Thursday, April 30, 2009

EI needs enhancement amid looming job losses: report

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 suspend trips to Mexico

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.Several travel companies suspend trips to Mexico

Quantitative easing: What is it?

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.

Federal Reserve leaves borrowing rates low

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.

Federal gov't still in surplus as business taxes fall

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.

GM truck shutdown hits Magna parts plant

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.

Wednesday, April 29, 2009

EU ready to negotiate new trade deal with Canada

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.

Chrysler, CAW reach deal to save company $240M a year

Chrysler, CAW reach deal to save company $240M a yearCAW 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)

Daimler cuts more links with Chrysler

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.

EU ready to negotiate new trade deal with Canada

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.

Chrysler, CAW reach deal to save company $240M a year

Chrysler, CAW reach deal to save company $240M a yearCAW 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)

Daimler cuts more links with Chrysler

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.

EU ready to negotiate new trade deal with Canada

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.

EU ready to negotiate new trade deal with Canada

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.

Chrysler, CAW reach deal to save company $240M a year

Chrysler, CAW reach deal to save company $240M a yearCAW 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)

Chrysler, CAW reach deal to save company $240M a year

Chrysler, CAW reach deal to save company $240M a yearCAW 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)

Daimler cuts more links with Chrysler

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.

Daimler cuts more links with Chrysler

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.

Technology fund takes shape in Quebec

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.

Technology fund takes shape in Quebec

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.

Technology fund takes shape in Quebec

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.

Technology fund takes shape in Quebec

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.

Tuesday, April 28, 2009

Tundra stock closes above latest bid on heavy volume

Tundra stock closes above latest bid on heavy volumeOne-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.

Tundra stock closes above latest bid on heavy volume

Tundra stock closes above latest bid on heavy volumeOne-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.

Tundra stock closes above latest bid on heavy volume

Tundra stock closes above latest bid on heavy volumeOne-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.

Tundra stock closes above latest bid on heavy volume

Tundra stock closes above latest bid on heavy volumeOne-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.

Health Canada considers travel advisory against Mexico

Health Canada considers travel advisory against MexicoAn 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.

Health Canada considers travel advisory against Mexico

Health Canada considers travel advisory against MexicoAn 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.

Health Canada considers travel advisory against Mexico

Health Canada considers travel advisory against MexicoAn 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.

Tundra stock closes above latest bid on heavy volume

Tundra stock closes above latest bid on heavy volumeOne-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.

Tundra stock closes above latest bid on heavy volume

Tundra stock closes above latest bid on heavy volumeOne-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.

GM to drop Pontiac in 2010, cut thousands more jobs

GM to drop Pontiac in 2010, cut thousands more jobsA Pontiac Solstice Coupe is displayed at the LA Auto Show in Los Angeles in November. (Fred Prouser/Reuters)

GM to drop Pontiac in 2010, cut thousands more jobs

GM to drop Pontiac in 2010, cut thousands more jobsA Pontiac Solstice Coupe is displayed at the LA Auto Show in Los Angeles in November. (Fred Prouser/Reuters)

GM to drop Pontiac in 2010, cut thousands more jobs

GM to drop Pontiac in 2010, cut thousands more jobsA Pontiac Solstice Coupe is displayed at the LA Auto Show in Los Angeles in November. (Fred Prouser/Reuters)

Tundra stock closes above latest bid on heavy volume

Tundra stock closes above latest bid on heavy volumeOne-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.

GM to drop Pontiac in 2010, cut thousands more jobs

GM to drop Pontiac in 2010, cut thousands more jobsA Pontiac Solstice Coupe is displayed at the LA Auto Show in Los Angeles in November. (Fred Prouser/Reuters)

Health Canada considers travel advisory against Mexico

Health Canada considers travel advisory against MexicoAn 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.

Health Canada considers travel advisory against Mexico

Health Canada considers travel advisory against MexicoAn 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.

GM to drop Pontiac in 2010, cut thousands more jobs

GM to drop Pontiac in 2010, cut thousands more jobsA Pontiac Solstice Coupe is displayed at the LA Auto Show in Los Angeles in November. (Fred Prouser/Reuters)

Thursday, April 23, 2009

CN profit climbs on sale of railway corridor

CN profit climbs on sale of railway corridorCN 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.

IMF sees global economy shrinking 1.3% in '09

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.

Quebec offers $120M loan to AbitibiBowater

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.

Quebec offers $120M loan to AbitibiBowater

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.

Quebec offers $120M loan to AbitibiBowater

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.

Bank of Canada cuts key interest rate to 0.25%

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.

Conservatives defend economic plan in face of gloomy forecast

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.

Conservatives defend economic plan in face of gloomy forecast

Bank of Canada cuts key interest rate to 0.25%

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.

Bank of Canada cuts key interest rate to 0.25%

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.

Bottlers take the fizz out of Coke Q1 profit

Bottlers take the fizz out of Coke Q1 profitCoke one-year New York trading

Writedowns at bottling companies pushed down first-quarter profit at Coca-Cola Co., the company said Tuesday.

Wednesday, April 22, 2009

Forestry assistance misses mark, industry group says

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.

Forestry assistance misses mark, industry group says

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.

Forestry assistance misses mark, industry group says

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.

Forestry assistance misses mark, industry group says

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.

Clement asks Vale about Sudbury shutdown

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."

Tuesday, April 21, 2009

Chrysler, CAW spar over costs

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."

Chrysler, CAW spar over costs

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."

Stocks in triple-digit losses on Bay, Wall streets

Stocks in triple-digit losses on Bay, Wall streetsThe 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.

Chrysler, CAW spar over costs

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."

Chrysler, CAW spar over costs

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."

Stocks in triple-digit losses on Bay, Wall streets

Stocks in triple-digit losses on Bay, Wall streetsThe 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.

Chrysler, CAW spar over costs

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."

Chrysler, CAW spar over costs

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."

Chrysler, CAW spar over costs

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."

U.S. outlook starts to improve: Gallup poll

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.

Stocks in triple-digit losses on Bay, Wall streets

Stocks in triple-digit losses on Bay, Wall streetsThe 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.

Stocks in triple-digit losses on Bay, Wall streets

Stocks in triple-digit losses on Bay, Wall streetsThe 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.

U.S. outlook starts to improve: Gallup poll

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.

Stocks in triple-digit losses on Bay, Wall streets

Stocks in triple-digit losses on Bay, Wall streetsThe 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.

Stocks in triple-digit losses on Bay, Wall streets

Stocks in triple-digit losses on Bay, Wall streetsThe 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.

Stocks in triple-digit losses on Bay, Wall streets

Stocks in triple-digit losses on Bay, Wall streetsThe 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.

Alberta money manager backs Precision with $280M

Alberta money manager backs Precision with $280MPrecision

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.

U.S. outlook starts to improve: Gallup poll

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.

U.S. outlook starts to improve: Gallup poll

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.

U.S. outlook starts to improve: Gallup poll

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.

Canadian company part of group that buys Polaroid

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.

U.S. outlook starts to improve: Gallup poll

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.

Alberta money manager backs Precision with $280M

Alberta money manager backs Precision with $280MPrecision

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.

Alberta money manager backs Precision with $280M

Alberta money manager backs Precision with $280MPrecision

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.

Canadian company part of group that buys Polaroid

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.

Alberta money manager backs Precision with $280M

Alberta money manager backs Precision with $280MPrecision

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.

Chrysler Canada deal will be competitive with U.S. plants: CAW

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.

Chrysler Canada deal will be competitive with U.S. plants: CAW

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.

Chrysler Canada deal will be competitive with U.S. plants: CAW

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 profit up, stock down

Bank of America profit up, stock downBank 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.

Canadian company part of group that buys Polaroid

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.

Chrysler Canada deal will be competitive with U.S. plants: CAW

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 profit up, stock down

Bank of America profit up, stock downBank 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.

Canadian company part of group that buys Polaroid

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 profit up, stock down

Bank of America profit up, stock downBank 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.

AbitibiBowater gets bankruptcy protection in Canada

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.

Sunday, April 19, 2009

Pension plan protection in a recession

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.

RBC expects $850M US Q2 goodwill charge

RBC expects $850M US Q2 goodwill chargeRoyal 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.

Saturday, April 18, 2009

Sydney airport nixes Sunwing's Toronto route

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.

Sydney airport nixes Sunwing's Toronto route

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.

Friday, April 17, 2009

Sydney airport nixes Sunwing's Toronto route

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.

JPMorgan's profit dips despite record revenue

JPMorgan's profit dips despite record revenue 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.

Sydney airport nixes Sunwing's Toronto route

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.

Sydney airport nixes Sunwing's Toronto route

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.

Sydney airport nixes Sunwing's Toronto route

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.

JPMorgan's profit dips despite record revenue

JPMorgan's profit dips despite record revenue 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.

Sydney airport nixes Sunwing's Toronto route

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.

Sydney airport nixes Sunwing's Toronto route

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.

Sydney airport nixes Sunwing's Toronto route

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.

Sydney airport nixes Sunwing's Toronto route

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.

JPMorgan's profit dips despite record revenue

JPMorgan's profit dips despite record revenue 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.

JPMorgan's profit dips despite record revenue

JPMorgan's profit dips despite record revenue 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.

Vale to close Sudbury and Port Colborne operations for 8 weeks

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.

Vale to close Sudbury and Port Colborne operations for 8 weeks

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.

Vale to close Sudbury and Port Colborne operations for 8 weeks

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.

Vale to close Sudbury and Port Colborne operations for 8 weeks

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.

Vale to close Sudbury and Port Colborne operations for 8 weeks

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.

Vale to close Sudbury and Port Colborne operations for 8 weeks

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.

Vale to close Sudbury and Port Colborne operations for 8 weeks

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.

JPMorgan's profit dips despite record revenue

JPMorgan's profit dips despite record revenue 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.

Vale to close Sudbury and Port Colborne operations for 8 weeks

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.

Vale to close Sudbury and Port Colborne operations for 8 weeks

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.

Vale to close Sudbury and Port Colborne operations for 8 weeks

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.

Vale to close Sudbury and Port Colborne operations for 8 weeks

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.

Wednesday, April 15, 2009

Grannies become YouTube hits with recession-coping tips

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.

Heavy river flows caused oil leak into popular Alberta lake: regulator

Heavy river flows caused oil leak into popular Alberta lake: regulatorLeaked oil stuck to debris pulled from Gleniffer Lake in June 2008.(Denis Genereux/CBC)

U.S. retail sales drop curbs recovery optimism

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.

More U.S. CEOs received pay raises than cuts in '08: AFL-CIO

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.

Coal firm reaches deal with B.C. First Nation

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."

U.S. government directs GM on quick bankruptcy filing: report

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.

Sunday, April 12, 2009

Unionized Quebec Wal-Mart workers get 1st contract

Unionized Quebec Wal-Mart workers get 1st contractUnionized 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.

House prices holding up better than expected: Royal LePage

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.

Communications sector gets crunched in quarterly results

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.

Saturday, April 11, 2009

Manitoba statistics chief disputes unemployment figures

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.

Canadian housing starts jump in March

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.

Canadian housing starts jump in March

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 statistics chief disputes unemployment figures

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.

Canadian housing starts jump in March

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.

Friday, April 10, 2009

All Quiet

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

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

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.

Canada returns to small trade surplus in February

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.

Canada returns to small trade surplus in February

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

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

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.

Canada returns to small trade surplus in February

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.

Thursday, April 9, 2009

StatoilHydro announces find of hydrocarbons off Newfoundland

StatoilHydro announces find of hydrocarbons off Newfoundland 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)

U.S. Conference Board jobs index falls for 20th straight month

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.

Mega Brands' sales plummet, losses grow

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.)

RIM shares rise almost 20% after profit beats forecasts

RIM shares rise almost 20% after profit beats forecastsThree-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.

Recession a 'relatively mild' challenge for Canada: Flaherty

Recession a 'relatively mild' challenge for Canada: FlahertyFinance Minister Jim Flaherty, speaking in London, England, on Friday, said this is "a mild economic recession."(Matt Dunham/Associated Press)