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

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

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

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

Germany OKs Magna bid to acquire GM's Opel

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

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

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

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

GM says debtholders support new revamp plan

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

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

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

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

Federal officials reveal $2.2B deficit for fiscal year

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

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

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

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

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

Royal Bank 3-month TSX chart

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

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

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

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

Larger loan loss charge sends Q2 profit lower at BMO

BMO 3-month TSX chart

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

Larger loan loss charge sends Q2 profit lower at BMO

BMO 3-month TSX chart

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

Larger loan loss charge sends Q2 profit lower at BMO

BMO 3-month TSX chart

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

Larger loan loss charge sends Q2 profit lower at BMO

BMO 3-month TSX chart

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

Larger loan loss charge sends Q2 profit lower at BMO

BMO 3-month TSX chart

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

Larger loan loss charge sends Q2 profit lower at BMO

BMO 3-month TSX chart

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

Larger loan loss charge sends Q2 profit lower at BMO

BMO 3-month TSX chart

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

Oil tops $63 US a barrel

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

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

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

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

Oil tops $63 US a barrel

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

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

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

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

Oil tops $63 US a barrel

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

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

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

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

Larger loan loss charge sends Q2 profit lower at BMO

BMO 3-month TSX chart

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

Biovail, Melnyk reach deal in proxy fight

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

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

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

Oil tops $63 US a barrel

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

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

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

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

Biovail, Melnyk reach deal in proxy fight

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

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

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

Laurentian Bank Q2 profits hold steady in tough times

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

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

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

Laurentian Bank Q2 profits hold steady in tough times

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

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

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

Oil tops $63 US a barrel

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

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

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

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

Laurentian Bank Q2 profits hold steady in tough times

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

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

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

Laurentian Bank Q2 profits hold steady in tough times

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

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

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

Laurentian Bank Q2 profits hold steady in tough times

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

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

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

Laurentian Bank Q2 profits hold steady in tough times

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

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

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

CIBC reports $51M loss in Q2

CIBC 3-month TSX chart

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

CIBC reports $51M loss in Q2

CIBC 3-month TSX chart

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

CIBC reports $51M loss in Q2

CIBC 3-month TSX chart

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

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

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

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

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

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

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

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

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

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

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

CIBC reports $51M loss in Q2

CIBC 3-month TSX chart

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

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

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

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

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

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

S&P launches Islamic-based Toronto index

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

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

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

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

CIBC reports $51M loss in Q2

CIBC 3-month TSX chart

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

S&P launches Islamic-based Toronto index

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

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

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

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

CIBC reports $51M loss in Q2

CIBC 3-month TSX chart

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Cape Breton to lose two GM dealerships

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

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

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

MacIntyre Chevrolet in Sydney will be the lone survivor.

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

AbitibiBowater cuts Q1 loss

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

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

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

Will pay severance for displaced Abitibi workers: Williams

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

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

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

March wholesale activity slips lower

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

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

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

Japan's GDP falls by record amount

Japan's gross domestic product shrank by four per cent in the first quarter, the largest reduction in its history, according to new figures released Wednesday.

The Japanese government said the world's second-largest economy contracted mainly because of the obliteration of the country's export sector and the private sector's unwillingness to invest.

Japan's Cabinet Office released GDP figures for the January-to-March period that showed an impressive 26 per cent drop in the country's exports compared to the previous three months.

Canada's housing market to fall by double-digits in '09: CMHC

Canada's housing market should fall substantially in 2009 because a faltering economy likely will suppress how many new homes are built and existing homes are traded, according to a report released Tuesday.

The Canada Mortgage and Housing Corporation said that the number of new residential starts across Canada will drop in 2009 by 33 per cent while existing home sales nationwide will tumble by 17.5 per cent.

The Crown agency released the figures in its second-quarter market analysis.

GM Canada plans to cut 40% of its dealer network

GM Canada began notifying dealerships Wednesday of its plans to reduce its network by 40 per cent as it works to have a restructuring plan ready by the end of the month to secure aid from the U.S. and Canadian governments.

GM said it began notifying those of its 709 Canadian dealers that will not have their sales and service agreements renewed when they expire in October 2010.

A company spokesman said 245 dealers are being told they are being let go, with more consolidation and attrition to come.

Annual inflation rate eases to 0.4% in April

Lower energy costs helped Canada's annual rate of inflation cool in April to 0.4 per cent, down from the 1.2 per cent 12-month increase in March.

Economists said the 12-month inflation rate in April was the lowest since 1994, when cigarette taxes were reduced.

Statistics Canada said Wednesday that food prices continued to put upward pressure on the consumer price index, while price declines for energy and reduced upward pressure from some shelter costs helped ease the overall inflation rate last month.

Annual inflation rate eases to 0.4% in April

Lower energy costs helped Canada's annual rate of inflation cool in April to 0.4 per cent, down from the 1.2 per cent 12-month increase in March.

Economists said the 12-month inflation rate in April was the lowest since 1994, when cigarette taxes were reduced.

Statistics Canada said Wednesday that food prices continued to put upward pressure on the consumer price index, while price declines for energy and reduced upward pressure from some shelter costs helped ease the overall inflation rate last month.

Viterra $1.4B takeover bid endorsed by ABB board

Viterra 3-month TSX chart

Viterra Inc. said Tuesday that its $1.4-billion cash-and-stock takeover bid for Australian company ABB Grain Ltd. has been endorsed by the target's board of directors.

GM Canada plans to cut 40% of its dealer network

GM Canada began notifying dealerships Wednesday of its plans to reduce its network by 40 per cent as it works to have a restructuring plan ready by the end of the month to secure aid from the U.S. and Canadian governments.

GM said it began notifying those of its 709 Canadian dealers that will not have their sales and service agreements renewed when they expire in October 2010.

A company spokesman said 245 dealers are being told they are being let go, with more consolidation and attrition to come.

GM Canada plans to cut 40% of its dealer network

GM Canada began notifying dealerships Wednesday of its plans to reduce its network by 40 per cent as it works to have a restructuring plan ready by the end of the month to secure aid from the U.S. and Canadian governments.

GM said it began notifying those of its 709 Canadian dealers that will not have their sales and service agreements renewed when they expire in October 2010.

A company spokesman said 245 dealers are being told they are being let go, with more consolidation and attrition to come.

GM Canada plans to cut 40% of its dealer network

GM Canada began notifying dealerships Wednesday of its plans to reduce its network by 40 per cent as it works to have a restructuring plan ready by the end of the month to secure aid from the U.S. and Canadian governments.

GM said it began notifying those of its 709 Canadian dealers that will not have their sales and service agreements renewed when they expire in October 2010.

A company spokesman said 245 dealers are being told they are being let go, with more consolidation and attrition to come.

GM Canada plans to cut 40% of its dealer network

GM Canada began notifying dealerships Wednesday of its plans to reduce its network by 40 per cent as it works to have a restructuring plan ready by the end of the month to secure aid from the U.S. and Canadian governments.

GM said it began notifying those of its 709 Canadian dealers that will not have their sales and service agreements renewed when they expire in October 2010.

A company spokesman said 245 dealers are being told they are being let go, with more consolidation and attrition to come.

Annual inflation rate eases to 0.4% in April

Lower energy costs helped Canada's annual rate of inflation cool in April to 0.4 per cent, down from the 1.2 per cent 12-month increase in March.

Economists said the 12-month inflation rate in April was the lowest since 1994, when cigarette taxes were reduced.

Statistics Canada said Wednesday that food prices continued to put upward pressure on the consumer price index, while price declines for energy and reduced upward pressure from some shelter costs helped ease the overall inflation rate last month.

Annual inflation rate eases to 0.4% in April

Lower energy costs helped Canada's annual rate of inflation cool in April to 0.4 per cent, down from the 1.2 per cent 12-month increase in March.

Economists said the 12-month inflation rate in April was the lowest since 1994, when cigarette taxes were reduced.

Statistics Canada said Wednesday that food prices continued to put upward pressure on the consumer price index, while price declines for energy and reduced upward pressure from some shelter costs helped ease the overall inflation rate last month.

Annual inflation rate eases to 0.4% in April

Lower energy costs helped Canada's annual rate of inflation cool in April to 0.4 per cent, down from the 1.2 per cent 12-month increase in March.

Economists said the 12-month inflation rate in April was the lowest since 1994, when cigarette taxes were reduced.

Statistics Canada said Wednesday that food prices continued to put upward pressure on the consumer price index, while price declines for energy and reduced upward pressure from some shelter costs helped ease the overall inflation rate last month.

Viterra $1.4B takeover bid endorsed by ABB board

Viterra 3-month TSX chart

Viterra Inc. said Tuesday that its $1.4-billion cash-and-stock takeover bid for Australian company ABB Grain Ltd. has been endorsed by the target's board of directors.

Viterra $1.4B takeover bid endorsed by ABB board

Viterra 3-month TSX chart

Viterra Inc. said Tuesday that its $1.4-billion cash-and-stock takeover bid for Australian company ABB Grain Ltd. has been endorsed by the target's board of directors.

Viterra $1.4B takeover bid endorsed by ABB board

Viterra 3-month TSX chart

Viterra Inc. said Tuesday that its $1.4-billion cash-and-stock takeover bid for Australian company ABB Grain Ltd. has been endorsed by the target's board of directors.

Oil hits 6-month high after U.S. refinery explosion, Nigerian unrest

Crude oil prices topped the $60 US barrier for the first time since November in trading Tuesday on rumours of renewed conflict in Nigeria and the reality of a refinery explosion in Delaware.

A barrel of oil for June delivery hit a six-month peak at $60.48 in early trading. Crude value then retreated slightly to $59.90 in later trading.

A July delivery futures contract for crude stayed above the $60 mark, at $60.99.

The higher oil values had the ancillary effect of driving up Canada's stock markets more than 350 points in Tuesday's trading. Toronto's main stock exchange blasted through the 10,000 mark in the afternoon portion of the daily session.

Viterra $1.4B takeover bid endorsed by ABB board

Viterra 3-month TSX chart

Viterra Inc. said Tuesday that its $1.4-billion cash-and-stock takeover bid for Australian company ABB Grain Ltd. has been endorsed by the target's board of directors.

Viterra $1.4B takeover bid endorsed by ABB board

Viterra 3-month TSX chart

Viterra Inc. said Tuesday that its $1.4-billion cash-and-stock takeover bid for Australian company ABB Grain Ltd. has been endorsed by the target's board of directors.

Oil hits 6-month high after U.S. refinery explosion, Nigerian unrest

Crude oil prices topped the $60 US barrier for the first time since November in trading Tuesday on rumours of renewed conflict in Nigeria and the reality of a refinery explosion in Delaware.

A barrel of oil for June delivery hit a six-month peak at $60.48 in early trading. Crude value then retreated slightly to $59.90 in later trading.

A July delivery futures contract for crude stayed above the $60 mark, at $60.99.

The higher oil values had the ancillary effect of driving up Canada's stock markets more than 350 points in Tuesday's trading. Toronto's main stock exchange blasted through the 10,000 mark in the afternoon portion of the daily session.

Viterra $1.4B takeover bid endorsed by ABB board

Viterra 3-month TSX chart

Viterra Inc. said Tuesday that its $1.4-billion cash-and-stock takeover bid for Australian company ABB Grain Ltd. has been endorsed by the target's board of directors.

Viterra $1.4B takeover bid endorsed by ABB board

Viterra 3-month TSX chart

Viterra Inc. said Tuesday that its $1.4-billion cash-and-stock takeover bid for Australian company ABB Grain Ltd. has been endorsed by the target's board of directors.

Viterra $1.4B takeover bid endorsed by ABB board

Viterra 3-month TSX chart

Viterra Inc. said Tuesday that its $1.4-billion cash-and-stock takeover bid for Australian company ABB Grain Ltd. has been endorsed by the target's board of directors.

Oil hits 6-month high after U.S. refinery explosion, Nigerian unrest

Crude oil prices topped the $60 US barrier for the first time since November in trading Tuesday on rumours of renewed conflict in Nigeria and the reality of a refinery explosion in Delaware.

A barrel of oil for June delivery hit a six-month peak at $60.48 in early trading. Crude value then retreated slightly to $59.90 in later trading.

A July delivery futures contract for crude stayed above the $60 mark, at $60.99.

The higher oil values had the ancillary effect of driving up Canada's stock markets more than 350 points in Tuesday's trading. Toronto's main stock exchange blasted through the 10,000 mark in the afternoon portion of the daily session.

Oil hits 6-month high after U.S. refinery explosion, Nigerian unrest

Crude oil prices topped the $60 US barrier for the first time since November in trading Tuesday on rumours of renewed conflict in Nigeria and the reality of a refinery explosion in Delaware.

A barrel of oil for June delivery hit a six-month peak at $60.48 in early trading. Crude value then retreated slightly to $59.90 in later trading.

A July delivery futures contract for crude stayed above the $60 mark, at $60.99.

The higher oil values had the ancillary effect of driving up Canada's stock markets more than 350 points in Tuesday's trading. Toronto's main stock exchange blasted through the 10,000 mark in the afternoon portion of the daily session.

Oil hits 6-month high after U.S. refinery explosion, Nigerian unrest

Crude oil prices topped the $60 US barrier for the first time since November in trading Tuesday on rumours of renewed conflict in Nigeria and the reality of a refinery explosion in Delaware.

A barrel of oil for June delivery hit a six-month peak at $60.48 in early trading. Crude value then retreated slightly to $59.90 in later trading.

A July delivery futures contract for crude stayed above the $60 mark, at $60.99.

The higher oil values had the ancillary effect of driving up Canada's stock markets more than 350 points in Tuesday's trading. Toronto's main stock exchange blasted through the 10,000 mark in the afternoon portion of the daily session.

Oil hits 6-month high after U.S. refinery explosion, Nigerian unrest

Crude oil prices topped the $60 US barrier for the first time since November in trading Tuesday on rumours of renewed conflict in Nigeria and the reality of a refinery explosion in Delaware.

A barrel of oil for June delivery hit a six-month peak at $60.48 in early trading. Crude value then retreated slightly to $59.90 in later trading.

A July delivery futures contract for crude stayed above the $60 mark, at $60.99.

The higher oil values had the ancillary effect of driving up Canada's stock markets more than 350 points in Tuesday's trading. Toronto's main stock exchange blasted through the 10,000 mark in the afternoon portion of the daily session.

Flaherty to announce new credit card rules: report

Finance Minister Jim Flaherty is set to announce new credit card regulations Thursday, says a report.

The Globe and Mail says the changes will require financial institutions to provide better disclosure about interest rates.

The government wants credit card companies to provide timely advance notice of changes to rates and fees, said the report.

However, the finance minister has reportedly ruled out tougher measures such as placing a ceiling on interest rates.

Oil hits 6-month high after U.S. refinery explosion, Nigerian unrest

Crude oil prices topped the $60 US barrier for the first time since November in trading Tuesday on rumours of renewed conflict in Nigeria and the reality of a refinery explosion in Delaware.

A barrel of oil for June delivery hit a six-month peak at $60.48 in early trading. Crude value then retreated slightly to $59.90 in later trading.

A July delivery futures contract for crude stayed above the $60 mark, at $60.99.

The higher oil values had the ancillary effect of driving up Canada's stock markets more than 350 points in Tuesday's trading. Toronto's main stock exchange blasted through the 10,000 mark in the afternoon portion of the daily session.

Flaherty to announce new credit card rules: report

Finance Minister Jim Flaherty is set to announce new credit card regulations Thursday, says a report.

The Globe and Mail says the changes will require financial institutions to provide better disclosure about interest rates.

The government wants credit card companies to provide timely advance notice of changes to rates and fees, said the report.

However, the finance minister has reportedly ruled out tougher measures such as placing a ceiling on interest rates.

Flaherty to announce new credit card rules: report

Finance Minister Jim Flaherty is set to announce new credit card regulations Thursday, says a report.

The Globe and Mail says the changes will require financial institutions to provide better disclosure about interest rates.

The government wants credit card companies to provide timely advance notice of changes to rates and fees, said the report.

However, the finance minister has reportedly ruled out tougher measures such as placing a ceiling on interest rates.

Former Quebec pension fund boss roasted at hearing probing losses

Quebec's pension fund has fared well in recent years despite the latest massive losses caused by the collapse of the asset-backed commercial paper market, said the former head of the Caisse de dépôt et placement du Québec.

"Quebecers can still have every reason to be proud of the Caisse," said Henri-Paul Rousseau in his opening statement Tuesday at a parliamentary commission probing the pension fund's staggering $40 billion losses last year.

Flaherty to announce new credit card rules: report

Finance Minister Jim Flaherty is set to announce new credit card regulations Thursday, says a report.

The Globe and Mail says the changes will require financial institutions to provide better disclosure about interest rates.

The government wants credit card companies to provide timely advance notice of changes to rates and fees, said the report.

However, the finance minister has reportedly ruled out tougher measures such as placing a ceiling on interest rates.

Former Quebec pension fund boss roasted at hearing probing losses

Quebec's pension fund has fared well in recent years despite the latest massive losses caused by the collapse of the asset-backed commercial paper market, said the former head of the Caisse de dépôt et placement du Québec.

"Quebecers can still have every reason to be proud of the Caisse," said Henri-Paul Rousseau in his opening statement Tuesday at a parliamentary commission probing the pension fund's staggering $40 billion losses last year.

Oil hits 6-month high after U.S. refinery explosion, Nigerian unrest

Crude oil prices topped the $60 US barrier for the first time since November in trading Tuesday on rumours of renewed conflict in Nigeria and the reality of a refinery explosion in Delaware.

A barrel of oil for June delivery hit a six-month peak at $60.48 in early trading. Crude value then retreated slightly to $59.90 in later trading.

A July delivery futures contract for crude stayed above the $60 mark, at $60.99.

The higher oil values had the ancillary effect of driving up Canada's stock markets more than 350 points in Tuesday's trading. Toronto's main stock exchange blasted through the 10,000 mark in the afternoon portion of the daily session.

Former Quebec pension fund boss roasted at hearing probing losses

Quebec's pension fund has fared well in recent years despite the latest massive losses caused by the collapse of the asset-backed commercial paper market, said the former head of the Caisse de dépôt et placement du Québec.

"Quebecers can still have every reason to be proud of the Caisse," said Henri-Paul Rousseau in his opening statement Tuesday at a parliamentary commission probing the pension fund's staggering $40 billion losses last year.

Former Quebec pension fund boss roasted at hearing probing losses

Quebec's pension fund has fared well in recent years despite the latest massive losses caused by the collapse of the asset-backed commercial paper market, said the former head of the Caisse de dépôt et placement du Québec.

"Quebecers can still have every reason to be proud of the Caisse," said Henri-Paul Rousseau in his opening statement Tuesday at a parliamentary commission probing the pension fund's staggering $40 billion losses last year.

Former Quebec pension fund boss roasted at hearing probing losses

Quebec's pension fund has fared well in recent years despite the latest massive losses caused by the collapse of the asset-backed commercial paper market, said the former head of the Caisse de dépôt et placement du Québec.

"Quebecers can still have every reason to be proud of the Caisse," said Henri-Paul Rousseau in his opening statement Tuesday at a parliamentary commission probing the pension fund's staggering $40 billion losses last year.

Flaherty to announce new credit card rules: report

Finance Minister Jim Flaherty is set to announce new credit card regulations Thursday, says a report.

The Globe and Mail says the changes will require financial institutions to provide better disclosure about interest rates.

The government wants credit card companies to provide timely advance notice of changes to rates and fees, said the report.

However, the finance minister has reportedly ruled out tougher measures such as placing a ceiling on interest rates.

Former Quebec pension fund boss roasted at hearing probing losses

Quebec's pension fund has fared well in recent years despite the latest massive losses caused by the collapse of the asset-backed commercial paper market, said the former head of the Caisse de dépôt et placement du Québec.

"Quebecers can still have every reason to be proud of the Caisse," said Henri-Paul Rousseau in his opening statement Tuesday at a parliamentary commission probing the pension fund's staggering $40 billion losses last year.

Flaherty to announce new credit card rules: report

Finance Minister Jim Flaherty is set to announce new credit card regulations Thursday, says a report.

The Globe and Mail says the changes will require financial institutions to provide better disclosure about interest rates.

The government wants credit card companies to provide timely advance notice of changes to rates and fees, said the report.

However, the finance minister has reportedly ruled out tougher measures such as placing a ceiling on interest rates.

Former Quebec pension fund boss roasted at hearing probing losses

Quebec's pension fund has fared well in recent years despite the latest massive losses caused by the collapse of the asset-backed commercial paper market, said the former head of the Caisse de dépôt et placement du Québec.

"Quebecers can still have every reason to be proud of the Caisse," said Henri-Paul Rousseau in his opening statement Tuesday at a parliamentary commission probing the pension fund's staggering $40 billion losses last year.

U.S. Fed takes gloomier outlook on economic recovery

The U.S. central bank cut its outlook for America's economic recovery, according to a shorthand transcript of the central bank's latest meetings released Wednesday.

The Federal Open Market Committee, the group within the Federal Reserve that makes interest rate decisions, now believes that the U.S. economy will contract by between 1.3 per cent and two per cent in 2009.

The new bank thinking was contained in minutes of the FOMC meetings of April 28-29 which were released publicly this week.

U.S. Fed takes gloomier outlook on economic recovery

The U.S. central bank cut its outlook for America's economic recovery, according to a shorthand transcript of the central bank's latest meetings released Wednesday.

The Federal Open Market Committee, the group within the Federal Reserve that makes interest rate decisions, now believes that the U.S. economy will contract by between 1.3 per cent and two per cent in 2009.

The new bank thinking was contained in minutes of the FOMC meetings of April 28-29 which were released publicly this week.

U.S. Fed takes gloomier outlook on economic recovery

The U.S. central bank cut its outlook for America's economic recovery, according to a shorthand transcript of the central bank's latest meetings released Wednesday.

The Federal Open Market Committee, the group within the Federal Reserve that makes interest rate decisions, now believes that the U.S. economy will contract by between 1.3 per cent and two per cent in 2009.

The new bank thinking was contained in minutes of the FOMC meetings of April 28-29 which were released publicly this week.

U.S. Fed takes gloomier outlook on economic recovery

The U.S. central bank cut its outlook for America's economic recovery, according to a shorthand transcript of the central bank's latest meetings released Wednesday.

The Federal Open Market Committee, the group within the Federal Reserve that makes interest rate decisions, now believes that the U.S. economy will contract by between 1.3 per cent and two per cent in 2009.

The new bank thinking was contained in minutes of the FOMC meetings of April 28-29 which were released publicly this week.

Former Quebec pension fund boss roasted at hearing probing losses

Quebec's pension fund has fared well in recent years despite the latest massive losses caused by the collapse of the asset-backed commercial paper market, said the former head of the Caisse de dépôt et placement du Québec.

"Quebecers can still have every reason to be proud of the Caisse," said Henri-Paul Rousseau in his opening statement Tuesday at a parliamentary commission probing the pension fund's staggering $40 billion losses last year.

U.S. Fed takes gloomier outlook on economic recovery

The U.S. central bank cut its outlook for America's economic recovery, according to a shorthand transcript of the central bank's latest meetings released Wednesday.

The Federal Open Market Committee, the group within the Federal Reserve that makes interest rate decisions, now believes that the U.S. economy will contract by between 1.3 per cent and two per cent in 2009.

The new bank thinking was contained in minutes of the FOMC meetings of April 28-29 which were released publicly this week.

U.S. Fed takes gloomier outlook on economic recovery

The U.S. central bank cut its outlook for America's economic recovery, according to a shorthand transcript of the central bank's latest meetings released Wednesday.

The Federal Open Market Committee, the group within the Federal Reserve that makes interest rate decisions, now believes that the U.S. economy will contract by between 1.3 per cent and two per cent in 2009.

The new bank thinking was contained in minutes of the FOMC meetings of April 28-29 which were released publicly this week.

U.S. Fed takes gloomier outlook on economic recovery

The U.S. central bank cut its outlook for America's economic recovery, according to a shorthand transcript of the central bank's latest meetings released Wednesday.

The Federal Open Market Committee, the group within the Federal Reserve that makes interest rate decisions, now believes that the U.S. economy will contract by between 1.3 per cent and two per cent in 2009.

The new bank thinking was contained in minutes of the FOMC meetings of April 28-29 which were released publicly this week.

Former Quebec pension fund boss roasted at hearing probing losses

Quebec's pension fund has fared well in recent years despite the latest massive losses caused by the collapse of the asset-backed commercial paper market, said the former head of the Caisse de dépôt et placement du Québec.

"Quebecers can still have every reason to be proud of the Caisse," said Henri-Paul Rousseau in his opening statement Tuesday at a parliamentary commission probing the pension fund's staggering $40 billion losses last year.

U.S. Fed takes gloomier outlook on economic recovery

The U.S. central bank cut its outlook for America's economic recovery, according to a shorthand transcript of the central bank's latest meetings released Wednesday.

The Federal Open Market Committee, the group within the Federal Reserve that makes interest rate decisions, now believes that the U.S. economy will contract by between 1.3 per cent and two per cent in 2009.

The new bank thinking was contained in minutes of the FOMC meetings of April 28-29 which were released publicly this week.

Telus offers buyouts to trim 300 positions

About 1,200 Telus employees in Alberta and British Columbia have been offered buyout packages in the last 48 hours.

The company hopes to eliminate 300 positions through voluntary buyouts, as part of a wider plan to cut 1,500 total jobs this year because of the slow economy and declining revenue in its traditional phone business, said spokesman Shawn Hall.

Hall said some of the positions being eliminated will be moved overseas.

Telus offers buyouts to trim 300 positions

About 1,200 Telus employees in Alberta and British Columbia have been offered buyout packages in the last 48 hours.

The company hopes to eliminate 300 positions through voluntary buyouts, as part of a wider plan to cut 1,500 total jobs this year because of the slow economy and declining revenue in its traditional phone business, said spokesman Shawn Hall.

Hall said some of the positions being eliminated will be moved overseas.

Telus offers buyouts to trim 300 positions

About 1,200 Telus employees in Alberta and British Columbia have been offered buyout packages in the last 48 hours.

The company hopes to eliminate 300 positions through voluntary buyouts, as part of a wider plan to cut 1,500 total jobs this year because of the slow economy and declining revenue in its traditional phone business, said spokesman Shawn Hall.

Hall said some of the positions being eliminated will be moved overseas.

Money manager rejects Petro-Canada, Suncor merger

A Montreal-based investment manager says it will vote against the merger of Suncor and Petro-Canada because the deal "overvalues Suncor and undervalues Petro-Canada."

Letko Brosseau & Associates manages portfolios that hold about 10.4 million Petro-Canada shares, or about two per cent of shares outstanding.

Petro-Canada and Suncor said on March 23 that they would merge, with Petro-Canada shareholders getting a 38 per cent stake in the combined company.

Friday drop adds to losing week on markets

Track of the TSX composite over a monthNorth American markets took a beating this week, with the TSX falling more than the leading U.S. markets.

Ottawa says money for lobster fishermen would violate trade pact

Federal Fisheries Minister Gail Shea says providing Maritimes lobster fishermen with subsidies in this time of low prices would violate Canada's trade agreement with the United States.

Instead, Shea said, the industry needs to be revamped to include more efforts in publicity and marketing of Atlantic lobster.

“It’s a supply-and-demand market, right?” Shea told CBC News on Saturday. “So you either have to increase the demand or decrease the supply. They have to match to get the maximum price for your product.”

Ottawa says money for lobster fishermen would violate trade pact

Federal Fisheries Minister Gail Shea says providing Maritimes lobster fishermen with subsidies in this time of low prices would violate Canada's trade agreement with the United States.

Instead, Shea said, the industry needs to be revamped to include more efforts in publicity and marketing of Atlantic lobster.

“It’s a supply-and-demand market, right?” Shea told CBC News on Saturday. “So you either have to increase the demand or decrease the supply. They have to match to get the maximum price for your product.”

GM, CAW remain far apart, Lewenza says

Talks between General Motors and the Canadian Auto Workers union continued, but a deal was unlikely on Saturday, CAW president Ken Lewenza said.

Negotiations picked up again at a downtown Toronto hotel after a Friday midnight deadline passed without an agreement on cost concessions.

Both sides remain far apart, Lewenza told CBC News on Saturday evening.

Both the federal and Ontario governments are demanding that GM drastically cut costs to be eligible for billions of dollars in aid. In February, GM asked for $6 billion in loans from the two governments.

GM, CAW remain far apart, Lewenza says

Talks between General Motors and the Canadian Auto Workers union continued, but a deal was unlikely on Saturday, CAW president Ken Lewenza said.

Negotiations picked up again at a downtown Toronto hotel after a Friday midnight deadline passed without an agreement on cost concessions.

Both sides remain far apart, Lewenza told CBC News on Saturday evening.

Both the federal and Ontario governments are demanding that GM drastically cut costs to be eligible for billions of dollars in aid. In February, GM asked for $6 billion in loans from the two governments.

Friday drop adds to losing week on markets

Track of the TSX composite over a monthNorth American markets took a beating this week, with the TSX falling more than the leading U.S. markets.

Friday drop adds to losing week on markets

Track of the TSX composite over a monthNorth American markets took a beating this week, with the TSX falling more than the leading U.S. markets.

Ottawa says money for lobster fishermen would violate trade pact

Federal Fisheries Minister Gail Shea says providing Maritimes lobster fishermen with subsidies in this time of low prices would violate Canada's trade agreement with the United States.

Instead, Shea said, the industry needs to be revamped to include more efforts in publicity and marketing of Atlantic lobster.

“It’s a supply-and-demand market, right?” Shea told CBC News on Saturday. “So you either have to increase the demand or decrease the supply. They have to match to get the maximum price for your product.”

Ottawa says money for lobster fishermen would violate trade pact

Federal Fisheries Minister Gail Shea says providing Maritimes lobster fishermen with subsidies in this time of low prices would violate Canada's trade agreement with the United States.

Instead, Shea said, the industry needs to be revamped to include more efforts in publicity and marketing of Atlantic lobster.

“It’s a supply-and-demand market, right?” Shea told CBC News on Saturday. “So you either have to increase the demand or decrease the supply. They have to match to get the maximum price for your product.”

Ottawa says money for lobster fishermen would violate trade pact

Federal Fisheries Minister Gail Shea says providing Maritimes lobster fishermen with subsidies in this time of low prices would violate Canada's trade agreement with the United States.

Instead, Shea said, the industry needs to be revamped to include more efforts in publicity and marketing of Atlantic lobster.

“It’s a supply-and-demand market, right?” Shea told CBC News on Saturday. “So you either have to increase the demand or decrease the supply. They have to match to get the maximum price for your product.”

Funding announced for forestry communities but union demands more assurances

Just as the federal government announced Friday that cash was starting to flow to hard-hit communities dependent on forestry, Canada's largest forestry union launched a campaign denouncing the government for failing those communities.

"The Harper government has clearly blown off forest communities," Dave Coles, president of the Communications, Energy and Paperworkers Union (CEP), said in a news release.

The union wants the federal government to make loan guarantees to stop permanent mill closures and take steps to protect jobs and pensions.

Funding announced for forestry communities but union demands more assurances

Just as the federal government announced Friday that cash was starting to flow to hard-hit communities dependent on forestry, Canada's largest forestry union launched a campaign denouncing the government for failing those communities.

"The Harper government has clearly blown off forest communities," Dave Coles, president of the Communications, Energy and Paperworkers Union (CEP), said in a news release.

The union wants the federal government to make loan guarantees to stop permanent mill closures and take steps to protect jobs and pensions.

Funding announced for forestry communities but union demands more assurances

Just as the federal government announced Friday that cash was starting to flow to hard-hit communities dependent on forestry, Canada's largest forestry union launched a campaign denouncing the government for failing those communities.

"The Harper government has clearly blown off forest communities," Dave Coles, president of the Communications, Energy and Paperworkers Union (CEP), said in a news release.

The union wants the federal government to make loan guarantees to stop permanent mill closures and take steps to protect jobs and pensions.

Ottawa says money for lobster fishermen would violate trade pact

Federal Fisheries Minister Gail Shea says providing Maritimes lobster fishermen with subsidies in this time of low prices would violate Canada's trade agreement with the United States.

Instead, Shea said, the industry needs to be revamped to include more efforts in publicity and marketing of Atlantic lobster.

“It’s a supply-and-demand market, right?” Shea told CBC News on Saturday. “So you either have to increase the demand or decrease the supply. They have to match to get the maximum price for your product.”

Ottawa says money for lobster fishermen would violate trade pact

Federal Fisheries Minister Gail Shea says providing Maritimes lobster fishermen with subsidies in this time of low prices would violate Canada's trade agreement with the United States.

Instead, Shea said, the industry needs to be revamped to include more efforts in publicity and marketing of Atlantic lobster.

“It’s a supply-and-demand market, right?” Shea told CBC News on Saturday. “So you either have to increase the demand or decrease the supply. They have to match to get the maximum price for your product.”

Funding announced for forestry communities but union demands more assurances

Just as the federal government announced Friday that cash was starting to flow to hard-hit communities dependent on forestry, Canada's largest forestry union launched a campaign denouncing the government for failing those communities.

"The Harper government has clearly blown off forest communities," Dave Coles, president of the Communications, Energy and Paperworkers Union (CEP), said in a news release.

The union wants the federal government to make loan guarantees to stop permanent mill closures and take steps to protect jobs and pensions.

Funding announced for forestry communities but union demands more assurances

Just as the federal government announced Friday that cash was starting to flow to hard-hit communities dependent on forestry, Canada's largest forestry union launched a campaign denouncing the government for failing those communities.

"The Harper government has clearly blown off forest communities," Dave Coles, president of the Communications, Energy and Paperworkers Union (CEP), said in a news release.

The union wants the federal government to make loan guarantees to stop permanent mill closures and take steps to protect jobs and pensions.

Friday drop adds to losing week on markets

Track of the TSX composite over a monthNorth American markets took a beating this week, with the TSX falling more than the leading U.S. markets.

Funding announced for forestry communities but union demands more assurances

Just as the federal government announced Friday that cash was starting to flow to hard-hit communities dependent on forestry, Canada's largest forestry union launched a campaign denouncing the government for failing those communities.

"The Harper government has clearly blown off forest communities," Dave Coles, president of the Communications, Energy and Paperworkers Union (CEP), said in a news release.

The union wants the federal government to make loan guarantees to stop permanent mill closures and take steps to protect jobs and pensions.

Ottawa says money for lobster fishermen would violate trade pact

Federal Fisheries Minister Gail Shea says providing Maritimes lobster fishermen with subsidies in this time of low prices would violate Canada's trade agreement with the United States.

Instead, Shea said, the industry needs to be revamped to include more efforts in publicity and marketing of Atlantic lobster.

“It’s a supply-and-demand market, right?” Shea told CBC News on Saturday. “So you either have to increase the demand or decrease the supply. They have to match to get the maximum price for your product.”

Funding announced for forestry communities but union demands more assurances

Just as the federal government announced Friday that cash was starting to flow to hard-hit communities dependent on forestry, Canada's largest forestry union launched a campaign denouncing the government for failing those communities.

"The Harper government has clearly blown off forest communities," Dave Coles, president of the Communications, Energy and Paperworkers Union (CEP), said in a news release.

The union wants the federal government to make loan guarantees to stop permanent mill closures and take steps to protect jobs and pensions.

Funding announced for forestry communities but union demands more assurances

Just as the federal government announced Friday that cash was starting to flow to hard-hit communities dependent on forestry, Canada's largest forestry union launched a campaign denouncing the government for failing those communities.

"The Harper government has clearly blown off forest communities," Dave Coles, president of the Communications, Energy and Paperworkers Union (CEP), said in a news release.

The union wants the federal government to make loan guarantees to stop permanent mill closures and take steps to protect jobs and pensions.

GM, union resume negotiations

General Motors and the Canadian Auto Workers Union resumed their talks Monday in an effort to meet conditions that would qualify the company for government aid.

Union president Ken Lewenza described the mood as near despair Monday — three days after a government-imposed deadline for a deal had officially passed — because of the difficulties of meeting the conditions of so many stakeholders, including the federal, Ontario and U.S. governments.

Labrador miners breathe easier as Iron Ore Co. limits shutdown

The Iron Ore Company of Canada will not extend a summer shutdown, relieved workers were told Friday.(CBC)

GM, union resume negotiations

General Motors and the Canadian Auto Workers Union resumed their talks Monday in an effort to meet conditions that would qualify the company for government aid.

Union president Ken Lewenza described the mood as near despair Monday — three days after a government-imposed deadline for a deal had officially passed — because of the difficulties of meeting the conditions of so many stakeholders, including the federal, Ontario and U.S. governments.

GM, union resume negotiations

General Motors and the Canadian Auto Workers Union resumed their talks Monday in an effort to meet conditions that would qualify the company for government aid.

Union president Ken Lewenza described the mood as near despair Monday — three days after a government-imposed deadline for a deal had officially passed — because of the difficulties of meeting the conditions of so many stakeholders, including the federal, Ontario and U.S. governments.

GM, union resume negotiations

General Motors and the Canadian Auto Workers Union resumed their talks Monday in an effort to meet conditions that would qualify the company for government aid.

Union president Ken Lewenza described the mood as near despair Monday — three days after a government-imposed deadline for a deal had officially passed — because of the difficulties of meeting the conditions of so many stakeholders, including the federal, Ontario and U.S. governments.

Labrador miners breathe easier as Iron Ore Co. limits shutdown

The Iron Ore Company of Canada will not extend a summer shutdown, relieved workers were told Friday.(CBC)

GM tells 1,100 U.S. dealers they are being dropped

Roughly 1,100 General Motors dealers in the United States were to hear Friday if the troubled automaker won't be renewing their contracts.

The dealers were to be notified by phone or courier mail of the company's plans.

The notifications will come as GM struggles to meet a June 1 deadline to complete a restructuring plan to qualify for government financial aid.

GM CEO Fritz Henderson has said that a bankruptcy protection is possible, although the company has said it would prefer to revamp its operations without having to go down that route.

GM tells 1,100 U.S. dealers they are being dropped

Roughly 1,100 General Motors dealers in the United States were to hear Friday if the troubled automaker won't be renewing their contracts.

The dealers were to be notified by phone or courier mail of the company's plans.

The notifications will come as GM struggles to meet a June 1 deadline to complete a restructuring plan to qualify for government financial aid.

GM CEO Fritz Henderson has said that a bankruptcy protection is possible, although the company has said it would prefer to revamp its operations without having to go down that route.

GM, union resume negotiations

General Motors and the Canadian Auto Workers Union resumed their talks Monday in an effort to meet conditions that would qualify the company for government aid.

Union president Ken Lewenza described the mood as near despair Monday — three days after a government-imposed deadline for a deal had officially passed — because of the difficulties of meeting the conditions of so many stakeholders, including the federal, Ontario and U.S. governments.

GM, union resume negotiations

General Motors and the Canadian Auto Workers Union resumed their talks Monday in an effort to meet conditions that would qualify the company for government aid.

Union president Ken Lewenza described the mood as near despair Monday — three days after a government-imposed deadline for a deal had officially passed — because of the difficulties of meeting the conditions of so many stakeholders, including the federal, Ontario and U.S. governments.

Labrador miners breathe easier as Iron Ore Co. limits shutdown

The Iron Ore Company of Canada will not extend a summer shutdown, relieved workers were told Friday.(CBC)

Labrador miners breathe easier as Iron Ore Co. limits shutdown

The Iron Ore Company of Canada will not extend a summer shutdown, relieved workers were told Friday.(CBC)

GM tells 1,100 U.S. dealers they are being dropped

Roughly 1,100 General Motors dealers in the United States were to hear Friday if the troubled automaker won't be renewing their contracts.

The dealers were to be notified by phone or courier mail of the company's plans.

The notifications will come as GM struggles to meet a June 1 deadline to complete a restructuring plan to qualify for government financial aid.

GM CEO Fritz Henderson has said that a bankruptcy protection is possible, although the company has said it would prefer to revamp its operations without having to go down that route.

GM tells 1,100 U.S. dealers they are being dropped

Roughly 1,100 General Motors dealers in the United States were to hear Friday if the troubled automaker won't be renewing their contracts.

The dealers were to be notified by phone or courier mail of the company's plans.

The notifications will come as GM struggles to meet a June 1 deadline to complete a restructuring plan to qualify for government financial aid.

GM CEO Fritz Henderson has said that a bankruptcy protection is possible, although the company has said it would prefer to revamp its operations without having to go down that route.

GM, CAW adjourn talks until Monday

Talks between General Motors and the Canadian Auto Workers union will continue on Monday in an effort to reach a new agreement on cost concessions.

The two sides negotiated through the weekend at a downtown Toronto hotel after a government-imposed deadline of midnight Friday passed without a deal being struck.

CAW president Ken Lewenza said the federal and Ontario governments told them that talks could continue for a couple more days, providing they make progress.

GM, CAW adjourn talks until Monday

Talks between General Motors and the Canadian Auto Workers union will continue on Monday in an effort to reach a new agreement on cost concessions.

The two sides negotiated through the weekend at a downtown Toronto hotel after a government-imposed deadline of midnight Friday passed without a deal being struck.

CAW president Ken Lewenza said the federal and Ontario governments told them that talks could continue for a couple more days, providing they make progress.

GM, CAW adjourn talks until Monday

Talks between General Motors and the Canadian Auto Workers union will continue on Monday in an effort to reach a new agreement on cost concessions.

The two sides negotiated through the weekend at a downtown Toronto hotel after a government-imposed deadline of midnight Friday passed without a deal being struck.

CAW president Ken Lewenza said the federal and Ontario governments told them that talks could continue for a couple more days, providing they make progress.

GM, CAW adjourn talks until Monday

Talks between General Motors and the Canadian Auto Workers union will continue on Monday in an effort to reach a new agreement on cost concessions.

The two sides negotiated through the weekend at a downtown Toronto hotel after a government-imposed deadline of midnight Friday passed without a deal being struck.

CAW president Ken Lewenza said the federal and Ontario governments told them that talks could continue for a couple more days, providing they make progress.

GM, CAW adjourn talks until Monday

Talks between General Motors and the Canadian Auto Workers union will continue on Monday in an effort to reach a new agreement on cost concessions.

The two sides negotiated through the weekend at a downtown Toronto hotel after a government-imposed deadline of midnight Friday passed without a deal being struck.

CAW president Ken Lewenza said the federal and Ontario governments told them that talks could continue for a couple more days, providing they make progress.

GM, CAW adjourn talks until Monday

Talks between General Motors and the Canadian Auto Workers union will continue on Monday in an effort to reach a new agreement on cost concessions.

The two sides negotiated through the weekend at a downtown Toronto hotel after a government-imposed deadline of midnight Friday passed without a deal being struck.

CAW president Ken Lewenza said the federal and Ontario governments told them that talks could continue for a couple more days, providing they make progress.

GM tells 1,100 U.S. dealers they are being dropped

Roughly 1,100 General Motors dealers in the United States were to hear Friday if the troubled automaker won't be renewing their contracts.

The dealers were to be notified by phone or courier mail of the company's plans.

The notifications will come as GM struggles to meet a June 1 deadline to complete a restructuring plan to qualify for government financial aid.

GM CEO Fritz Henderson has said that a bankruptcy protection is possible, although the company has said it would prefer to revamp its operations without having to go down that route.

GM, CAW adjourn talks until Monday

Talks between General Motors and the Canadian Auto Workers union will continue on Monday in an effort to reach a new agreement on cost concessions.

The two sides negotiated through the weekend at a downtown Toronto hotel after a government-imposed deadline of midnight Friday passed without a deal being struck.

CAW president Ken Lewenza said the federal and Ontario governments told them that talks could continue for a couple more days, providing they make progress.

GM, CAW adjourn talks until Monday

Talks between General Motors and the Canadian Auto Workers union will continue on Monday in an effort to reach a new agreement on cost concessions.

The two sides negotiated through the weekend at a downtown Toronto hotel after a government-imposed deadline of midnight Friday passed without a deal being struck.

CAW president Ken Lewenza said the federal and Ontario governments told them that talks could continue for a couple more days, providing they make progress.

GM, CAW adjourn talks until Monday

Talks between General Motors and the Canadian Auto Workers union will continue on Monday in an effort to reach a new agreement on cost concessions.

The two sides negotiated through the weekend at a downtown Toronto hotel after a government-imposed deadline of midnight Friday passed without a deal being struck.

CAW president Ken Lewenza said the federal and Ontario governments told them that talks could continue for a couple more days, providing they make progress.

Pessimism the new norm for forest industry: PricewaterhouseCoopers

A large clamp machine moves logs at a sawmill in Grand Forks, B.C., in 2007. Lumber production in the B.C. Interior fell 31 per cent in 2008.(Jeff Bassett/Canadian Press)

Pfizer offers 70 free drugs like Lipitor, Viagra to jobless Americans

Americans who have lost their jobs and health insurance will be able to get free medications like Lipitor and Viagra for up to a year, the world's biggest research-based drug maker announced Thursday.

Pfizer Inc. said it will provide 70 of its medications to Americans who have lost their jobs since Jan. 1 and have been prescribed one of the company's drugs for at least three months.

"We all know people who have been laid off recently and have lost their health insurance, making it difficult for them to pay for health care," Dr. Jorge Puente, Pfizer's head of pharmaceuticals outside the U.S. and Europe, said in a release.

Board election fight shaping up at Forzani Group

Calgary-based sporting goods retailer Forzani Group Ltd. on Thursday urged shareholders to reject a minority shareholder's bid to get two nominees elected to the company's board of directors.

On Wednesday, Crescendo Partners, a New York-based investment company that owns 5.1 per cent of the Class A shares of Forzani, said it has nominated Barry Erdos, the chief executive officer of toy company FAO Schwarz, and David Sgro, a managing director at the fund, for election to Forzani's board.

Lobster fishery seeks eco-friendly label

The industry would need to be able to track lobster from the water to the retailer.(CBC)

With retailers around the world demanding fisheries products have a Marine Stewardship Council logo showing environmental sustainability, lobster fishermen on P.E.I. are realizing they can't afford not to have it.

Resale of homes strong in April: real estate association

Home sales in April rose 11.2 per cent from March, the Canadian Real Estate Association said Thursday.

Seasonally adjusted sales made through the Multiple Listing Service (MLS) rose to 34,838 units, the association said. The increase in resales is the largest month-to-month gain in more than five years, and the highest in seven months.

Prices are also rebounding, with the $306,366 average in April just 3.2 per cent below the pre-recession peak of $316,438 touched in April 2008.

Stock markets take huge hit as U.S. retail sales slide

North American stock markets went into a broad, deep sell-off on Wednesday following weak economic data out of the United States.

In Toronto, the S&P/TSX composite index was off 368 points, or 3.65 per cent, to close at 9,790 in afternoon trading. It was the first session in five in which Toronto's main index slipped below the 10,000 mark.

New York's Dow Jones Industrial Average fell by 2.18 per cent in Wednesday's session, or 184 points. That left the U.S. exchange at 8,284 points.

TSX regains some of Wednesday's losses

The TSX composite index over a month

9The TSX on Thursday clawed back about a third of the ground it lost in the sell-off Wednesday, leaving the benchmark composite index higher for the first time this week.

Canada added jobs in April: StatsCan

The unemployment rate held steady in April at eight per cent as overall employment grew by a surprising 35,900 jobs, Statistics Canada said Friday.

Economists had been projecting overall employment to drop by about 50,000 last month.

The Canadian dollar saw a big jump in the wake of the jobs report. The loonie jumped 1.69 cents to close at 86.98 cents US.

The rise in the number of people working was the result of an increase in self-employment, the federal government agency said. Self-employment rose by 37,000 in April, while there was little in public- and private-sector employment.

Agrium makes new offer for fertilizer rival CF Industries

Fertilizer company Agrium Inc. said Monday it has launched a new salvo in its fight to acquire smaller U.S. rival CF Industries Holdings Inc.

Confidence returning with offshore chopper flights: Hibernia president

Crews heading to Hibernia and other offshore oil fields have had to travel by supply ship since the Cougar chopper crash. (CBC)

EDC ready to guarantee $1B in domestic loans

Export Development Canada expects to back up to $1 billion worth of domestic business this year, the Crown corporation said Friday.

While it normally supports exporters, the 2009 federal budget gave Export Development Canada (EDC) a two-year mandate to aid domestic deals.

The corporation plans to fully guarantee some loans made by lenders to Canadian companies, which means the borrowers will not use up any of their allotment of credit from the lender.

New housing price index declined in March: StatsCan

Canada's new housing price index was down 2.4 per cent in March from March 2008, Statistics Canada reported Monday.

Stock up despite big loss at British bank

One of the banks largely owned by the British government reported a loss of nearly $1.5 billion Cdn on Friday — and shareholders cheered.

The Royal Bank of Scotland said it lost 857 million pounds in the first quarter, but the stock price jumped 14 per cent in trading in London.

Investors were pleased that the bank, owned 70.3 per cent by the British government after a bailout last fall, was candid about its problems.

"Trust is a big feature in the banking sector at the moment. Anything that reinforces trust is well received," said Keith Bowman at British stockbrokers Hargreaves Lansdown.

EDC ready to guarantee $1B in domestic loans

Export Development Canada expects to back up to $1 billion worth of domestic business this year, the Crown corporation said Friday.

While it normally supports exporters, the 2009 federal budget gave Export Development Canada (EDC) a two-year mandate to aid domestic deals.

The corporation plans to fully guarantee some loans made by lenders to Canadian companies, which means the borrowers will not use up any of their allotment of credit from the lender.

EDC ready to guarantee $1B in domestic loans

Export Development Canada expects to back up to $1 billion worth of domestic business this year, the Crown corporation said Friday.

While it normally supports exporters, the 2009 federal budget gave Export Development Canada (EDC) a two-year mandate to aid domestic deals.

The corporation plans to fully guarantee some loans made by lenders to Canadian companies, which means the borrowers will not use up any of their allotment of credit from the lender.

EDC ready to guarantee $1B in domestic loans

Export Development Canada expects to back up to $1 billion worth of domestic business this year, the Crown corporation said Friday.

While it normally supports exporters, the 2009 federal budget gave Export Development Canada (EDC) a two-year mandate to aid domestic deals.

The corporation plans to fully guarantee some loans made by lenders to Canadian companies, which means the borrowers will not use up any of their allotment of credit from the lender.

New housing price index declined in March: StatsCan

Canada's new housing price index was down 2.4 per cent in March from March 2008, Statistics Canada reported Monday.

New housing price index declined in March: StatsCan

Canada's new housing price index was down 2.4 per cent in March from March 2008, Statistics Canada reported Monday.

Stock up despite big loss at British bank

One of the banks largely owned by the British government reported a loss of nearly $1.5 billion Cdn on Friday — and shareholders cheered.

The Royal Bank of Scotland said it lost 857 million pounds in the first quarter, but the stock price jumped 14 per cent in trading in London.

Investors were pleased that the bank, owned 70.3 per cent by the British government after a bailout last fall, was candid about its problems.

"Trust is a big feature in the banking sector at the moment. Anything that reinforces trust is well received," said Keith Bowman at British stockbrokers Hargreaves Lansdown.

New housing price index declined in March: StatsCan

Canada's new housing price index was down 2.4 per cent in March from March 2008, Statistics Canada reported Monday.

Stock up despite big loss at British bank

One of the banks largely owned by the British government reported a loss of nearly $1.5 billion Cdn on Friday — and shareholders cheered.

The Royal Bank of Scotland said it lost 857 million pounds in the first quarter, but the stock price jumped 14 per cent in trading in London.

Investors were pleased that the bank, owned 70.3 per cent by the British government after a bailout last fall, was candid about its problems.

"Trust is a big feature in the banking sector at the moment. Anything that reinforces trust is well received," said Keith Bowman at British stockbrokers Hargreaves Lansdown.

Declining passenger traffic hits Air Canada bottom line in Q1

Air Canada B 3-month TSX chart

Falling passenger revenue helped send Air Canada to a wider loss in the first quarter, the airline said Friday.

Stock up despite big loss at British bank

One of the banks largely owned by the British government reported a loss of nearly $1.5 billion Cdn on Friday — and shareholders cheered.

The Royal Bank of Scotland said it lost 857 million pounds in the first quarter, but the stock price jumped 14 per cent in trading in London.

Investors were pleased that the bank, owned 70.3 per cent by the British government after a bailout last fall, was candid about its problems.

"Trust is a big feature in the banking sector at the moment. Anything that reinforces trust is well received," said Keith Bowman at British stockbrokers Hargreaves Lansdown.

Declining passenger traffic hits Air Canada bottom line in Q1

Air Canada B 3-month TSX chart

Falling passenger revenue helped send Air Canada to a wider loss in the first quarter, the airline said Friday.

Epcor to sell stock in power operation

The municipally owned water and power utility in Edmonton plans to sell investors a quarter of its energy arm.

Epcor Utilities Inc. said Friday that it will form a new unit to hold its power operations and initially sell a 25 per cent stake to the public. It may sell more later, the company said in a news release.

The new company, Capital Power Corp., will fund its growth through capital markets.

"Over the past 10 years, Epcor has grown from operating five power and water plants to more than 50, and both lines of business are continuing to develop growth opportunities that require significant capital," said Don Lowry, president and CEO.

Declining passenger traffic hits Air Canada bottom line in Q1

Air Canada B 3-month TSX chart

Falling passenger revenue helped send Air Canada to a wider loss in the first quarter, the airline said Friday.

Renowned Chai-Na-Ta ginseng farm in B.C. closes

Chai Na Ta's Kamloops operation officially closed up shop over the weekend after 28 years.(Courtesy of Chai Na Ta)

A farm in B.C.'s Okanagan that used to call itself the world's largest producer of ginseng is calling it quits in the face of low-cost competition from China.

Epcor to sell stock in power operation

The municipally owned water and power utility in Edmonton plans to sell investors a quarter of its energy arm.

Epcor Utilities Inc. said Friday that it will form a new unit to hold its power operations and initially sell a 25 per cent stake to the public. It may sell more later, the company said in a news release.

The new company, Capital Power Corp., will fund its growth through capital markets.

"Over the past 10 years, Epcor has grown from operating five power and water plants to more than 50, and both lines of business are continuing to develop growth opportunities that require significant capital," said Don Lowry, president and CEO.

Renowned Chai-Na-Ta ginseng farm in B.C. closes

Chai Na Ta's Kamloops operation officially closed up shop over the weekend after 28 years.(Courtesy of Chai Na Ta)

A farm in B.C.'s Okanagan that used to call itself the world's largest producer of ginseng is calling it quits in the face of low-cost competition from China.

Renowned Chai-Na-Ta ginseng farm in B.C. closes

Chai Na Ta's Kamloops operation officially closed up shop over the weekend after 28 years.(Courtesy of Chai Na Ta)

A farm in B.C.'s Okanagan that used to call itself the world's largest producer of ginseng is calling it quits in the face of low-cost competition from China.

Pixar plans new animation studio in Vancouver

Pixar, producers of the 2001 animated feature Monsters Inc., was attracted to Vancouver by tax incentives offered by the province.(Pixar)

Recession sinking crab industry, N.L. processors say

Seafood association executive director Derek Butler says the market for crab is depressed, and seafood producers simply cannot afford what fishermen want to charge. (CBC)