Canaccord Capital Inc. said Friday it has repurchased $152 million in distressed commercial paper in a move that marks the final step in the 17-month struggle over Canada's ABCP market.
Canaccord said it has paid 1,440 holders of asset-backed debt vehicles as part of an agreement between a series of financial institutions and owners of the nearly worthless commercial paper to try to breath some life back in this market.
Canaccord Capital Inc. said Friday it has repurchased $152 million in distressed commercial paper in a move that marks the final step in the 17-month struggle over Canada's ABCP market.
Canaccord said it has paid 1,440 holders of asset-backed debt vehicles as part of an agreement between a series of financial institutions and owners of the nearly worthless commercial paper to try to breath some life back in this market.
Canaccord Capital Inc. said Friday it has repurchased $152 million in distressed commercial paper in a move that marks the final step in the 17-month struggle over Canada's ABCP market.
Canaccord said it has paid 1,440 holders of asset-backed debt vehicles as part of an agreement between a series of financial institutions and owners of the nearly worthless commercial paper to try to breath some life back in this market.
Canaccord Capital Inc. said Friday it has repurchased $152 million in distressed commercial paper in a move that marks the final step in the 17-month struggle over Canada's ABCP market.
Canaccord said it has paid 1,440 holders of asset-backed debt vehicles as part of an agreement between a series of financial institutions and owners of the nearly worthless commercial paper to try to breath some life back in this market.
Business confidence in the economy is falling like the winter snow, according to a survey by the Conference Board of Canada.
The Ottawa based think-tank found nearly 60 per cent of companies anticipate the economy will deteriorate in the next six months and only 24 per cent think their own company's financial position will improve.
The survey was taken in the first three weeks of January and shows a high number of businesses operating under capacity.
Business confidence in the economy is falling like the winter snow, according to a survey by the Conference Board of Canada.
The Ottawa based think-tank found nearly 60 per cent of companies anticipate the economy will deteriorate in the next six months and only 24 per cent think their own company's financial position will improve.
The survey was taken in the first three weeks of January and shows a high number of businesses operating under capacity.
Business confidence in the economy is falling like the winter snow, according to a survey by the Conference Board of Canada.
The Ottawa based think-tank found nearly 60 per cent of companies anticipate the economy will deteriorate in the next six months and only 24 per cent think their own company's financial position will improve.
The survey was taken in the first three weeks of January and shows a high number of businesses operating under capacity.
U.S. President Barack Obama says it is irresponsible and shameful for Wall Street bankers to be paid huge bonuses at a time when the American public is dealing with economic hardship.
The president reacted harshly Thursday to reports that corporate employees got paid more than $18 billion in bonuses last year.
"That is the height of irresponsibility. It is shameful," said Obama.
The president said he and new Treasury Secretary Timothy Geithner will have direct conversations with corporate leaders to make the point.
U.S. President Barack Obama says it is irresponsible and shameful for Wall Street bankers to be paid huge bonuses at a time when the American public is dealing with economic hardship.
The president reacted harshly Thursday to reports that corporate employees got paid more than $18 billion in bonuses last year.
"That is the height of irresponsibility. It is shameful," said Obama.
The president said he and new Treasury Secretary Timothy Geithner will have direct conversations with corporate leaders to make the point.
U.S. President Barack Obama says it is irresponsible and shameful for Wall Street bankers to be paid huge bonuses at a time when the American public is dealing with economic hardship.
The president reacted harshly Thursday to reports that corporate employees got paid more than $18 billion in bonuses last year.
"That is the height of irresponsibility. It is shameful," said Obama.
The president said he and new Treasury Secretary Timothy Geithner will have direct conversations with corporate leaders to make the point.
U.S. President Barack Obama says it is irresponsible and shameful for Wall Street bankers to be paid huge bonuses at a time when the American public is dealing with economic hardship.
The president reacted harshly Thursday to reports that corporate employees got paid more than $18 billion in bonuses last year.
"That is the height of irresponsibility. It is shameful," said Obama.
The president said he and new Treasury Secretary Timothy Geithner will have direct conversations with corporate leaders to make the point.
The Toronto-Dominion Bank's retail arm said Friday it will hold the line on certain fees in 2009 and has cancelled a $35 charge on unused lines of credit that was to go into effect in late April.
"We recognize that times are challenging for many people right now," Tim Hockey, president of TD Canada Trust, said in a news release. "Holding the line on fees is one tangible way of helping."
Customers and employees had been expressing concerns about the fees, he said. News reports about the line of credit "inactivity" fee suggested the response was closer to outrage than concern.
The North American auto industry virtually shut down in January, and the resulting cutbacks in vehicle production will reduce economic activity by roughly 2.5 percentage points in the U.S and one percentage point in Canada, according to a new report from by Scotia Economics.
"Vehicle output in Canada, the United States and Mexico will plunge nearly 50 per cent below a year earlier in the opening month of 2009, as many companies extended their holiday shutdowns through most of January," said Carlos Gomes, Scotiabank Senior Economist and Auto Industry Specialist in his latest Global Auto Report.
The North American auto industry virtually shut down in January, and the resulting cutbacks in vehicle production will reduce economic activity by roughly 2.5 percentage points in the U.S and one percentage point in Canada, according to a new report from by Scotia Economics.
"Vehicle output in Canada, the United States and Mexico will plunge nearly 50 per cent below a year earlier in the opening month of 2009, as many companies extended their holiday shutdowns through most of January," said Carlos Gomes, Scotiabank Senior Economist and Auto Industry Specialist in his latest Global Auto Report.
The North American auto industry virtually shut down in January, and the resulting cutbacks in vehicle production will reduce economic activity by roughly 2.5 percentage points in the U.S and one percentage point in Canada, according to a new report from by Scotia Economics.
"Vehicle output in Canada, the United States and Mexico will plunge nearly 50 per cent below a year earlier in the opening month of 2009, as many companies extended their holiday shutdowns through most of January," said Carlos Gomes, Scotiabank Senior Economist and Auto Industry Specialist in his latest Global Auto Report.
A customer holds a cup in front of a Starbucks coffee shop at the company's corporate headquarters in Seattle on Monday.(Elaine Thompson/Associated Press)
U.S. President Barack Obama could step into a trade squabble when he visits Ottawa on Feb. 19.(Charles Dharapak/Associated Press)
(CBC)
The Newfoundland and Labrador government said Thursday it has reached a pact with Vale Inco on processing nickel at a high-tech plant planned for southern Newfoundland.
Canadian businesses received less cash for their products in December while Canada's commodity prices dipped sharply in the same month, according to figures released Thursday.
Statistics Canada said that Canada's industrial product price index slipped 1.9 per cent in December over November's level. That number represented the fourth consecutive monthly drop measured against the index's peak in August 2008.
Plummeting oil prices — down 18 per cent — played a big role in the overall decrease. Once mineral fuel costs were subtracted, prices charged by companies fell by 0.1 per cent in December, the second month in a row in which this indicator lost value.
Norbord Inc. said Friday that it lost money for the ninth straight quarter in the final three months of 2008 as the particleboard maker continued to suffer from the global construction slump.
Toronto-based Norbord, one of the world's largest producers of oriented strand board, a plywood substitute, lost $30 million, or 19 cents a share, in the October-to-December quarter, compared with a loss of $13 million, or nine cents a share, for the same period one year earlier.
The Bombardier plant in Valcourt makes recreational vehicles.(CBC) Bombardier Recreational Products Inc., the maker of the Ski-Doo and the Sea-Doo, will close its main plant in Valcourt, Que., for one week in March.
The U.S. economy turned in its worst performance in 26 years in the fourth quarter but actually did better than Wall Street had expected, according to figures released Friday.
American gross domestic product, the broadest measure of a country's national income, fell by 3.8 per cent in the final three months of the year. That result represented the worst quarterly showing since the first three months of 1982 when the economy shrank by 6.4 per cent.
The federal government promised nearly $12 billion for infrastructure in the 2009 budget tabled Tuesday, but there's a catch: the government is expecting other parties to come up with $11.8 billion more before it loosens the purse strings.
The requirement that provinces, territories and municipalities find matching funds has some of the potential recipients worried, although others are confident they can find the money to tap into the federal cash.
Toyota is recalling 58,000 of its Yaris cars sold in Canada. (Toyota Motor Co./Assciated Press)
Toyota is recalling 58,000 of its Yaris models sold in Canada because of a seatbelt defect, company spokeswoman Dawn Soulis said Wednesday.
Toyota is recalling 58,000 of its Yaris cars sold in Canada. (Toyota Motor Co./Assciated Press)
Toyota is recalling 58,000 of its Yaris models sold in Canada because of a seatbelt defect, company spokeswoman Dawn Soulis said Wednesday.
Manitoba politicians are salivating at the prospect of new spending on roads, sewers, museums and stadiums but at least one business owner believes Ottawa's spending splurge will do nothing to boost consumer confidence.
Manitoba Finance Minister Greg Selinger said that at first blush there was something for everyone in the Harper government's budget.
"We think that waste water and sewers in Winnipeg and in Brandon are important," he said. "We think that highways are important. We think that social housing is very important. We think specific signature projects such as the Canadian Museum for Human Rights should move forward. We can look at the football stadium as another signature project, so we have a number of things on the table that we can move on very quickly."
The federal government promised nearly $12 billion for infrastructure in the 2009 budget tabled Tuesday, but there's a catch: the government is expecting other parties to come up with $11.8 billion more before it loosens the purse strings.
The requirement that provinces, territories and municipalities find matching funds has some of the potential recipients worried, although others are confident they can find the money to tap into the federal cash.
The federal government promised nearly $12 billion for infrastructure in the 2009 budget tabled Tuesday, but there's a catch: the government is expecting other parties to come up with $11.8 billion more before it loosens the purse strings.
The requirement that provinces, territories and municipalities find matching funds has some of the potential recipients worried, although others are confident they can find the money to tap into the federal cash.
The federal government promised nearly $12 billion for infrastructure in the 2009 budget tabled Tuesday, but there's a catch: the government is expecting other parties to come up with $11.8 billion more before it loosens the purse strings.
The requirement that provinces, territories and municipalities find matching funds has some of the potential recipients worried, although others are confident they can find the money to tap into the federal cash.
The federal government promised nearly $12 billion for infrastructure in the 2009 budget tabled Tuesday, but there's a catch: the government is expecting other parties to come up with $11.8 billion more before it loosens the purse strings.
The requirement that provinces, territories and municipalities find matching funds has some of the potential recipients worried, although others are confident they can find the money to tap into the federal cash.
It look as if it could be a bumpy ride this year for Air Canada and its unionized employees.
Canadian Auto Workers local 2002 plans a strike vote within weeks after 5,000 of its members who work as customer service and sales agents with the airline overwhelmingly voted down a tentative agreement.
The CAW says 78 per cent of its members voted against a deal which offered a $1,000 payment in 2010, a 1.5 per cent wage increase in the second year, and a 1.75 per cent increase in the third.
It look as if it could be a bumpy ride this year for Air Canada and its unionized employees.
Canadian Auto Workers local 2002 plans a strike vote within weeks after 5,000 of its members who work as customer service and sales agents with the airline overwhelmingly voted down a tentative agreement.
The CAW says 78 per cent of its members voted against a deal which offered a $1,000 payment in 2010, a 1.5 per cent wage increase in the second year, and a 1.75 per cent increase in the third.
Toyota is recalling 58,000 of its Yaris cars sold in Canada. (Toyota Motor Co./Assciated Press)
Toyota is recalling 58,000 of its Yaris models sold in Canada because of a seatbelt defect, company spokeswoman Dawn Soulis said Wednesday.
Manitoba politicians are salivating at the prospect of new spending on roads, sewers, museums and stadiums but at least one business owner believes Ottawa's spending splurge will do nothing to boost consumer confidence.
Manitoba Finance Minister Greg Selinger said that at first blush there was something for everyone in the Harper government's budget.
"We think that waste water and sewers in Winnipeg and in Brandon are important," he said. "We think that highways are important. We think that social housing is very important. We think specific signature projects such as the Canadian Museum for Human Rights should move forward. We can look at the football stadium as another signature project, so we have a number of things on the table that we can move on very quickly."
Toyota is recalling 58,000 of its Yaris cars sold in Canada. (Toyota Motor Co./Assciated Press)
Toyota is recalling 58,000 of its Yaris models sold in Canada because of a seatbelt defect, company spokeswoman Dawn Soulis said Wednesday.
Manitoba politicians are salivating at the prospect of new spending on roads, sewers, museums and stadiums but at least one business owner believes Ottawa's spending splurge will do nothing to boost consumer confidence.
Manitoba Finance Minister Greg Selinger said that at first blush there was something for everyone in the Harper government's budget.
"We think that waste water and sewers in Winnipeg and in Brandon are important," he said. "We think that highways are important. We think that social housing is very important. We think specific signature projects such as the Canadian Museum for Human Rights should move forward. We can look at the football stadium as another signature project, so we have a number of things on the table that we can move on very quickly."
Toyota is recalling 58,000 of its Yaris cars sold in Canada. (Toyota Motor Co./Assciated Press)
Toyota is recalling 58,000 of its Yaris models sold in Canada because of a seatbelt defect, company spokeswoman Dawn Soulis said Wednesday.
Manitoba politicians are salivating at the prospect of new spending on roads, sewers, museums and stadiums but at least one business owner believes Ottawa's spending splurge will do nothing to boost consumer confidence.
Manitoba Finance Minister Greg Selinger said that at first blush there was something for everyone in the Harper government's budget.
"We think that waste water and sewers in Winnipeg and in Brandon are important," he said. "We think that highways are important. We think that social housing is very important. We think specific signature projects such as the Canadian Museum for Human Rights should move forward. We can look at the football stadium as another signature project, so we have a number of things on the table that we can move on very quickly."
The federal government promised nearly $12 billion for infrastructure in the 2009 budget tabled Tuesday, but there's a catch: the government is expecting other parties to come up with $11.8 billion more before it loosens the purse strings.
The requirement that provinces, territories and municipalities find matching funds has some of the potential recipients worried, although others are confident they can find the money to tap into the federal cash.
It look as if it could be a bumpy ride this year for Air Canada and its unionized employees.
Canadian Auto Workers local 2002 plans a strike vote within weeks after 5,000 of its members who work as customer service and sales agents with the airline overwhelmingly voted down a tentative agreement.
The CAW says 78 per cent of its members voted against a deal which offered a $1,000 payment in 2010, a 1.5 per cent wage increase in the second year, and a 1.75 per cent increase in the third.
It look as if it could be a bumpy ride this year for Air Canada and its unionized employees.
Canadian Auto Workers local 2002 plans a strike vote within weeks after 5,000 of its members who work as customer service and sales agents with the airline overwhelmingly voted down a tentative agreement.
The CAW says 78 per cent of its members voted against a deal which offered a $1,000 payment in 2010, a 1.5 per cent wage increase in the second year, and a 1.75 per cent increase in the third.
It look as if it could be a bumpy ride this year for Air Canada and its unionized employees.
Canadian Auto Workers local 2002 plans a strike vote within weeks after 5,000 of its members who work as customer service and sales agents with the airline overwhelmingly voted down a tentative agreement.
The CAW says 78 per cent of its members voted against a deal which offered a $1,000 payment in 2010, a 1.5 per cent wage increase in the second year, and a 1.75 per cent increase in the third.
It look as if it could be a bumpy ride this year for Air Canada and its unionized employees.
Canadian Auto Workers local 2002 plans a strike vote within weeks after 5,000 of its members who work as customer service and sales agents with the airline overwhelmingly voted down a tentative agreement.
The CAW says 78 per cent of its members voted against a deal which offered a $1,000 payment in 2010, a 1.5 per cent wage increase in the second year, and a 1.75 per cent increase in the third.
The U.S. Federal Reserve Board surprised no one Wednesday by leaving its short-term interest rate at zero in the central bank's latest-rate decision.
The Federal Open Market Committee did not touch its target rate for the federal funds — the interest rate it charges chartered banks that need short-term cash — at between 0 and 0.25 per cent. The fed funds rate is seen as a guidepost for other lending institutions in what they charge borrowers.
The U.S. Federal Reserve Board surprised no one Wednesday by leaving its short-term interest rate at zero in the central bank's latest-rate decision.
The Federal Open Market Committee did not touch its target rate for the federal funds — the interest rate it charges chartered banks that need short-term cash — at between 0 and 0.25 per cent. The fed funds rate is seen as a guidepost for other lending institutions in what they charge borrowers.
The federal government promised nearly $12 billion for infrastructure in the 2009 budget tabled Tuesday, but there's a catch: the government is expecting other parties to come up with $11.8 billion more before it loosens the purse strings.
The requirement that provinces, territories and municipalities find matching funds has some of the potential recipients worried, although others are confident they can find the money to tap into the federal cash.
Manitoba politicians are salivating at the prospect of new spending on roads, sewers, museums and stadiums but at least one business owner believes Ottawa's spending splurge will do nothing to boost consumer confidence.
Manitoba Finance Minister Greg Selinger said that at first blush there was something for everyone in the Harper government's budget.
"We think that waste water and sewers in Winnipeg and in Brandon are important," he said. "We think that highways are important. We think that social housing is very important. We think specific signature projects such as the Canadian Museum for Human Rights should move forward. We can look at the football stadium as another signature project, so we have a number of things on the table that we can move on very quickly."
It look as if it could be a bumpy ride this year for Air Canada and its unionized employees.
Canadian Auto Workers local 2002 plans a strike vote within weeks after 5,000 of its members who work as customer service and sales agents with the airline overwhelmingly voted down a tentative agreement.
The CAW says 78 per cent of its members voted against a deal which offered a $1,000 payment in 2010, a 1.5 per cent wage increase in the second year, and a 1.75 per cent increase in the third.
The federal government promised nearly $12 billion for infrastructure in the 2009 budget tabled Tuesday, but there's a catch: the government is expecting other parties to come up with $11.8 billion more before it loosens the purse strings.
The requirement that provinces, territories and municipalities find matching funds has some of the potential recipients worried, although others are confident they can find the money to tap into the federal cash.
It look as if it could be a bumpy ride this year for Air Canada and its unionized employees.
Canadian Auto Workers local 2002 plans a strike vote within weeks after 5,000 of its members who work as customer service and sales agents with the airline overwhelmingly voted down a tentative agreement.
The CAW says 78 per cent of its members voted against a deal which offered a $1,000 payment in 2010, a 1.5 per cent wage increase in the second year, and a 1.75 per cent increase in the third.
The federal government promised nearly $12 billion for infrastructure in the 2009 budget tabled Tuesday, but there's a catch: the government is expecting other parties to come up with $11.8 billion more before it loosens the purse strings.
The requirement that provinces, territories and municipalities find matching funds has some of the potential recipients worried, although others are confident they can find the money to tap into the federal cash.
The federal government promised nearly $12 billion for infrastructure in the 2009 budget tabled Tuesday, but there's a catch: the government is expecting other parties to come up with $11.8 billion more before it loosens the purse strings.
The requirement that provinces, territories and municipalities find matching funds has some of the potential recipients worried, although others are confident they can find the money to tap into the federal cash.
The U.S. Federal Reserve Board surprised no one Wednesday by leaving its short-term interest rate at zero in the central bank's latest-rate decision.
The Federal Open Market Committee did not touch its target rate for the federal funds — the interest rate it charges chartered banks that need short-term cash — at between 0 and 0.25 per cent. The fed funds rate is seen as a guidepost for other lending institutions in what they charge borrowers.
The U.S. Federal Reserve Board surprised no one Wednesday by leaving its short-term interest rate at zero in the central bank's latest-rate decision.
The Federal Open Market Committee did not touch its target rate for the federal funds — the interest rate it charges chartered banks that need short-term cash — at between 0 and 0.25 per cent. The fed funds rate is seen as a guidepost for other lending institutions in what they charge borrowers.
The U.S. Federal Reserve Board surprised no one Wednesday by leaving its short-term interest rate at zero in the central bank's latest-rate decision.
The Federal Open Market Committee did not touch its target rate for the federal funds — the interest rate it charges chartered banks that need short-term cash — at between 0 and 0.25 per cent. The fed funds rate is seen as a guidepost for other lending institutions in what they charge borrowers.
The global economy will stop growing in 2009 and drag Canada's financial fortunes down for the next two years, the International Monetary Fund said Wednesday.
In its latest economic update, the Washington-based international finance institution said the global economy will barely expand at all — growing a mere 0.5 per cent in 2009, the lowest rate in 60 years.
The world's GDP will begin to expand faster in the next 12 months, growing by three per cent in 2010, the group said.
The global economy will stop growing in 2009 and drag Canada's financial fortunes down for the next two years, the International Monetary Fund said Wednesday.
In its latest economic update, the Washington-based international finance institution said the global economy will barely expand at all — growing a mere 0.5 per cent in 2009, the lowest rate in 60 years.
The world's GDP will begin to expand faster in the next 12 months, growing by three per cent in 2010, the group said.
The global economy will stop growing in 2009 and drag Canada's financial fortunes down for the next two years, the International Monetary Fund said Wednesday.
In its latest economic update, the Washington-based international finance institution said the global economy will barely expand at all — growing a mere 0.5 per cent in 2009, the lowest rate in 60 years.
The world's GDP will begin to expand faster in the next 12 months, growing by three per cent in 2010, the group said.
The global economy will stop growing in 2009 and drag Canada's financial fortunes down for the next two years, the International Monetary Fund said Wednesday.
In its latest economic update, the Washington-based international finance institution said the global economy will barely expand at all — growing a mere 0.5 per cent in 2009, the lowest rate in 60 years.
The world's GDP will begin to expand faster in the next 12 months, growing by three per cent in 2010, the group said.
Olympic organizers still don't know how much the federal government intends to spend on security for the 2010 Winter Games in Vancouver after the Conservatives failed to include the federal contribution in their budget Tuesday.
A spokesperson for B.C. Finance Minister Colin Hansen's office said the minister expects the overall security budget to be released within the next few weeks because the expense must be included in B.C.'s own upcoming provincial budget.
Olympic organizers still don't know how much the federal government intends to spend on security for the 2010 Winter Games in Vancouver after the Conservatives failed to include the federal contribution in their budget Tuesday.
A spokesperson for B.C. Finance Minister Colin Hansen's office said the minister expects the overall security budget to be released within the next few weeks because the expense must be included in B.C.'s own upcoming provincial budget.
The U.S. Federal Reserve Board surprised no one Wednesday by leaving its short-term interest rate at zero in the central bank's latest-rate decision.
The Federal Open Market Committee did not touch its target rate for the federal funds — the interest rate it charges chartered banks that need short-term cash — at between 0 and 0.25 per cent. The fed funds rate is seen as a guidepost for other lending institutions in what they charge borrowers.
Olympic organizers still don't know how much the federal government intends to spend on security for the 2010 Winter Games in Vancouver after the Conservatives failed to include the federal contribution in their budget Tuesday.
A spokesperson for B.C. Finance Minister Colin Hansen's office said the minister expects the overall security budget to be released within the next few weeks because the expense must be included in B.C.'s own upcoming provincial budget.
The U.S. Federal Reserve Board surprised no one Wednesday by leaving its short-term interest rate at zero in the central bank's latest-rate decision.
The Federal Open Market Committee did not touch its target rate for the federal funds — the interest rate it charges chartered banks that need short-term cash — at between 0 and 0.25 per cent. The fed funds rate is seen as a guidepost for other lending institutions in what they charge borrowers.
The global economy will stop growing in 2009 and drag Canada's financial fortunes down for the next two years, the International Monetary Fund said Wednesday.
In its latest economic update, the Washington-based international finance institution said the global economy will barely expand at all — growing a mere 0.5 per cent in 2009, the lowest rate in 60 years.
The world's GDP will begin to expand faster in the next 12 months, growing by three per cent in 2010, the group said.
The global economy will stop growing in 2009 and drag Canada's financial fortunes down for the next two years, the International Monetary Fund said Wednesday.
In its latest economic update, the Washington-based international finance institution said the global economy will barely expand at all — growing a mere 0.5 per cent in 2009, the lowest rate in 60 years.
The world's GDP will begin to expand faster in the next 12 months, growing by three per cent in 2010, the group said.
The global economy will stop growing in 2009 and drag Canada's financial fortunes down for the next two years, the International Monetary Fund said Wednesday.
In its latest economic update, the Washington-based international finance institution said the global economy will barely expand at all — growing a mere 0.5 per cent in 2009, the lowest rate in 60 years.
The world's GDP will begin to expand faster in the next 12 months, growing by three per cent in 2010, the group said.
Olympic organizers still don't know how much the federal government intends to spend on security for the 2010 Winter Games in Vancouver after the Conservatives failed to include the federal contribution in their budget Tuesday.
A spokesperson for B.C. Finance Minister Colin Hansen's office said the minister expects the overall security budget to be released within the next few weeks because the expense must be included in B.C.'s own upcoming provincial budget.
Olympic organizers still don't know how much the federal government intends to spend on security for the 2010 Winter Games in Vancouver after the Conservatives failed to include the federal contribution in their budget Tuesday.
A spokesperson for B.C. Finance Minister Colin Hansen's office said the minister expects the overall security budget to be released within the next few weeks because the expense must be included in B.C.'s own upcoming provincial budget.
Olympic organizers still don't know how much the federal government intends to spend on security for the 2010 Winter Games in Vancouver after the Conservatives failed to include the federal contribution in their budget Tuesday.
A spokesperson for B.C. Finance Minister Colin Hansen's office said the minister expects the overall security budget to be released within the next few weeks because the expense must be included in B.C.'s own upcoming provincial budget.
Some Calgary business people wonder whether the spending plans and tax changes in Tuesday's federal budget will actually get consumers buying and boost the economy as expected.
Although the tax reductions are welcome, consumers are more likely to save the extra few hundred dollars rather than spend it, said Carlos Santos, who owns a photography shop in the city's southeast.
The extra $200 to $500 left in people's pockets is not going to be enough for them to make a major purchase, he said.
Some Calgary business people wonder whether the spending plans and tax changes in Tuesday's federal budget will actually get consumers buying and boost the economy as expected.
Although the tax reductions are welcome, consumers are more likely to save the extra few hundred dollars rather than spend it, said Carlos Santos, who owns a photography shop in the city's southeast.
The extra $200 to $500 left in people's pockets is not going to be enough for them to make a major purchase, he said.
Existing home purchases jumped unexpectedly in December in the United States, but mainly because sellers were dumping their houses at rock-bottom prices, according to figures released Monday.
The number of older homes that changed hands in the last month of the year rose 6.5 per cent from November, said the National Association of Realtors.
December became the first month in the last quarter of the month to show a gain in the number of existing home sales.
General Motors plans to cut 2,000 jobs at plants in Michigan and Ohio, and will halt production for several weeks at nine plants over the next six months, the company said Monday.
One of the plants affected is a factory in Oshawa, Ont., that makes Impala sedans.
GM Canada spokeswoman Patty Faith said the Impala line will be idled for the week of March 30 because of slumping demand.
The plant is down for an extended holiday break but production will resume on Feb. 9 for seven weeks before being idled again.
ING's stock priceING Canada reported a fourth-quarter net loss Monday of $64.1 million.
Concerns about a possible chemical spill at a northern B.C. pulp mill have prompted the provincial government to intervene in a labour dispute, CBC News has learned.
Workers at the mothballed Mackenzie mill owned by Worthington Properties were preparing to walk off the job because they haven't been paid for more than a month.
Expressing concerns over the potential environmental risks of an idled pulp mill, the B.C. Environment Ministry issued a spill-prevention order under which some of the workers will be paid to watch over the mill.
Governments worldwide will spend as much as $1.5 trillion annually for the next 20 years to make up for a lack of such spending in the previous decades, according to a new study by CIBC World Markets.
Countries will spend approximately $30 trillion over the next two decades on new roads and similar projects and to fix existing infrastructure, said CIBC economist Benjamin Tal, who authored the study.
Governments now view this kind of spending as a way to boost employment.
The Bank of Montreal is getting out of the supermarket banking business.
The bank said Monday that most of its 107 small banking outlets in Safeway, Sobeys, Metro and IGA stores will close in April.
"Customers have told us they prefer the services of a full-service bank for the professional advice, relationship management capabilities and the convenience of our online and telephone banking channels," the bank said.
It said clients will be transferred to the nearest full branch.
The federal government plans to spend at least $7 billion on new infrastructure projects in an effort to boost the sagging economy, Transport Minister John Baird said Monday.
The measures will be included in Tuesday's federal budget, Baird told a news conference in Ottawa.
"We will be making investments in roads, bridges, water and sewer systems, as well as transit," he said.
While he didn't provide any further details, Baird did offer the following breakdown of how the money will be spent over the next two years:
The federal government plans to spend at least $7 billion on new infrastructure projects in an effort to boost the sagging economy, Transport Minister John Baird said Monday.
The measures will be included in Tuesday's federal budget, Baird told a news conference in Ottawa.
"We will be making investments in roads, bridges, water and sewer systems, as well as transit," he said.
While he didn't provide any further details, Baird did offer the following breakdown of how the money will be spent over the next two years:
Potash 3-month TSX chart
Potash Corp. of Saskatchewan said Thursday that it posted its best-ever fourth-quarter profit and a saw a tripling of its full-year earnings.
The Saskatoon-based company told investors it made $2.56 US per share, or $788 million, in the fourth quarter, more than double the $1.16 per share, $376.8 million, it earned in the same period last year. Potash reports in U.S. dollars.
Flint Energy Services Ltd. will lose as much as $150 million in revenue from the decision by Suncor Energy Inc. to slash its spending in 2009, the oil services company said Thursday.
HudBay Minerals Inc. must get shareholder approval in order to complete a controversial $814-million merger with Lundin Mining Corp., the Ontario Securities Commission said on Friday.
The OSC, which regulates the Toronto Stock Exchange, said the stock-based agreement between the two miners would add 157 million HudBay shares to its existing equity base, a move that would severely diminish the value of the holdings of existing investors.
Canada's annual inflation rate came in at 1.2 per cent in December, down from the two per cent annual rate seen in November, Statistics Canada reported Friday.
The December increase in consumer prices was the smallest increase since January 2007 and was due to a sharp decline in the price of gasoline.
Statistics Canada said prices that consumers paid for gasoline in December were 25.8 per cent below levels in the same month the year before.
Bank of Canada governor Mark Carney speaks at an Ottawa news conference Thursday. (CBC)
AbitibitiBowater Inc. will have a new chairman starting in February.
Richard Evans, the retiring chief executive officer of Rio Tinto Alcan, will become chair of the pulp and paper company on Feb. 1, the firm announced Wednesday, the same date he will hand over Rio Tinto's CEO reins to Jacynthe Côté.
"We are fortunate to have someone of the calibre of Dick Evans to assume the chairmanship of AbitibiBowater," said David Paterson, company president and chief executive officer.
The federal government will run a $34-billion deficit in the coming fiscal year, and a $30-billion deficit in the following year, a senior government official said.
The spokesman said Thursday that the federal government will return to running a surplus within five years.
Federal Finance Minister Jim Flaherty is due to present a new budget on Jan. 27.
Speaking on condition of anonymity, the official told reporters the government decided to announce the size of the deficits now because of intense speculation about the budget.
Google Inc.'s fourth-quarter profit fell to $382 million US, down 68 per cent from the same period a year ago, but still beat analysts' expectations, the company announced Thursday.
Earnings amounted to $1.21 per share, compared with $1.21 billion or $3.79 a share for the same quarter in 2007. All figures are in U.S. dollars.
Profit was dragged down by employee stock compensation costs and charges for deteriorating investments in Cleanwire Corp. and AOL.
Canadian retail sales fell in November by 2.4 per cent from October, the largest monthly decline since January 1998, Statistics Canada said Thursday.
November's decline largely reflected price-induced lower sales at gasoline stations and a drop in the volume of sales at new car dealers.
Excluding the automotive sector, which includes sales of new, used and recreational vehicles, parts and gasoline, retail sales were flat.
The automotive sector saw a 7.1 per cent decline in sales, pulling down overall sales in November. The decline in gasoline prices that Canadians enjoyed during November led to a 14.9 per cent sales drop at gasoline stations, the largest monthly decline since September 2006.
The federal government will run a $34-billion deficit in the coming fiscal year, and a $30-billion deficit in the following year, a senior government official said.
The spokesman said Thursday that the federal government will return to running a surplus within five years.
Federal Finance Minister Jim Flaherty is due to present a new budget on Jan. 27.
Speaking on condition of anonymity, the official told reporters the government decided to announce the size of the deficits now because of intense speculation about the budget.
The federal government will run a $34-billion deficit in the coming fiscal year, and a $30-billion deficit in the following year, a senior government official said.
The spokesman said Thursday that the federal government will return to running a surplus within five years.
Federal Finance Minister Jim Flaherty is due to present a new budget on Jan. 27.
Speaking on condition of anonymity, the official told reporters the government decided to announce the size of the deficits now because of intense speculation about the budget.
The federal government will run a $34-billion deficit in the coming fiscal year, and a $30-billion deficit in the following year, a senior government official said.
The spokesman said Thursday that the federal government will return to running a surplus within five years.
Federal Finance Minister Jim Flaherty is due to present a new budget on Jan. 27.
Speaking on condition of anonymity, the official told reporters the government decided to announce the size of the deficits now because of intense speculation about the budget.
The federal government will run a $34-billion deficit in the coming fiscal year, and a $30-billion deficit in the following year, a senior government official said.
The spokesman said Thursday that the federal government will return to running a surplus within five years.
Federal Finance Minister Jim Flaherty is due to present a new budget on Jan. 27.
Speaking on condition of anonymity, the official told reporters the government decided to announce the size of the deficits now because of intense speculation about the budget.
The federal government will run a $34-billion deficit in the coming fiscal year, and a $30-billion deficit in the following year, a senior government official said.
The spokesman said Thursday that the federal government will return to running a surplus within five years.
Federal Finance Minister Jim Flaherty is due to present a new budget on Jan. 27.
Speaking on condition of anonymity, the official told reporters the government decided to announce the size of the deficits now because of intense speculation about the budget.
Google Inc.'s fourth-quarter profit fell to $382 million US, down 68 per cent from the same period a year ago, but still beat analysts' expectations, the company announced Thursday.
Earnings amounted to $1.21 per share, compared with $1.21 billion or $3.79 a share for the same quarter in 2007. All figures are in U.S. dollars.
Profit was dragged down by employee stock compensation costs and charges for deteriorating investments in Cleanwire Corp. and AOL.
Google Inc.'s fourth-quarter profit fell to $382 million US, down 68 per cent from the same period a year ago, but still beat analysts' expectations, the company announced Thursday.
Earnings amounted to $1.21 per share, compared with $1.21 billion or $3.79 a share for the same quarter in 2007. All figures are in U.S. dollars.
Profit was dragged down by employee stock compensation costs and charges for deteriorating investments in Cleanwire Corp. and AOL.
Google Inc.'s fourth-quarter profit fell to $382 million US, down 68 per cent from the same period a year ago, but still beat analysts' expectations, the company announced Thursday.
Earnings amounted to $1.21 per share, compared with $1.21 billion or $3.79 a share for the same quarter in 2007. All figures are in U.S. dollars.
Profit was dragged down by employee stock compensation costs and charges for deteriorating investments in Cleanwire Corp. and AOL.
Google Inc.'s fourth-quarter profit fell to $382 million US, down 68 per cent from the same period a year ago, but still beat analysts' expectations, the company announced Thursday.
Earnings amounted to $1.21 per share, compared with $1.21 billion or $3.79 a share for the same quarter in 2007. All figures are in U.S. dollars.
Profit was dragged down by employee stock compensation costs and charges for deteriorating investments in Cleanwire Corp. and AOL.
A low economic growth scenario could mean deficits of more than $100 billion over the next five years and negate the gains made in fighting the overall debt, the parliamentary budget officer said.
But even with average growth predicted, forecasters are projecting deficits of $46 billion over the next five years, Kevin Page said.
Page released budgetary projections ahead of Tuesday’s budget based on the forecasts of 11 economists.
Canadian retail sales fell in November by 2.4 per cent from October, the largest monthly decline since January 1998, Statistics Canada said Thursday.
November's decline largely reflected price-induced lower sales at gasoline stations and a drop in the volume of sales at new car dealers.
Excluding the automotive sector, which includes sales of new, used and recreational vehicles, parts and gasoline, retail sales were flat.
The automotive sector saw a 7.1 per cent decline in sales, pulling down overall sales in November. The decline in gasoline prices that Canadians enjoyed during November led to a 14.9 per cent sales drop at gasoline stations, the largest monthly decline since September 2006.
A low economic growth scenario could mean deficits of more than $100 billion over the next five years and negate the gains made in fighting the overall debt, the parliamentary budget officer said.
But even with average growth predicted, forecasters are projecting deficits of $46 billion over the next five years, Kevin Page said.
Page released budgetary projections ahead of Tuesday’s budget based on the forecasts of 11 economists.
Canadian retail sales fell in November by 2.4 per cent from October, the largest monthly decline since January 1998, Statistics Canada said Thursday.
November's decline largely reflected price-induced lower sales at gasoline stations and a drop in the volume of sales at new car dealers.
Excluding the automotive sector, which includes sales of new, used and recreational vehicles, parts and gasoline, retail sales were flat.
The automotive sector saw a 7.1 per cent decline in sales, pulling down overall sales in November. The decline in gasoline prices that Canadians enjoyed during November led to a 14.9 per cent sales drop at gasoline stations, the largest monthly decline since September 2006.
A low economic growth scenario could mean deficits of more than $100 billion over the next five years and negate the gains made in fighting the overall debt, the parliamentary budget officer said.
But even with average growth predicted, forecasters are projecting deficits of $46 billion over the next five years, Kevin Page said.
Page released budgetary projections ahead of Tuesday’s budget based on the forecasts of 11 economists.
House construction in the United States has slumped to its lowest point in almost 40 years, according to new numbers released Thursday.
The U.S. Commerce Department said national housing starts and new building permits in December shrank to their lowest level since the department began tracking these statistics in 1959.
Housing starts — the number of units that were getting built — dropped 15.5 per cent in the last month of the year compared with November. When the monthly level is grossed up for a full year, December's figures implied that American home builders were putting up 550,000 structures.
Canadian National Railway's net earnings slipped 31 per cent in the fourth quarter as freight volumes dropped and the weaker Canadian dollar cut into operating expenses.
CN's earnings for the latest period amounted to $573 million, down from $833 million for the same time last year.
Revenues grew 13 per cent to $2.2 billion.
“The North American economy is in recession, and we do not know how long or deep it will be," E. Hunter Harrison, president and chief executive officer said in a statement.
Canadian National Railway's net earnings slipped 31 per cent in the fourth quarter as freight volumes dropped and the weaker Canadian dollar cut into operating expenses.
CN's earnings for the latest period amounted to $573 million, down from $833 million for the same time last year.
Revenues grew 13 per cent to $2.2 billion.
“The North American economy is in recession, and we do not know how long or deep it will be," E. Hunter Harrison, president and chief executive officer said in a statement.
Canadian National Railway's net earnings slipped 31 per cent in the fourth quarter as freight volumes dropped and the weaker Canadian dollar cut into operating expenses.
CN's earnings for the latest period amounted to $573 million, down from $833 million for the same time last year.
Revenues grew 13 per cent to $2.2 billion.
“The North American economy is in recession, and we do not know how long or deep it will be," E. Hunter Harrison, president and chief executive officer said in a statement.
The Bank of Canada on Tuesday cut borrowing costs to a record low as it warned the economy will shrink this year.
In a further move to bolster the sagging economy, the bank reduced its key overnight rate by half a percentage point to one per cent. The bank has now trimmed 3.5 percentage points from the overnight rate since it started its latest cycle of cuts.
Tuesday's cut reduced borrowing costs below 1.12 per cent, which had been the lowest point set back in 1958.
Fiat and Chrysler said Tuesday they have signed a "non-binding" agreement that will see the Italian company get an initial 35 per cent stake in the U.S. automaker.
The two automakers said Fiat would not put any cash into Chrysler, but that the Italian firm would provide access to its small-car platforms as well as its fuel-efficient engine technology.
The fact that Fiat is getting an "initial" stake in financially troubled Chrysler — which is 80.1 per cent owned by Cerberus Capital Management LLP, was taken to mean the Italian company could eventually boost its holding in Chrysler.
St. John's city council's moratorium on new drive-thru restaurants lasted for only a couple of weeks. (CBC)
Bell Canada said Tuesday it will try to entice 1,500 unionized employees who are close to retirement to take buyout packages.
Bell said the company is offering the incentive only to company employees who meet certain criteria and who are eligible to retire in 2009 and 2010.
"This initiative supports Bell's strategic imperative to achieve a competitive cost structure," George Cope, the president and CEO of BCE and Bell Canada, said in a release.
The Prairie-based grain company Viterra posted record-breaking earnings Tuesday.
Viterra, the name given the company in 2007 after a bold takeover move that saw the Alberta and Manitoba assets of Agricore acquired by the smaller Saskatchewan Wheat Pool, reported net income for 2008 of $288.3 million, up sharply from $116.5 million for the same period of the previous year.
Viterra's numbers were published late Tuesday and relate to a new fiscal year-end of Oct. 31, 2008.
Watched by Chancellor of the Exchequer Alistair Darling, right, British Prime Minister Gordon Brown told a news conference at 10 Downing Street in London on Monday that there would be a second rescue plan for Britain's banks.(Lewis Whyld/Associated Press)
Environment Minister Jim Prentice, speaking at a news conference in Calgary on Monday, said the government has made a financial offer to support the Mackenzie Valley natural gas pipeline, but wouldn't get specific. (CBC)
Circuit City Stores Inc. will liquidate its 567 remaining U.S. stores, while the company's Canadian subsidiary will remain in operation.
In court papers filed Friday in Virginia, Circuit City revealed its plans after it failed to find a buyer or arrange a refinancing deal.
"Regrettably for the more than 30,000 employees of Circuit City and our loyal customers, we were unable to reach an agreement with our creditors and lenders to structure a going-concern transaction ... and so this is the only possible path for our company," the firm's vice-chairman, James Marcum, said in a statement.
Canadian readers found the lower prices of books in Canada irresistible in the last quarter of 2008, and book sales were up six per cent compared to the same time last year.
But according to Booknet Canada, which monitors sales across the country, revenues rose just two per cent.
Canadian publishers were under pressure to drop prices last year when the Canadian dollar traded at parity with the U.S. dollar.
Best Selling Canadian-Authored
Ukrainian Prime Minister Yulia Tymoshenko, left, shakes hands with Russian Prime Minister Vladimir Putin after signing a gas deal in Moscow on Monday.(Alexander Zemlianichenko/Associated Press)
Foreigners dumped a ton of Canada's bonds while Canadians bought more foreign stocks in November, according to statistics released Monday.
Non-Canadians, burned by debt instruments during the asset-backed commercial paper crisis, sold $5.4 billion of their Canadian bond holdings, the biggest monthly cash-out since December 2005.
But they were not buying Canadian stocks to make up the difference, cutting their equity holdings by $3 billion in the same month, Statistics Canada said.
U.S. consumer prices saw their smallest increase last year since 1954, as the overall inflation rate came in at just 0.1 per cent, thanks to energy prices declines.
For all of 2008, energy prices in the U.S. retreated by 21.3 per cent compared to 2007, with gasoline prices down by 43.1 per cent, the U.S. Labour Department said Friday.
In 2007, the overall rate of inflation was 4.1 per cent.
For December, consumer prices fell by 0.7 per cent. That was a smaller drop than the 0.9 per cent retreat that economists had been projecting for the month.
A large clamp machine moves logs around the Pope and Talbot sawmill in Grand Forks, B.C., on Nov. 6, 2007. (Jeff Bassett/The Canadian Press)
The federal government indicated a willingness Wednesday to help Nortel Networks, on the same day as the one-time technology giant filed for bankruptcy protection in both Ontario and Delaware.
Federal Industry Minister Tony Clement said Ottawa is willing to provide some financing through Export Development Canada, a government agency, to help Nortel restructure and emerge from bankruptcy protection as a viable company.
"The government of Canada appreciates the importance of the telecommunications industry to our economy and will continue to work with Nortel during its restructuring through Export Development Canada," Clement said in a statement.
For younger investors accustomed to seeing the Toronto Stock Exchange rise and fall in rhythm with the price of a barrel of oil, it may be astonishing that it once rose and fell on news releases from one company that made things. Lots of things.
At its height, Nortel accounted for more than a third of the total valuation of all the companies listed on the TSX. It once employed more than 95,000 employees and had a stock market value of $366 billion, making it Canada's most valuable company.
The European Central Bank cut its key interest rate by half-a-percentage point on Thursday even though the bank's president says Europe has not digested past rate reductions.
The ECB, which controls monetary policy in 16 European states, chopped its refinancing rate by 50 basis points to two per cent in a bid to boost borrowing despite the lack of interest by chartered banks in lending cash to companies or individuals.
"Credit conditions remain uncomfortably tight across the Eurozone: there are signs that this is increasingly weighing down on businesses and consumers," said Global Insight Inc., a Massachusetts-based economic forecaster, before the ECB's announcement.
The European Central Bank cut its key interest rate by half-a-percentage point on Thursday even though the bank's president says Europe has not digested past rate reductions.
The ECB, which controls monetary policy in 16 European states, chopped its refinancing rate by 50 basis points to two per cent in a bid to boost borrowing despite the lack of interest by chartered banks in lending cash to companies or individuals.
"Credit conditions remain uncomfortably tight across the Eurozone: there are signs that this is increasingly weighing down on businesses and consumers," said Global Insight Inc., a Massachusetts-based economic forecaster, before the ECB's announcement.
The European Central Bank cut its key interest rate by half-a-percentage point on Thursday even though the bank's president says Europe has not digested past rate reductions.
The ECB, which controls monetary policy in 16 European states, chopped its refinancing rate by 50 basis points to two per cent in a bid to boost borrowing despite the lack of interest by chartered banks in lending cash to companies or individuals.
"Credit conditions remain uncomfortably tight across the Eurozone: there are signs that this is increasingly weighing down on businesses and consumers," said Global Insight Inc., a Massachusetts-based economic forecaster, before the ECB's announcement.
Plunging markets led investors to continue pulling money out of long-term funds last month as equity funds, balanced funds, bond funds and specialty funds all experienced weakness.
A total of $1.03 billion was pulled out of equity funds in December, bringing net redemptions for the year to $12.22 billion.
For all of 2008, $14.2 billion came out of long-term funds.
Short-term funds, on the other hand, saw $1.79 billion flow in during December. For all of 2008, short-term funds, such as money market funds, added $14.3 billion.
The European Central Bank cut its key interest rate by half-a-percentage point on Thursday even though the bank's president says Europe has not digested past rate reductions.
The ECB, which controls monetary policy in 16 European states, chopped its refinancing rate by 50 basis points to two per cent in a bid to boost borrowing despite the lack of interest by chartered banks in lending cash to companies or individuals.
"Credit conditions remain uncomfortably tight across the Eurozone: there are signs that this is increasingly weighing down on businesses and consumers," said Global Insight Inc., a Massachusetts-based economic forecaster, before the ECB's announcement.
The European Central Bank cut its key interest rate by half-a-percentage point on Thursday even though the bank's president says Europe has not digested past rate reductions.
The ECB, which controls monetary policy in 16 European states, chopped its refinancing rate by 50 basis points to two per cent in a bid to boost borrowing despite the lack of interest by chartered banks in lending cash to companies or individuals.
"Credit conditions remain uncomfortably tight across the Eurozone: there are signs that this is increasingly weighing down on businesses and consumers," said Global Insight Inc., a Massachusetts-based economic forecaster, before the ECB's announcement.
Plunging markets led investors to continue pulling money out of long-term funds last month as equity funds, balanced funds, bond funds and specialty funds all experienced weakness.
A total of $1.03 billion was pulled out of equity funds in December, bringing net redemptions for the year to $12.22 billion.
For all of 2008, $14.2 billion came out of long-term funds.
Short-term funds, on the other hand, saw $1.79 billion flow in during December. For all of 2008, short-term funds, such as money market funds, added $14.3 billion.
Plunging markets led investors to continue pulling money out of long-term funds last month as equity funds, balanced funds, bond funds and specialty funds all experienced weakness.
A total of $1.03 billion was pulled out of equity funds in December, bringing net redemptions for the year to $12.22 billion.
For all of 2008, $14.2 billion came out of long-term funds.
Short-term funds, on the other hand, saw $1.79 billion flow in during December. For all of 2008, short-term funds, such as money market funds, added $14.3 billion.
Plunging markets led investors to continue pulling money out of long-term funds last month as equity funds, balanced funds, bond funds and specialty funds all experienced weakness.
A total of $1.03 billion was pulled out of equity funds in December, bringing net redemptions for the year to $12.22 billion.
For all of 2008, $14.2 billion came out of long-term funds.
Short-term funds, on the other hand, saw $1.79 billion flow in during December. For all of 2008, short-term funds, such as money market funds, added $14.3 billion.
Plunging markets led investors to continue pulling money out of long-term funds last month as equity funds, balanced funds, bond funds and specialty funds all experienced weakness.
A total of $1.03 billion was pulled out of equity funds in December, bringing net redemptions for the year to $12.22 billion.
For all of 2008, $14.2 billion came out of long-term funds.
Short-term funds, on the other hand, saw $1.79 billion flow in during December. For all of 2008, short-term funds, such as money market funds, added $14.3 billion.
Plunging markets led investors to continue pulling money out of long-term funds last month as equity funds, balanced funds, bond funds and specialty funds all experienced weakness.
A total of $1.03 billion was pulled out of equity funds in December, bringing net redemptions for the year to $12.22 billion.
For all of 2008, $14.2 billion came out of long-term funds.
Short-term funds, on the other hand, saw $1.79 billion flow in during December. For all of 2008, short-term funds, such as money market funds, added $14.3 billion.
Plunging markets led investors to continue pulling money out of long-term funds last month as equity funds, balanced funds, bond funds and specialty funds all experienced weakness.
A total of $1.03 billion was pulled out of equity funds in December, bringing net redemptions for the year to $12.22 billion.
For all of 2008, $14.2 billion came out of long-term funds.
Short-term funds, on the other hand, saw $1.79 billion flow in during December. For all of 2008, short-term funds, such as money market funds, added $14.3 billion.
Plunging markets led investors to continue pulling money out of long-term funds last month as equity funds, balanced funds, bond funds and specialty funds all experienced weakness.
A total of $1.03 billion was pulled out of equity funds in December, bringing net redemptions for the year to $12.22 billion.
For all of 2008, $14.2 billion came out of long-term funds.
Short-term funds, on the other hand, saw $1.79 billion flow in during December. For all of 2008, short-term funds, such as money market funds, added $14.3 billion.
The European Central Bank cut its key interest rate by half-a-percentage point on Thursday even though the bank's president says Europe has not digested past rate reductions.
The ECB, which controls monetary policy in 16 European states, chopped its refinancing rate by 50 basis points to two per cent in a bid to boost borrowing despite the lack of interest by chartered banks in lending cash to companies or individuals.
"Credit conditions remain uncomfortably tight across the Eurozone: there are signs that this is increasingly weighing down on businesses and consumers," said Global Insight Inc., a Massachusetts-based economic forecaster, before the ECB's announcement.
Plunging markets led investors to continue pulling money out of long-term funds last month as equity funds, balanced funds, bond funds and specialty funds all experienced weakness.
A total of $1.03 billion was pulled out of equity funds in December, bringing net redemptions for the year to $12.22 billion.
For all of 2008, $14.2 billion came out of long-term funds.
Short-term funds, on the other hand, saw $1.79 billion flow in during December. For all of 2008, short-term funds, such as money market funds, added $14.3 billion.
Plunging markets led investors to continue pulling money out of long-term funds last month as equity funds, balanced funds, bond funds and specialty funds all experienced weakness.
A total of $1.03 billion was pulled out of equity funds in December, bringing net redemptions for the year to $12.22 billion.
For all of 2008, $14.2 billion came out of long-term funds.
Short-term funds, on the other hand, saw $1.79 billion flow in during December. For all of 2008, short-term funds, such as money market funds, added $14.3 billion.
Plunging markets led investors to continue pulling money out of long-term funds last month as equity funds, balanced funds, bond funds and specialty funds all experienced weakness.
A total of $1.03 billion was pulled out of equity funds in December, bringing net redemptions for the year to $12.22 billion.
For all of 2008, $14.2 billion came out of long-term funds.
Short-term funds, on the other hand, saw $1.79 billion flow in during December. For all of 2008, short-term funds, such as money market funds, added $14.3 billion.
Plunging markets led investors to continue pulling money out of long-term funds last month as equity funds, balanced funds, bond funds and specialty funds all experienced weakness.
A total of $1.03 billion was pulled out of equity funds in December, bringing net redemptions for the year to $12.22 billion.
For all of 2008, $14.2 billion came out of long-term funds.
Short-term funds, on the other hand, saw $1.79 billion flow in during December. For all of 2008, short-term funds, such as money market funds, added $14.3 billion.
Car parts makers are bracing for a financial tsunami in the coming months as the sector will see many players fail because of the global slowdown, said the co-CEO at Magna International Inc. this week.
Don Walker, who shares the chief executive slot at Magna with Siegfried Wolf, told a Detroit automotive outlook conference that the severe cuts in finished car production at auto assemblers in Canada and the United States will translate into numerous parts makers shuttering their own plants in 2009.
Car parts makers are bracing for a financial tsunami in the coming months as the sector will see many players fail because of the global slowdown, said the co-CEO at Magna International Inc. this week.
Don Walker, who shares the chief executive slot at Magna with Siegfried Wolf, told a Detroit automotive outlook conference that the severe cuts in finished car production at auto assemblers in Canada and the United States will translate into numerous parts makers shuttering their own plants in 2009.
Car parts makers are bracing for a financial tsunami in the coming months as the sector will see many players fail because of the global slowdown, said the co-CEO at Magna International Inc. this week.
Don Walker, who shares the chief executive slot at Magna with Siegfried Wolf, told a Detroit automotive outlook conference that the severe cuts in finished car production at auto assemblers in Canada and the United States will translate into numerous parts makers shuttering their own plants in 2009.
The number of Americans claiming jobless benefits jumped more than expected in the latest period, the first negative week in three for this well-watched economic indicator.
Almost 525,000 Americans asked for employment insurance across U.S. for the week ended Jan. 10, a hike of 54,000 in the period. Economists had expected a rise, but only to 501,000.
Jobless claims, an indication of the number of Americans who think they might be unemployed for awhile, had dropped in the previous two weeks, 470,000 on Jan. 3 and 491,000 for the five days ended Dec. 27.
The number of Americans claiming jobless benefits jumped more than expected in the latest period, the first negative week in three for this well-watched economic indicator.
Almost 525,000 Americans asked for employment insurance across U.S. for the week ended Jan. 10, a hike of 54,000 in the period. Economists had expected a rise, but only to 501,000.
Jobless claims, an indication of the number of Americans who think they might be unemployed for awhile, had dropped in the previous two weeks, 470,000 on Jan. 3 and 491,000 for the five days ended Dec. 27.
Russian Prime Minister Vladimir Putin visits Gazprom's main control room in Moscow on Tuesday.(Mikhail Metzel/Associated Press)
Russian Prime Minister Vladimir Putin visits Gazprom's main control room in Moscow on Tuesday.(Mikhail Metzel/Associated Press)
Mark MacLeod said Tuesday Chevron Canada remains 'fully committed' to exploring its parcels in the Orphan Basin, but must find ways to lower its costs. (CBC)
Mark MacLeod said Tuesday Chevron Canada remains 'fully committed' to exploring its parcels in the Orphan Basin, but must find ways to lower its costs. (CBC)
Mark MacLeod said Tuesday Chevron Canada remains 'fully committed' to exploring its parcels in the Orphan Basin, but must find ways to lower its costs. (CBC)
Mark MacLeod said Tuesday Chevron Canada remains 'fully committed' to exploring its parcels in the Orphan Basin, but must find ways to lower its costs. (CBC)
Mark MacLeod said Tuesday Chevron Canada remains 'fully committed' to exploring its parcels in the Orphan Basin, but must find ways to lower its costs. (CBC)
Mark MacLeod said Tuesday Chevron Canada remains 'fully committed' to exploring its parcels in the Orphan Basin, but must find ways to lower its costs. (CBC)
Mark MacLeod said Tuesday Chevron Canada remains 'fully committed' to exploring its parcels in the Orphan Basin, but must find ways to lower its costs. (CBC)
The Port of Halifax has had another bad year, and the prospects for 2009 aren't any better.
Karen Oldfield, president of the Halifax Port Authority, said container business at the two piers was down about 20 per cent in 2008, marking the first time since 2000 that the port has handled fewer than 500,000 containers.
"We are looking at a significant decline this year," she told reporters after appearing before the legislature's committee on economic development Tuesday.
The Port of Halifax has had another bad year, and the prospects for 2009 aren't any better.
Karen Oldfield, president of the Halifax Port Authority, said container business at the two piers was down about 20 per cent in 2008, marking the first time since 2000 that the port has handled fewer than 500,000 containers.
"We are looking at a significant decline this year," she told reporters after appearing before the legislature's committee on economic development Tuesday.
The Port of Halifax has had another bad year, and the prospects for 2009 aren't any better.
Karen Oldfield, president of the Halifax Port Authority, said container business at the two piers was down about 20 per cent in 2008, marking the first time since 2000 that the port has handled fewer than 500,000 containers.
"We are looking at a significant decline this year," she told reporters after appearing before the legislature's committee on economic development Tuesday.
The Port of Halifax has had another bad year, and the prospects for 2009 aren't any better.
Karen Oldfield, president of the Halifax Port Authority, said container business at the two piers was down about 20 per cent in 2008, marking the first time since 2000 that the port has handled fewer than 500,000 containers.
"We are looking at a significant decline this year," she told reporters after appearing before the legislature's committee on economic development Tuesday.
The Port of Halifax has had another bad year, and the prospects for 2009 aren't any better.
Karen Oldfield, president of the Halifax Port Authority, said container business at the two piers was down about 20 per cent in 2008, marking the first time since 2000 that the port has handled fewer than 500,000 containers.
"We are looking at a significant decline this year," she told reporters after appearing before the legislature's committee on economic development Tuesday.
Companies will be able to get some of the $32 billion stuck in Canada's frozen asset-backed commercial paper market starting Jan. 16, thanks to an Ontario court ruling announced Monday.
The Ontario Superior Court approved a complicated and controversial deal to swap essentially non-tradable, mortgage-backed debt for new securities, said the Pan-Canadian Investors Committee for Third-Party Structured Asset-Backed Commercial Paper, the organization responsible for the agreement.
A deal on Monday to wrap up what’s believed to be the most complicated restructuring in Canadian financial history involves an equally complicated and arcane form of investment.
What is ABCP?
Asset-backed commercial paper, or ABCP, is short-term corporate debt made up of a bundle of loans like mortgages, credit card receivables and car loans. This debt is resold to other investors, taking the original loans off the books of the company that first issued them. It can lead to lower lending standards, because the originator of the loans doesn't have to worry about collecting.
A deal on Monday to wrap up what’s believed to be the most complicated restructuring in Canadian financial history involves an equally complicated and arcane form of investment.
What is ABCP?
Asset-backed commercial paper, or ABCP, is short-term corporate debt made up of a bundle of loans like mortgages, credit card receivables and car loans. This debt is resold to other investors, taking the original loans off the books of the company that first issued them. It can lead to lower lending standards, because the originator of the loans doesn't have to worry about collecting.
Nortel Networks Corp. watchers are keeping an eye on the struggling telecom technology company this week, as it is due to make millions in interest payments that could force it to file for bankruptcy protection in Canada and the U.S.
About $100 million worth of interest is due Thursday on debt issued as company bonds, a Nortel source has told CBC News. That has led to speculation that the company, which is headquartered in Toronto and is still Ottawa's largest private-sector employer, will find it can't make the payments and will seek protection from creditors.
Nortel Networks Corp. watchers are keeping an eye on the struggling telecom technology company this week, as it is due to make millions in interest payments that could force it to file for bankruptcy protection in Canada and the U.S.
About $100 million worth of interest is due Thursday on debt issued as company bonds, a Nortel source has told CBC News. That has led to speculation that the company, which is headquartered in Toronto and is still Ottawa's largest private-sector employer, will find it can't make the payments and will seek protection from creditors.
A fourth straight month of declines in exports helped push down Canada's trade surplus, to $1.3 billion in November from $2.3 billion the previous month, Statistics Canada said Tuesday.
Economists said the November surplus was far below the $3-billion surplus they had been forecasting.
Exports for November dropped by 6.8 per cent to $39.2 billion, due to falling prices and lower volumes. Statistics Canada said it was the lowest total for exports since January 2008. While prices for exports declined, the volume of exports decreased 1.8 per cent.
A fourth straight month of declines in exports helped push down Canada's trade surplus, to $1.3 billion in November from $2.3 billion the previous month, Statistics Canada said Tuesday.
Economists said the November surplus was far below the $3-billion surplus they had been forecasting.
Exports for November dropped by 6.8 per cent to $39.2 billion, due to falling prices and lower volumes. Statistics Canada said it was the lowest total for exports since January 2008. While prices for exports declined, the volume of exports decreased 1.8 per cent.
A fourth straight month of declines in exports helped push down Canada's trade surplus, to $1.3 billion in November from $2.3 billion the previous month, Statistics Canada said Tuesday.
Economists said the November surplus was far below the $3-billion surplus they had been forecasting.
Exports for November dropped by 6.8 per cent to $39.2 billion, due to falling prices and lower volumes. Statistics Canada said it was the lowest total for exports since January 2008. While prices for exports declined, the volume of exports decreased 1.8 per cent.
A fourth straight month of declines in exports helped push down Canada's trade surplus, to $1.3 billion in November from $2.3 billion the previous month, Statistics Canada said Tuesday.
Economists said the November surplus was far below the $3-billion surplus they had been forecasting.
Exports for November dropped by 6.8 per cent to $39.2 billion, due to falling prices and lower volumes. Statistics Canada said it was the lowest total for exports since January 2008. While prices for exports declined, the volume of exports decreased 1.8 per cent.
A fourth straight month of declines in exports helped push down Canada's trade surplus, to $1.3 billion in November from $2.3 billion the previous month, Statistics Canada said Tuesday.
Economists said the November surplus was far below the $3-billion surplus they had been forecasting.
Exports for November dropped by 6.8 per cent to $39.2 billion, due to falling prices and lower volumes. Statistics Canada said it was the lowest total for exports since January 2008. While prices for exports declined, the volume of exports decreased 1.8 per cent.
A fourth straight month of declines in exports helped push down Canada's trade surplus, to $1.3 billion in November from $2.3 billion the previous month, Statistics Canada said Tuesday.
Economists said the November surplus was far below the $3-billion surplus they had been forecasting.
Exports for November dropped by 6.8 per cent to $39.2 billion, due to falling prices and lower volumes. Statistics Canada said it was the lowest total for exports since January 2008. While prices for exports declined, the volume of exports decreased 1.8 per cent.
The global financial crisis heightens the need for a single national securities regulator, the head of a panel appointed by Finance Minister Jim Flaherty said Monday.
"With the clouds of a global financial crisis gathering we must get our act together — not 'some day' but right now," Tom Hockin said in the prepared text of his speech to members of the Vancouver Board of Trade.
"That is why, unlike previous studies of this subject, we propose that if after a reasonable time, a province or territory still choose to not join in this new regime, market participants in those non-participating regions should have the opportunity to opt in directly and reap the benefits of a single, national regulator," he said.
Shares in Intel Corp. slipped more than six per cent Wednesday as the computer chip giant cut its fourth-quarter forecast for the second time since October.
Intel's stock ended trading down 93 cents, or 6.05 per cent, and closing at $14.44 after the semiconductor maker said its Q4 sales would reach $8.2 billion US, a 23 per cent plunge compared to the same quarter one year earlier.
This reduction represented a fall of more than $800 million from Intel's most recent sales warning of $9 billion for the quarter.
WestJet Airlines Ltd. benefited from Air Canada's difficult December as the Calgary upstart added planes and passengers in the month while the country's largest carrier went in the opposite direction, according to statistics released Wednesday.
Both airlines posted record load factors — the percentage of the airline's available seats that were filled with paying passengers — in the last month of 2008, according to figures published by Air Canada and WestJet.
A Bosnian worker cuts wood by the roadside at the northern entrance to Sarajevo on Wednesday after deliveries of Russian natural gas were stopped on Tuesday evening. Bosnian officials say over 72,000 Sarajevo households have been left without heating in sub-zero temperatures.(Hidajet Delic/Associated Press)
Stocks Decline On Retail Concerns/Dollar Mostly Lower
U.S. equity markets were declining on Thursday after a slew of profit warnings from retailers and after President-elect Obama's speech on the economy failed to ignite much positive sentiment.
Wal-Mart slashed its fourth-quarter earnings forecast as it reported same-store sales that missed forecasts. Retailers are likely facing the worst holiday shopping season in decades this year as the economy slows. The world's largest retailer reported its same-store sales rose 1.7% last month, far short of the expected 2.8% increase, and slashed its fourth quarter profit forecast to between $0.91 and $0.94 in the period from $1.07 previously. Wal-Mart also said it expected January sales to be flat. Meanwhile, Mr. Obama warned the U.S. recession could "linger for years" unless Congress acts to pump unprecedented sums from Washington into the U.S. economy.
Teck B 3-month TSX chart
Teck Cominco Ltd. said Thursday it is cutting roughly 1,400 jobs, or 13 per cent of its global workforce, as it moves to cut its costs and improve its competitiveness.
The Vancouver-based mining company said the cuts will be made in each of its business units to bolster its profit margins in the face of weak commodity prices.
Teck B 3-month TSX chart
Teck Cominco Ltd. said Thursday it is cutting roughly 1,400 jobs, or 13 per cent of its global workforce, as it moves to cut its costs and improve its competitiveness.
The Vancouver-based mining company said the cuts will be made in each of its business units to bolster its profit margins in the face of weak commodity prices.
Teck B 3-month TSX chart
Teck Cominco Ltd. said Thursday it is cutting roughly 1,400 jobs, or 13 per cent of its global workforce, as it moves to cut its costs and improve its competitiveness.
The Vancouver-based mining company said the cuts will be made in each of its business units to bolster its profit margins in the face of weak commodity prices.
Auto sales in Canada are heading for a decline of just over 10 per cent this year, a Scotiabank economist predicted Thursday.
Carlos Gomes, a senior economist and auto industry specialist, said purchases in Canada are forecast to slide from the 1.64 million vehicles sold in 2008 to 1.475 million in 2009 — which would be the lowest figure since 1998.
"Vehicle sales held up better in Canada than in other mature markets through October but are now also being pulled lower by the global financial crisis, that has spilled into this country," Gomes said.
