Employment insurance benefits should be boosted as the 387,000 full-time jobs lost by the Canadian economy in the current downturn could be just the tip of the iceberg, an economic research group says in a report released Wednesday.
The Canadian economy was late being hit by the global recession, but the force has been unparalleled since the Second World War, according to the report from the Canadian Centre for Policy Alternatives.
Several travel companies cancelled flights and vacation packages to Mexico Tuesday, citing the growing outbreak of swine flu in that country.
Among the cancellations:
Transat AT postponed all planned flights to Mexico through to June 1.Sunquest cancelled its holiday packages to Mexico until June 4.Carnival Cruise Lines suspended all stops at Mexican ports, effective immediately.Sunwing is delaying all departures to Mexico until May 29.Air Canada and Air Canada Vacations suspended all operations to Cancun, Cozumel and Puerto Vallarta, Mexico, until June 1. The airline will maintain its flights to Mexico City.WestJet and WestJet Vacations will stop service to Cancun, Cabo San Lucas, Mazatlan, and Puerto Vallarta, Mexico, effective May 4.
What is quantitative easing?
Quantitative easing is a term used to describe a process whereby central banks "print" more money (money is generally created electronically these days) and use it to buy assets such as government and corporate bonds held by commercial banks and other financial institutions. Buying the bonds decreases their supply in the market and pushes up prices, which in turn drives down yields or interest rates. Since bond yields are used to set long-term interest rates for mortgages and most business lending, this should have the effect of reducing the cost of borrowing. By selling the bonds, the financial institutions get an infusion of cash that enables them to lend more money and help generate economic activity.
The U.S. Federal Reserve left a key lending rate unchanged and at a record low Wednesday as the central bank tries to prop up the economy.
The Fed left the target range for the federal funds rate at zero to 0.25 per cent, adding that it expects to leave rates low for an extended period of time.
Since the Fed's last rate decision in March, the U.S. economy has continued to contract, but the bank sees the pace of contraction slowing somewhat.
Tumbling corporate tax revenues and rising spending on programs such as employment insurance pushed the federal government's surplus down to $1.3 billion over the April-February period.
The Finance Department said Friday that the surplus for the first 11 months of the government's fiscal year was down from $12.2 billion for the same period of the previous fiscal year.
For February, the surplus was $823 million, down from $3 billion in February 2008.
Magna International Inc. is going to lay off 725 workers at its truck-frame plant in St. Thomas, Ont., until the market picks up.
The auto parts company said the layoffs at the Formet Industries plant are necessary because customers, particularly General Motors, are shutting down their plants.
The employees will be recalled once the customers start making full-sized trucks again. GM is the plant's main customer.
The layoffs include hourly and salaried employees.
The European Union has approved opening new negotiations with Canada designed to expand the $111-billion two-way trade in 2008.
A recent Canada-European Union (EU) study estimated Europe would gain $18.5 billion a year and Canada about $13 billion by cutting restrictions on services trade, removing tariffs and reducing non-tariff barriers.
"An EU-Canada agreement will be good news for companies and consumers on both sides of the Atlantic," EU trade commissioner Catherine Ashton said in a news release Monday.
CAW President Ken Lewenza tells reporters at a press conference in Toronto that the new deal with Chrysler will include no cuts to employees' base wages or pensions.(Nathan Denette/Canadian Press)
German automaker Daimler has stepped closer to completely extracting itself from its ill-fated investment in Chrysler, the company said Monday.
Daimler said it reached a deal with Chrysler, Chrysler's controlling shareholder, Cerberus Capital, and the U.S. government's Pension Benefit Guaranty Corporation "covering issues still pending between the parties."
Under the deal, Daimler will:
Forgive loans Chrysler owes it, and have its 19.9 per cent equity stake in Chrysler redeemed.Pay $200 million US a year into Chrysler’s pension plans for the next two years, but get out from under a $1-billion loan guarantee to the pension guaranty company.The European Union has approved opening new negotiations with Canada designed to expand the $111-billion two-way trade in 2008.
A recent Canada-European Union (EU) study estimated Europe would gain $18.5 billion a year and Canada about $13 billion by cutting restrictions on services trade, removing tariffs and reducing non-tariff barriers.
"An EU-Canada agreement will be good news for companies and consumers on both sides of the Atlantic," EU trade commissioner Catherine Ashton said in a news release Monday.
CAW President Ken Lewenza tells reporters at a press conference in Toronto that the new deal with Chrysler will include no cuts to employees' base wages or pensions.(Nathan Denette/Canadian Press)
German automaker Daimler has stepped closer to completely extracting itself from its ill-fated investment in Chrysler, the company said Monday.
Daimler said it reached a deal with Chrysler, Chrysler's controlling shareholder, Cerberus Capital, and the U.S. government's Pension Benefit Guaranty Corporation "covering issues still pending between the parties."
Under the deal, Daimler will:
Forgive loans Chrysler owes it, and have its 19.9 per cent equity stake in Chrysler redeemed.Pay $200 million US a year into Chrysler’s pension plans for the next two years, but get out from under a $1-billion loan guarantee to the pension guaranty company.The European Union has approved opening new negotiations with Canada designed to expand the $111-billion two-way trade in 2008.
A recent Canada-European Union (EU) study estimated Europe would gain $18.5 billion a year and Canada about $13 billion by cutting restrictions on services trade, removing tariffs and reducing non-tariff barriers.
"An EU-Canada agreement will be good news for companies and consumers on both sides of the Atlantic," EU trade commissioner Catherine Ashton said in a news release Monday.
The European Union has approved opening new negotiations with Canada designed to expand the $111-billion two-way trade in 2008.
A recent Canada-European Union (EU) study estimated Europe would gain $18.5 billion a year and Canada about $13 billion by cutting restrictions on services trade, removing tariffs and reducing non-tariff barriers.
"An EU-Canada agreement will be good news for companies and consumers on both sides of the Atlantic," EU trade commissioner Catherine Ashton said in a news release Monday.
CAW President Ken Lewenza tells reporters at a press conference in Toronto that the new deal with Chrysler will include no cuts to employees' base wages or pensions.(Nathan Denette/Canadian Press)
CAW President Ken Lewenza tells reporters at a press conference in Toronto that the new deal with Chrysler will include no cuts to employees' base wages or pensions.(Nathan Denette/Canadian Press)
German automaker Daimler has stepped closer to completely extracting itself from its ill-fated investment in Chrysler, the company said Monday.
Daimler said it reached a deal with Chrysler, Chrysler's controlling shareholder, Cerberus Capital, and the U.S. government's Pension Benefit Guaranty Corporation "covering issues still pending between the parties."
Under the deal, Daimler will:
Forgive loans Chrysler owes it, and have its 19.9 per cent equity stake in Chrysler redeemed.Pay $200 million US a year into Chrysler’s pension plans for the next two years, but get out from under a $1-billion loan guarantee to the pension guaranty company.German automaker Daimler has stepped closer to completely extracting itself from its ill-fated investment in Chrysler, the company said Monday.
Daimler said it reached a deal with Chrysler, Chrysler's controlling shareholder, Cerberus Capital, and the U.S. government's Pension Benefit Guaranty Corporation "covering issues still pending between the parties."
Under the deal, Daimler will:
Forgive loans Chrysler owes it, and have its 19.9 per cent equity stake in Chrysler redeemed.Pay $200 million US a year into Chrysler’s pension plans for the next two years, but get out from under a $1-billion loan guarantee to the pension guaranty company.Two Quebec funds and the provincial government are putting up $700 million to invest in technology companies, the parties announced Monday.
The new Teralys Capital Fund will invest in companies in sectors such as life sciences, information technology and clean technology.
The Caisse de dépôt et placement du Québec and the Solidarity Fund QFL are each contributing $250 million, a news release said.
The government will put up $200 million, and the fund will seek another $125 million from other investors.
Two Quebec funds and the provincial government are putting up $700 million to invest in technology companies, the parties announced Monday.
The new Teralys Capital Fund will invest in companies in sectors such as life sciences, information technology and clean technology.
The Caisse de dépôt et placement du Québec and the Solidarity Fund QFL are each contributing $250 million, a news release said.
The government will put up $200 million, and the fund will seek another $125 million from other investors.
Two Quebec funds and the provincial government are putting up $700 million to invest in technology companies, the parties announced Monday.
The new Teralys Capital Fund will invest in companies in sectors such as life sciences, information technology and clean technology.
The Caisse de dépôt et placement du Québec and the Solidarity Fund QFL are each contributing $250 million, a news release said.
The government will put up $200 million, and the fund will seek another $125 million from other investors.
Two Quebec funds and the provincial government are putting up $700 million to invest in technology companies, the parties announced Monday.
The new Teralys Capital Fund will invest in companies in sectors such as life sciences, information technology and clean technology.
The Caisse de dépôt et placement du Québec and the Solidarity Fund QFL are each contributing $250 million, a news release said.
The government will put up $200 million, and the fund will seek another $125 million from other investors.
One-month TSX Tundra trading
A U.S. bidder has upped the price for Tundra Semiconductor Corp. of Ottawa, setting the scene for a possible bidding war.
One-month TSX Tundra trading
A U.S. bidder has upped the price for Tundra Semiconductor Corp. of Ottawa, setting the scene for a possible bidding war.
One-month TSX Tundra trading
A U.S. bidder has upped the price for Tundra Semiconductor Corp. of Ottawa, setting the scene for a possible bidding war.
One-month TSX Tundra trading
A U.S. bidder has upped the price for Tundra Semiconductor Corp. of Ottawa, setting the scene for a possible bidding war.
An airline passenger wearing a face mask arrives from Mexico at the airport in Barcelona, Spain, Monday. Health authorities in several countries are advising people not to travel to Mexico. (Manu Fernandez/Associated Press)Health Canada says it is considering issuing an advisory against non-essential travel to Mexico following news of the swine flu outbreak there, but so far has not done so.
An airline passenger wearing a face mask arrives from Mexico at the airport in Barcelona, Spain, Monday. Health authorities in several countries are advising people not to travel to Mexico. (Manu Fernandez/Associated Press)Health Canada says it is considering issuing an advisory against non-essential travel to Mexico following news of the swine flu outbreak there, but so far has not done so.
An airline passenger wearing a face mask arrives from Mexico at the airport in Barcelona, Spain, Monday. Health authorities in several countries are advising people not to travel to Mexico. (Manu Fernandez/Associated Press)Health Canada says it is considering issuing an advisory against non-essential travel to Mexico following news of the swine flu outbreak there, but so far has not done so.
One-month TSX Tundra trading
A U.S. bidder has upped the price for Tundra Semiconductor Corp. of Ottawa, setting the scene for a possible bidding war.
One-month TSX Tundra trading
A U.S. bidder has upped the price for Tundra Semiconductor Corp. of Ottawa, setting the scene for a possible bidding war.
A Pontiac Solstice Coupe is displayed at the LA Auto Show in Los Angeles in November. (Fred Prouser/Reuters)
A Pontiac Solstice Coupe is displayed at the LA Auto Show in Los Angeles in November. (Fred Prouser/Reuters)
A Pontiac Solstice Coupe is displayed at the LA Auto Show in Los Angeles in November. (Fred Prouser/Reuters)
One-month TSX Tundra trading
A U.S. bidder has upped the price for Tundra Semiconductor Corp. of Ottawa, setting the scene for a possible bidding war.
A Pontiac Solstice Coupe is displayed at the LA Auto Show in Los Angeles in November. (Fred Prouser/Reuters)
An airline passenger wearing a face mask arrives from Mexico at the airport in Barcelona, Spain, Monday. Health authorities in several countries are advising people not to travel to Mexico. (Manu Fernandez/Associated Press)Health Canada says it is considering issuing an advisory against non-essential travel to Mexico following news of the swine flu outbreak there, but so far has not done so.
An airline passenger wearing a face mask arrives from Mexico at the airport in Barcelona, Spain, Monday. Health authorities in several countries are advising people not to travel to Mexico. (Manu Fernandez/Associated Press)Health Canada says it is considering issuing an advisory against non-essential travel to Mexico following news of the swine flu outbreak there, but so far has not done so.
A Pontiac Solstice Coupe is displayed at the LA Auto Show in Los Angeles in November. (Fred Prouser/Reuters)
CN three-month TSX trading
The sale of a railway corridor in Toronto was the main factor in the higher profit at Canadian National Railway Co. in the first quarter, the company said Monday.
The world economy is projected to contract by 1.3 per cent this year — the deepest recession since the Second World War, according to a new report from the International Monetary Fund.
"The downturn is truly global: output per capita is projected to decline in countries representing three-quarters of the global economy," the IMF said Wednesday in its latest World Economic Outlook.
"Growth is projected to re-emerge in 2010, but at 1.9 percent it would be sluggish relative to past recoveries," the IMF said.
The Quebec government is offering AbitibiBowater loan guarantees worth up to $120.6 million as a temporary measure to help the company with its effort to restructure while under bankruptcy protection.
The loan was announced Friday morning by Natural Resources Minister Claude Béchard and Economic Development Minister Raymond Bachand.
"What is important today, and for the next few months, is that the company continues to operate because, if the company continues to operate, the pensioners get their cheque and the employees get their salary cheque," Bachand said.
The Quebec government is offering AbitibiBowater loan guarantees worth up to $120.6 million as a temporary measure to help the company with its effort to restructure while under bankruptcy protection.
The loan was announced Friday morning by Natural Resources Minister Claude Béchard and Economic Development Minister Raymond Bachand.
"What is important today, and for the next few months, is that the company continues to operate because, if the company continues to operate, the pensioners get their cheque and the employees get their salary cheque," Bachand said.
The Quebec government is offering AbitibiBowater loan guarantees worth up to $120.6 million as a temporary measure to help the company with its effort to restructure while under bankruptcy protection.
The loan was announced Friday morning by Natural Resources Minister Claude Béchard and Economic Development Minister Raymond Bachand.
"What is important today, and for the next few months, is that the company continues to operate because, if the company continues to operate, the pensioners get their cheque and the employees get their salary cheque," Bachand said.
The Bank of Canada on Tuesday lowered a key lending rate again as the central bank reduced its economic outlook for 2009 and 2010.
The bank reduced the overnight rate by one-quarter of a percentage point to 0.25 per cent, which the bank said is the lowest effective rate. The lending rate will remain at the level until the middle of 2010 — depending on inflation rates — as the Bank of Canada tries to get the economy moving.
Signalling that it plans to put the trend-setting rate on hold for more than a year is an unprecedented move for the central bank, said TD Bank economist Don Drummond.
Members of the Conservative government had to go on the defensive Tuesday over their handling of the economy, hours after the Bank of Canada released a pessimistic economic forecast.
The Bank of Canada on Tuesday lowered a key lending rate again as the central bank reduced its economic outlook for 2009 and 2010.
The bank reduced the overnight rate by one-quarter of a percentage point to 0.25 per cent, which the bank said is the lowest effective rate. The lending rate will remain at the level until the middle of 2010 — depending on inflation rates — as the Bank of Canada tries to get the economy moving.
Signalling that it plans to put the trend-setting rate on hold for more than a year is an unprecedented move for the central bank, said TD Bank economist Don Drummond.
The Bank of Canada on Tuesday lowered a key lending rate again as the central bank reduced its economic outlook for 2009 and 2010.
The bank reduced the overnight rate by one-quarter of a percentage point to 0.25 per cent, which the bank said is the lowest effective rate. The lending rate will remain at the level until the middle of 2010 — depending on inflation rates — as the Bank of Canada tries to get the economy moving.
Signalling that it plans to put the trend-setting rate on hold for more than a year is an unprecedented move for the central bank, said TD Bank economist Don Drummond.
Coke one-year New York trading
Writedowns at bottling companies pushed down first-quarter profit at Coca-Cola Co., the company said Tuesday.
The federal and Quebec plan to set up a committee to study the province's forest industry has drawn a sharp rebuke from the Forest Products Association of Canada.
"Four weeks of bureaucrats talking to each other is not what we anticipated," Avrim Lazar, president and CEO of the association, said Monday. "The forest industry in Canada can't wait around for more discussion about what governments need to do."
He was reacting to the federal-Quebec announcement Monday that senior government officials will form a committee to report by May 15 on initiatives to help Quebec forest industry communities.
The federal and Quebec plan to set up a committee to study the province's forest industry has drawn a sharp rebuke from the Forest Products Association of Canada.
"Four weeks of bureaucrats talking to each other is not what we anticipated," Avrim Lazar, president and CEO of the association, said Monday. "The forest industry in Canada can't wait around for more discussion about what governments need to do."
He was reacting to the federal-Quebec announcement Monday that senior government officials will form a committee to report by May 15 on initiatives to help Quebec forest industry communities.
The federal and Quebec plan to set up a committee to study the province's forest industry has drawn a sharp rebuke from the Forest Products Association of Canada.
"Four weeks of bureaucrats talking to each other is not what we anticipated," Avrim Lazar, president and CEO of the association, said Monday. "The forest industry in Canada can't wait around for more discussion about what governments need to do."
He was reacting to the federal-Quebec announcement Monday that senior government officials will form a committee to report by May 15 on initiatives to help Quebec forest industry communities.
The federal and Quebec plan to set up a committee to study the province's forest industry has drawn a sharp rebuke from the Forest Products Association of Canada.
"Four weeks of bureaucrats talking to each other is not what we anticipated," Avrim Lazar, president and CEO of the association, said Monday. "The forest industry in Canada can't wait around for more discussion about what governments need to do."
He was reacting to the federal-Quebec announcement Monday that senior government officials will form a committee to report by May 15 on initiatives to help Quebec forest industry communities.
Federal Industry Minister Tony Clement says he has "demanded answers" about the eight-week layoff of 5,000 workers at Vale Inco's operations in Sudbury and Port Colborne, Ont.
Vale bought the Canadian nickel giant in 2006, and "made legally binding commitments under the Investment Canada Act at that time," Clement said in a news release Sunday.
The commitments are secret, the minister's press secretary Pema Lhalungpa said.
The company should respect those commitments, Clement said. "Over the next few days, we will be exploring all available options, including legal options, to address this situation."
Senior executives at Chrysler fired a warning shot at the Canadian Auto Workers on Friday, just days before the two sides are to resume negotiations on a labour deal.
In a letter to employees signed by company chairman Robert Nardelli and president Tom LaSorda, Chrysler said the "clock is running."
"Without labour concessions, Chrysler Canada's manufacturing operations will not survive long-term," read the letter. "Thousands of good-paying jobs are in jeopardy, as well as the economic health of communities such as Windsor and Brampton."
Senior executives at Chrysler fired a warning shot at the Canadian Auto Workers on Friday, just days before the two sides are to resume negotiations on a labour deal.
In a letter to employees signed by company chairman Robert Nardelli and president Tom LaSorda, Chrysler said the "clock is running."
"Without labour concessions, Chrysler Canada's manufacturing operations will not survive long-term," read the letter. "Thousands of good-paying jobs are in jeopardy, as well as the economic health of communities such as Windsor and Brampton."
The S&P/TSX composite index for a month
Stock markets went into sharp retreat on Monday amid a pullback in oil prices and some mixed earnings news.
Senior executives at Chrysler fired a warning shot at the Canadian Auto Workers on Friday, just days before the two sides are to resume negotiations on a labour deal.
In a letter to employees signed by company chairman Robert Nardelli and president Tom LaSorda, Chrysler said the "clock is running."
"Without labour concessions, Chrysler Canada's manufacturing operations will not survive long-term," read the letter. "Thousands of good-paying jobs are in jeopardy, as well as the economic health of communities such as Windsor and Brampton."
Senior executives at Chrysler fired a warning shot at the Canadian Auto Workers on Friday, just days before the two sides are to resume negotiations on a labour deal.
In a letter to employees signed by company chairman Robert Nardelli and president Tom LaSorda, Chrysler said the "clock is running."
"Without labour concessions, Chrysler Canada's manufacturing operations will not survive long-term," read the letter. "Thousands of good-paying jobs are in jeopardy, as well as the economic health of communities such as Windsor and Brampton."
The S&P/TSX composite index for a month
Stock markets went into sharp retreat on Monday amid a pullback in oil prices and some mixed earnings news.
Senior executives at Chrysler fired a warning shot at the Canadian Auto Workers on Friday, just days before the two sides are to resume negotiations on a labour deal.
In a letter to employees signed by company chairman Robert Nardelli and president Tom LaSorda, Chrysler said the "clock is running."
"Without labour concessions, Chrysler Canada's manufacturing operations will not survive long-term," read the letter. "Thousands of good-paying jobs are in jeopardy, as well as the economic health of communities such as Windsor and Brampton."
Senior executives at Chrysler fired a warning shot at the Canadian Auto Workers on Friday, just days before the two sides are to resume negotiations on a labour deal.
In a letter to employees signed by company chairman Robert Nardelli and president Tom LaSorda, Chrysler said the "clock is running."
"Without labour concessions, Chrysler Canada's manufacturing operations will not survive long-term," read the letter. "Thousands of good-paying jobs are in jeopardy, as well as the economic health of communities such as Windsor and Brampton."
Senior executives at Chrysler fired a warning shot at the Canadian Auto Workers on Friday, just days before the two sides are to resume negotiations on a labour deal.
In a letter to employees signed by company chairman Robert Nardelli and president Tom LaSorda, Chrysler said the "clock is running."
"Without labour concessions, Chrysler Canada's manufacturing operations will not survive long-term," read the letter. "Thousands of good-paying jobs are in jeopardy, as well as the economic health of communities such as Windsor and Brampton."
The mood among Americans might finally be turning sunnier after months of economic worries, according to a series of polls conducted by the Gallup organization this week.
For the first time in at least eight months, U.S. adults are less worried about money, believe the economy has halted its deterioration and are more optimistic about their own personal circumstances, Gallup polls suggested.
Those findings were contained in a group of continuing surveys Gallup conducted this week on the sentiment of American men and women.
The S&P/TSX composite index for a month
Stock markets went into sharp retreat on Monday amid a pullback in oil prices and some mixed earnings news.
The S&P/TSX composite index for a month
Stock markets went into sharp retreat on Monday amid a pullback in oil prices and some mixed earnings news.
The mood among Americans might finally be turning sunnier after months of economic worries, according to a series of polls conducted by the Gallup organization this week.
For the first time in at least eight months, U.S. adults are less worried about money, believe the economy has halted its deterioration and are more optimistic about their own personal circumstances, Gallup polls suggested.
Those findings were contained in a group of continuing surveys Gallup conducted this week on the sentiment of American men and women.
The S&P/TSX composite index for a month
Stock markets went into sharp retreat on Monday amid a pullback in oil prices and some mixed earnings news.
The S&P/TSX composite index for a month
Stock markets went into sharp retreat on Monday amid a pullback in oil prices and some mixed earnings news.
The S&P/TSX composite index for a month
Stock markets went into sharp retreat on Monday amid a pullback in oil prices and some mixed earnings news.
Precision
An Alberta investment manager linked to the provincial government has come to the aid of a prominent oilfield service company, buying $280 million worth of debt and equity in Precision Drilling Trust of Calgary.
The mood among Americans might finally be turning sunnier after months of economic worries, according to a series of polls conducted by the Gallup organization this week.
For the first time in at least eight months, U.S. adults are less worried about money, believe the economy has halted its deterioration and are more optimistic about their own personal circumstances, Gallup polls suggested.
Those findings were contained in a group of continuing surveys Gallup conducted this week on the sentiment of American men and women.
The mood among Americans might finally be turning sunnier after months of economic worries, according to a series of polls conducted by the Gallup organization this week.
For the first time in at least eight months, U.S. adults are less worried about money, believe the economy has halted its deterioration and are more optimistic about their own personal circumstances, Gallup polls suggested.
Those findings were contained in a group of continuing surveys Gallup conducted this week on the sentiment of American men and women.
The mood among Americans might finally be turning sunnier after months of economic worries, according to a series of polls conducted by the Gallup organization this week.
For the first time in at least eight months, U.S. adults are less worried about money, believe the economy has halted its deterioration and are more optimistic about their own personal circumstances, Gallup polls suggested.
Those findings were contained in a group of continuing surveys Gallup conducted this week on the sentiment of American men and women.
Asset manager Counsel Corp. said Friday that its equity investment arm is part of a group that has bought Polaroid Corp., the U.S. company that once made instant cameras.
Knight's Bridge Capital Partners is part of a group that bought Polaroid out of bankruptcy for $87.6 million US. A Knight's Bridge fund put up more than 30 per cent of the money to close the deal, Counsel said in a news release.
The group is headed by Gordon Brothers Brands LLC of Boston and private equity firm Hilco Consumer Capital L.P. of Toronto, Hilco said. A U.S. bankruptcy court approved the sale of substantially all of Polaroid's assets, including the brand, intellectual property and inventory.
The mood among Americans might finally be turning sunnier after months of economic worries, according to a series of polls conducted by the Gallup organization this week.
For the first time in at least eight months, U.S. adults are less worried about money, believe the economy has halted its deterioration and are more optimistic about their own personal circumstances, Gallup polls suggested.
Those findings were contained in a group of continuing surveys Gallup conducted this week on the sentiment of American men and women.
Precision
An Alberta investment manager linked to the provincial government has come to the aid of a prominent oilfield service company, buying $280 million worth of debt and equity in Precision Drilling Trust of Calgary.
Precision
An Alberta investment manager linked to the provincial government has come to the aid of a prominent oilfield service company, buying $280 million worth of debt and equity in Precision Drilling Trust of Calgary.
Asset manager Counsel Corp. said Friday that its equity investment arm is part of a group that has bought Polaroid Corp., the U.S. company that once made instant cameras.
Knight's Bridge Capital Partners is part of a group that bought Polaroid out of bankruptcy for $87.6 million US. A Knight's Bridge fund put up more than 30 per cent of the money to close the deal, Counsel said in a news release.
The group is headed by Gordon Brothers Brands LLC of Boston and private equity firm Hilco Consumer Capital L.P. of Toronto, Hilco said. A U.S. bankruptcy court approved the sale of substantially all of Polaroid's assets, including the brand, intellectual property and inventory.
Precision
An Alberta investment manager linked to the provincial government has come to the aid of a prominent oilfield service company, buying $280 million worth of debt and equity in Precision Drilling Trust of Calgary.
The head of the Canadian Auto Workers said Monday the union will ensure Chrysler Canada stays competitive with unionized U.S. plants, but what that means is not clear.
That's because the United Auto Workers (UAW) hasn't formalized a deal with either Chrysler or General Motors.
"Things are shifting enormously, especially with our UAW colleagues in the U.S.," Ken Lewenza told reporters Monday.
The Canadian union is under pressure from the company, governments and Chrysler's potential partner, Fiat, to slash salary and benefit costs by $19 an hour per employee from the current $76.14 to compete with Canadian non-unionized car plants.
The head of the Canadian Auto Workers said Monday the union will ensure Chrysler Canada stays competitive with unionized U.S. plants, but what that means is not clear.
That's because the United Auto Workers (UAW) hasn't formalized a deal with either Chrysler or General Motors.
"Things are shifting enormously, especially with our UAW colleagues in the U.S.," Ken Lewenza told reporters Monday.
The Canadian union is under pressure from the company, governments and Chrysler's potential partner, Fiat, to slash salary and benefit costs by $19 an hour per employee from the current $76.14 to compete with Canadian non-unionized car plants.
The head of the Canadian Auto Workers said Monday the union will ensure Chrysler Canada stays competitive with unionized U.S. plants, but what that means is not clear.
That's because the United Auto Workers (UAW) hasn't formalized a deal with either Chrysler or General Motors.
"Things are shifting enormously, especially with our UAW colleagues in the U.S.," Ken Lewenza told reporters Monday.
The Canadian union is under pressure from the company, governments and Chrysler's potential partner, Fiat, to slash salary and benefit costs by $19 an hour per employee from the current $76.14 to compete with Canadian non-unionized car plants.
Bank of America stock over a year
The U.S. bank that stepped up to buy two major distressed U.S. financial institutions last year reported strong first-quarter profit.
Asset manager Counsel Corp. said Friday that its equity investment arm is part of a group that has bought Polaroid Corp., the U.S. company that once made instant cameras.
Knight's Bridge Capital Partners is part of a group that bought Polaroid out of bankruptcy for $87.6 million US. A Knight's Bridge fund put up more than 30 per cent of the money to close the deal, Counsel said in a news release.
The group is headed by Gordon Brothers Brands LLC of Boston and private equity firm Hilco Consumer Capital L.P. of Toronto, Hilco said. A U.S. bankruptcy court approved the sale of substantially all of Polaroid's assets, including the brand, intellectual property and inventory.
The head of the Canadian Auto Workers said Monday the union will ensure Chrysler Canada stays competitive with unionized U.S. plants, but what that means is not clear.
That's because the United Auto Workers (UAW) hasn't formalized a deal with either Chrysler or General Motors.
"Things are shifting enormously, especially with our UAW colleagues in the U.S.," Ken Lewenza told reporters Monday.
The Canadian union is under pressure from the company, governments and Chrysler's potential partner, Fiat, to slash salary and benefit costs by $19 an hour per employee from the current $76.14 to compete with Canadian non-unionized car plants.
Bank of America stock over a year
The U.S. bank that stepped up to buy two major distressed U.S. financial institutions last year reported strong first-quarter profit.
Asset manager Counsel Corp. said Friday that its equity investment arm is part of a group that has bought Polaroid Corp., the U.S. company that once made instant cameras.
Knight's Bridge Capital Partners is part of a group that bought Polaroid out of bankruptcy for $87.6 million US. A Knight's Bridge fund put up more than 30 per cent of the money to close the deal, Counsel said in a news release.
The group is headed by Gordon Brothers Brands LLC of Boston and private equity firm Hilco Consumer Capital L.P. of Toronto, Hilco said. A U.S. bankruptcy court approved the sale of substantially all of Polaroid's assets, including the brand, intellectual property and inventory.
Bank of America stock over a year
The U.S. bank that stepped up to buy two major distressed U.S. financial institutions last year reported strong first-quarter profit.
Forest products giant AbitibiBowater Inc. has been granted bankruptcy protection in Canada.
A Quebec court granted the order late Friday, AbitibiBowater said in a release.
The ruling came after a Delaware court granted the company's request for shelter under Chapter 11 of the U.S. bankruptcy code Thursday.
Earlier this week, the company said it had no choice but to seek bankruptcy protection because it couldn't get its debt problems under control.
For many Canadians, the notion that they will get their pension cash when they retire is right up there with death and taxes on the scale of inevitable events.
After all, one reason some people stay at a dead-end job or remain at their private sector post well beyond retirement age is so that they will receive a decent monthly stipend in their "golden years."
But, that expectation — of a cheque getting deposited every month into one's bank account — is now in jeopardy.
Royal Bank three-month TSX trading
The Royal Bank of Canada said Thursday that it expects to write down $850 million US of goodwill when it releases its report for the second quarter, ending April 30.
Sunwing Airlines has been told it cannot operate a Sydney-to-Toronto route this summer as it has the past three years.
The Sydney Airport Authority has shelved the discount airline's run, saying there isn't enough business for three airlines to fly the same route this season.
Larry MacPherson, airport authority CEO, said the decision will benefit Cape Breton in the long term.
"If I'm going to bring in airlines and say I really don't care if you make a profit or not, and the citizens of Sydney get a cheaper ticket for a month or six weeks but then I lose that service, then I haven't served my community very well," said MacPherson.
Sunwing Airlines has been told it cannot operate a Sydney-to-Toronto route this summer as it has the past three years.
The Sydney Airport Authority has shelved the discount airline's run, saying there isn't enough business for three airlines to fly the same route this season.
Larry MacPherson, airport authority CEO, said the decision will benefit Cape Breton in the long term.
"If I'm going to bring in airlines and say I really don't care if you make a profit or not, and the citizens of Sydney get a cheaper ticket for a month or six weeks but then I lose that service, then I haven't served my community very well," said MacPherson.
Sunwing Airlines has been told it cannot operate a Sydney-to-Toronto route this summer as it has the past three years.
The Sydney Airport Authority has shelved the discount airline's run, saying there isn't enough business for three airlines to fly the same route this season.
Larry MacPherson, airport authority CEO, said the decision will benefit Cape Breton in the long term.
"If I'm going to bring in airlines and say I really don't care if you make a profit or not, and the citizens of Sydney get a cheaper ticket for a month or six weeks but then I lose that service, then I haven't served my community very well," said MacPherson.
One year trading in JPMorgan Chase
U.S. financial services company JPMorgan Chase reported a small drop in first-quarter profit as net revenue hit a record $26.9 billion US, up about $9 billion.
Sunwing Airlines has been told it cannot operate a Sydney-to-Toronto route this summer as it has the past three years.
The Sydney Airport Authority has shelved the discount airline's run, saying there isn't enough business for three airlines to fly the same route this season.
Larry MacPherson, airport authority CEO, said the decision will benefit Cape Breton in the long term.
"If I'm going to bring in airlines and say I really don't care if you make a profit or not, and the citizens of Sydney get a cheaper ticket for a month or six weeks but then I lose that service, then I haven't served my community very well," said MacPherson.
Sunwing Airlines has been told it cannot operate a Sydney-to-Toronto route this summer as it has the past three years.
The Sydney Airport Authority has shelved the discount airline's run, saying there isn't enough business for three airlines to fly the same route this season.
Larry MacPherson, airport authority CEO, said the decision will benefit Cape Breton in the long term.
"If I'm going to bring in airlines and say I really don't care if you make a profit or not, and the citizens of Sydney get a cheaper ticket for a month or six weeks but then I lose that service, then I haven't served my community very well," said MacPherson.
Sunwing Airlines has been told it cannot operate a Sydney-to-Toronto route this summer as it has the past three years.
The Sydney Airport Authority has shelved the discount airline's run, saying there isn't enough business for three airlines to fly the same route this season.
Larry MacPherson, airport authority CEO, said the decision will benefit Cape Breton in the long term.
"If I'm going to bring in airlines and say I really don't care if you make a profit or not, and the citizens of Sydney get a cheaper ticket for a month or six weeks but then I lose that service, then I haven't served my community very well," said MacPherson.
One year trading in JPMorgan Chase
U.S. financial services company JPMorgan Chase reported a small drop in first-quarter profit as net revenue hit a record $26.9 billion US, up about $9 billion.
Sunwing Airlines has been told it cannot operate a Sydney-to-Toronto route this summer as it has the past three years.
The Sydney Airport Authority has shelved the discount airline's run, saying there isn't enough business for three airlines to fly the same route this season.
Larry MacPherson, airport authority CEO, said the decision will benefit Cape Breton in the long term.
"If I'm going to bring in airlines and say I really don't care if you make a profit or not, and the citizens of Sydney get a cheaper ticket for a month or six weeks but then I lose that service, then I haven't served my community very well," said MacPherson.
Sunwing Airlines has been told it cannot operate a Sydney-to-Toronto route this summer as it has the past three years.
The Sydney Airport Authority has shelved the discount airline's run, saying there isn't enough business for three airlines to fly the same route this season.
Larry MacPherson, airport authority CEO, said the decision will benefit Cape Breton in the long term.
"If I'm going to bring in airlines and say I really don't care if you make a profit or not, and the citizens of Sydney get a cheaper ticket for a month or six weeks but then I lose that service, then I haven't served my community very well," said MacPherson.
Sunwing Airlines has been told it cannot operate a Sydney-to-Toronto route this summer as it has the past three years.
The Sydney Airport Authority has shelved the discount airline's run, saying there isn't enough business for three airlines to fly the same route this season.
Larry MacPherson, airport authority CEO, said the decision will benefit Cape Breton in the long term.
"If I'm going to bring in airlines and say I really don't care if you make a profit or not, and the citizens of Sydney get a cheaper ticket for a month or six weeks but then I lose that service, then I haven't served my community very well," said MacPherson.
Sunwing Airlines has been told it cannot operate a Sydney-to-Toronto route this summer as it has the past three years.
The Sydney Airport Authority has shelved the discount airline's run, saying there isn't enough business for three airlines to fly the same route this season.
Larry MacPherson, airport authority CEO, said the decision will benefit Cape Breton in the long term.
"If I'm going to bring in airlines and say I really don't care if you make a profit or not, and the citizens of Sydney get a cheaper ticket for a month or six weeks but then I lose that service, then I haven't served my community very well," said MacPherson.
One year trading in JPMorgan Chase
U.S. financial services company JPMorgan Chase reported a small drop in first-quarter profit as net revenue hit a record $26.9 billion US, up about $9 billion.
One year trading in JPMorgan Chase
U.S. financial services company JPMorgan Chase reported a small drop in first-quarter profit as net revenue hit a record $26.9 billion US, up about $9 billion.
The Brazilian company that bought Inco in 2006 will shut down operations in two Ontario centres — Sudbury and Port Colborne — for eight weeks this summer.
The closures are a response to weak global demand for nickel, Companhia Vale do Rio Doce, or CVRD, said in a news release Thursday.
Vale will close its mining and processing facilities in Sudbury from June 1 to July 27. The shutdown will follow previously planned normal maintenance in May.
The Brazilian company that bought Inco in 2006 will shut down operations in two Ontario centres — Sudbury and Port Colborne — for eight weeks this summer.
The closures are a response to weak global demand for nickel, Companhia Vale do Rio Doce, or CVRD, said in a news release Thursday.
Vale will close its mining and processing facilities in Sudbury from June 1 to July 27. The shutdown will follow previously planned normal maintenance in May.
The Brazilian company that bought Inco in 2006 will shut down operations in two Ontario centres — Sudbury and Port Colborne — for eight weeks this summer.
The closures are a response to weak global demand for nickel, Companhia Vale do Rio Doce, or CVRD, said in a news release Thursday.
Vale will close its mining and processing facilities in Sudbury from June 1 to July 27. The shutdown will follow previously planned normal maintenance in May.
The Brazilian company that bought Inco in 2006 will shut down operations in two Ontario centres — Sudbury and Port Colborne — for eight weeks this summer.
The closures are a response to weak global demand for nickel, Companhia Vale do Rio Doce, or CVRD, said in a news release Thursday.
Vale will close its mining and processing facilities in Sudbury from June 1 to July 27. The shutdown will follow previously planned normal maintenance in May.
The Brazilian company that bought Inco in 2006 will shut down operations in two Ontario centres — Sudbury and Port Colborne — for eight weeks this summer.
The closures are a response to weak global demand for nickel, Companhia Vale do Rio Doce, or CVRD, said in a news release Thursday.
Vale will close its mining and processing facilities in Sudbury from June 1 to July 27. The shutdown will follow previously planned normal maintenance in May.
The Brazilian company that bought Inco in 2006 will shut down operations in two Ontario centres — Sudbury and Port Colborne — for eight weeks this summer.
The closures are a response to weak global demand for nickel, Companhia Vale do Rio Doce, or CVRD, said in a news release Thursday.
Vale will close its mining and processing facilities in Sudbury from June 1 to July 27. The shutdown will follow previously planned normal maintenance in May.
The Brazilian company that bought Inco in 2006 will shut down operations in two Ontario centres — Sudbury and Port Colborne — for eight weeks this summer.
The closures are a response to weak global demand for nickel, Companhia Vale do Rio Doce, or CVRD, said in a news release Thursday.
Vale will close its mining and processing facilities in Sudbury from June 1 to July 27. The shutdown will follow previously planned normal maintenance in May.
One year trading in JPMorgan Chase
U.S. financial services company JPMorgan Chase reported a small drop in first-quarter profit as net revenue hit a record $26.9 billion US, up about $9 billion.
The Brazilian company that bought Inco in 2006 will shut down operations in two Ontario centres — Sudbury and Port Colborne — for eight weeks this summer.
The closures are a response to weak global demand for nickel, Companhia Vale do Rio Doce, or CVRD, said in a news release Thursday.
Vale will close its mining and processing facilities in Sudbury from June 1 to July 27. The shutdown will follow previously planned normal maintenance in May.
The Brazilian company that bought Inco in 2006 will shut down operations in two Ontario centres — Sudbury and Port Colborne — for eight weeks this summer.
The closures are a response to weak global demand for nickel, Companhia Vale do Rio Doce, or CVRD, said in a news release Thursday.
Vale will close its mining and processing facilities in Sudbury from June 1 to July 27. The shutdown will follow previously planned normal maintenance in May.
The Brazilian company that bought Inco in 2006 will shut down operations in two Ontario centres — Sudbury and Port Colborne — for eight weeks this summer.
The closures are a response to weak global demand for nickel, Companhia Vale do Rio Doce, or CVRD, said in a news release Thursday.
Vale will close its mining and processing facilities in Sudbury from June 1 to July 27. The shutdown will follow previously planned normal maintenance in May.
The Brazilian company that bought Inco in 2006 will shut down operations in two Ontario centres — Sudbury and Port Colborne — for eight weeks this summer.
The closures are a response to weak global demand for nickel, Companhia Vale do Rio Doce, or CVRD, said in a news release Thursday.
Vale will close its mining and processing facilities in Sudbury from June 1 to July 27. The shutdown will follow previously planned normal maintenance in May.
A grandmother in England has become the latest YouTube star with her words of wisdom on how to cope during the recession.
Barbara Walmsley, 71, from Cookham west of London, is making the videos as part of an Oxfam campaign, offering money-saving tips — everything from cooking on the cheap to clothing and travel advice.
So far, her Green Granny videos have logged well over 250,000 hits.
In one video, Walmsley teaches viewers how to make a dessert in the oven with stale bread, fruit, margarine and spices.
Leaked oil stuck to debris pulled from Gleniffer Lake in June 2008.(Denis Genereux/CBC)
U.S. store sales took a surprising dive in March, figures released Monday show, with even retailing behemoth Wal-Mart Stores Inc. posting lower-than-expected numbers for the month.
Retail sales fell 1.1 per cent, according to the U.S. Commerce Department. Economists were expecting a modest 0.3 per cent gain for March.
The slide marked the first month in 2009 in which retail sales fell. The revised February figure showed an increase of 0.3 per cent; the preliminary results for that month had initially indicated a decline of one-tenth of a percentage point.
The AFL-CIO, the largest labour organization in the United States, said that 480 executives of 946 major American companies surveyed got pay hikes, while only 463 experienced pay cuts.
That gain was despite a year in which corporate equity valuations and financial performances for many firms plunged in the later half of 2008, according to a new study released Tuesday.
The U.S. survey, based upon available corporate proxy statements, showed that the average salary of American chief executive officers actually slid six per cent in the year.
A northeastern B.C. First Nation has given its stamp of approval for a coal exploration project near Chetwynd.
Derek Orr, the chief of the McLeod Lake Indian band, and First Coal Corp. of Vancouver have signed an agreement that would allow the mining company to explore for coal in their traditional territory.
"It's the first step in a long process," Orr said, "so as we go forward, we hope to develop a strong relationship and make it a win-win situation for everybody."
The U.S. government is directing General Motors in preparations for a quick "surgical" bankruptcy filing with a June 1 deadline, the New York Times reported Sunday, citing unnamed sources.
The newspaper said the filing is being prepared in case the automaker cannot reach a deal with its debt holders to convert $28 billion US in current debt into equity in the company, and reach a deal on concessions with the United Auto Workers.
Members of U.S. President Barack Obama's automotive task force are due to meet with GM this week, following meetings and conference calls last week.
Unionized workers at Wal-Mart in St-Hyacinthe, Que., now have a collective agreement.(CBC)It took nearly four years, but unionized workers at a Quebec Wal-Mart store now have their first collective agreement, a first in North America.
Canada's housing markets were "relatively resilient" in the first quarter, Royal LePage Real Estate Services Ltd. reported Wednesday.
The average price of a two-storey home fell 6.5 per cent to $379,636, compared to the first quarter in 2008, the company said. Percentage drops for detached bungalows and condominiums, which are both cheaper than two-storey homes, fell even less.
The drop took the real estate sales company by surprise.
In another sign of the global recession, a pair of Canadian communications companies posted flagging earnings Thursday while a third indicated that fewer people subscribed for its wireless phone service.
Cogeco Inc. took a big writedown on its Portuguese cable subsidiary in the quarter ended Feb. 28, a move that turned the cable and internet provider's operating profit into a huge bottom-line loss.
Meanwhile, Montreal-based Astral Media Inc. managed to post a net profit of $28.95 million for the second quarter, also ending on Feb. 28. But, the specialty television and radio company saw those earnings tumble more than 50 per cent compared to a year earlier.
Manitoba's chief statistician is questioning national unemployment figures released Thursday.
Wilf Falk says while Statistics Canada provides good estimates on employment in Manitoba and other provinces, it does not accurately reflect the changes from month to month.
According to the latest StatsCan survey, Canada lost more than 60,000 jobs in March, with Manitoba losing 4,200 of those — mainly in health care, agriculture and construction.
Canada's housing starts rose in March, a sign that builders have begun putting more stakes in the ground, according to new statistics released Wednesday.
The Canada Mortgage and Housing Corporation said starts increased by 13.7 per cent, or 154,700 new units when one-month figures are stretched over a full year.
The increase is a welcome bit of news for a sector hammered by a global credit crunch and a domestic economic slowdown.
Canada's housing starts rose in March, a sign that builders have begun putting more stakes in the ground, according to new statistics released Wednesday.
The Canada Mortgage and Housing Corporation said starts increased by 13.7 per cent, or 154,700 new units when one-month figures are stretched over a full year.
The increase is a welcome bit of news for a sector hammered by a global credit crunch and a domestic economic slowdown.
Manitoba's chief statistician is questioning national unemployment figures released Thursday.
Wilf Falk says while Statistics Canada provides good estimates on employment in Manitoba and other provinces, it does not accurately reflect the changes from month to month.
According to the latest StatsCan survey, Canada lost more than 60,000 jobs in March, with Manitoba losing 4,200 of those — mainly in health care, agriculture and construction.
Canada's housing starts rose in March, a sign that builders have begun putting more stakes in the ground, according to new statistics released Wednesday.
The Canada Mortgage and Housing Corporation said starts increased by 13.7 per cent, or 154,700 new units when one-month figures are stretched over a full year.
The increase is a welcome bit of news for a sector hammered by a global credit crunch and a domestic economic slowdown.
All Quiet
The Usd was mixed in the Asian session, despite the recovery in equity markets. The EurUsd traded sharply lower from 1.3281 to 1.3091, while the UsdJpy was range bound between 100.70 and 100.21.. With European and US markets closed for a long weekend, we expect trading to be light and continued consolidation in the majors for the rest of Friday through Monday. With the earnings season yet to enter full swing (financial sector earnings releases beginning on Apr. 14), we expect recurring correction in risk taking. Over the past week, the USD appreciated against the Eur, Chf and Jpy but weakened versus the Cad, Aud and Nzd. We are seeing a slight breakdown in the correlation between EurUsd and equity markets and have yet to determine if this decoupling is a short term event or the start of a larger trend.
All Quiet
The Usd was mixed in the Asian session, despite the recovery in equity markets. The EurUsd traded sharply lower from 1.3281 to 1.3091, while the UsdJpy was range bound between 100.70 and 100.21.. With European and US markets closed for a long weekend, we expect trading to be light and continued consolidation in the majors for the rest of Friday through Monday. With the earnings season yet to enter full swing (financial sector earnings releases beginning on Apr. 14), we expect recurring correction in risk taking. Over the past week, the USD appreciated against the Eur, Chf and Jpy but weakened versus the Cad, Aud and Nzd. We are seeing a slight breakdown in the correlation between EurUsd and equity markets and have yet to determine if this decoupling is a short term event or the start of a larger trend.
All Quiet
The Usd was mixed in the Asian session, despite the recovery in equity markets. The EurUsd traded sharply lower from 1.3281 to 1.3091, while the UsdJpy was range bound between 100.70 and 100.21.. With European and US markets closed for a long weekend, we expect trading to be light and continued consolidation in the majors for the rest of Friday through Monday. With the earnings season yet to enter full swing (financial sector earnings releases beginning on Apr. 14), we expect recurring correction in risk taking. Over the past week, the USD appreciated against the Eur, Chf and Jpy but weakened versus the Cad, Aud and Nzd. We are seeing a slight breakdown in the correlation between EurUsd and equity markets and have yet to determine if this decoupling is a short term event or the start of a larger trend.
Canadian exports and imports both grew in February — ending three months of sharp declines — as the country returned to a relatively small trade surplus.
Statistics Canada said Thursday the country posted a merchandise trade surplus of $126 million, up from a deficit of $1.2 billion in January.
Exports rose 5.2 per cent to $33.1 billion as all sectors increased and auto makers resumed production.
Exports of machinery and equipment and automotive products accounted for almost three-quarters of the gain in exports in February. The volume of exports shipped grew by seven per cent, while prices declined 1.7 per cent.
Canadian exports and imports both grew in February — ending three months of sharp declines — as the country returned to a relatively small trade surplus.
Statistics Canada said Thursday the country posted a merchandise trade surplus of $126 million, up from a deficit of $1.2 billion in January.
Exports rose 5.2 per cent to $33.1 billion as all sectors increased and auto makers resumed production.
Exports of machinery and equipment and automotive products accounted for almost three-quarters of the gain in exports in February. The volume of exports shipped grew by seven per cent, while prices declined 1.7 per cent.
All Quiet
The Usd was mixed in the Asian session, despite the recovery in equity markets. The EurUsd traded sharply lower from 1.3281 to 1.3091, while the UsdJpy was range bound between 100.70 and 100.21.. With European and US markets closed for a long weekend, we expect trading to be light and continued consolidation in the majors for the rest of Friday through Monday. With the earnings season yet to enter full swing (financial sector earnings releases beginning on Apr. 14), we expect recurring correction in risk taking. Over the past week, the USD appreciated against the Eur, Chf and Jpy but weakened versus the Cad, Aud and Nzd. We are seeing a slight breakdown in the correlation between EurUsd and equity markets and have yet to determine if this decoupling is a short term event or the start of a larger trend.
All Quiet
The Usd was mixed in the Asian session, despite the recovery in equity markets. The EurUsd traded sharply lower from 1.3281 to 1.3091, while the UsdJpy was range bound between 100.70 and 100.21.. With European and US markets closed for a long weekend, we expect trading to be light and continued consolidation in the majors for the rest of Friday through Monday. With the earnings season yet to enter full swing (financial sector earnings releases beginning on Apr. 14), we expect recurring correction in risk taking. Over the past week, the USD appreciated against the Eur, Chf and Jpy but weakened versus the Cad, Aud and Nzd. We are seeing a slight breakdown in the correlation between EurUsd and equity markets and have yet to determine if this decoupling is a short term event or the start of a larger trend.
Canadian exports and imports both grew in February — ending three months of sharp declines — as the country returned to a relatively small trade surplus.
Statistics Canada said Thursday the country posted a merchandise trade surplus of $126 million, up from a deficit of $1.2 billion in January.
Exports rose 5.2 per cent to $33.1 billion as all sectors increased and auto makers resumed production.
Exports of machinery and equipment and automotive products accounted for almost three-quarters of the gain in exports in February. The volume of exports shipped grew by seven per cent, while prices declined 1.7 per cent.
The drilling rig Henry Goodrich did tests that will lead to an application for a significant discovery licence in the Flemish Pass basin, off Newfoundland. (StatoilHydro Canada)
The U.S. Conference Board said Monday that its own measure of the employment market fell once again in March, continuing a year-and-a-half downward trend for the figure.
The New York-based business think-tank said its employment trends slid fell to 90.1 in March, down from February's 92.2 and off more than 22 per cent from March 2008.
The Conference Board said that while the indicator declined, the fall was not as bad as in the past four months.
Toymaker Mega Brands Inc. saw sales slammed by the economic recession, resulting in deeper fourth-quarter losses.
The Montreal-based company, which makes Mega Blocks and other children's toys, lost $323.3 million US, or $8.83 a share for the final three months of 2008. That was compared to a smaller loss of $66.2 million, or $1.81 a share for the same period one year earlier. (Mega Brands reports all financial figures in U.S. dollars.)
Three-month trading in RIM stock on the TSX
Shares of Research In Motion Inc. jumped almost 20 per cent Friday, leaving the company's stock price at about half the peak it reached in the past year.
Finance Minister Jim Flaherty, speaking in London, England, on Friday, said this is "a mild economic recession."(Matt Dunham/Associated Press)
