Wednesday, June 10, 2009

Air Canada reaches tentative deal with 3 unions

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

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

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

Air Canada reaches tentative deal with 3 unions

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

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

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

Air Canada reaches tentative deal with 3 unions

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

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

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

Air Canada reaches tentative deal with 3 unions

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

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

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

Housing starts rebound to top forecast in May

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

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

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

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

Housing starts rebound to top forecast in May

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

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

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

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

Housing starts rebound to top forecast in May

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

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

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

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

Housing starts rebound to top forecast in May

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

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

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

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

Housing starts rebound to top forecast in May

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

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

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

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

Housing starts rebound to top forecast in May

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

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

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

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

Housing starts rebound to top forecast in May

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

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

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

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

Housing starts rebound to top forecast in May

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

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

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

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

GM quits medium-duty truck business

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

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

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

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

GM quits medium-duty truck business

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

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

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

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

GM quits medium-duty truck business

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

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

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

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

GM quits medium-duty truck business

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

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

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

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

GM quits medium-duty truck business

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

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

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

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

GM quits medium-duty truck business

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

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

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

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

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

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

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

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

GM quits medium-duty truck business

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

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

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

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

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

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

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

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

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

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

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

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

GM quits medium-duty truck business

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

U.S. judge suspends Fiat takeover of Chrysler

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

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

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

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

U.S. judge suspends Fiat takeover of Chrysler

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

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

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

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

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

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

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

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

U.S. judge suspends Fiat takeover of Chrysler

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

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

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

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

U.S. judge suspends Fiat takeover of Chrysler

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

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

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

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

U.S. judge suspends Fiat takeover of Chrysler

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

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

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

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

U.S. judge suspends Fiat takeover of Chrysler

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

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

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

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

U.S. judge suspends Fiat takeover of Chrysler

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

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

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

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

U.S. judge suspends Fiat takeover of Chrysler

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

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

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

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

R.R. Donnelley ups bid for Quebecor World

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

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

Quebecor World is restructuring in creditor protection.

R.R. Donnelley ups bid for Quebecor World

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

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

Quebecor World is restructuring in creditor protection.

R.R. Donnelley ups bid for Quebecor World

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

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

Quebecor World is restructuring in creditor protection.

R.R. Donnelley ups bid for Quebecor World

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

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

Quebecor World is restructuring in creditor protection.

R.R. Donnelley ups bid for Quebecor World

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

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

Quebecor World is restructuring in creditor protection.

R.R. Donnelley ups bid for Quebecor World

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

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

Quebecor World is restructuring in creditor protection.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Sunday, June 7, 2009

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

No deal in sight for embattled N.L. shrimp industryFFAW president Earle McCurdy warns the long-term future of the shrimp industry is in peril.(CBC)

Insolvencies up 1.5% in April from March

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

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

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

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

Bank of Canada sounds warning over loonie's rise

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

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

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

Saturday, June 6, 2009

Insolvencies up 1.5% in April from March

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

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

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

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

Bank of Canada sounds warning over loonie's rise

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

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

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

Bank of Canada sounds warning over loonie's rise

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

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

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

Insolvencies up 1.5% in April from March

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

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

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

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

Insolvencies up 1.5% in April from March

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

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

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

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

Bank of Canada sounds warning over loonie's rise

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

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

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

Friday, June 5, 2009

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

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

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

Canadian car sales keep dropping, but analysts see a bottom

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

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

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

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

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

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

May load factor declines for WestJet

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

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

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

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

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

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

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

May load factor declines for WestJet

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

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

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

Canadian car sales keep dropping, but analysts see a bottom

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

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

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

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

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

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

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

Bombardier Q1 hit by weaker aircraft sector

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

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

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

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

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

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

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

Bombardier Q1 hit by weaker aircraft sector

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

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

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

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

Deal possible to solve N.L. shrimp impasse, minister says Fisheries Minister Tom Hedderson says he hopes processors and unionized fishermen can hammer out a deal to revive this year's shrimp season. (CBC)

Shareholders vote on Suncor, Petro-Canada merger

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

Separate votes are being held in Calgary.

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

Global consumers still lack confidence in economy: poll

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

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

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

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

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

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

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

Shareholders vote on Suncor, Petro-Canada merger

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

Separate votes are being held in Calgary.

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

Shareholders vote on Suncor, Petro-Canada merger

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

Separate votes are being held in Calgary.

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

Shareholders vote on Suncor, Petro-Canada merger

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

Separate votes are being held in Calgary.

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

Global consumers still lack confidence in economy: poll

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

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

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

Shareholders vote on Suncor, Petro-Canada merger

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

Separate votes are being held in Calgary.

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

Global consumers still lack confidence in economy: poll

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

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

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

Global consumers still lack confidence in economy: poll

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

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

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

Shareholders vote on Suncor, Petro-Canada merger

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

Separate votes are being held in Calgary.

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

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

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

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

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

Global consumers still lack confidence in economy: poll

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

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

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

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

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

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

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

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

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

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

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

Global consumers still lack confidence in economy: poll

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

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

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

Opel takeover to be done by September: Magna

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

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

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

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

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

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

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

Opel takeover to be done by September: Magna

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

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

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

Opel takeover to be done by September: Magna

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Opel takeover to be done by September: Magna

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

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

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

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

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

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

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

Management will call shots at GM, not government: Obama

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

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

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

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

Management will call shots at GM, not government: Obama

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

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

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

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

Management will call shots at GM, not government: Obama

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

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

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

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

Opel takeover to be done by September: Magna

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

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

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

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

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

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

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

Management will call shots at GM, not government: Obama

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

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

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

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

Household borrowing fell in 1st quarter, StatsCan says

Household borrowing fell in 1st quarter, StatsCan saysHousehold borrowing fell to $65 billion in the first quarter of 2009.(Jonathan Hayward/Canadian Press)

Household borrowing fell in 1st quarter, StatsCan says

Household borrowing fell in 1st quarter, StatsCan saysHousehold borrowing fell to $65 billion in the first quarter of 2009.(Jonathan Hayward/Canadian Press)

Household borrowing fell in 1st quarter, StatsCan says

Household borrowing fell in 1st quarter, StatsCan saysHousehold borrowing fell to $65 billion in the first quarter of 2009.(Jonathan Hayward/Canadian Press)

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

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

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

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

Management will call shots at GM, not government: Obama

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

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

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

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

Household borrowing fell in 1st quarter, StatsCan says

Household borrowing fell in 1st quarter, StatsCan saysHousehold borrowing fell to $65 billion in the first quarter of 2009.(Jonathan Hayward/Canadian Press)

Thursday, June 4, 2009

Car giant GM files for bankruptcy protection

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

Canadian companies sell more bonds, borrow less cash in Q1

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

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

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

Car giant GM files for bankruptcy protection

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

Car giant GM files for bankruptcy protection

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

Canadian companies sell more bonds, borrow less cash in Q1

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

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

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

Q1 GDP decline worst since 1991

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

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

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

Q1 GDP decline worst since 1991

Q1 GDP decline worst since 1991

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

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

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

Q1 GDP decline worst since 1991

Canada's industrial prices slump on soaring currency

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

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

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

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

Canada's industrial prices slump on soaring currency

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

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

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

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

Q1 GDP decline worst since 1991

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

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

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

Q1 GDP decline worst since 1991

Canada's industrial prices slump on soaring currency

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Wednesday, June 3, 2009

Canada, Ontario commit $10.5B to revamped GM

Canada, Ontario commit $10.5B to revamped GMPrime Minister Stephen Harper, right, and Ontario Premier Dalton McGuinty shake hands after addressing a news conference in Toronto Monday. (Darren Calabrese/Canadian Press)

Canada, Ontario commit $10.5B to revamped GM

Canada, Ontario commit $10.5B to revamped GMPrime Minister Stephen Harper, right, and Ontario Premier Dalton McGuinty shake hands after addressing a news conference in Toronto Monday. (Darren Calabrese/Canadian Press)

Tuesday, June 2, 2009

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

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

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

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

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

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

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

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

Canadian dollar rises against U.S. currency

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

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

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

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

Canadian dollar rises against U.S. currency

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

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

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

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

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

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

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

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

Linamar says exposure to GM is limited

Linamar says exposure to GM is limitedLinamar 3-month TSX chart

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

Linamar says exposure to GM is limited

Linamar says exposure to GM is limitedLinamar 3-month TSX chart

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

Linamar says exposure to GM is limited

Linamar says exposure to GM is limitedLinamar 3-month TSX chart

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

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

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

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

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

Linamar says exposure to GM is limited

Linamar says exposure to GM is limitedLinamar 3-month TSX chart

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

Linamar says exposure to GM is limited

Linamar says exposure to GM is limitedLinamar 3-month TSX chart

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