industrial product price index fell half a percentage point in April.

The index — which measures how much manufacturers get as their products leave the plant gate — stood at 117 in April, down 2.2 per cent versus last April.

That means that what manufacturers received has risen 17 per cent since 1997, when the index equaled 100.

Q1 GDP decline worst since 1991

Canada suffered its largest quarterly drop in GDP in 18 years, according to figures released Monday.

Statistics Canada said the gross domestic product — essentially the country's income — fell by 1.4 per cent for the first three months of 2009 as companies stopped spending on new equipment because of the global recession.

That means that the country's performance for the January to March period was the worst since 1991.

Canada's industrial prices slump on soaring currency

Canada's manufacturers saw prices for their products drop in April, mainly because of a rising loonie, according to figures released Monday.

Statistics Canada said its industrial product price index fell half a percentage point in April.

The index — which measures how much manufacturers get as their products leave the plant gate — stood at 117 in April, down 2.2 per cent versus last April.

That means that what manufacturers received has risen 17 per cent since 1997, when the index equaled 100.

U.S. judge approves sale of most Chrysler assets to Fiat

A federal bankruptcy judge in New York has approved the sale of most of U.S. automaker Chrysler LLC's assets to Italy's Fiat SpA.

Arthur Gonzalez said in a filing in U.S. Bankruptcy Court late Sunday that he approved the sale, the major piece of a plan orchestrated by a federal auto task force.

The approval will allow Chrysler to sell its assets, including factories and dealerships, to a newly formed incarnation of itself, Chrysler Group.

U.S. judge approves sale of most Chrysler assets to Fiat

A federal bankruptcy judge in New York has approved the sale of most of U.S. automaker Chrysler LLC's assets to Italy's Fiat SpA.

Arthur Gonzalez said in a filing in U.S. Bankruptcy Court late Sunday that he approved the sale, the major piece of a plan orchestrated by a federal auto task force.

The approval will allow Chrysler to sell its assets, including factories and dealerships, to a newly formed incarnation of itself, Chrysler Group.

U.S. judge approves sale of most Chrysler assets to Fiat

A federal bankruptcy judge in New York has approved the sale of most of U.S. automaker Chrysler LLC's assets to Italy's Fiat SpA.

Arthur Gonzalez said in a filing in U.S. Bankruptcy Court late Sunday that he approved the sale, the major piece of a plan orchestrated by a federal auto task force.

The approval will allow Chrysler to sell its assets, including factories and dealerships, to a newly formed incarnation of itself, Chrysler Group.

Canada, Ontario commit $10.5B to revamped GM

Prime Minister Stephen Harper, right, and Ontario Premier Dalton McGuinty shake hands after addressing a news conference in Toronto Monday. (Darren Calabrese/Canadian Press)

Canada, Ontario commit $10.5B to revamped GM

Prime Minister Stephen Harper, right, and Ontario Premier Dalton McGuinty shake hands after addressing a news conference in Toronto Monday. (Darren Calabrese/Canadian Press)

Stocks in Canada, U.S. post 200-point gains

North America's major stock exchanges posted strong gains in trading Monday, shrugging off slumping GDP in Canada and GM's bankruptcy protection filing south of the border.

In Canada, the TSX rose 233.99 points to hit 10,604.06 in Monday's session. The gain, 2.26 per cent, means that Canada's major equity market has gained more than 1,200 points since the beginning of May.

In the United States, the Dow Jones industrial average jumped 221.11 points in the first session of the week, to reach 8,721.44.

Stocks in Canada, U.S. post 200-point gains

North America's major stock exchanges posted strong gains in trading Monday, shrugging off slumping GDP in Canada and GM's bankruptcy protection filing south of the border.

In Canada, the TSX rose 233.99 points to hit 10,604.06 in Monday's session. The gain, 2.26 per cent, means that Canada's major equity market has gained more than 1,200 points since the beginning of May.

In the United States, the Dow Jones industrial average jumped 221.11 points in the first session of the week, to reach 8,721.44.

Canadian dollar rises against U.S. currency

Canada's currency gave back most of Monday's early gains as traders sold dollars to take advantage of May's recent run-up for the loonie.

In morning trading, the Canuck buck popped above 92 cents US on American economic weakness and some decent Canadian GDP data.

By the end of the day, however, the Canadian dollar stood at 91.66, up .06 of a cent.

Still, Monday's performance meant that the currency rose in value for the third day in a row and added to the loonie's showing in May.

Canadian dollar rises against U.S. currency

Canada's currency gave back most of Monday's early gains as traders sold dollars to take advantage of May's recent run-up for the loonie.

In morning trading, the Canuck buck popped above 92 cents US on American economic weakness and some decent Canadian GDP data.

By the end of the day, however, the Canadian dollar stood at 91.66, up .06 of a cent.

Still, Monday's performance meant that the currency rose in value for the third day in a row and added to the loonie's showing in May.

Stocks in Canada, U.S. post 200-point gains

North America's major stock exchanges posted strong gains in trading Monday, shrugging off slumping GDP in Canada and GM's bankruptcy protection filing south of the border.

In Canada, the TSX rose 233.99 points to hit 10,604.06 in Monday's session. The gain, 2.26 per cent, means that Canada's major equity market has gained more than 1,200 points since the beginning of May.

In the United States, the Dow Jones industrial average jumped 221.11 points in the first session of the week, to reach 8,721.44.

Linamar says exposure to GM is limited

Linamar 3-month TSX chart

Canadian auto-parts maker Linamar Corp. said Monday it's confident it will recoup most of the money it is owed by General Motors Corp., which has filed for bankruptcy protection.

Linamar says exposure to GM is limited

Linamar 3-month TSX chart

Canadian auto-parts maker Linamar Corp. said Monday it's confident it will recoup most of the money it is owed by General Motors Corp., which has filed for bankruptcy protection.

Linamar says exposure to GM is limited

Linamar 3-month TSX chart

Canadian auto-parts maker Linamar Corp. said Monday it's confident it will recoup most of the money it is owed by General Motors Corp., which has filed for bankruptcy protection.

Stocks in Canada, U.S. post 200-point gains

North America's major stock exchanges posted strong gains in trading Monday, shrugging off slumping GDP in Canada and GM's bankruptcy protection filing south of the border.

In Canada, the TSX rose 233.99 points to hit 10,604.06 in Monday's session. The gain, 2.26 per cent, means that Canada's major equity market has gained more than 1,200 points since the beginning of May.

In the United States, the Dow Jones industrial average jumped 221.11 points in the first session of the week, to reach 8,721.44.

Linamar says exposure to GM is limited

Linamar 3-month TSX chart

Canadian auto-parts maker Linamar Corp. said Monday it's confident it will recoup most of the money it is owed by General Motors Corp., which has filed for bankruptcy protection.

Linamar says exposure to GM is limited

Linamar 3-month TSX chart

Canadian auto-parts maker Linamar Corp. said Monday it's confident it will recoup most of the money it is owed by General Motors Corp., which has filed for bankruptcy protection.

Fiat would 'fully utilize' Chrysler Canada's plants, CEO says

Italian automaker Fiat SpA plans to make full use of Chrysler Canada's plants when it buys a major stake in the ailing North American automaker, CEO Sergio Marchionne said Friday.

Fiat officials have toured Chrysler's assembly lines in southern Ontario and concluded that they're efficient operations that churn out high-quality products, Marchionne said .

"We have a large commitment to fully utilize these assets, and the opportunity is going to be visible relatively quickly about what can be done here," he told reporters after giving a speech in Montreal.

Germany OKs Magna bid to acquire GM's Opel

An employee of General Motors' German unit Opel works on a Corsa at the Opel plant in the eastern German town of Eisenach earlier this month. (Tobias Schwarz/Reuters)

Canfor to close 3 B.C. mills, lay off 570 workers

B.C.'s struggling forestry sector has been hit with another big blow — forestry giant Canfor announced Friday that it's closing three sawmills in the B.C. Interior indefinitely and laying off about 570 workers.

The Vavenby mill north of Kamloops, the Radium mill in southeastern B.C. and the Rustad mill in Prince George will shut down once existing log inventories are processed and finished products are shipped, the company said in a statement.

GM says debtholders support new revamp plan

General Motors Corp. said a group of its debtholders are supporting a new proposal that would see them get 10 per cent of the equity in a revamped GM, plus warrants to acquire another 15 per cent stake.

GM said an unofficial committee of bondholders is backing the proposal.

Under the proposal, a new GM would be created that would acquire the assets from the current GM after a restructuring under bankruptcy protection.

The U.S. Treasury would hold 72.5 per cent of the new GM, while a United Auto Workers benefit trust would hold a 17.5 per cent stake. The remaining 10 per cent would go to current GM debtholders.

Federal officials reveal $2.2B deficit for fiscal year

A $3.6-billion deficit in March sent the federal government $2.2 billion into the red for the 2008-09 fiscal year, officials said Friday.

The latest reading on the status of the government's coffers comes just days after Finance Minister Jim Flaherty said the deficit for the current 2009-10 fiscal year is projected to hit more than $50 billion.

For the 2007-08 fiscal year, the government ran a surplus of $11.4 billion.

In its monthly fiscal monitor released Friday, the Finance Department said the government slipped into the hole in March as its budgetary revenues fell $3.1 billion, or 14.4 per cent, from March 2008, due to declines in tax revenues.

RBC loses $50M in Q2 due to U.S. economic fallout

Royal Bank 3-month TSX chart

A $1-billion goodwill impairment charge related to its U.S. business pushed Royal Bank to a second-quarter loss of $50 million, the bank said Friday.

Oil prices could shoot beyond 2008 peak by 2012: Saudi Arabia

Oil prices could soar above previous records within "the next two or three years" because of a lack of exploration capacity now, said the Saudi oil minister in Rome on Tuesday.

Saudi Arabia's Minister of Petroleum and Mineral Resources Ali al-Naimi said current low prices are discouraging the search for new oil in the ongoing recession. Energy prices, however, can jump quickly with the greater demand associated with an economic recovery, he said.

Larger loan loss charge sends Q2 profit lower at BMO

BMO 3-month TSX chart

A big jump in its provision for bad loans, coupled with severance costs for job cuts, contributed to lower profits at Bank of Montreal in the second quarter, the bank said Tuesday.

Larger loan loss charge sends Q2 profit lower at BMO

BMO 3-month TSX chart

A big jump in its provision for bad loans, coupled with severance costs for job cuts, contributed to lower profits at Bank of Montreal in the second quarter, the bank said Tuesday.

Larger loan loss charge sends Q2 profit lower at BMO

BMO 3-month TSX chart

A big jump in its provision for bad loans, coupled with severance costs for job cuts, contributed to lower profits at Bank of Montreal in the second quarter, the bank said Tuesday.

Larger loan loss charge sends Q2 profit lower at BMO

BMO 3-month TSX chart

A big jump in its provision for bad loans, coupled with severance costs for job cuts, contributed to lower profits at Bank of Montreal in the second quarter, the bank said Tuesday.

Larger loan loss charge sends Q2 profit lower at BMO

BMO 3-month TSX chart

A big jump in its provision for bad loans, coupled with severance costs for job cuts, contributed to lower profits at Bank of Montreal in the second quarter, the bank said Tuesday.

Larger loan loss charge sends Q2 profit lower at BMO

BMO 3-month TSX chart

A big jump in its provision for bad loans, coupled with severance costs for job cuts, contributed to lower profits at Bank of Montreal in the second quarter, the bank said Tuesday.

Larger loan loss charge sends Q2 profit lower at BMO

BMO 3-month TSX chart

A big jump in its provision for bad loans, coupled with severance costs for job cuts, contributed to lower profits at Bank of Montreal in the second quarter, the bank said Tuesday.

Oil tops $63 US a barrel

Oil prices rose above $63 US a barrel on Wednesday in advance of an OPEC meeting on production.

The rise came as Saudi Oil Minister Ali Naimi said he saw no need for the oil cartel to cut production, saying the group should "stay the course."

Naimi told reporters that the global price of oil would likely get to about $75 US a barrel by the end of the year.

The price of oil fell to the low-$30s as the world economy slowed.

Oil tops $63 US a barrel

Oil prices rose above $63 US a barrel on Wednesday in advance of an OPEC meeting on production.

The rise came as Saudi Oil Minister Ali Naimi said he saw no need for the oil cartel to cut production, saying the group should "stay the course."

Naimi told reporters that the global price of oil would likely get to about $75 US a barrel by the end of the year.

The price of oil fell to the low-$30s as the world economy slowed.

Oil tops $63 US a barrel

Oil prices rose above $63 US a barrel on Wednesday in advance of an OPEC meeting on production.

The rise came as Saudi Oil Minister Ali Naimi said he saw no need for the oil cartel to cut production, saying the group should "stay the course."

Naimi told reporters that the global price of oil would likely get to about $75 US a barrel by the end of the year.

The price of oil fell to the low-$30s as the world economy slowed.

Larger loan loss charge sends Q2 profit lower at BMO

BMO 3-month TSX chart

A big jump in its provision for bad loans, coupled with severance costs for job cuts, contributed to lower profits at Bank of Montreal in the second quarter, the bank said Tuesday.

Biovail, Melnyk reach deal in proxy fight

Biovail Corp. and its founder and former chairman Eugene Melnyk have reached a truce in their proxy battle.

Melnyk, who is Biovail's largest shareholder, said Tuesday the drug company has agreed to the appointment of Frank Potter to its board of directors and audit committee immediately following May 28's annual meeting.

As part of the agreement, Melnyk and his holding firm, EM Holdings B.V., have agreed not to pursue their own dissident slate of two nominees for Biovail's board. Potter was included on the dissident slate.

Oil tops $63 US a barrel

Oil prices rose above $63 US a barrel on Wednesday in advance of an OPEC meeting on production.

The rise came as Saudi Oil Minister Ali Naimi said he saw no need for the oil cartel to cut production, saying the group should "stay the course."

Naimi told reporters that the global price of oil would likely get to about $75 US a barrel by the end of the year.

The price of oil fell to the low-$30s as the world economy slowed.

Biovail, Melnyk reach deal in proxy fight

Biovail Corp. and its founder and former chairman Eugene Melnyk have reached a truce in their proxy battle.

Melnyk, who is Biovail's largest shareholder, said Tuesday the drug company has agreed to the appointment of Frank Potter to its board of directors and audit committee immediately following May 28's annual meeting.

As part of the agreement, Melnyk and his holding firm, EM Holdings B.V., have agreed not to pursue their own dissident slate of two nominees for Biovail's board. Potter was included on the dissident slate.

Laurentian Bank Q2 profits hold steady in tough times

Laurentian Bank of Canada managed to avoid a huge drop in profit in the bank's second quarter, according to its latest earnings report released Wednesday.

The Montreal-based chartered bank made $21.2 million for the period ended April 30, 2009 — down 15 per cent compared to earnings of $25.1 million for the same period one year earlier.

Given the recession, however, the Quebec-focused bank said it was pleased with its ability to maintain its profitability.

Laurentian Bank Q2 profits hold steady in tough times

Laurentian Bank of Canada managed to avoid a huge drop in profit in the bank's second quarter, according to its latest earnings report released Wednesday.

The Montreal-based chartered bank made $21.2 million for the period ended April 30, 2009 — down 15 per cent compared to earnings of $25.1 million for the same period one year earlier.

Given the recession, however, the Quebec-focused bank said it was pleased with its ability to maintain its profitability.

Oil tops $63 US a barrel

Oil prices rose above $63 US a barrel on Wednesday in advance of an OPEC meeting on production.

The rise came as Saudi Oil Minister Ali Naimi said he saw no need for the oil cartel to cut production, saying the group should "stay the course."

Naimi told reporters that the global price of oil would likely get to about $75 US a barrel by the end of the year.

The price of oil fell to the low-$30s as the world economy slowed.

Laurentian Bank Q2 profits hold steady in tough times

Laurentian Bank of Canada managed to avoid a huge drop in profit in the bank's second quarter, according to its latest earnings report released Wednesday.

The Montreal-based chartered bank made $21.2 million for the period ended April 30, 2009 — down 15 per cent compared to earnings of $25.1 million for the same period one year earlier.

Given the recession, however, the Quebec-focused bank said it was pleased with its ability to maintain its profitability.

Laurentian Bank Q2 profits hold steady in tough times

Laurentian Bank of Canada managed to avoid a huge drop in profit in the bank's second quarter, according to its latest earnings report released Wednesday.

The Montreal-based chartered bank made $21.2 million for the period ended April 30, 2009 — down 15 per cent compared to earnings of $25.1 million for the same period one year earlier.

Given the recession, however, the Quebec-focused bank said it was pleased with its ability to maintain its profitability.

Laurentian Bank Q2 profits hold steady in tough times

Laurentian Bank of Canada managed to avoid a huge drop in profit in the bank's second quarter, according to its latest earnings report released Wednesday.

The Montreal-based chartered bank made $21.2 million for the period ended April 30, 2009 — down 15 per cent compared to earnings of $25.1 million for the same period one year earlier.

Given the recession, however, the Quebec-focused bank said it was pleased with its ability to maintain its profitability.

Laurentian Bank Q2 profits hold steady in tough times

Laurentian Bank of Canada managed to avoid a huge drop in profit in the bank's second quarter, according to its latest earnings report released Wednesday.

The Montreal-based chartered bank made $21.2 million for the period ended April 30, 2009 — down 15 per cent compared to earnings of $25.1 million for the same period one year earlier.

Given the recession, however, the Quebec-focused bank said it was pleased with its ability to maintain its profitability.

CIBC reports $51M loss in Q2

CIBC 3-month TSX chart

A string of charges and writeoffs sent Canadian Imperial Bank of Commerce to a second-quarter loss of $51 million, though that was a far cry from the $1.1 billion loss it reported in the same quarter of last year.

CIBC reports $51M loss in Q2

CIBC 3-month TSX chart

A string of charges and writeoffs sent Canadian Imperial Bank of Commerce to a second-quarter loss of $51 million, though that was a far cry from the $1.1 billion loss it reported in the same quarter of last year.

CIBC reports $51M loss in Q2

CIBC 3-month TSX chart

A string of charges and writeoffs sent Canadian Imperial Bank of Commerce to a second-quarter loss of $51 million, though that was a far cry from the $1.1 billion loss it reported in the same quarter of last year.

U.S. consumer confidence improving, but house prices wane

U.S. consumer confidence in May hit its highest level since September, the Conference Board said Tuesday.

The research group said its consumer confidence index topped economists' expectations by coming in at 54.9, the best reading in eight months. Economists had been expecting a reading of 42.3.

The May reading was a big jump from the 40.8 seen in April.

The report is based on survey of 5,000 U.S. households. A rising figure indicates improved consumer sentiment.

U.S. consumer confidence improving, but house prices wane

U.S. consumer confidence in May hit its highest level since September, the Conference Board said Tuesday.

The research group said its consumer confidence index topped economists' expectations by coming in at 54.9, the best reading in eight months. Economists had been expecting a reading of 42.3.

The May reading was a big jump from the 40.8 seen in April.

The report is based on survey of 5,000 U.S. households. A rising figure indicates improved consumer sentiment.

CIBC reports $51M loss in Q2

CIBC 3-month TSX chart

A string of charges and writeoffs sent Canadian Imperial Bank of Commerce to a second-quarter loss of $51 million, though that was a far cry from the $1.1 billion loss it reported in the same quarter of last year.

U.S. consumer confidence improving, but house prices wane

U.S. consumer confidence in May hit its highest level since September, the Conference Board said Tuesday.

The research group said its consumer confidence index topped economists' expectations by coming in at 54.9, the best reading in eight months. Economists had been expecting a reading of 42.3.

The May reading was a big jump from the 40.8 seen in April.

The report is based on survey of 5,000 U.S. households. A rising figure indicates improved consumer sentiment.

S&P launches Islamic-based Toronto index

Standard & Poor's is launching a new index of Canadian companies that are compliant with Islamic Shariah law, the company said Wednesday.

The S&P/TSX 60 Shariah index will contain firms that engage in businesses acceptable to the Islamic legal code, Standard & Poor's said.

The religious criteria exclude businesses that sell products such as alcohol, tobacco and pork or engage in certain types of financial lending.

The new index will allow investors who hold stocks that reflect Islamic law to track the overall performance of their holdings, said Alka Banerjee, vice-president of S&P's index services.

CIBC reports $51M loss in Q2

CIBC 3-month TSX chart

A string of charges and writeoffs sent Canadian Imperial Bank of Commerce to a second-quarter loss of $51 million, though that was a far cry from the $1.1 billion loss it reported in the same quarter of last year.

S&P launches Islamic-based Toronto index

Standard & Poor's is launching a new index of Canadian companies that are compliant with Islamic Shariah law, the company said Wednesday.

The S&P/TSX 60 Shariah index will contain firms that engage in businesses acceptable to the Islamic legal code, Standard & Poor's said.

The religious criteria exclude businesses that sell products such as alcohol, tobacco and pork or engage in certain types of financial lending.

The new index will allow investors who hold stocks that reflect Islamic law to track the overall performance of their holdings, said Alka Banerjee, vice-president of S&P's index services.

CIBC reports $51M loss in Q2

CIBC 3-month TSX chart

A string of charges and writeoffs sent Canadian Imperial Bank of Commerce to a second-quarter loss of $51 million, though that was a far cry from the $1.1 billion loss it reported in the same quarter of last year.

U.S. consumer confidence improving, but house prices wane

U.S. consumer confidence in May hit its highest level since September, the Conference Board said Tuesday.

The research group said its consumer confidence index topped economists' expectations by coming in at 54.9, the best reading in eight months. Economists had been expecting a reading of 42.3.

The May reading was a big jump from the 40.8 seen in April.

The report is based on survey of 5,000 U.S. households. A rising figure indicates improved consumer sentiment.

U.S. consumer confidence improving, but house prices wane

U.S. consumer confidence in May hit its highest level since September, the Conference Board said Tuesday.

The research group said its consumer confidence index topped economists' expectations by coming in at 54.9, the best reading in eight months. Economists had been expecting a reading of 42.3.

The May reading was a big jump from the 40.8 seen in April.

The report is based on survey of 5,000 U.S. households. A rising figure indicates improved consumer sentiment.

Bankruptcy filing likely as GM equity-for-bonds swap fails

General Motors Corp.'s bid to have its bondholders exchange their holdings for company stock failed to attract enough support, the company said Wednesday, making a bankruptcy filing all the more likely.

GM wanted bondholders, who own about $27 billion US in unsecured debt, to take a 10 per cent stake in the company.

The U.S. government has already put up $19.4 billion in loans to GM, and the Obama administration had said that 90 per cent of the bondholders had to accept the swap deal as a condition of GM getting more public money.

Bankruptcy filing likely as GM equity-for-bonds swap fails

General Motors Corp.'s bid to have its bondholders exchange their holdings for company stock failed to attract enough support, the company said Wednesday, making a bankruptcy filing all the more likely.

GM wanted bondholders, who own about $27 billion US in unsecured debt, to take a 10 per cent stake in the company.

The U.S. government has already put up $19.4 billion in loans to GM, and the Obama administration had said that 90 per cent of the bondholders had to accept the swap deal as a condition of GM getting more public money.

Bankruptcy filing likely as GM equity-for-bonds swap fails

General Motors Corp.'s bid to have its bondholders exchange their holdings for company stock failed to attract enough support, the company said Wednesday, making a bankruptcy filing all the more likely.

GM wanted bondholders, who own about $27 billion US in unsecured debt, to take a 10 per cent stake in the company.

The U.S. government has already put up $19.4 billion in loans to GM, and the Obama administration had said that 90 per cent of the bondholders had to accept the swap deal as a condition of GM getting more public money.

Bankruptcy filing likely as GM equity-for-bonds swap fails

General Motors Corp.'s bid to have its bondholders exchange their holdings for company stock failed to attract enough support, the company said Wednesday, making a bankruptcy filing all the more likely.

GM wanted bondholders, who own about $27 billion US in unsecured debt, to take a 10 per cent stake in the company.

The U.S. government has already put up $19.4 billion in loans to GM, and the Obama administration had said that 90 per cent of the bondholders had to accept the swap deal as a condition of GM getting more public money.

Cape Breton to lose two GM dealerships

Two of the three General Motors dealerships in Cape Breton will be gone by October 2010.

Ron May confirmed to CBC News that his Sydney Pontiac Buick GMC business is losing its sales and service agreement with GM, along with Highland Chevrolet in Glace Bay.

Combined, the two dealerships employ between 50 and 60 people.

MacIntyre Chevrolet in Sydney will be the lone survivor.

General manager Shaun MacIntyre said his dealership may hire technicians and other staff from the other two GM outlets. He also said he would try to ensure that GM car owners are taken care of.

AbitibiBowater cuts Q1 loss

Sales at AbitibiBowater Corp. crashed in the first quarter, but an even bigger drop in costs cut the company's loss.

AbitibiBowater, which is restructuring under bankruptcy protection in Canada and the U.S., cut its loss to $218 million US in the three months ended March 31, down from $248 million in the first quarter of 2008.

Sales fell to $1.11 billion from $1.73 billion, a filing with Canadian securities commissions shows.

Will pay severance for displaced Abitibi workers: Williams

The Newfoundland and Labrador government said Tuesday it will step in and pay severance and other benefits to workers who lost their jobs when AbitibiBowater shut down a mill in March.

Still struggling for its survival, AbitibiBowater has yet to pay severance to mill workers and others who lost their jobs when the century-old Grand Falls-Windsor mill closed.

Premier Danny Williams, who made the announcement in Grand Falls-Windsor on Tuesday with other cabinet ministers, said the package will be offered to unionized and non-union workers, including loggers and silviculturists.

March wholesale activity slips lower

Weak demand in the building materials, machinery and electronic equipment sectors pushed Canadian wholesale activity down by 0.6 per cent in March to $40.5 billion, Statistics Canada said Thursday.

In terms of volume, wholesale sales were down 1.3 per cent. A weaker Canadian dollar meant that wholesalers paid more for imported goods.

With the March decline, wholesale activity has now retreated in seven of the past eight months.