tag:blogger.com,1999:blog-10917177156452706362012-01-16T04:22:23.933-08:00Extended news blog. Politics, Economics, Bussines, Breaking News.Thaddeus Warcholnoreply@blogger.comBlogger31081100tag:blogger.com,1999:blog-1091717715645270636.post-10408641585737782422009-06-10T07:35:00.063-07:002009-06-10T07:35:31.078-07:00<p>Air Canada said late Monday that it has reached tentative deals on pension funding moratorium and collective agreement extension with three of its unions.</p><p>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. </p><p>Collectively, they represent 16,500 employees or more than 60 per cent of its unionized workforce in Canada.</p><a name='more'></a><p>The pension deal calls for a 21-month moratorium on pension funding, the company said. The agreement is subject to a number of terms and conditions, including Air Canada obtaining new financing and each union being granted an equity stake in the company.</p><p>The three unions also agreed to extend or renew the terms and conditions of their collective agreements for a period of 21 months from the expiry of their current agreements in 2009.</p><p>"These agreements with three of our unions represent an important milestone in providing stability for our company during this challenging period," Air Canada president and chief executive Calin Rovinescu said in the release.</p><p>"The pension funding solution and labour stability are key conditions precedent to obtaining critical new financing for the Company," he said. "While we continue to see very difficult credit markets during this deep recession, we are in discussions with several potential lenders who are assessing our financing needs."</p><p>Earlier this month, Finance Minister Jim Flaherty appointed former Ontario judge James Farley to mediate between Air Canada and its unions and retirees over the carrier's proposal to halt its pension contributions until early 2011.</p><p>There have been reports that Air Canada might have to seek bankruptcy protection for the second time this decade unless it can reduce costs, including delaying large pension payments due in July and August.</p><p>The Air Canada Pilots Association and the Canadian Union of Public Employees, representing flight attendants, were not part of Monday's announcement, Air Canada said.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-1040864158573778242?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com1tag:blogger.com,1999:blog-1091717715645270636.post-66447819156270601382009-06-10T07:35:00.061-07:002009-06-10T07:35:29.893-07:00<p>Air Canada said late Monday that it has reached tentative deals on pension funding moratorium and collective agreement extension with three of its unions.</p><p>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. </p><p>Collectively, they represent 16,500 employees or more than 60 per cent of its unionized workforce in Canada.</p><a name='more'></a><p>The pension deal calls for a 21-month moratorium on pension funding, the company said. The agreement is subject to a number of terms and conditions, including Air Canada obtaining new financing and each union being granted an equity stake in the company.</p><p>The three unions also agreed to extend or renew the terms and conditions of their collective agreements for a period of 21 months from the expiry of their current agreements in 2009.</p><p>"These agreements with three of our unions represent an important milestone in providing stability for our company during this challenging period," Air Canada president and chief executive Calin Rovinescu said in the release.</p><p>"The pension funding solution and labour stability are key conditions precedent to obtaining critical new financing for the Company," he said. "While we continue to see very difficult credit markets during this deep recession, we are in discussions with several potential lenders who are assessing our financing needs."</p><p>Earlier this month, Finance Minister Jim Flaherty appointed former Ontario judge James Farley to mediate between Air Canada and its unions and retirees over the carrier's proposal to halt its pension contributions until early 2011.</p><p>There have been reports that Air Canada might have to seek bankruptcy protection for the second time this decade unless it can reduce costs, including delaying large pension payments due in July and August.</p><p>The Air Canada Pilots Association and the Canadian Union of Public Employees, representing flight attendants, were not part of Monday's announcement, Air Canada said.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-6644781915627060138?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-16174219882814630592009-06-10T07:35:00.059-07:002009-06-10T07:35:29.795-07:00<p>Air Canada said late Monday that it has reached tentative deals on pension funding moratorium and collective agreement extension with three of its unions.</p><p>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. </p><p>Collectively, they represent 16,500 employees or more than 60 per cent of its unionized workforce in Canada.</p><a name='more'></a><p>The pension deal calls for a 21-month moratorium on pension funding, the company said. The agreement is subject to a number of terms and conditions, including Air Canada obtaining new financing and each union being granted an equity stake in the company.</p><p>The three unions also agreed to extend or renew the terms and conditions of their collective agreements for a period of 21 months from the expiry of their current agreements in 2009.</p><p>"These agreements with three of our unions represent an important milestone in providing stability for our company during this challenging period," Air Canada president and chief executive Calin Rovinescu said in the release.</p><p>"The pension funding solution and labour stability are key conditions precedent to obtaining critical new financing for the Company," he said. "While we continue to see very difficult credit markets during this deep recession, we are in discussions with several potential lenders who are assessing our financing needs."</p><p>Earlier this month, Finance Minister Jim Flaherty appointed former Ontario judge James Farley to mediate between Air Canada and its unions and retirees over the carrier's proposal to halt its pension contributions until early 2011.</p><p>There have been reports that Air Canada might have to seek bankruptcy protection for the second time this decade unless it can reduce costs, including delaying large pension payments due in July and August.</p><p>The Air Canada Pilots Association and the Canadian Union of Public Employees, representing flight attendants, were not part of Monday's announcement, Air Canada said.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-1617421988281463059?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-66586976824337702072009-06-10T07:35:00.057-07:002009-06-10T07:35:29.572-07:00<p>Air Canada said late Monday that it has reached tentative deals on pension funding moratorium and collective agreement extension with three of its unions.</p><p>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. </p><p>Collectively, they represent 16,500 employees or more than 60 per cent of its unionized workforce in Canada.</p><a name='more'></a><p>The pension deal calls for a 21-month moratorium on pension funding, the company said. The agreement is subject to a number of terms and conditions, including Air Canada obtaining new financing and each union being granted an equity stake in the company.</p><p>The three unions also agreed to extend or renew the terms and conditions of their collective agreements for a period of 21 months from the expiry of their current agreements in 2009.</p><p>"These agreements with three of our unions represent an important milestone in providing stability for our company during this challenging period," Air Canada president and chief executive Calin Rovinescu said in the release.</p><p>"The pension funding solution and labour stability are key conditions precedent to obtaining critical new financing for the Company," he said. "While we continue to see very difficult credit markets during this deep recession, we are in discussions with several potential lenders who are assessing our financing needs."</p><p>Earlier this month, Finance Minister Jim Flaherty appointed former Ontario judge James Farley to mediate between Air Canada and its unions and retirees over the carrier's proposal to halt its pension contributions until early 2011.</p><p>There have been reports that Air Canada might have to seek bankruptcy protection for the second time this decade unless it can reduce costs, including delaying large pension payments due in July and August.</p><p>The Air Canada Pilots Association and the Canadian Union of Public Employees, representing flight attendants, were not part of Monday's announcement, Air Canada said.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-6658697682433770207?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-55896175810644932652009-06-10T07:35:00.055-07:002009-06-10T07:35:26.366-07:00<p>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.</p><p>That was ahead of the 126,000 annualized rate that economists had forecast.</p><p>In April, the seasonally adjusted annualized rate was 117,600.</p><p>"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.</p><a name='more'></a><p>"Nation-wide homebuilding activity recorded its first broadly based increase since October 2008, both in terms of unit types (singles and multiples) and regions of the country," he said.</p><p>The federal government agency said urban single-home starts increased by 11.1 per cent to 46,900 units last month, while urban multiple-units starts, such as condominiums, rose by a similar percentage to 60,900.</p><p>May's seasonally adjusted annual rate of urban starts increased 22.0 per cent in Ontario, 16.8 per cent in the Prairies, 7.3 per cent in Atlantic Canada, and 3.3 per cent in Quebec. Urban starts declined 5.0 per cent in British Columbia.</p><p>Showing how much housing has retreated since last year, the overall seasonally adjusted, annualized rate of construction starts stood at 221,300 units in May 2008.</p><p>CMHC said housing starts are expected to improve throughout 2009 and over the next several years "to gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year."</p><p>Gauthier said starts are expected to remain around 120,000 on average through the remainder of this year.</p><p>"The good news part [in that forecast] is that homebuilding activity would cease to be a drag on economic growth and employment heading into next year," he said.</p><p>"The bad news part, assuming our forecast unfolds, is that we do not expect the level of starts to head back above 150,000 units before 2011."</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-5589617581064493265?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com1tag:blogger.com,1999:blog-1091717715645270636.post-77999054173089312102009-06-10T07:35:00.053-07:002009-06-10T07:35:26.245-07:00<p>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.</p><p>That was ahead of the 126,000 annualized rate that economists had forecast.</p><p>In April, the seasonally adjusted annualized rate was 117,600.</p><p>"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.</p><a name='more'></a><p>"Nation-wide homebuilding activity recorded its first broadly based increase since October 2008, both in terms of unit types (singles and multiples) and regions of the country," he said.</p><p>The federal government agency said urban single-home starts increased by 11.1 per cent to 46,900 units last month, while urban multiple-units starts, such as condominiums, rose by a similar percentage to 60,900.</p><p>May's seasonally adjusted annual rate of urban starts increased 22.0 per cent in Ontario, 16.8 per cent in the Prairies, 7.3 per cent in Atlantic Canada, and 3.3 per cent in Quebec. Urban starts declined 5.0 per cent in British Columbia.</p><p>Showing how much housing has retreated since last year, the overall seasonally adjusted, annualized rate of construction starts stood at 221,300 units in May 2008.</p><p>CMHC said housing starts are expected to improve throughout 2009 and over the next several years "to gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year."</p><p>Gauthier said starts are expected to remain around 120,000 on average through the remainder of this year.</p><p>"The good news part [in that forecast] is that homebuilding activity would cease to be a drag on economic growth and employment heading into next year," he said.</p><p>"The bad news part, assuming our forecast unfolds, is that we do not expect the level of starts to head back above 150,000 units before 2011."</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-7799905417308931210?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-29580800469139208882009-06-10T07:35:00.051-07:002009-06-10T07:35:25.411-07:00<p>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.</p><p>That was ahead of the 126,000 annualized rate that economists had forecast.</p><p>In April, the seasonally adjusted annualized rate was 117,600.</p><p>"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.</p><a name='more'></a><p>"Nation-wide homebuilding activity recorded its first broadly based increase since October 2008, both in terms of unit types (singles and multiples) and regions of the country," he said.</p><p>The federal government agency said urban single-home starts increased by 11.1 per cent to 46,900 units last month, while urban multiple-units starts, such as condominiums, rose by a similar percentage to 60,900.</p><p>May's seasonally adjusted annual rate of urban starts increased 22.0 per cent in Ontario, 16.8 per cent in the Prairies, 7.3 per cent in Atlantic Canada, and 3.3 per cent in Quebec. Urban starts declined 5.0 per cent in British Columbia.</p><p>Showing how much housing has retreated since last year, the overall seasonally adjusted, annualized rate of construction starts stood at 221,300 units in May 2008.</p><p>CMHC said housing starts are expected to improve throughout 2009 and over the next several years "to gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year."</p><p>Gauthier said starts are expected to remain around 120,000 on average through the remainder of this year.</p><p>"The good news part [in that forecast] is that homebuilding activity would cease to be a drag on economic growth and employment heading into next year," he said.</p><p>"The bad news part, assuming our forecast unfolds, is that we do not expect the level of starts to head back above 150,000 units before 2011."</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-2958080046913920888?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-43543521056222876472009-06-10T07:35:00.049-07:002009-06-10T07:35:25.098-07:00<p>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.</p><p>That was ahead of the 126,000 annualized rate that economists had forecast.</p><p>In April, the seasonally adjusted annualized rate was 117,600.</p><p>"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.</p><a name='more'></a><p>"Nation-wide homebuilding activity recorded its first broadly based increase since October 2008, both in terms of unit types (singles and multiples) and regions of the country," he said.</p><p>The federal government agency said urban single-home starts increased by 11.1 per cent to 46,900 units last month, while urban multiple-units starts, such as condominiums, rose by a similar percentage to 60,900.</p><p>May's seasonally adjusted annual rate of urban starts increased 22.0 per cent in Ontario, 16.8 per cent in the Prairies, 7.3 per cent in Atlantic Canada, and 3.3 per cent in Quebec. Urban starts declined 5.0 per cent in British Columbia.</p><p>Showing how much housing has retreated since last year, the overall seasonally adjusted, annualized rate of construction starts stood at 221,300 units in May 2008.</p><p>CMHC said housing starts are expected to improve throughout 2009 and over the next several years "to gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year."</p><p>Gauthier said starts are expected to remain around 120,000 on average through the remainder of this year.</p><p>"The good news part [in that forecast] is that homebuilding activity would cease to be a drag on economic growth and employment heading into next year," he said.</p><p>"The bad news part, assuming our forecast unfolds, is that we do not expect the level of starts to head back above 150,000 units before 2011."</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-4354352105622287647?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-12388478509650769432009-06-10T07:35:00.047-07:002009-06-10T07:35:22.388-07:00<p>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.</p><p>That was ahead of the 126,000 annualized rate that economists had forecast.</p><p>In April, the seasonally adjusted annualized rate was 117,600.</p><p>"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.</p><a name='more'></a><p>"Nation-wide homebuilding activity recorded its first broadly based increase since October 2008, both in terms of unit types (singles and multiples) and regions of the country," he said.</p><p>The federal government agency said urban single-home starts increased by 11.1 per cent to 46,900 units last month, while urban multiple-units starts, such as condominiums, rose by a similar percentage to 60,900.</p><p>May's seasonally adjusted annual rate of urban starts increased 22.0 per cent in Ontario, 16.8 per cent in the Prairies, 7.3 per cent in Atlantic Canada, and 3.3 per cent in Quebec. Urban starts declined 5.0 per cent in British Columbia.</p><p>Showing how much housing has retreated since last year, the overall seasonally adjusted, annualized rate of construction starts stood at 221,300 units in May 2008.</p><p>CMHC said housing starts are expected to improve throughout 2009 and over the next several years "to gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year."</p><p>Gauthier said starts are expected to remain around 120,000 on average through the remainder of this year.</p><p>"The good news part [in that forecast] is that homebuilding activity would cease to be a drag on economic growth and employment heading into next year," he said.</p><p>"The bad news part, assuming our forecast unfolds, is that we do not expect the level of starts to head back above 150,000 units before 2011."</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-1238847850965076943?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-4098193806298733842009-06-10T07:35:00.045-07:002009-06-10T07:35:21.885-07:00<p>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.</p><p>That was ahead of the 126,000 annualized rate that economists had forecast.</p><p>In April, the seasonally adjusted annualized rate was 117,600.</p><p>"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.</p><a name='more'></a><p>"Nation-wide homebuilding activity recorded its first broadly based increase since October 2008, both in terms of unit types (singles and multiples) and regions of the country," he said.</p><p>The federal government agency said urban single-home starts increased by 11.1 per cent to 46,900 units last month, while urban multiple-units starts, such as condominiums, rose by a similar percentage to 60,900.</p><p>May's seasonally adjusted annual rate of urban starts increased 22.0 per cent in Ontario, 16.8 per cent in the Prairies, 7.3 per cent in Atlantic Canada, and 3.3 per cent in Quebec. Urban starts declined 5.0 per cent in British Columbia.</p><p>Showing how much housing has retreated since last year, the overall seasonally adjusted, annualized rate of construction starts stood at 221,300 units in May 2008.</p><p>CMHC said housing starts are expected to improve throughout 2009 and over the next several years "to gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year."</p><p>Gauthier said starts are expected to remain around 120,000 on average through the remainder of this year.</p><p>"The good news part [in that forecast] is that homebuilding activity would cease to be a drag on economic growth and employment heading into next year," he said.</p><p>"The bad news part, assuming our forecast unfolds, is that we do not expect the level of starts to head back above 150,000 units before 2011."</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-409819380629873384?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-43671384839080148012009-06-10T07:35:00.043-07:002009-06-10T07:35:21.513-07:00<p>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.</p><p>That was ahead of the 126,000 annualized rate that economists had forecast.</p><p>In April, the seasonally adjusted annualized rate was 117,600.</p><p>"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.</p><a name='more'></a><p>"Nation-wide homebuilding activity recorded its first broadly based increase since October 2008, both in terms of unit types (singles and multiples) and regions of the country," he said.</p><p>The federal government agency said urban single-home starts increased by 11.1 per cent to 46,900 units last month, while urban multiple-units starts, such as condominiums, rose by a similar percentage to 60,900.</p><p>May's seasonally adjusted annual rate of urban starts increased 22.0 per cent in Ontario, 16.8 per cent in the Prairies, 7.3 per cent in Atlantic Canada, and 3.3 per cent in Quebec. Urban starts declined 5.0 per cent in British Columbia.</p><p>Showing how much housing has retreated since last year, the overall seasonally adjusted, annualized rate of construction starts stood at 221,300 units in May 2008.</p><p>CMHC said housing starts are expected to improve throughout 2009 and over the next several years "to gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year."</p><p>Gauthier said starts are expected to remain around 120,000 on average through the remainder of this year.</p><p>"The good news part [in that forecast] is that homebuilding activity would cease to be a drag on economic growth and employment heading into next year," he said.</p><p>"The bad news part, assuming our forecast unfolds, is that we do not expect the level of starts to head back above 150,000 units before 2011."</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-4367138483908014801?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-65909837551848055392009-06-10T07:35:00.041-07:002009-06-10T07:35:20.137-07:00<p>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.</p><p>That was ahead of the 126,000 annualized rate that economists had forecast.</p><p>In April, the seasonally adjusted annualized rate was 117,600.</p><p>"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.</p><a name='more'></a><p>"Nation-wide homebuilding activity recorded its first broadly based increase since October 2008, both in terms of unit types (singles and multiples) and regions of the country," he said.</p><p>The federal government agency said urban single-home starts increased by 11.1 per cent to 46,900 units last month, while urban multiple-units starts, such as condominiums, rose by a similar percentage to 60,900.</p><p>May's seasonally adjusted annual rate of urban starts increased 22.0 per cent in Ontario, 16.8 per cent in the Prairies, 7.3 per cent in Atlantic Canada, and 3.3 per cent in Quebec. Urban starts declined 5.0 per cent in British Columbia.</p><p>Showing how much housing has retreated since last year, the overall seasonally adjusted, annualized rate of construction starts stood at 221,300 units in May 2008.</p><p>CMHC said housing starts are expected to improve throughout 2009 and over the next several years "to gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year."</p><p>Gauthier said starts are expected to remain around 120,000 on average through the remainder of this year.</p><p>"The good news part [in that forecast] is that homebuilding activity would cease to be a drag on economic growth and employment heading into next year," he said.</p><p>"The bad news part, assuming our forecast unfolds, is that we do not expect the level of starts to head back above 150,000 units before 2011."</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-6590983755184805539?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-58123856986867521782009-06-10T07:35:00.039-07:002009-06-10T07:35:19.028-07:00<p>General Motors Corp. said Monday that it's getting out of the medium-duty truck business.</p><p>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.</p><p>The company will work with dealers to sell vehicles still in inventory over the next 18 months, GM spokesman Jim Hopson said. </p><p>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.</p><a name='more'></a><p>The DMAX plant in Moraine, Ohio, a joint venture between GM and Isuzu, makes engines for the medium-duty trucks and other vehicles. The jobs of the 544 workers there are under review, GM said.</p><p>Hopson said sales of medium-duty trucks dropped 30 to 40 per cent in 2008 from 2007, and have fallen a similar percentage this year.</p><p>GM has been trying to find a buyer for the medium-duty truck business for four years, but couldn't close a deal.</p>With files from The Associated Press<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-5812385698686752178?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-59203870628113978772009-06-10T07:35:00.037-07:002009-06-10T07:35:18.719-07:00<p>General Motors Corp. said Monday that it's getting out of the medium-duty truck business.</p><p>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.</p><p>The company will work with dealers to sell vehicles still in inventory over the next 18 months, GM spokesman Jim Hopson said. </p><p>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.</p><a name='more'></a><p>The DMAX plant in Moraine, Ohio, a joint venture between GM and Isuzu, makes engines for the medium-duty trucks and other vehicles. The jobs of the 544 workers there are under review, GM said.</p><p>Hopson said sales of medium-duty trucks dropped 30 to 40 per cent in 2008 from 2007, and have fallen a similar percentage this year.</p><p>GM has been trying to find a buyer for the medium-duty truck business for four years, but couldn't close a deal.</p>With files from The Associated Press<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-5920387062811397877?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-11810903718397943312009-06-10T07:35:00.035-07:002009-06-10T07:35:18.357-07:00<p>General Motors Corp. said Monday that it's getting out of the medium-duty truck business.</p><p>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.</p><p>The company will work with dealers to sell vehicles still in inventory over the next 18 months, GM spokesman Jim Hopson said. </p><p>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.</p><a name='more'></a><p>The DMAX plant in Moraine, Ohio, a joint venture between GM and Isuzu, makes engines for the medium-duty trucks and other vehicles. The jobs of the 544 workers there are under review, GM said.</p><p>Hopson said sales of medium-duty trucks dropped 30 to 40 per cent in 2008 from 2007, and have fallen a similar percentage this year.</p><p>GM has been trying to find a buyer for the medium-duty truck business for four years, but couldn't close a deal.</p>With files from The Associated Press<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-1181090371839794331?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-5378155806748369022009-06-10T07:35:00.033-07:002009-06-10T07:35:17.781-07:00<p>General Motors Corp. said Monday that it's getting out of the medium-duty truck business.</p><p>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.</p><p>The company will work with dealers to sell vehicles still in inventory over the next 18 months, GM spokesman Jim Hopson said. </p><p>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.</p><a name='more'></a><p>The DMAX plant in Moraine, Ohio, a joint venture between GM and Isuzu, makes engines for the medium-duty trucks and other vehicles. The jobs of the 544 workers there are under review, GM said.</p><p>Hopson said sales of medium-duty trucks dropped 30 to 40 per cent in 2008 from 2007, and have fallen a similar percentage this year.</p><p>GM has been trying to find a buyer for the medium-duty truck business for four years, but couldn't close a deal.</p>With files from The Associated Press<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-537815580674836902?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-8699357903170826392009-06-10T07:35:00.031-07:002009-06-10T07:35:13.409-07:00<p>General Motors Corp. said Monday that it's getting out of the medium-duty truck business.</p><p>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.</p><p>The company will work with dealers to sell vehicles still in inventory over the next 18 months, GM spokesman Jim Hopson said. </p><p>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.</p><a name='more'></a><p>The DMAX plant in Moraine, Ohio, a joint venture between GM and Isuzu, makes engines for the medium-duty trucks and other vehicles. The jobs of the 544 workers there are under review, GM said.</p><p>Hopson said sales of medium-duty trucks dropped 30 to 40 per cent in 2008 from 2007, and have fallen a similar percentage this year.</p><p>GM has been trying to find a buyer for the medium-duty truck business for four years, but couldn't close a deal.</p>With files from The Associated Press<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-869935790317082639?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-14697053036977398972009-06-10T07:35:00.029-07:002009-06-10T07:35:12.408-07:00<p>General Motors Corp. said Monday that it's getting out of the medium-duty truck business.</p><p>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.</p><p>The company will work with dealers to sell vehicles still in inventory over the next 18 months, GM spokesman Jim Hopson said. </p><p>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.</p><a name='more'></a><p>The DMAX plant in Moraine, Ohio, a joint venture between GM and Isuzu, makes engines for the medium-duty trucks and other vehicles. The jobs of the 544 workers there are under review, GM said.</p><p>Hopson said sales of medium-duty trucks dropped 30 to 40 per cent in 2008 from 2007, and have fallen a similar percentage this year.</p><p>GM has been trying to find a buyer for the medium-duty truck business for four years, but couldn't close a deal.</p>With files from The Associated Press<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-1469705303697739897?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-26013163344318063272009-06-10T07:35:00.027-07:002009-06-10T07:35:11.954-07:00<p>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.</p><p>Glen Breton Rare Canadian Single Malt Whisky is the only single malt produced in Canada, according to the Glenora Inn and Distillery website.</p><p>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.</p><a name='more'></a><p>Lauchie MacLean, president of Glenora, said Monday that he had hoped that ruling would be the end of the matter.</p><p>"The Scotch Whisky Association has been very persistent in this matter, and I mean it's been nine years, almost nine years, since we originally applied for our trademark," he said.</p><p>"So, it's been a long, arduous battle, but we'll continue to battle — we shall fight them in the glens, I guess, is what it comes down to."</p><p>MacLean expects the Supreme Court of Canada will decide fairly quickly whether to hear the case. If it doesn't, he said the fight will be over. If the court decides to hear the case, both sides will have to make their arguments again.</p><p>Glenora Distillery is based in Glenville, next to the community of Glenora Falls in Nova Scotia, a province whose name means New Scotland in Latin.</p><p>MacLean has said his product is named for the area.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-2601316334431806327?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-53229698895078934932009-06-10T07:35:00.025-07:002009-06-10T07:35:11.798-07:00<p>General Motors Corp. said Monday that it's getting out of the medium-duty truck business.</p><p>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.</p><p>The company will work with dealers to sell vehicles still in inventory over the next 18 months, GM spokesman Jim Hopson said. </p><p>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.</p><a name='more'></a><p>The DMAX plant in Moraine, Ohio, a joint venture between GM and Isuzu, makes engines for the medium-duty trucks and other vehicles. The jobs of the 544 workers there are under review, GM said.</p><p>Hopson said sales of medium-duty trucks dropped 30 to 40 per cent in 2008 from 2007, and have fallen a similar percentage this year.</p><p>GM has been trying to find a buyer for the medium-duty truck business for four years, but couldn't close a deal.</p>With files from The Associated Press<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-5322969889507893493?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-61192138246196522602009-06-10T07:35:00.023-07:002009-06-10T07:35:11.359-07:00<p>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.</p><p>Glen Breton Rare Canadian Single Malt Whisky is the only single malt produced in Canada, according to the Glenora Inn and Distillery website.</p><p>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.</p><a name='more'></a><p>Lauchie MacLean, president of Glenora, said Monday that he had hoped that ruling would be the end of the matter.</p><p>"The Scotch Whisky Association has been very persistent in this matter, and I mean it's been nine years, almost nine years, since we originally applied for our trademark," he said.</p><p>"So, it's been a long, arduous battle, but we'll continue to battle — we shall fight them in the glens, I guess, is what it comes down to."</p><p>MacLean expects the Supreme Court of Canada will decide fairly quickly whether to hear the case. If it doesn't, he said the fight will be over. If the court decides to hear the case, both sides will have to make their arguments again.</p><p>Glenora Distillery is based in Glenville, next to the community of Glenora Falls in Nova Scotia, a province whose name means New Scotland in Latin.</p><p>MacLean has said his product is named for the area.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-6119213824619652260?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-44447844124311442852009-06-10T07:35:00.021-07:002009-06-10T07:35:11.248-07:00<p>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.</p><p>Glen Breton Rare Canadian Single Malt Whisky is the only single malt produced in Canada, according to the Glenora Inn and Distillery website.</p><p>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.</p><a name='more'></a><p>Lauchie MacLean, president of Glenora, said Monday that he had hoped that ruling would be the end of the matter.</p><p>"The Scotch Whisky Association has been very persistent in this matter, and I mean it's been nine years, almost nine years, since we originally applied for our trademark," he said.</p><p>"So, it's been a long, arduous battle, but we'll continue to battle — we shall fight them in the glens, I guess, is what it comes down to."</p><p>MacLean expects the Supreme Court of Canada will decide fairly quickly whether to hear the case. If it doesn't, he said the fight will be over. If the court decides to hear the case, both sides will have to make their arguments again.</p><p>Glenora Distillery is based in Glenville, next to the community of Glenora Falls in Nova Scotia, a province whose name means New Scotland in Latin.</p><p>MacLean has said his product is named for the area.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-4444784412431144285?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-5909082216750644702009-06-10T07:35:00.019-07:002009-06-10T07:35:10.829-07:00<p>General Motors Corp. said Monday that it's getting out of the medium-duty truck business.</p><p>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.</p><p>The company will work with dealers to sell vehicles still in inventory over the next 18 months, GM spokesman Jim Hopson said. </p><p>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.</p><a name='more'></a><p>The DMAX plant in Moraine, Ohio, a joint venture between GM and Isuzu, makes engines for the medium-duty trucks and other vehicles. The jobs of the 544 workers there are under review, GM said.</p><p>Hopson said sales of medium-duty trucks dropped 30 to 40 per cent in 2008 from 2007, and have fallen a similar percentage this year.</p><p>GM has been trying to find a buyer for the medium-duty truck business for four years, but couldn't close a deal.</p>With files from The Associated Press<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-590908221675064470?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-24836306262823413132009-06-10T07:35:00.017-07:002009-06-10T07:35:10.703-07:00<p>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.</p><p>Glen Breton Rare Canadian Single Malt Whisky is the only single malt produced in Canada, according to the Glenora Inn and Distillery website.</p><p>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.</p><a name='more'></a><p>Lauchie MacLean, president of Glenora, said Monday that he had hoped that ruling would be the end of the matter.</p><p>"The Scotch Whisky Association has been very persistent in this matter, and I mean it's been nine years, almost nine years, since we originally applied for our trademark," he said.</p><p>"So, it's been a long, arduous battle, but we'll continue to battle — we shall fight them in the glens, I guess, is what it comes down to."</p><p>MacLean expects the Supreme Court of Canada will decide fairly quickly whether to hear the case. If it doesn't, he said the fight will be over. If the court decides to hear the case, both sides will have to make their arguments again.</p><p>Glenora Distillery is based in Glenville, next to the community of Glenora Falls in Nova Scotia, a province whose name means New Scotland in Latin.</p><p>MacLean has said his product is named for the area.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-2483630626282341313?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-89452387872978164312009-06-10T07:35:00.015-07:002009-06-10T07:35:05.387-07:00<p>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.</p><p>Glen Breton Rare Canadian Single Malt Whisky is the only single malt produced in Canada, according to the Glenora Inn and Distillery website.</p><p>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.</p><a name='more'></a><p>Lauchie MacLean, president of Glenora, said Monday that he had hoped that ruling would be the end of the matter.</p><p>"The Scotch Whisky Association has been very persistent in this matter, and I mean it's been nine years, almost nine years, since we originally applied for our trademark," he said.</p><p>"So, it's been a long, arduous battle, but we'll continue to battle — we shall fight them in the glens, I guess, is what it comes down to."</p><p>MacLean expects the Supreme Court of Canada will decide fairly quickly whether to hear the case. If it doesn't, he said the fight will be over. If the court decides to hear the case, both sides will have to make their arguments again.</p><p>Glenora Distillery is based in Glenville, next to the community of Glenora Falls in Nova Scotia, a province whose name means New Scotland in Latin.</p><p>MacLean has said his product is named for the area.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-8945238787297816431?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-34304403329816232412009-06-10T07:35:00.013-07:002009-06-10T07:35:04.966-07:00<p>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.</p><p>Glen Breton Rare Canadian Single Malt Whisky is the only single malt produced in Canada, according to the Glenora Inn and Distillery website.</p><p>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.</p><a name='more'></a><p>Lauchie MacLean, president of Glenora, said Monday that he had hoped that ruling would be the end of the matter.</p><p>"The Scotch Whisky Association has been very persistent in this matter, and I mean it's been nine years, almost nine years, since we originally applied for our trademark," he said.</p><p>"So, it's been a long, arduous battle, but we'll continue to battle — we shall fight them in the glens, I guess, is what it comes down to."</p><p>MacLean expects the Supreme Court of Canada will decide fairly quickly whether to hear the case. If it doesn't, he said the fight will be over. If the court decides to hear the case, both sides will have to make their arguments again.</p><p>Glenora Distillery is based in Glenville, next to the community of Glenora Falls in Nova Scotia, a province whose name means New Scotland in Latin.</p><p>MacLean has said his product is named for the area.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-3430440332981623241?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-78666208996185081002009-06-10T07:35:00.011-07:002009-06-10T07:35:04.033-07:00<p>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.</p><p>Glen Breton Rare Canadian Single Malt Whisky is the only single malt produced in Canada, according to the Glenora Inn and Distillery website.</p><p>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.</p><a name='more'></a><p>Lauchie MacLean, president of Glenora, said Monday that he had hoped that ruling would be the end of the matter.</p><p>"The Scotch Whisky Association has been very persistent in this matter, and I mean it's been nine years, almost nine years, since we originally applied for our trademark," he said.</p><p>"So, it's been a long, arduous battle, but we'll continue to battle — we shall fight them in the glens, I guess, is what it comes down to."</p><p>MacLean expects the Supreme Court of Canada will decide fairly quickly whether to hear the case. If it doesn't, he said the fight will be over. If the court decides to hear the case, both sides will have to make their arguments again.</p><p>Glenora Distillery is based in Glenville, next to the community of Glenora Falls in Nova Scotia, a province whose name means New Scotland in Latin.</p><p>MacLean has said his product is named for the area.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-7866620899618508100?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-47410747657289422822009-06-10T07:35:00.009-07:002009-06-10T07:35:03.886-07:00<p>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.</p><p>Judge Ruth Bader Ginsburg issued the decision after three Indiana pension funds sought to have the sale blocked.</p><p>The funds had asked the court to hear their appeal of two lower court rulings backing the sale.</p><p>Ginsburg's two-paragraph order did not address that issue, but it does give the court time to consider what it wants to do.</p><a name='more'></a><p>It suspended the order of the New York bankruptcy court, which originally supported the sale. The bankruptcy court order was backed by a U.S. appeals court on Friday, but it gave the pension funds until Monday to appeal to the Supreme Court.</p><p>The Indiana State Police Pension Fund, the Indiana Teacher's Retirement Fund and the state's Major Moves Construction Fund filed their appeal Sunday, claiming that the sale unfairly favours Chrysler's unsecured stakeholders ahead of secured debt-holders like them.</p><p>Chrysler wants to sell the bulk of its assets to a group led by Italy's Fiat as part of its plan to emerge from bankruptcy protection.</p><p>Fiat had set a June 15 deadline to close the deal, but after Ginsburg's ruling, Fiat CEO Sergio Marchionne told Bloomberg News that the company would “never” abandon the purchase.</p><p>The U.S. government backs the deal and filed documents with the top court Monday opposing the request to halt the sale.</p><p>Arthur Gonzalez, the bankruptcy judge, approved the sale to Fiat May 31, ruling that it was Chrysler's only alternative to liquidation.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-4741074765728942282?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-43617592916372269652009-06-10T07:35:00.007-07:002009-06-10T07:35:03.513-07:00<p>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.</p><p>Judge Ruth Bader Ginsburg issued the decision after three Indiana pension funds sought to have the sale blocked.</p><p>The funds had asked the court to hear their appeal of two lower court rulings backing the sale.</p><p>Ginsburg's two-paragraph order did not address that issue, but it does give the court time to consider what it wants to do.</p><a name='more'></a><p>It suspended the order of the New York bankruptcy court, which originally supported the sale. The bankruptcy court order was backed by a U.S. appeals court on Friday, but it gave the pension funds until Monday to appeal to the Supreme Court.</p><p>The Indiana State Police Pension Fund, the Indiana Teacher's Retirement Fund and the state's Major Moves Construction Fund filed their appeal Sunday, claiming that the sale unfairly favours Chrysler's unsecured stakeholders ahead of secured debt-holders like them.</p><p>Chrysler wants to sell the bulk of its assets to a group led by Italy's Fiat as part of its plan to emerge from bankruptcy protection.</p><p>Fiat had set a June 15 deadline to close the deal, but after Ginsburg's ruling, Fiat CEO Sergio Marchionne told Bloomberg News that the company would “never” abandon the purchase.</p><p>The U.S. government backs the deal and filed documents with the top court Monday opposing the request to halt the sale.</p><p>Arthur Gonzalez, the bankruptcy judge, approved the sale to Fiat May 31, ruling that it was Chrysler's only alternative to liquidation.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-4361759291637226965?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-49374132088015249162009-06-10T07:35:00.005-07:002009-06-10T07:35:03.431-07:00<p>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.</p><p>Glen Breton Rare Canadian Single Malt Whisky is the only single malt produced in Canada, according to the Glenora Inn and Distillery website.</p><p>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.</p><a name='more'></a><p>Lauchie MacLean, president of Glenora, said Monday that he had hoped that ruling would be the end of the matter.</p><p>"The Scotch Whisky Association has been very persistent in this matter, and I mean it's been nine years, almost nine years, since we originally applied for our trademark," he said.</p><p>"So, it's been a long, arduous battle, but we'll continue to battle — we shall fight them in the glens, I guess, is what it comes down to."</p><p>MacLean expects the Supreme Court of Canada will decide fairly quickly whether to hear the case. If it doesn't, he said the fight will be over. If the court decides to hear the case, both sides will have to make their arguments again.</p><p>Glenora Distillery is based in Glenville, next to the community of Glenora Falls in Nova Scotia, a province whose name means New Scotland in Latin.</p><p>MacLean has said his product is named for the area.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-4937413208801524916?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-38214302748777044462009-06-10T07:35:00.003-07:002009-06-10T07:35:02.777-07:00<p>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.</p><p>Judge Ruth Bader Ginsburg issued the decision after three Indiana pension funds sought to have the sale blocked.</p><p>The funds had asked the court to hear their appeal of two lower court rulings backing the sale.</p><p>Ginsburg's two-paragraph order did not address that issue, but it does give the court time to consider what it wants to do.</p><a name='more'></a><p>It suspended the order of the New York bankruptcy court, which originally supported the sale. The bankruptcy court order was backed by a U.S. appeals court on Friday, but it gave the pension funds until Monday to appeal to the Supreme Court.</p><p>The Indiana State Police Pension Fund, the Indiana Teacher's Retirement Fund and the state's Major Moves Construction Fund filed their appeal Sunday, claiming that the sale unfairly favours Chrysler's unsecured stakeholders ahead of secured debt-holders like them.</p><p>Chrysler wants to sell the bulk of its assets to a group led by Italy's Fiat as part of its plan to emerge from bankruptcy protection.</p><p>Fiat had set a June 15 deadline to close the deal, but after Ginsburg's ruling, Fiat CEO Sergio Marchionne told Bloomberg News that the company would “never” abandon the purchase.</p><p>The U.S. government backs the deal and filed documents with the top court Monday opposing the request to halt the sale.</p><p>Arthur Gonzalez, the bankruptcy judge, approved the sale to Fiat May 31, ruling that it was Chrysler's only alternative to liquidation.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-3821430274877704446?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-13845200094558400332009-06-10T07:35:00.001-07:002009-06-10T07:35:02.529-07:00<p>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.</p><p>Judge Ruth Bader Ginsburg issued the decision after three Indiana pension funds sought to have the sale blocked.</p><p>The funds had asked the court to hear their appeal of two lower court rulings backing the sale.</p><p>Ginsburg's two-paragraph order did not address that issue, but it does give the court time to consider what it wants to do.</p><a name='more'></a><p>It suspended the order of the New York bankruptcy court, which originally supported the sale. The bankruptcy court order was backed by a U.S. appeals court on Friday, but it gave the pension funds until Monday to appeal to the Supreme Court.</p><p>The Indiana State Police Pension Fund, the Indiana Teacher's Retirement Fund and the state's Major Moves Construction Fund filed their appeal Sunday, claiming that the sale unfairly favours Chrysler's unsecured stakeholders ahead of secured debt-holders like them.</p><p>Chrysler wants to sell the bulk of its assets to a group led by Italy's Fiat as part of its plan to emerge from bankruptcy protection.</p><p>Fiat had set a June 15 deadline to close the deal, but after Ginsburg's ruling, Fiat CEO Sergio Marchionne told Bloomberg News that the company would “never” abandon the purchase.</p><p>The U.S. government backs the deal and filed documents with the top court Monday opposing the request to halt the sale.</p><p>Arthur Gonzalez, the bankruptcy judge, approved the sale to Fiat May 31, ruling that it was Chrysler's only alternative to liquidation.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-1384520009455840033?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-84807097351222695922009-06-10T07:34:00.019-07:002009-06-10T07:34:57.311-07:00<p>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.</p><p>Judge Ruth Bader Ginsburg issued the decision after three Indiana pension funds sought to have the sale blocked.</p><p>The funds had asked the court to hear their appeal of two lower court rulings backing the sale.</p><p>Ginsburg's two-paragraph order did not address that issue, but it does give the court time to consider what it wants to do.</p><a name='more'></a><p>It suspended the order of the New York bankruptcy court, which originally supported the sale. The bankruptcy court order was backed by a U.S. appeals court on Friday, but it gave the pension funds until Monday to appeal to the Supreme Court.</p><p>The Indiana State Police Pension Fund, the Indiana Teacher's Retirement Fund and the state's Major Moves Construction Fund filed their appeal Sunday, claiming that the sale unfairly favours Chrysler's unsecured stakeholders ahead of secured debt-holders like them.</p><p>Chrysler wants to sell the bulk of its assets to a group led by Italy's Fiat as part of its plan to emerge from bankruptcy protection.</p><p>Fiat had set a June 15 deadline to close the deal, but after Ginsburg's ruling, Fiat CEO Sergio Marchionne told Bloomberg News that the company would “never” abandon the purchase.</p><p>The U.S. government backs the deal and filed documents with the top court Monday opposing the request to halt the sale.</p><p>Arthur Gonzalez, the bankruptcy judge, approved the sale to Fiat May 31, ruling that it was Chrysler's only alternative to liquidation.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-8480709735122269592?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-24387095570228664632009-06-10T07:34:00.017-07:002009-06-10T07:34:56.727-07:00<p>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.</p><p>Judge Ruth Bader Ginsburg issued the decision after three Indiana pension funds sought to have the sale blocked.</p><p>The funds had asked the court to hear their appeal of two lower court rulings backing the sale.</p><p>Ginsburg's two-paragraph order did not address that issue, but it does give the court time to consider what it wants to do.</p><a name='more'></a><p>It suspended the order of the New York bankruptcy court, which originally supported the sale. The bankruptcy court order was backed by a U.S. appeals court on Friday, but it gave the pension funds until Monday to appeal to the Supreme Court.</p><p>The Indiana State Police Pension Fund, the Indiana Teacher's Retirement Fund and the state's Major Moves Construction Fund filed their appeal Sunday, claiming that the sale unfairly favours Chrysler's unsecured stakeholders ahead of secured debt-holders like them.</p><p>Chrysler wants to sell the bulk of its assets to a group led by Italy's Fiat as part of its plan to emerge from bankruptcy protection.</p><p>Fiat had set a June 15 deadline to close the deal, but after Ginsburg's ruling, Fiat CEO Sergio Marchionne told Bloomberg News that the company would “never” abandon the purchase.</p><p>The U.S. government backs the deal and filed documents with the top court Monday opposing the request to halt the sale.</p><p>Arthur Gonzalez, the bankruptcy judge, approved the sale to Fiat May 31, ruling that it was Chrysler's only alternative to liquidation.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-2438709557022866463?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-28266643767306442252009-06-10T07:34:00.015-07:002009-06-10T07:34:55.991-07:00<p>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.</p><p>Judge Ruth Bader Ginsburg issued the decision after three Indiana pension funds sought to have the sale blocked.</p><p>The funds had asked the court to hear their appeal of two lower court rulings backing the sale.</p><p>Ginsburg's two-paragraph order did not address that issue, but it does give the court time to consider what it wants to do.</p><a name='more'></a><p>It suspended the order of the New York bankruptcy court, which originally supported the sale. The bankruptcy court order was backed by a U.S. appeals court on Friday, but it gave the pension funds until Monday to appeal to the Supreme Court.</p><p>The Indiana State Police Pension Fund, the Indiana Teacher's Retirement Fund and the state's Major Moves Construction Fund filed their appeal Sunday, claiming that the sale unfairly favours Chrysler's unsecured stakeholders ahead of secured debt-holders like them.</p><p>Chrysler wants to sell the bulk of its assets to a group led by Italy's Fiat as part of its plan to emerge from bankruptcy protection.</p><p>Fiat had set a June 15 deadline to close the deal, but after Ginsburg's ruling, Fiat CEO Sergio Marchionne told Bloomberg News that the company would “never” abandon the purchase.</p><p>The U.S. government backs the deal and filed documents with the top court Monday opposing the request to halt the sale.</p><p>Arthur Gonzalez, the bankruptcy judge, approved the sale to Fiat May 31, ruling that it was Chrysler's only alternative to liquidation.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-2826664376730644225?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-34794247848930817772009-06-10T07:34:00.013-07:002009-06-10T07:34:55.887-07:00<p>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.</p><p>Judge Ruth Bader Ginsburg issued the decision after three Indiana pension funds sought to have the sale blocked.</p><p>The funds had asked the court to hear their appeal of two lower court rulings backing the sale.</p><p>Ginsburg's two-paragraph order did not address that issue, but it does give the court time to consider what it wants to do.</p><a name='more'></a><p>It suspended the order of the New York bankruptcy court, which originally supported the sale. The bankruptcy court order was backed by a U.S. appeals court on Friday, but it gave the pension funds until Monday to appeal to the Supreme Court.</p><p>The Indiana State Police Pension Fund, the Indiana Teacher's Retirement Fund and the state's Major Moves Construction Fund filed their appeal Sunday, claiming that the sale unfairly favours Chrysler's unsecured stakeholders ahead of secured debt-holders like them.</p><p>Chrysler wants to sell the bulk of its assets to a group led by Italy's Fiat as part of its plan to emerge from bankruptcy protection.</p><p>Fiat had set a June 15 deadline to close the deal, but after Ginsburg's ruling, Fiat CEO Sergio Marchionne told Bloomberg News that the company would “never” abandon the purchase.</p><p>The U.S. government backs the deal and filed documents with the top court Monday opposing the request to halt the sale.</p><p>Arthur Gonzalez, the bankruptcy judge, approved the sale to Fiat May 31, ruling that it was Chrysler's only alternative to liquidation.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-3479424784893081777?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-80164694845148906512009-06-10T07:34:00.011-07:002009-06-10T07:34:55.671-07:00<p>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.</p><p>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.</p><p>Quebecor World is restructuring in creditor protection.</p><a name='more'></a><p>The letter said Quebecor World or its creditors had raised questions about the offer, which Donnelley sought to address in the letter.</p><p>It was the second revision of its original May 12 offer.</p><p>The letter, from Donnelley president and CEO Thomas J. Quinlan III to Quebecor World lead director Alain Rhéaume and president and CEO Jacques Mallette, said the proposed deal is "significantly more favorable … than the stand-alone restructuring proposed by the current draft plans of reorganization."</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-8016469484514890651?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-89318551148421834002009-06-10T07:34:00.009-07:002009-06-10T07:34:55.148-07:00<p>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.</p><p>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.</p><p>Quebecor World is restructuring in creditor protection.</p><a name='more'></a><p>The letter said Quebecor World or its creditors had raised questions about the offer, which Donnelley sought to address in the letter.</p><p>It was the second revision of its original May 12 offer.</p><p>The letter, from Donnelley president and CEO Thomas J. Quinlan III to Quebecor World lead director Alain Rhéaume and president and CEO Jacques Mallette, said the proposed deal is "significantly more favorable … than the stand-alone restructuring proposed by the current draft plans of reorganization."</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-8931855114842183400?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-64094076573012317322009-06-10T07:34:00.007-07:002009-06-10T07:34:55.012-07:00<p>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.</p><p>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.</p><p>Quebecor World is restructuring in creditor protection.</p><a name='more'></a><p>The letter said Quebecor World or its creditors had raised questions about the offer, which Donnelley sought to address in the letter.</p><p>It was the second revision of its original May 12 offer.</p><p>The letter, from Donnelley president and CEO Thomas J. Quinlan III to Quebecor World lead director Alain Rhéaume and president and CEO Jacques Mallette, said the proposed deal is "significantly more favorable … than the stand-alone restructuring proposed by the current draft plans of reorganization."</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-6409407657301231732?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-85548572802200820922009-06-10T07:34:00.005-07:002009-06-10T07:34:54.747-07:00<p>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.</p><p>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.</p><p>Quebecor World is restructuring in creditor protection.</p><a name='more'></a><p>The letter said Quebecor World or its creditors had raised questions about the offer, which Donnelley sought to address in the letter.</p><p>It was the second revision of its original May 12 offer.</p><p>The letter, from Donnelley president and CEO Thomas J. Quinlan III to Quebecor World lead director Alain Rhéaume and president and CEO Jacques Mallette, said the proposed deal is "significantly more favorable … than the stand-alone restructuring proposed by the current draft plans of reorganization."</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-8554857280220082092?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-9896574427673541012009-06-10T07:34:00.003-07:002009-06-10T07:34:48.036-07:00<p>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.</p><p>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.</p><p>Quebecor World is restructuring in creditor protection.</p><a name='more'></a><p>The letter said Quebecor World or its creditors had raised questions about the offer, which Donnelley sought to address in the letter.</p><p>It was the second revision of its original May 12 offer.</p><p>The letter, from Donnelley president and CEO Thomas J. Quinlan III to Quebecor World lead director Alain Rhéaume and president and CEO Jacques Mallette, said the proposed deal is "significantly more favorable … than the stand-alone restructuring proposed by the current draft plans of reorganization."</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-989657442767354101?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-63621304233665842492009-06-10T07:34:00.001-07:002009-06-10T07:34:45.244-07:00<p>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.</p><p>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.</p><p>Quebecor World is restructuring in creditor protection.</p><a name='more'></a><p>The letter said Quebecor World or its creditors had raised questions about the offer, which Donnelley sought to address in the letter.</p><p>It was the second revision of its original May 12 offer.</p><p>The letter, from Donnelley president and CEO Thomas J. Quinlan III to Quebecor World lead director Alain Rhéaume and president and CEO Jacques Mallette, said the proposed deal is "significantly more favorable … than the stand-alone restructuring proposed by the current draft plans of reorganization."</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-6362130423366584249?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-14407514455404035822009-06-10T00:10:00.015-07:002009-06-10T00:10:17.583-07:00<p>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.</p><p>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.</p><a name='more'></a><p>The U.S. Labour Department said about 14.5 million people were unemployed in May. Roughly six million jobs have now been lost in the U.S. since the recession took hold in December 2007.</p><p>In addition to smaller-than-expected job losses for May, the Labour Department also revised March and April figures to show smaller declines of 652,000 and 504,000, respectively,</p><p>More to come</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-1440751445540403582?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-70419957423729688552009-06-10T00:10:00.013-07:002009-06-10T00:10:16.712-07:00<p>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.</p><p>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.</p><a name='more'></a><p>The U.S. Labour Department said about 14.5 million people were unemployed in May. Roughly six million jobs have now been lost in the U.S. since the recession took hold in December 2007.</p><p>In addition to smaller-than-expected job losses for May, the Labour Department also revised March and April figures to show smaller declines of 652,000 and 504,000, respectively,</p><p>More to come</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-7041995742372968855?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-79314928523285083942009-06-10T00:10:00.011-07:002009-06-10T00:10:13.466-07:00<p>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.</p><p>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.</p><a name='more'></a><p>The U.S. Labour Department said about 14.5 million people were unemployed in May. Roughly six million jobs have now been lost in the U.S. since the recession took hold in December 2007.</p><p>In addition to smaller-than-expected job losses for May, the Labour Department also revised March and April figures to show smaller declines of 652,000 and 504,000, respectively,</p><p>More to come</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-7931492852328508394?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-32508533074333522642009-06-10T00:10:00.009-07:002009-06-10T00:10:11.954-07:00<p>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.</p><p>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.</p><a name='more'></a><p>The U.S. Labour Department said about 14.5 million people were unemployed in May. Roughly six million jobs have now been lost in the U.S. since the recession took hold in December 2007.</p><p>In addition to smaller-than-expected job losses for May, the Labour Department also revised March and April figures to show smaller declines of 652,000 and 504,000, respectively,</p><p>More to come</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-3250853307433352264?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-41775110155781583832009-06-10T00:10:00.007-07:002009-06-10T00:10:07.907-07:00<p>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.</p><p>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.</p><a name='more'></a><p>The U.S. Labour Department said about 14.5 million people were unemployed in May. Roughly six million jobs have now been lost in the U.S. since the recession took hold in December 2007.</p><p>In addition to smaller-than-expected job losses for May, the Labour Department also revised March and April figures to show smaller declines of 652,000 and 504,000, respectively,</p><p>More to come</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-4177511015578158383?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-90342312380789819092009-06-10T00:10:00.005-07:002009-06-10T00:10:06.501-07:00<p>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.</p><p>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.</p><a name='more'></a><p>The U.S. Labour Department said about 14.5 million people were unemployed in May. Roughly six million jobs have now been lost in the U.S. since the recession took hold in December 2007.</p><p>In addition to smaller-than-expected job losses for May, the Labour Department also revised March and April figures to show smaller declines of 652,000 and 504,000, respectively,</p><p>More to come</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-9034231238078981909?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-39061002311411387882009-06-10T00:10:00.003-07:002009-06-10T00:10:02.767-07:00<p>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.</p><p>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.</p><a name='more'></a><p>The U.S. Labour Department said about 14.5 million people were unemployed in May. Roughly six million jobs have now been lost in the U.S. since the recession took hold in December 2007.</p><p>In addition to smaller-than-expected job losses for May, the Labour Department also revised March and April figures to show smaller declines of 652,000 and 504,000, respectively,</p><p>More to come</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-3906100231141138788?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-61883604231272844712009-06-10T00:10:00.001-07:002009-06-10T00:10:01.568-07:00<p>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.</p><p>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.</p><a name='more'></a><p>The U.S. Labour Department said about 14.5 million people were unemployed in May. Roughly six million jobs have now been lost in the U.S. since the recession took hold in December 2007.</p><p>In addition to smaller-than-expected job losses for May, the Labour Department also revised March and April figures to show smaller declines of 652,000 and 504,000, respectively,</p><p>More to come</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-6188360423127284471?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-4226860811374530622009-06-07T14:02:00.005-07:002009-06-07T14:02:29.935-07:00<img src="http://theyearnet.info/wp/wp-content/uploads/no-deal-in-sight-for-embattled-nl-shrimp-industry-0.jpg" alt="No deal in sight for embattled N.L. shrimp industry" title="No deal in sight for embattled N.L. shrimp industry" /" alt="No deal in sight for embattled N.L. shrimp industry" title="No deal in sight for embattled N.L. shrimp industry" />FFAW president Earle McCurdy warns the long-term future of the shrimp industry is in peril.(CBC)<p><a name='more'></a>Talks to broker a deal that would salvage the once-lucrative shrimp industry in Newfoundland and Labrador ended Friday without a resolution, and amid warnings that the fishery is facing permanent damage.</p><p>Processors and fisheries union negotiators met for the second day in St. John's, although the talks ended with no deal yet in sight on a price that both sides say is viable.</p><p>Many processors stopped buying shrimp earlier this week, arguing market demand is too poor in the wake of the world financial crisis.</p><p>But fishermen say they should not be forced to sell catches for prices below what it takes for them to break even.</p><p>Earle McCurdy, president of the Fish, Food and Allied Workers union, warned that without a long-term solution, the entire shrimp industry may be lost.</p><p>McCurdy said the season is compounding problems caused by a weak market for crab and a disastrous season for lobster.</p><p>"I would think our landed value for fish products this year will be down at least $100 million, compared to last year," McCurdy told CBC News on Friday.</p><p>"These are forces beyond their control. There should be some close examination, with a will to help them, in the same way that other industries have been helped when they've gone through severe difficulties," McCurdy said.</p><p>McCurdy said he has no expectation that the governing Conservatives in the federal government would do anything to help Newfoundland and Labrador, where Premier Danny Williams has been a long-time thorn in Prime Minister Stephen Harper's side.</p><p>McCurdy said he would like to see the provincial government step in with relief for fishermen who must make interest payments on their vessels. Ultimately, though, he said the solution lies in improving markets.</p><p>"What we need to do is to build the prices up, or else that fishery won't survive for the long haul," McCurdy said Thursday.</p><p>"So at the moment, it's unresolved. It's going to be a tough challenge to find a solution to this one. This is a serious problem."</p><p>Processors say the recent rise in the Canadian dollar is responsible for the latest drop in market demand.</p><p>"As I've said before, it's not about us versus the harvesters or them versus us. It's us against … the global economic crisis. And there are no obvious solutions right now," said Derek Butler, executive director of the Association of Seafood Producers.</p><p>"We haven't reached any kind of an agreement in terms of price. The price that is now in place cannot produce a fishery."</p><p>Much of the shrimp harvested off Newfoundland and Labrador is sold in the U.S. Last year, the industry had a landed value of $186 million, with about 3,000 people relying on the seasonal catch for employment. </p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-422686081137453062?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-58279360802500123102009-06-07T14:02:00.003-07:002009-06-07T14:02:26.747-07:00<p>Just over 14,500 Canadian consumers and businesses went bankrupt or sought to renegotiate their debts in April, the Superintendent of Bankruptcy reported Thursday.</p><p>That's up 32.2 per cent from April 2008 and 1.5 per cent from March.</p> 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<p>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.</p><a name='more'></a><p>Most of the 14,455 insolvencies, the term the superintendent uses to cover both bankruptcies and proposals, were consumers. Businesses accounted for 637 of the total cases.</p><p>The April increase pushed the total insolvencies to 135,927 in the year ending April, up 22.1 per cent from the year ended April 2008.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-5827936080250012310?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-30478299575793024352009-06-07T14:02:00.001-07:002009-06-07T14:02:22.295-07:00<p>The Bank of Canada left a key lending rate unchanged on Thursday, but sounded a warning over the recent rise in the Canadian dollar.</p><p>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.</p><p>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.</p><a name='more'></a><p>"In recent weeks, financial conditions and commodity prices have improved significantly, and consumer and business confidence have recovered modestly," the bank said.</p><p>"If the unprecedentedly rapid rise in the Canadian dollar (which reflects a combination of higher commodity prices and generalized weakness in the U.S. currency) proves persistent, it could fully offset these positive factors," the bank said.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-3047829957579302435?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-47162585468994797072009-06-06T16:34:00.011-07:002009-06-06T16:34:43.007-07:00<p>Just over 14,500 Canadian consumers and businesses went bankrupt or sought to renegotiate their debts in April, the Superintendent of Bankruptcy reported Thursday.</p><p>That's up 32.2 per cent from April 2008 and 1.5 per cent from March.</p> 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<p>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.</p><a name='more'></a><p>Most of the 14,455 insolvencies, the term the superintendent uses to cover both bankruptcies and proposals, were consumers. Businesses accounted for 637 of the total cases.</p><p>The April increase pushed the total insolvencies to 135,927 in the year ending April, up 22.1 per cent from the year ended April 2008.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-4716258546899479707?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-34774212195158330772009-06-06T16:34:00.009-07:002009-06-06T16:34:42.477-07:00<p>The Bank of Canada left a key lending rate unchanged on Thursday, but sounded a warning over the recent rise in the Canadian dollar.</p><p>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.</p><p>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.</p><a name='more'></a><p>"In recent weeks, financial conditions and commodity prices have improved significantly, and consumer and business confidence have recovered modestly," the bank said.</p><p>"If the unprecedentedly rapid rise in the Canadian dollar (which reflects a combination of higher commodity prices and generalized weakness in the U.S. currency) proves persistent, it could fully offset these positive factors," the bank said.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-3477421219515833077?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-82723120924362607222009-06-06T16:34:00.007-07:002009-06-06T16:34:42.318-07:00<p>The Bank of Canada left a key lending rate unchanged on Thursday, but sounded a warning over the recent rise in the Canadian dollar.</p><p>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.</p><p>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.</p><a name='more'></a><p>"In recent weeks, financial conditions and commodity prices have improved significantly, and consumer and business confidence have recovered modestly," the bank said.</p><p>"If the unprecedentedly rapid rise in the Canadian dollar (which reflects a combination of higher commodity prices and generalized weakness in the U.S. currency) proves persistent, it could fully offset these positive factors," the bank said.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-8272312092436260722?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-21218345409265299602009-06-06T16:34:00.005-07:002009-06-06T16:34:37.744-07:00<p>Just over 14,500 Canadian consumers and businesses went bankrupt or sought to renegotiate their debts in April, the Superintendent of Bankruptcy reported Thursday.</p><p>That's up 32.2 per cent from April 2008 and 1.5 per cent from March.</p> 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<p>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.</p><a name='more'></a><p>Most of the 14,455 insolvencies, the term the superintendent uses to cover both bankruptcies and proposals, were consumers. Businesses accounted for 637 of the total cases.</p><p>The April increase pushed the total insolvencies to 135,927 in the year ending April, up 22.1 per cent from the year ended April 2008.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-2121834540926529960?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-41459781203755692009-06-06T16:34:00.003-07:002009-06-06T16:34:37.586-07:00<p>Just over 14,500 Canadian consumers and businesses went bankrupt or sought to renegotiate their debts in April, the Superintendent of Bankruptcy reported Thursday.</p><p>That's up 32.2 per cent from April 2008 and 1.5 per cent from March.</p> 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<p>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.</p><a name='more'></a><p>Most of the 14,455 insolvencies, the term the superintendent uses to cover both bankruptcies and proposals, were consumers. Businesses accounted for 637 of the total cases.</p><p>The April increase pushed the total insolvencies to 135,927 in the year ending April, up 22.1 per cent from the year ended April 2008.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-4145978120375569?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-36667985525639105502009-06-06T16:34:00.001-07:002009-06-06T16:34:36.925-07:00<p>The Bank of Canada left a key lending rate unchanged on Thursday, but sounded a warning over the recent rise in the Canadian dollar.</p><p>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.</p><p>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.</p><a name='more'></a><p>"In recent weeks, financial conditions and commodity prices have improved significantly, and consumer and business confidence have recovered modestly," the bank said.</p><p>"If the unprecedentedly rapid rise in the Canadian dollar (which reflects a combination of higher commodity prices and generalized weakness in the U.S. currency) proves persistent, it could fully offset these positive factors," the bank said.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-3666798552563910550?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-41871170498536435632009-06-05T15:00:00.023-07:002009-06-05T15:00:14.679-07:00<p>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.</p><p>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.</p><a name='more'></a><p>The automaker said the deal is expected to preserve more than 3,000 U.S. jobs in manufacturing and engineering, and at Hummer dealerships around the country. The buyer is also expected to "aggressively" fund future Hummer products.</p><p>Under the deal, a GM plant in Shreveport, La., will continue to assemble the H3 and H3T under contract through at least 2010.</p><p>"I’m confident that Hummer will thrive globally under its new ownership," said Troy Clarke, president of GM North America.</p><p>"And for GM, this sale continues to accelerate the reinvention of GM into a leaner, more focused, and more cost-competitive automaker," he said in a release.</p><p>As part of its restructuring plan, GM is eliminating the venerable Pontiac brand, and has put its Saab and Saturn brands on the auction block. Both Saturn and Saab are in bankruptcy protection.</p>Possible Saturn buyers<p>GM said it has 16 potential buyers interested in acquiring the Saturn brand, along with three parties interested in Sweden's Saab.</p><p>The information was disclosed in a slide show prepared for a conference call with reporters and analysts to be hosted by GM CEO Fritz Henderson and chief financial officer Ray Young.</p><p>In the slide show, GM said it was still looking at manufacturing agreements for the possible buyer.</p><p>The company said it will focus on four core brands in the future: GMC, Chevrolet, Buick and Cadillac.</p><p>GM plans to reduce its number of assembly, power train and stamping plants from 47 in 2008 to 34 by the end of 2010 and 33 by 2012. On Monday, the company announced the permanent closure of nine plants and the idling of three others. The company is also closing three parts warehouses.</p>Money for Opel<p>Also on Tuesday, GM took another step in its restructuring as its Opel unit received the first part of a government bridge loan. The German government, together with the governments of four German states, provided the first 300 million euros ($462 million Cdn) of a total loan package of 1.5 billion euros ($2.31 billion Cdn).</p><p>"This responsiveness of the German government ensures that [Opel's] operations maintain adequate liquidity as a more independent European Opel/Vauxhall company continues normal operations," Opel and GM Europe said.</p><p>Canadian autoparts maker Magna International, together with state-controlled Russian lender Sberbank, reached a deal on May 30 to acquired majority control of Opel. Magna will get a 20 per cent stake, while Sberbank will get 35 per cent control.</p><p>GM will keep 35 per cent of the company, while Opel employees will own 10 per cent.</p><p>"We are giving Opel a chance," said German Chancellor Angela Merkel. "This would not have been possible without the state's financial commitment."</p>With files from The Associated Press<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-4187117049853643563?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-86107258682440950912009-06-05T15:00:00.021-07:002009-06-05T15:00:12.291-07:00<p>Canadian sales of cars and trucks plunged in May as turmoil within the sector hurt consumer confidence, according to statistics released Tuesday.</p><p>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.</p><p>Still, some analysts believe the sector's free-fall, which started even prior to the credit crunch, might finally be over.</p><a name='more'></a><p>Sales of light vehicles in this country dropped by 16.5 per cent for May compared with the same month one year earlier.</p><p>Domestic car companies sold 154,018 cars and light trucks in the fifth month of the year. That represented a reduction of more than 25,000 vehicles sold versus May of 2008.</p><p>The various producers managed to move 83,181 cars and 70,837 trucks off their lots in the month. Thus, cars represented 54 per cent of the sales total compared with 59 per cent a year earlier.</p><p>But when you only count the domestic manufacturers — Ford Canada, Chrysler Canada and GM Canada — the tumble was worse at 23 per cent.</p><p>The former "Big Three" automakers constituted 43.5 per cent of May's total sales, versus 47 per cent in May 2008.</p>Big losers (May)Sales growth (%)Smart -59.5 Saab -57.8 Chrysler-50.0 Source: Company reports<p>Chrysler was the biggest loser among the larger sellers, enduring a drop of 50 per cent in sales in May. The company, which slipped into a formal reorganization process earlier this year, flogged only 13,593 vehicles compared with the same month one year earlier.</p>Light in a dark tunnel<p>Still, at least one car watcher saw good decent news in these weak numbers.</p><p>Dennis DesRosiers, the well-considered sector analyst, said extrapolated figures for the full year show a sales picture not as bleak as others had predicted.</p>Big winners (May)Sales growth (%)Audi29.3 Kia 25.5 Hyundai 17.8 Source: Company reports<p>"This is not good but when you translate these sales numbers into a seasonally adjusted annual rates the data shows a stabilization of sales in Canada at about 1.45 million units. Most … analysts have a 1.35 million annual rate in their forecast so the Canadian market appears to be stabilizing at about a 100K units above internal forecasts," DesRosiers said.</p><p>As well, the relatively small drop in light truck sales — 5.6 per cent — could indicate the fleet side of the business will be stronger than expected for the rest of the year, he said.</p><p>In addition, most manufacturers were selling from existing inventory, not new production, a sign that they might need more assembled cars and trucks by the fall, DesRosiers said.</p><p>In fact, Ford's North American parent said already it planned to boost production by 10,000 in the second three months of the year and looked to make 460,000 vehicles in the July-to-September period, up 42,000 compared with the production levels for the third quarter in 2008. </p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-8610725868244095091?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-56805391359066035392009-06-05T15:00:00.019-07:002009-06-05T15:00:09.640-07:00<p>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.</p><p>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.</p><a name='more'></a><p>The automaker said the deal is expected to preserve more than 3,000 U.S. jobs in manufacturing and engineering, and at Hummer dealerships around the country. The buyer is also expected to "aggressively" fund future Hummer products.</p><p>Under the deal, a GM plant in Shreveport, La., will continue to assemble the H3 and H3T under contract through at least 2010.</p><p>"I’m confident that Hummer will thrive globally under its new ownership," said Troy Clarke, president of GM North America.</p><p>"And for GM, this sale continues to accelerate the reinvention of GM into a leaner, more focused, and more cost-competitive automaker," he said in a release.</p><p>As part of its restructuring plan, GM is eliminating the venerable Pontiac brand, and has put its Saab and Saturn brands on the auction block. Both Saturn and Saab are in bankruptcy protection.</p>Possible Saturn buyers<p>GM said it has 16 potential buyers interested in acquiring the Saturn brand, along with three parties interested in Sweden's Saab.</p><p>The information was disclosed in a slide show prepared for a conference call with reporters and analysts to be hosted by GM CEO Fritz Henderson and chief financial officer Ray Young.</p><p>In the slide show, GM said it was still looking at manufacturing agreements for the possible buyer.</p><p>The company said it will focus on four core brands in the future: GMC, Chevrolet, Buick and Cadillac.</p><p>GM plans to reduce its number of assembly, power train and stamping plants from 47 in 2008 to 34 by the end of 2010 and 33 by 2012. On Monday, the company announced the permanent closure of nine plants and the idling of three others. The company is also closing three parts warehouses.</p>Money for Opel<p>Also on Tuesday, GM took another step in its restructuring as its Opel unit received the first part of a government bridge loan. The German government, together with the governments of four German states, provided the first 300 million euros ($462 million Cdn) of a total loan package of 1.5 billion euros ($2.31 billion Cdn).</p><p>"This responsiveness of the German government ensures that [Opel's] operations maintain adequate liquidity as a more independent European Opel/Vauxhall company continues normal operations," Opel and GM Europe said.</p><p>Canadian autoparts maker Magna International, together with state-controlled Russian lender Sberbank, reached a deal on May 30 to acquired majority control of Opel. Magna will get a 20 per cent stake, while Sberbank will get 35 per cent control.</p><p>GM will keep 35 per cent of the company, while Opel employees will own 10 per cent.</p><p>"We are giving Opel a chance," said German Chancellor Angela Merkel. "This would not have been possible without the state's financial commitment."</p>With files from The Associated Press<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-5680539135906603539?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-28448503337228379732009-06-05T15:00:00.017-07:002009-06-05T15:00:09.000-07:00<p>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.</p><p>Worse still, the Calgary-based airline's shrinking load factor might be the start of a trend rather than a one-off event.</p><p>"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.</p><a name='more'></a><p>In May, WestJet's load factor — a gauge of airline efficiency that measures how many paying customers the carrier packed into available seats — tumbled to 74.1 per cent.</p><p>That level was 5.4 percentage points less than May 2008, prior to the real beginning of the global credit crunch. </p><p>WestJet's efficiency in the January-to-May time frame stood at 79.3 per cent, down 2.3 percentage points versus the same five months in 2008.</p><img src="http://theyearnet.info/wp/wp-content/uploads/may-load-factor-declines-for-westjet-0.gif" alt="May load factor declines for WestJet" title="May load factor declines for WestJet" /" alt="May load factor declines for WestJet" title="May load factor declines for WestJet" />Three-month stock chart for WestJet<p>The airline's available seat miles, essentially how many seats WestJet had to fill, rose 1.2 per cent to 1.436 billion. But, the revenue passenger miles, a way of looking at the carrier's cash coming in, fell by 5.8 per cent, to slightly more than one billion.</p>Recessionary pain<p>Comparing the load factor for the same month between two years tends to eliminate seasonal factors that shift travel habits within a single 12-month period.</p><p>Given the recession that slammed industrialized economies in the fall and winter of 2008, however, most analysts expected year-over-year load factors to fall substantially.</p><p>Still, WestJet's trend has turned negative.</p><p>First, May's figure was 7.5 percentage points lower than the measure for April. In addition, the latest number was the lowest reading for 2009 so far.</p>Load factor Year-to-date (%)Jan.76.8 Jan.-Feb. 79.6 Jan.-March 80.4 Jan.-April80.6 Jan.-May 79.3 Source: WestJet<p>As well, the year-to-date load factor — which approximates a moving average for every month except January — stalled in April and then headed southward in May.</p>Still in the black<p>Despite its weakening metrics, WestJet was profitable in the first quarter, making $37.4 million in the period on $579.3 million in revenue.</p><p>Durfy said he expects the difficult economy to result in a drop of 16 to 18 per cent in the revenue per available seat mile in the second three months of the year compared with the same quarter one year earlier.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-2844850333722837973?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-11914441283491503022009-06-05T15:00:00.015-07:002009-06-05T15:00:07.669-07:00<p>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.</p><p>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.</p><p>"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.</p><a name='more'></a>Looking ahead<p>Bernanke, who has been criticized for misunderstanding the depth of the current recession, did not gripe about the Obama administrations effort to re-inflate the U.S. economy by extra spending.</p><p>Instead, he pointed out that the country's deficit will hit $1.8 trillion in fiscal 2009, shrinking only to $900 billion within two years.</p><p>As a result, Bernanke estimated that the U.S. debt will equal 70 per cent of national GDP, up from 40 per cent during the period prior to the financial meltdown in late 2008.</p><p>"These developments would leave the debt-to-GDP ratio at its highest level since the early 1950s, the years following the massive debt buildup during World War II," he said.</p><p>The dilemma Washington faces, however, is that while the economy's descent appears to be slowing, any turnaround is still months away, Bernanke said.</p><p>"The most recent information on the labour market — the number of new and continuing claims for unemployment insurance through late May — suggests that sizable job losses and further increases in unemployment are likely over the next few months," he told Capitol Hill legislators.</p>Job cuts — but fewer of them<p>Still, new data, also released Wednesday, appeared to reinforce the case that the U.S. economy is at least hitting bottom.</p><p>A report from Automatic Data Processing Inc. estimated that private sector employers cut 532,000 jobs in May,13,000 fewer than were dropped in April.</p><p>In addition, a well-followed survey by search firm Challenger, Gray & Christmas, said American employers had announced 111,000 job cuts in May. Similar to the ADP report, Challenger's numbers were down compared to April.</p><p>Analysts have interpreted smaller jobs cuts as a sign of easing economic weakness.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-1191444128349150302?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-36682539917099993062009-06-05T15:00:00.013-07:002009-06-05T15:00:07.448-07:00<p>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.</p><p>Worse still, the Calgary-based airline's shrinking load factor might be the start of a trend rather than a one-off event.</p><p>"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.</p><a name='more'></a><p>In May, WestJet's load factor — a gauge of airline efficiency that measures how many paying customers the carrier packed into available seats — tumbled to 74.1 per cent.</p><p>That level was 5.4 percentage points less than May 2008, prior to the real beginning of the global credit crunch. </p><p>WestJet's efficiency in the January-to-May time frame stood at 79.3 per cent, down 2.3 percentage points versus the same five months in 2008.</p><img src="http://theyearnet.info/wp/wp-content/uploads/may-load-factor-declines-for-westjet-0.gif" alt="May load factor declines for WestJet" title="May load factor declines for WestJet" /" alt="May load factor declines for WestJet" title="May load factor declines for WestJet" />Three-month stock chart for WestJet<p>The airline's available seat miles, essentially how many seats WestJet had to fill, rose 1.2 per cent to 1.436 billion. But, the revenue passenger miles, a way of looking at the carrier's cash coming in, fell by 5.8 per cent, to slightly more than one billion.</p>Recessionary pain<p>Comparing the load factor for the same month between two years tends to eliminate seasonal factors that shift travel habits within a single 12-month period.</p><p>Given the recession that slammed industrialized economies in the fall and winter of 2008, however, most analysts expected year-over-year load factors to fall substantially.</p><p>Still, WestJet's trend has turned negative.</p><p>First, May's figure was 7.5 percentage points lower than the measure for April. In addition, the latest number was the lowest reading for 2009 so far.</p>Load factor Year-to-date (%)Jan.76.8 Jan.-Feb. 79.6 Jan.-March 80.4 Jan.-April80.6 Jan.-May 79.3 Source: WestJet<p>As well, the year-to-date load factor — which approximates a moving average for every month except January — stalled in April and then headed southward in May.</p>Still in the black<p>Despite its weakening metrics, WestJet was profitable in the first quarter, making $37.4 million in the period on $579.3 million in revenue.</p><p>Durfy said he expects the difficult economy to result in a drop of 16 to 18 per cent in the revenue per available seat mile in the second three months of the year compared with the same quarter one year earlier.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-3668253991709999306?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-80626741656126554292009-06-05T15:00:00.011-07:002009-06-05T15:00:06.243-07:00<p>Canadian sales of cars and trucks plunged in May as turmoil within the sector hurt consumer confidence, according to statistics released Tuesday.</p><p>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.</p><p>Still, some analysts believe the sector's free-fall, which started even prior to the credit crunch, might finally be over.</p><a name='more'></a><p>Sales of light vehicles in this country dropped by 16.5 per cent for May compared with the same month one year earlier.</p><p>Domestic car companies sold 154,018 cars and light trucks in the fifth month of the year. That represented a reduction of more than 25,000 vehicles sold versus May of 2008.</p><p>The various producers managed to move 83,181 cars and 70,837 trucks off their lots in the month. Thus, cars represented 54 per cent of the sales total compared with 59 per cent a year earlier.</p><p>But when you only count the domestic manufacturers — Ford Canada, Chrysler Canada and GM Canada — the tumble was worse at 23 per cent.</p><p>The former "Big Three" automakers constituted 43.5 per cent of May's total sales, versus 47 per cent in May 2008.</p>Big losers (May)Sales growth (%)Smart -59.5 Saab -57.8 Chrysler-50.0 Source: Company reports<p>Chrysler was the biggest loser among the larger sellers, enduring a drop of 50 per cent in sales in May. The company, which slipped into a formal reorganization process earlier this year, flogged only 13,593 vehicles compared with the same month one year earlier.</p>Light in a dark tunnel<p>Still, at least one car watcher saw good decent news in these weak numbers.</p><p>Dennis DesRosiers, the well-considered sector analyst, said extrapolated figures for the full year show a sales picture not as bleak as others had predicted.</p>Big winners (May)Sales growth (%)Audi29.3 Kia 25.5 Hyundai 17.8 Source: Company reports<p>"This is not good but when you translate these sales numbers into a seasonally adjusted annual rates the data shows a stabilization of sales in Canada at about 1.45 million units. Most … analysts have a 1.35 million annual rate in their forecast so the Canadian market appears to be stabilizing at about a 100K units above internal forecasts," DesRosiers said.</p><p>As well, the relatively small drop in light truck sales — 5.6 per cent — could indicate the fleet side of the business will be stronger than expected for the rest of the year, he said.</p><p>In addition, most manufacturers were selling from existing inventory, not new production, a sign that they might need more assembled cars and trucks by the fall, DesRosiers said.</p><p>In fact, Ford's North American parent said already it planned to boost production by 10,000 in the second three months of the year and looked to make 460,000 vehicles in the July-to-September period, up 42,000 compared with the production levels for the third quarter in 2008. </p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-8062674165612655429?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-80721158397407509732009-06-05T15:00:00.009-07:002009-06-05T15:00:05.367-07:00<p>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.</p><p>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.</p><p>"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.</p><a name='more'></a>Looking ahead<p>Bernanke, who has been criticized for misunderstanding the depth of the current recession, did not gripe about the Obama administrations effort to re-inflate the U.S. economy by extra spending.</p><p>Instead, he pointed out that the country's deficit will hit $1.8 trillion in fiscal 2009, shrinking only to $900 billion within two years.</p><p>As a result, Bernanke estimated that the U.S. debt will equal 70 per cent of national GDP, up from 40 per cent during the period prior to the financial meltdown in late 2008.</p><p>"These developments would leave the debt-to-GDP ratio at its highest level since the early 1950s, the years following the massive debt buildup during World War II," he said.</p><p>The dilemma Washington faces, however, is that while the economy's descent appears to be slowing, any turnaround is still months away, Bernanke said.</p><p>"The most recent information on the labour market — the number of new and continuing claims for unemployment insurance through late May — suggests that sizable job losses and further increases in unemployment are likely over the next few months," he told Capitol Hill legislators.</p>Job cuts — but fewer of them<p>Still, new data, also released Wednesday, appeared to reinforce the case that the U.S. economy is at least hitting bottom.</p><p>A report from Automatic Data Processing Inc. estimated that private sector employers cut 532,000 jobs in May,13,000 fewer than were dropped in April.</p><p>In addition, a well-followed survey by search firm Challenger, Gray & Christmas, said American employers had announced 111,000 job cuts in May. Similar to the ADP report, Challenger's numbers were down compared to April.</p><p>Analysts have interpreted smaller jobs cuts as a sign of easing economic weakness.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-8072115839740750973?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-85951031342985925122009-06-05T15:00:00.007-07:002009-06-05T15:00:05.107-07:00<p>Bombardier Inc. on Wednesday posted lower first-quarter revenues and profits as the company said the poor economy hit its aerospace division.</p><p>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.</p><p>"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.</p><a name='more'></a><p>"At Bombardier Aerospace, although overall deliveries have held up relatively well during the quarter, cancellations in business aircraft have outpaced the level of new orders," Beaudoin said.</p><p>Customers ordered 20 business aircraft, but cancelled 61 other orders. A total of 50 commercial aircraft were ordered during the quarter.</p><p>Bombardier Aerospace posted revenue of $2.2 billion, down from $2.4 billion for the same period the previous year, although the company said revenues actually rose by $281 million after negative currency exchange is factored out.</p><p>"For the rail industry, the fundamentals remain strong and the recession is not currently expected to have a significant impact," said Beaudoin.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-8595103134298592512?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-50739605303851623812009-06-05T15:00:00.005-07:002009-06-05T15:00:02.243-07:00<p>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.</p><p>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.</p><p>"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.</p><a name='more'></a>Looking ahead<p>Bernanke, who has been criticized for misunderstanding the depth of the current recession, did not gripe about the Obama administrations effort to re-inflate the U.S. economy by extra spending.</p><p>Instead, he pointed out that the country's deficit will hit $1.8 trillion in fiscal 2009, shrinking only to $900 billion within two years.</p><p>As a result, Bernanke estimated that the U.S. debt will equal 70 per cent of national GDP, up from 40 per cent during the period prior to the financial meltdown in late 2008.</p><p>"These developments would leave the debt-to-GDP ratio at its highest level since the early 1950s, the years following the massive debt buildup during World War II," he said.</p><p>The dilemma Washington faces, however, is that while the economy's descent appears to be slowing, any turnaround is still months away, Bernanke said.</p><p>"The most recent information on the labour market — the number of new and continuing claims for unemployment insurance through late May — suggests that sizable job losses and further increases in unemployment are likely over the next few months," he told Capitol Hill legislators.</p>Job cuts — but fewer of them<p>Still, new data, also released Wednesday, appeared to reinforce the case that the U.S. economy is at least hitting bottom.</p><p>A report from Automatic Data Processing Inc. estimated that private sector employers cut 532,000 jobs in May,13,000 fewer than were dropped in April.</p><p>In addition, a well-followed survey by search firm Challenger, Gray & Christmas, said American employers had announced 111,000 job cuts in May. Similar to the ADP report, Challenger's numbers were down compared to April.</p><p>Analysts have interpreted smaller jobs cuts as a sign of easing economic weakness.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-5073960530385162381?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-51150231854709973802009-06-05T15:00:00.003-07:002009-06-05T15:00:01.368-07:00<p>Bombardier Inc. on Wednesday posted lower first-quarter revenues and profits as the company said the poor economy hit its aerospace division.</p><p>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.</p><p>"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.</p><a name='more'></a><p>"At Bombardier Aerospace, although overall deliveries have held up relatively well during the quarter, cancellations in business aircraft have outpaced the level of new orders," Beaudoin said.</p><p>Customers ordered 20 business aircraft, but cancelled 61 other orders. A total of 50 commercial aircraft were ordered during the quarter.</p><p>Bombardier Aerospace posted revenue of $2.2 billion, down from $2.4 billion for the same period the previous year, although the company said revenues actually rose by $281 million after negative currency exchange is factored out.</p><p>"For the rail industry, the fundamentals remain strong and the recession is not currently expected to have a significant impact," said Beaudoin.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-5115023185470997380?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-75907473425725765212009-06-05T15:00:00.001-07:002009-06-05T15:00:00.734-07:00<img src="http://theyearnet.info/wp/wp-content/uploads/deal-possible-to-solve-nl-shrimp-impasse-minister-says-0.jpg" alt="Deal possible to solve N.L. shrimp impasse, minister says " title="Deal possible to solve N.L. shrimp impasse, minister says " /" alt="Deal possible to solve N.L. shrimp impasse, minister says " title="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)<p><a name='more'></a>Newfoundland and Labrador's fisheries minister is hoping shrimp companies and fishermen can hammer out a deal, after processors shut down the industry amid rock-bottom demand for their product.</p><p>The Association of Seafood Producers says market conditions for processed shrimp have reached unprecedented poor conditions, with the rising Canadian dollar only compounding problems.</p><p>Processors, which stopped buying shrimp on Tuesday, say the poor markets hammering lobster, crab and other products are also wreaking havoc for shrimp.</p><p>Tom Hedderson, Newfoundland and Labrador's minister of fisheries and aquaculture, told CBC News he recognizes that global markets are in crisis, but that a solution can still be achieved to get the shrimp industry — which had a landed value of $186 million in 2008 — moving again.</p><p>"We're in some peril, not only with the shrimp industry, but with others, and I'm not surprised," Hedderson said.</p><p>"The market does do a fair bit of directing, but I think it's within the processors and harvesters now to come together and find a solution to this," he said. "There is a solution to this."</p><p>A meeting is scheduled for Thursday between negotiators for the processors and the Fish, Food and Allied Workers Union.</p><p>"I'm very, very hopeful that when they do come together they will find that magical price that can allow us to get through to the summer, and perhaps beyond," said Hedderson, who will not be involved in the discussions.</p><p>About 3,000 people rely on the shrimp industry for work.</p><p>Hedderson said he was concerned that plant workers will likely suffer the most if an impasse drags on.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-7590747342572576521?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-58865578337064491742009-06-05T02:06:00.001-07:002009-06-05T02:06:00.824-07:00<p>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.</p><p>Separate votes are being held in Calgary.</p><p>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.</p><a name='more'></a><p>If approved, the union would make the merged company one of the five largest in North America, and the second-largest firm trading on the Toronto Stock Exchange, trailing only Royal Bank.</p><p>When the deal was announced, Suncor CEO Rick George said the combination would make for a more efficient player in Canada's oil patch, which will insulate the new Canadian firm from potential foreign takeovers.</p><p>Montreal's Letko Brosseau & Associates, a comparatively small investor in Petro-Canada, has come out against the deal. Letko Brosseau claimed the transaction undervalues Petro-Canada and overvalues Suncor.</p><p>If shareholders approve the merger, it must still be approved by regulators.</p>With files from The Canadian Press<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-5886557833706449174?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-41984599528837422762009-06-05T02:05:00.071-07:002009-06-05T02:05:57.673-07:00<p>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.</p><p>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."</p><p>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.</p><a name='more'></a><p>"There are glimmers of hope for the global economy. Indeed, after three straight semesters of decline, global consumer confidence has stabilized," said Darrell Bricker and Clifford Young, of Ipsos-Reid Global Public Affairs.</p>A 29% positive picture<p>Still, the April sounding, taken in conjunction with the Reuters news service, meant that more than two-thirds of 75 per cent of the world's population held a negative view of the planet's economic prospects.</p><p>As a result, 73 per cent of individuals have cut or plan to cut personal spending, mainly on vacations, entertainment and luxury items.</p><p>But, 41 per cent of respondents said they were also chopping expenditures on food and another 11 per cent cited "education" as an area for cost savings.</p>No warm and fuzzy here<p>All told, the Ipsos-Reid poll painted a bleak picture of consumer confidence.</p><p>The current level of positive sentiment concerning the economy was 14 percentage points less than the 43 per cent polled last April, when many countries were seeing slowing GDP growth. But the recession was still months off.</p>Consumers seeing economy as positive(%)April '09 29 November '08 31 April '08 43 October '07 54 April '07 55 Source: Ipsos-Reid<p>India and China, the new stars of the world's economy, remained the areas exhibiting the highest levels of confidence in growth potential, at 70 per cent and 61 per cent respectively.</p><p>On the other end of this spectrum sat Italy, at eight per cent, France, at 11 per cent, and the United States, at 13 per cent.</p><p>Most people blamed bankers for the global economic freeze, ranging from 68 per cent in Hungary to 19 per cent in Turkey.</p><p>In Canada, 38 per cent of respondents cited the financial system as the culprit for the world-wide depression and 27 per cent pointed the finger of blame at the previous U.S. administration.</p><p>Interestingly, 13 per cent of Turks blamed the current government in Washington for the global economic crisis compared to 19 per cent who said the Bush administration caused the credit crunch.</p><p>Ipsos-Reid said its poll was accurate 95 per cent of the time with a 3.1 per cent margin of error.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-4198459952883742276?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-11378170929700113802009-06-05T02:05:00.069-07:002009-06-05T02:05:56.474-07:00<p>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.</p><p>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.</p><p>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 $630 billion, according to Don Drummond, TD's chief economist, and Derek Burleton, the bank's director of economic analysis.</p><a name='more'></a>On the current path<p>Worse still, from a fiscal perspective, the TD analysis assumed that Ottawa did not allow much growth in the spending on existing programs, such as health and defence.</p><p>Many experts have argued that national governments, whether in Ottawa or Washington, have a difficult time ignoring voter entreaties to spend more, especially during times of economic stress.</p>Ottawa's fiscal balance ($)2009-10 -51.0B 2010-11 -45.3B 2011-12 -28.3B 2012-13 -23.1B 2013-14 -19.4B Source: TD Economics<p>The federal deficit will peak at $51 billion in 2009-10 and then drop marginally to $45 billion in the next fiscal year. By 2013-14, the final year of TD's outlook, Ottawa's shortfall will be at $19.4 billion.</p>Cash-in and cash-out<p>According to the TD's analysis, government spending will increase by more than $40 billion, or 20.3 per cent, comparing the 2007-08 level of $199.5 billion to the bank's projection of $240.1 billion in 2009-'10.</p><p>A large chunk of Canada's expenditure rise is due to the government's plan to forward cash to the country's ailing auto sector.</p><p>In addition, TD expects the government's revenue to drop almost 10 per cent, hitting $218.6 billion in 2009-10 versus $242.4 billion in 2007-08. </p><p>Thus, the bank forecasts that Ottawa's revenue will pass the $242 billion threshold in another two years, hitting $245.3 billion in 2011-12.</p><p>Falling company profits in the current recession have sliced the amount of income taxes paid by corporations.</p><p>Also, lower consumer spending has cramped GST receipts, while declining take-home pay has cut the federal government's income from personal income taxes.</p><p>All told, while revenue as a percentage of the country's GDP reached 16.3 per cent in 2006-07, Canada's intake will only hit 15.1 of GDP by 2013-14.</p><p>In the final year of TD's forecast, Ottawa is assumed to have revenue of $275.7 billion.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-1137817092970011380?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-53770186678114734892009-06-05T02:05:00.067-07:002009-06-05T02:05:52.766-07:00<p>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.</p><p>Separate votes are being held in Calgary.</p><p>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.</p><a name='more'></a><p>If approved, the union would make the merged company one of the five largest in North America, and the second-largest firm trading on the Toronto Stock Exchange, trailing only Royal Bank.</p><p>When the deal was announced, Suncor CEO Rick George said the combination would make for a more efficient player in Canada's oil patch, which will insulate the new Canadian firm from potential foreign takeovers.</p><p>Montreal's Letko Brosseau & Associates, a comparatively small investor in Petro-Canada, has come out against the deal. Letko Brosseau claimed the transaction undervalues Petro-Canada and overvalues Suncor.</p><p>If shareholders approve the merger, it must still be approved by regulators.</p>With files from The Canadian Press<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-5377018667811473489?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-55968580383548158032009-06-05T02:05:00.065-07:002009-06-05T02:05:51.454-07:00<p>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.</p><p>Separate votes are being held in Calgary.</p><p>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.</p><a name='more'></a><p>If approved, the union would make the merged company one of the five largest in North America, and the second-largest firm trading on the Toronto Stock Exchange, trailing only Royal Bank.</p><p>When the deal was announced, Suncor CEO Rick George said the combination would make for a more efficient player in Canada's oil patch, which will insulate the new Canadian firm from potential foreign takeovers.</p><p>Montreal's Letko Brosseau & Associates, a comparatively small investor in Petro-Canada, has come out against the deal. Letko Brosseau claimed the transaction undervalues Petro-Canada and overvalues Suncor.</p><p>If shareholders approve the merger, it must still be approved by regulators.</p>With files from The Canadian Press<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-5596858038354815803?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-8574327526057198772009-06-05T02:05:00.063-07:002009-06-05T02:05:50.840-07:00<p>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.</p><p>Separate votes are being held in Calgary.</p><p>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.</p><a name='more'></a><p>If approved, the union would make the merged company one of the five largest in North America, and the second-largest firm trading on the Toronto Stock Exchange, trailing only Royal Bank.</p><p>When the deal was announced, Suncor CEO Rick George said the combination would make for a more efficient player in Canada's oil patch, which will insulate the new Canadian firm from potential foreign takeovers.</p><p>Montreal's Letko Brosseau & Associates, a comparatively small investor in Petro-Canada, has come out against the deal. Letko Brosseau claimed the transaction undervalues Petro-Canada and overvalues Suncor.</p><p>If shareholders approve the merger, it must still be approved by regulators.</p>With files from The Canadian Press<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-857432752605719877?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-5986563037388726012009-06-05T02:05:00.061-07:002009-06-05T02:05:49.987-07:00<p>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.</p><p>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."</p><p>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.</p><a name='more'></a><p>"There are glimmers of hope for the global economy. Indeed, after three straight semesters of decline, global consumer confidence has stabilized," said Darrell Bricker and Clifford Young, of Ipsos-Reid Global Public Affairs.</p>A 29% positive picture<p>Still, the April sounding, taken in conjunction with the Reuters news service, meant that more than two-thirds of 75 per cent of the world's population held a negative view of the planet's economic prospects.</p><p>As a result, 73 per cent of individuals have cut or plan to cut personal spending, mainly on vacations, entertainment and luxury items.</p><p>But, 41 per cent of respondents said they were also chopping expenditures on food and another 11 per cent cited "education" as an area for cost savings.</p>No warm and fuzzy here<p>All told, the Ipsos-Reid poll painted a bleak picture of consumer confidence.</p><p>The current level of positive sentiment concerning the economy was 14 percentage points less than the 43 per cent polled last April, when many countries were seeing slowing GDP growth. But the recession was still months off.</p>Consumers seeing economy as positive(%)April '09 29 November '08 31 April '08 43 October '07 54 April '07 55 Source: Ipsos-Reid<p>India and China, the new stars of the world's economy, remained the areas exhibiting the highest levels of confidence in growth potential, at 70 per cent and 61 per cent respectively.</p><p>On the other end of this spectrum sat Italy, at eight per cent, France, at 11 per cent, and the United States, at 13 per cent.</p><p>Most people blamed bankers for the global economic freeze, ranging from 68 per cent in Hungary to 19 per cent in Turkey.</p><p>In Canada, 38 per cent of respondents cited the financial system as the culprit for the world-wide depression and 27 per cent pointed the finger of blame at the previous U.S. administration.</p><p>Interestingly, 13 per cent of Turks blamed the current government in Washington for the global economic crisis compared to 19 per cent who said the Bush administration caused the credit crunch.</p><p>Ipsos-Reid said its poll was accurate 95 per cent of the time with a 3.1 per cent margin of error.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-598656303738872601?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-3119866465278535202009-06-05T02:05:00.059-07:002009-06-05T02:05:49.535-07:00<p>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.</p><p>Separate votes are being held in Calgary.</p><p>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.</p><a name='more'></a><p>If approved, the union would make the merged company one of the five largest in North America, and the second-largest firm trading on the Toronto Stock Exchange, trailing only Royal Bank.</p><p>When the deal was announced, Suncor CEO Rick George said the combination would make for a more efficient player in Canada's oil patch, which will insulate the new Canadian firm from potential foreign takeovers.</p><p>Montreal's Letko Brosseau & Associates, a comparatively small investor in Petro-Canada, has come out against the deal. Letko Brosseau claimed the transaction undervalues Petro-Canada and overvalues Suncor.</p><p>If shareholders approve the merger, it must still be approved by regulators.</p>With files from The Canadian Press<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-311986646527853520?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-22537568546868173582009-06-05T02:05:00.057-07:002009-06-05T02:05:48.341-07:00<p>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.</p><p>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."</p><p>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.</p><a name='more'></a><p>"There are glimmers of hope for the global economy. Indeed, after three straight semesters of decline, global consumer confidence has stabilized," said Darrell Bricker and Clifford Young, of Ipsos-Reid Global Public Affairs.</p>A 29% positive picture<p>Still, the April sounding, taken in conjunction with the Reuters news service, meant that more than two-thirds of 75 per cent of the world's population held a negative view of the planet's economic prospects.</p><p>As a result, 73 per cent of individuals have cut or plan to cut personal spending, mainly on vacations, entertainment and luxury items.</p><p>But, 41 per cent of respondents said they were also chopping expenditures on food and another 11 per cent cited "education" as an area for cost savings.</p>No warm and fuzzy here<p>All told, the Ipsos-Reid poll painted a bleak picture of consumer confidence.</p><p>The current level of positive sentiment concerning the economy was 14 percentage points less than the 43 per cent polled last April, when many countries were seeing slowing GDP growth. But the recession was still months off.</p>Consumers seeing economy as positive(%)April '09 29 November '08 31 April '08 43 October '07 54 April '07 55 Source: Ipsos-Reid<p>India and China, the new stars of the world's economy, remained the areas exhibiting the highest levels of confidence in growth potential, at 70 per cent and 61 per cent respectively.</p><p>On the other end of this spectrum sat Italy, at eight per cent, France, at 11 per cent, and the United States, at 13 per cent.</p><p>Most people blamed bankers for the global economic freeze, ranging from 68 per cent in Hungary to 19 per cent in Turkey.</p><p>In Canada, 38 per cent of respondents cited the financial system as the culprit for the world-wide depression and 27 per cent pointed the finger of blame at the previous U.S. administration.</p><p>Interestingly, 13 per cent of Turks blamed the current government in Washington for the global economic crisis compared to 19 per cent who said the Bush administration caused the credit crunch.</p><p>Ipsos-Reid said its poll was accurate 95 per cent of the time with a 3.1 per cent margin of error.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-2253756854686817358?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-47131325937229434512009-06-05T02:05:00.055-07:002009-06-05T02:05:47.744-07:00<p>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.</p><p>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."</p><p>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.</p><a name='more'></a><p>"There are glimmers of hope for the global economy. Indeed, after three straight semesters of decline, global consumer confidence has stabilized," said Darrell Bricker and Clifford Young, of Ipsos-Reid Global Public Affairs.</p>A 29% positive picture<p>Still, the April sounding, taken in conjunction with the Reuters news service, meant that more than two-thirds of 75 per cent of the world's population held a negative view of the planet's economic prospects.</p><p>As a result, 73 per cent of individuals have cut or plan to cut personal spending, mainly on vacations, entertainment and luxury items.</p><p>But, 41 per cent of respondents said they were also chopping expenditures on food and another 11 per cent cited "education" as an area for cost savings.</p>No warm and fuzzy here<p>All told, the Ipsos-Reid poll painted a bleak picture of consumer confidence.</p><p>The current level of positive sentiment concerning the economy was 14 percentage points less than the 43 per cent polled last April, when many countries were seeing slowing GDP growth. But the recession was still months off.</p>Consumers seeing economy as positive(%)April '09 29 November '08 31 April '08 43 October '07 54 April '07 55 Source: Ipsos-Reid<p>India and China, the new stars of the world's economy, remained the areas exhibiting the highest levels of confidence in growth potential, at 70 per cent and 61 per cent respectively.</p><p>On the other end of this spectrum sat Italy, at eight per cent, France, at 11 per cent, and the United States, at 13 per cent.</p><p>Most people blamed bankers for the global economic freeze, ranging from 68 per cent in Hungary to 19 per cent in Turkey.</p><p>In Canada, 38 per cent of respondents cited the financial system as the culprit for the world-wide depression and 27 per cent pointed the finger of blame at the previous U.S. administration.</p><p>Interestingly, 13 per cent of Turks blamed the current government in Washington for the global economic crisis compared to 19 per cent who said the Bush administration caused the credit crunch.</p><p>Ipsos-Reid said its poll was accurate 95 per cent of the time with a 3.1 per cent margin of error.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-4713132593722943451?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-55073754064669011432009-06-05T02:05:00.053-07:002009-06-05T02:05:46.821-07:00<p>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.</p><p>Separate votes are being held in Calgary.</p><p>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.</p><a name='more'></a><p>If approved, the union would make the merged company one of the five largest in North America, and the second-largest firm trading on the Toronto Stock Exchange, trailing only Royal Bank.</p><p>When the deal was announced, Suncor CEO Rick George said the combination would make for a more efficient player in Canada's oil patch, which will insulate the new Canadian firm from potential foreign takeovers.</p><p>Montreal's Letko Brosseau & Associates, a comparatively small investor in Petro-Canada, has come out against the deal. Letko Brosseau claimed the transaction undervalues Petro-Canada and overvalues Suncor.</p><p>If shareholders approve the merger, it must still be approved by regulators.</p>With files from The Canadian Press<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-5507375406466901143?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-14535383885514823572009-06-05T02:05:00.051-07:002009-06-05T02:05:46.182-07:00<p>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.</p><p>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.</p><p>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 $630 billion, according to Don Drummond, TD's chief economist, and Derek Burleton, the bank's director of economic analysis.</p><a name='more'></a>On the current path<p>Worse still, from a fiscal perspective, the TD analysis assumed that Ottawa did not allow much growth in the spending on existing programs, such as health and defence.</p><p>Many experts have argued that national governments, whether in Ottawa or Washington, have a difficult time ignoring voter entreaties to spend more, especially during times of economic stress.</p>Ottawa's fiscal balance ($)2009-10 -51.0B 2010-11 -45.3B 2011-12 -28.3B 2012-13 -23.1B 2013-14 -19.4B Source: TD Economics<p>The federal deficit will peak at $51 billion in 2009-10 and then drop marginally to $45 billion in the next fiscal year. By 2013-14, the final year of TD's outlook, Ottawa's shortfall will be at $19.4 billion.</p>Cash-in and cash-out<p>According to the TD's analysis, government spending will increase by more than $40 billion, or 20.3 per cent, comparing the 2007-08 level of $199.5 billion to the bank's projection of $240.1 billion in 2009-'10.</p><p>A large chunk of Canada's expenditure rise is due to the government's plan to forward cash to the country's ailing auto sector.</p><p>In addition, TD expects the government's revenue to drop almost 10 per cent, hitting $218.6 billion in 2009-10 versus $242.4 billion in 2007-08. </p><p>Thus, the bank forecasts that Ottawa's revenue will pass the $242 billion threshold in another two years, hitting $245.3 billion in 2011-12.</p><p>Falling company profits in the current recession have sliced the amount of income taxes paid by corporations.</p><p>Also, lower consumer spending has cramped GST receipts, while declining take-home pay has cut the federal government's income from personal income taxes.</p><p>All told, while revenue as a percentage of the country's GDP reached 16.3 per cent in 2006-07, Canada's intake will only hit 15.1 of GDP by 2013-14.</p><p>In the final year of TD's forecast, Ottawa is assumed to have revenue of $275.7 billion.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-1453538388551482357?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-58342411839719297922009-06-05T02:05:00.049-07:002009-06-05T02:05:45.817-07:00<p>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.</p><p>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."</p><p>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.</p><a name='more'></a><p>"There are glimmers of hope for the global economy. Indeed, after three straight semesters of decline, global consumer confidence has stabilized," said Darrell Bricker and Clifford Young, of Ipsos-Reid Global Public Affairs.</p>A 29% positive picture<p>Still, the April sounding, taken in conjunction with the Reuters news service, meant that more than two-thirds of 75 per cent of the world's population held a negative view of the planet's economic prospects.</p><p>As a result, 73 per cent of individuals have cut or plan to cut personal spending, mainly on vacations, entertainment and luxury items.</p><p>But, 41 per cent of respondents said they were also chopping expenditures on food and another 11 per cent cited "education" as an area for cost savings.</p>No warm and fuzzy here<p>All told, the Ipsos-Reid poll painted a bleak picture of consumer confidence.</p><p>The current level of positive sentiment concerning the economy was 14 percentage points less than the 43 per cent polled last April, when many countries were seeing slowing GDP growth. But the recession was still months off.</p>Consumers seeing economy as positive(%)April '09 29 November '08 31 April '08 43 October '07 54 April '07 55 Source: Ipsos-Reid<p>India and China, the new stars of the world's economy, remained the areas exhibiting the highest levels of confidence in growth potential, at 70 per cent and 61 per cent respectively.</p><p>On the other end of this spectrum sat Italy, at eight per cent, France, at 11 per cent, and the United States, at 13 per cent.</p><p>Most people blamed bankers for the global economic freeze, ranging from 68 per cent in Hungary to 19 per cent in Turkey.</p><p>In Canada, 38 per cent of respondents cited the financial system as the culprit for the world-wide depression and 27 per cent pointed the finger of blame at the previous U.S. administration.</p><p>Interestingly, 13 per cent of Turks blamed the current government in Washington for the global economic crisis compared to 19 per cent who said the Bush administration caused the credit crunch.</p><p>Ipsos-Reid said its poll was accurate 95 per cent of the time with a 3.1 per cent margin of error.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-5834241183971929792?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-64621561714259275962009-06-05T02:05:00.047-07:002009-06-05T02:05:44.764-07:00<p>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.</p><p>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.</p><p>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 $630 billion, according to Don Drummond, TD's chief economist, and Derek Burleton, the bank's director of economic analysis.</p><a name='more'></a>On the current path<p>Worse still, from a fiscal perspective, the TD analysis assumed that Ottawa did not allow much growth in the spending on existing programs, such as health and defence.</p><p>Many experts have argued that national governments, whether in Ottawa or Washington, have a difficult time ignoring voter entreaties to spend more, especially during times of economic stress.</p>Ottawa's fiscal balance ($)2009-10 -51.0B 2010-11 -45.3B 2011-12 -28.3B 2012-13 -23.1B 2013-14 -19.4B Source: TD Economics<p>The federal deficit will peak at $51 billion in 2009-10 and then drop marginally to $45 billion in the next fiscal year. By 2013-14, the final year of TD's outlook, Ottawa's shortfall will be at $19.4 billion.</p>Cash-in and cash-out<p>According to the TD's analysis, government spending will increase by more than $40 billion, or 20.3 per cent, comparing the 2007-08 level of $199.5 billion to the bank's projection of $240.1 billion in 2009-'10.</p><p>A large chunk of Canada's expenditure rise is due to the government's plan to forward cash to the country's ailing auto sector.</p><p>In addition, TD expects the government's revenue to drop almost 10 per cent, hitting $218.6 billion in 2009-10 versus $242.4 billion in 2007-08. </p><p>Thus, the bank forecasts that Ottawa's revenue will pass the $242 billion threshold in another two years, hitting $245.3 billion in 2011-12.</p><p>Falling company profits in the current recession have sliced the amount of income taxes paid by corporations.</p><p>Also, lower consumer spending has cramped GST receipts, while declining take-home pay has cut the federal government's income from personal income taxes.</p><p>All told, while revenue as a percentage of the country's GDP reached 16.3 per cent in 2006-07, Canada's intake will only hit 15.1 of GDP by 2013-14.</p><p>In the final year of TD's forecast, Ottawa is assumed to have revenue of $275.7 billion.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-6462156171425927596?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-16182960370722625742009-06-05T02:05:00.045-07:002009-06-05T02:05:43.933-07:00<p>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.</p><p>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.</p><p>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 $630 billion, according to Don Drummond, TD's chief economist, and Derek Burleton, the bank's director of economic analysis.</p><a name='more'></a>On the current path<p>Worse still, from a fiscal perspective, the TD analysis assumed that Ottawa did not allow much growth in the spending on existing programs, such as health and defence.</p><p>Many experts have argued that national governments, whether in Ottawa or Washington, have a difficult time ignoring voter entreaties to spend more, especially during times of economic stress.</p>Ottawa's fiscal balance ($)2009-10 -51.0B 2010-11 -45.3B 2011-12 -28.3B 2012-13 -23.1B 2013-14 -19.4B Source: TD Economics<p>The federal deficit will peak at $51 billion in 2009-10 and then drop marginally to $45 billion in the next fiscal year. By 2013-14, the final year of TD's outlook, Ottawa's shortfall will be at $19.4 billion.</p>Cash-in and cash-out<p>According to the TD's analysis, government spending will increase by more than $40 billion, or 20.3 per cent, comparing the 2007-08 level of $199.5 billion to the bank's projection of $240.1 billion in 2009-'10.</p><p>A large chunk of Canada's expenditure rise is due to the government's plan to forward cash to the country's ailing auto sector.</p><p>In addition, TD expects the government's revenue to drop almost 10 per cent, hitting $218.6 billion in 2009-10 versus $242.4 billion in 2007-08. </p><p>Thus, the bank forecasts that Ottawa's revenue will pass the $242 billion threshold in another two years, hitting $245.3 billion in 2011-12.</p><p>Falling company profits in the current recession have sliced the amount of income taxes paid by corporations.</p><p>Also, lower consumer spending has cramped GST receipts, while declining take-home pay has cut the federal government's income from personal income taxes.</p><p>All told, while revenue as a percentage of the country's GDP reached 16.3 per cent in 2006-07, Canada's intake will only hit 15.1 of GDP by 2013-14.</p><p>In the final year of TD's forecast, Ottawa is assumed to have revenue of $275.7 billion.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-1618296037072262574?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-47044277854370187172009-06-05T02:05:00.043-07:002009-06-05T02:05:43.442-07:00<p>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.</p><p>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."</p><p>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.</p><a name='more'></a><p>"There are glimmers of hope for the global economy. Indeed, after three straight semesters of decline, global consumer confidence has stabilized," said Darrell Bricker and Clifford Young, of Ipsos-Reid Global Public Affairs.</p>A 29% positive picture<p>Still, the April sounding, taken in conjunction with the Reuters news service, meant that more than two-thirds of 75 per cent of the world's population held a negative view of the planet's economic prospects.</p><p>As a result, 73 per cent of individuals have cut or plan to cut personal spending, mainly on vacations, entertainment and luxury items.</p><p>But, 41 per cent of respondents said they were also chopping expenditures on food and another 11 per cent cited "education" as an area for cost savings.</p>No warm and fuzzy here<p>All told, the Ipsos-Reid poll painted a bleak picture of consumer confidence.</p><p>The current level of positive sentiment concerning the economy was 14 percentage points less than the 43 per cent polled last April, when many countries were seeing slowing GDP growth. But the recession was still months off.</p>Consumers seeing economy as positive(%)April '09 29 November '08 31 April '08 43 October '07 54 April '07 55 Source: Ipsos-Reid<p>India and China, the new stars of the world's economy, remained the areas exhibiting the highest levels of confidence in growth potential, at 70 per cent and 61 per cent respectively.</p><p>On the other end of this spectrum sat Italy, at eight per cent, France, at 11 per cent, and the United States, at 13 per cent.</p><p>Most people blamed bankers for the global economic freeze, ranging from 68 per cent in Hungary to 19 per cent in Turkey.</p><p>In Canada, 38 per cent of respondents cited the financial system as the culprit for the world-wide depression and 27 per cent pointed the finger of blame at the previous U.S. administration.</p><p>Interestingly, 13 per cent of Turks blamed the current government in Washington for the global economic crisis compared to 19 per cent who said the Bush administration caused the credit crunch.</p><p>Ipsos-Reid said its poll was accurate 95 per cent of the time with a 3.1 per cent margin of error.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-4704427785437018717?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-33327522553914485802009-06-05T02:05:00.041-07:002009-06-05T02:05:43.303-07:00<p>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.</p><p>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.</p><p>"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."</p><a name='more'></a><p>Wolf said a contract could be signed in the next four or five weeks, but it is likely to be the end of September before all involved have given their final approval. "Time is very, very tight," he said.</p><p>Opel on Tuesday received the first 300 million euro ($462 million Cdn) instalment of a euro1.5 billion ($2.31 billion Cdn) bridging loan granted by the government to keep the company afloat while work continues to conclude the takeover.</p><p>That arrangement, which saw Opel and British sister brand Vauxhall placed under a trustee, shielded the European operation from parent GM's bankruptcy protection filing.</p><p>The preliminary agreement reached Saturday calls for Magna to take a 20 per cent stake in Opel and for state-controlled Russian lender Sberbank to take a 35 per cent interest, giving their consortium a majority.</p><p>GM will retain a 35 per cent holding, while the remaining 10 per cent will go to Opel employees.</p><p>Opel's employee council chief, Klaus Franz, said the aim is for the Opel that emerges from the process to produce an annual two million vehicles within the next five years, an aim that he said could be reached if the company has a global footing and a presence in Asia.</p><p>Last year, Opel and Vauxhall combined produced 1.5 million vehicles.</p><p>Opel employs 25,000 people in Germany, nearly half of GM Europe's work force.</p><p>German government officials have said Magna's plan anticipates between 7,500 and 8,500 job cuts across Europe.</p><p>Franz said the employee council was standing by its demand that no plants be closed and that layoffs be avoided, but conceded that negotiations on factories in Bochum, Germany, Antwerp, Belgium, and Luton, England, would be a "tough nut."</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-3332752255391448580?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-24679165159999800512009-06-05T02:05:00.039-07:002009-06-05T02:05:42.450-07:00<p>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.</p><p>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.</p><p>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 $630 billion, according to Don Drummond, TD's chief economist, and Derek Burleton, the bank's director of economic analysis.</p><a name='more'></a>On the current path<p>Worse still, from a fiscal perspective, the TD analysis assumed that Ottawa did not allow much growth in the spending on existing programs, such as health and defence.</p><p>Many experts have argued that national governments, whether in Ottawa or Washington, have a difficult time ignoring voter entreaties to spend more, especially during times of economic stress.</p>Ottawa's fiscal balance ($)2009-10 -51.0B 2010-11 -45.3B 2011-12 -28.3B 2012-13 -23.1B 2013-14 -19.4B Source: TD Economics<p>The federal deficit will peak at $51 billion in 2009-10 and then drop marginally to $45 billion in the next fiscal year. By 2013-14, the final year of TD's outlook, Ottawa's shortfall will be at $19.4 billion.</p>Cash-in and cash-out<p>According to the TD's analysis, government spending will increase by more than $40 billion, or 20.3 per cent, comparing the 2007-08 level of $199.5 billion to the bank's projection of $240.1 billion in 2009-'10.</p><p>A large chunk of Canada's expenditure rise is due to the government's plan to forward cash to the country's ailing auto sector.</p><p>In addition, TD expects the government's revenue to drop almost 10 per cent, hitting $218.6 billion in 2009-10 versus $242.4 billion in 2007-08. </p><p>Thus, the bank forecasts that Ottawa's revenue will pass the $242 billion threshold in another two years, hitting $245.3 billion in 2011-12.</p><p>Falling company profits in the current recession have sliced the amount of income taxes paid by corporations.</p><p>Also, lower consumer spending has cramped GST receipts, while declining take-home pay has cut the federal government's income from personal income taxes.</p><p>All told, while revenue as a percentage of the country's GDP reached 16.3 per cent in 2006-07, Canada's intake will only hit 15.1 of GDP by 2013-14.</p><p>In the final year of TD's forecast, Ottawa is assumed to have revenue of $275.7 billion.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-2467916515999980051?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-31402906789059581492009-06-05T02:05:00.037-07:002009-06-05T02:05:42.045-07:00<p>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.</p><p>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.</p><p>"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."</p><a name='more'></a><p>Wolf said a contract could be signed in the next four or five weeks, but it is likely to be the end of September before all involved have given their final approval. "Time is very, very tight," he said.</p><p>Opel on Tuesday received the first 300 million euro ($462 million Cdn) instalment of a euro1.5 billion ($2.31 billion Cdn) bridging loan granted by the government to keep the company afloat while work continues to conclude the takeover.</p><p>That arrangement, which saw Opel and British sister brand Vauxhall placed under a trustee, shielded the European operation from parent GM's bankruptcy protection filing.</p><p>The preliminary agreement reached Saturday calls for Magna to take a 20 per cent stake in Opel and for state-controlled Russian lender Sberbank to take a 35 per cent interest, giving their consortium a majority.</p><p>GM will retain a 35 per cent holding, while the remaining 10 per cent will go to Opel employees.</p><p>Opel's employee council chief, Klaus Franz, said the aim is for the Opel that emerges from the process to produce an annual two million vehicles within the next five years, an aim that he said could be reached if the company has a global footing and a presence in Asia.</p><p>Last year, Opel and Vauxhall combined produced 1.5 million vehicles.</p><p>Opel employs 25,000 people in Germany, nearly half of GM Europe's work force.</p><p>German government officials have said Magna's plan anticipates between 7,500 and 8,500 job cuts across Europe.</p><p>Franz said the employee council was standing by its demand that no plants be closed and that layoffs be avoided, but conceded that negotiations on factories in Bochum, Germany, Antwerp, Belgium, and Luton, England, would be a "tough nut."</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-3140290678905958149?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-78872303640464910152009-06-05T02:05:00.035-07:002009-06-05T02:05:40.770-07:00<p>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.</p><p>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.</p><p>"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."</p><a name='more'></a><p>Wolf said a contract could be signed in the next four or five weeks, but it is likely to be the end of September before all involved have given their final approval. "Time is very, very tight," he said.</p><p>Opel on Tuesday received the first 300 million euro ($462 million Cdn) instalment of a euro1.5 billion ($2.31 billion Cdn) bridging loan granted by the government to keep the company afloat while work continues to conclude the takeover.</p><p>That arrangement, which saw Opel and British sister brand Vauxhall placed under a trustee, shielded the European operation from parent GM's bankruptcy protection filing.</p><p>The preliminary agreement reached Saturday calls for Magna to take a 20 per cent stake in Opel and for state-controlled Russian lender Sberbank to take a 35 per cent interest, giving their consortium a majority.</p><p>GM will retain a 35 per cent holding, while the remaining 10 per cent will go to Opel employees.</p><p>Opel's employee council chief, Klaus Franz, said the aim is for the Opel that emerges from the process to produce an annual two million vehicles within the next five years, an aim that he said could be reached if the company has a global footing and a presence in Asia.</p><p>Last year, Opel and Vauxhall combined produced 1.5 million vehicles.</p><p>Opel employs 25,000 people in Germany, nearly half of GM Europe's work force.</p><p>German government officials have said Magna's plan anticipates between 7,500 and 8,500 job cuts across Europe.</p><p>Franz said the employee council was standing by its demand that no plants be closed and that layoffs be avoided, but conceded that negotiations on factories in Bochum, Germany, Antwerp, Belgium, and Luton, England, would be a "tough nut."</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-7887230364046491015?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-21759795410427137442009-06-05T02:05:00.033-07:002009-06-05T02:05:40.289-07:00<p>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.</p><p>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.</p><p>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.</p><a name='more'></a><p>The Thomas the Tank Engine show became famous with ex-Beatle Ringo Starr as the engine's first voice and will help Mega Brands boost its tiny-tot business, the Canadian company said.</p><p>"We're excited … to have this wonderful opportunity to … build on the immense worldwide popularity of Thomas and Friends to grow our preschool portfolio," said Vic Bertrand, Mega Brands' chief innovation officer.</p><img src="http://theyearnet.info/wp/wp-content/uploads/all-aboard-mega-brands-hitches-its-future-to-thomas-the-tank-engine-0.gif" alt="All aboard: Mega Brands hitches its future to Thomas the Tank Engine" title="All aboard: Mega Brands hitches its future to Thomas the Tank Engine" /" alt="All aboard: Mega Brands hitches its future to Thomas the Tank Engine" title="All aboard: Mega Brands hitches its future to Thomas the Tank Engine" />Three-month stock chart for Mega Brands Inc.<p>The move is also designed to help Mega Brands get back on track after getting pounded financially in recent quarters.</p><p>In the first three months of fiscal 2009, Mega Brands lost $25.9 million on $43.5 million in revenue. Quarterly sales dropped $36 million from the same quarter a year earlier.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-2175979541042713744?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-18883659585144841742009-06-05T02:05:00.031-07:002009-06-05T02:05:39.949-07:00<p>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.</p><p>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.</p><p>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.</p><a name='more'></a><p>The Thomas the Tank Engine show became famous with ex-Beatle Ringo Starr as the engine's first voice and will help Mega Brands boost its tiny-tot business, the Canadian company said.</p><p>"We're excited … to have this wonderful opportunity to … build on the immense worldwide popularity of Thomas and Friends to grow our preschool portfolio," said Vic Bertrand, Mega Brands' chief innovation officer.</p><img src="http://theyearnet.info/wp/wp-content/uploads/all-aboard-mega-brands-hitches-its-future-to-thomas-the-tank-engine-0.gif" alt="All aboard: Mega Brands hitches its future to Thomas the Tank Engine" title="All aboard: Mega Brands hitches its future to Thomas the Tank Engine" /" alt="All aboard: Mega Brands hitches its future to Thomas the Tank Engine" title="All aboard: Mega Brands hitches its future to Thomas the Tank Engine" />Three-month stock chart for Mega Brands Inc.<p>The move is also designed to help Mega Brands get back on track after getting pounded financially in recent quarters.</p><p>In the first three months of fiscal 2009, Mega Brands lost $25.9 million on $43.5 million in revenue. Quarterly sales dropped $36 million from the same quarter a year earlier.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-1888365958514484174?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-36218437193119438872009-06-05T02:05:00.029-07:002009-06-05T02:05:38.997-07:00<p>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.</p><p>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.</p><p>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 $630 billion, according to Don Drummond, TD's chief economist, and Derek Burleton, the bank's director of economic analysis.</p><a name='more'></a>On the current path<p>Worse still, from a fiscal perspective, the TD analysis assumed that Ottawa did not allow much growth in the spending on existing programs, such as health and defence.</p><p>Many experts have argued that national governments, whether in Ottawa or Washington, have a difficult time ignoring voter entreaties to spend more, especially during times of economic stress.</p>Ottawa's fiscal balance ($)2009-10 -51.0B 2010-11 -45.3B 2011-12 -28.3B 2012-13 -23.1B 2013-14 -19.4B Source: TD Economics<p>The federal deficit will peak at $51 billion in 2009-10 and then drop marginally to $45 billion in the next fiscal year. By 2013-14, the final year of TD's outlook, Ottawa's shortfall will be at $19.4 billion.</p>Cash-in and cash-out<p>According to the TD's analysis, government spending will increase by more than $40 billion, or 20.3 per cent, comparing the 2007-08 level of $199.5 billion to the bank's projection of $240.1 billion in 2009-'10.</p><p>A large chunk of Canada's expenditure rise is due to the government's plan to forward cash to the country's ailing auto sector.</p><p>In addition, TD expects the government's revenue to drop almost 10 per cent, hitting $218.6 billion in 2009-10 versus $242.4 billion in 2007-08. </p><p>Thus, the bank forecasts that Ottawa's revenue will pass the $242 billion threshold in another two years, hitting $245.3 billion in 2011-12.</p><p>Falling company profits in the current recession have sliced the amount of income taxes paid by corporations.</p><p>Also, lower consumer spending has cramped GST receipts, while declining take-home pay has cut the federal government's income from personal income taxes.</p><p>All told, while revenue as a percentage of the country's GDP reached 16.3 per cent in 2006-07, Canada's intake will only hit 15.1 of GDP by 2013-14.</p><p>In the final year of TD's forecast, Ottawa is assumed to have revenue of $275.7 billion.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-3621843719311943887?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-57351473695769617952009-06-05T02:05:00.027-07:002009-06-05T02:05:38.460-07:00<p>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.</p><p>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.</p><p>"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."</p><a name='more'></a><p>Wolf said a contract could be signed in the next four or five weeks, but it is likely to be the end of September before all involved have given their final approval. "Time is very, very tight," he said.</p><p>Opel on Tuesday received the first 300 million euro ($462 million Cdn) instalment of a euro1.5 billion ($2.31 billion Cdn) bridging loan granted by the government to keep the company afloat while work continues to conclude the takeover.</p><p>That arrangement, which saw Opel and British sister brand Vauxhall placed under a trustee, shielded the European operation from parent GM's bankruptcy protection filing.</p><p>The preliminary agreement reached Saturday calls for Magna to take a 20 per cent stake in Opel and for state-controlled Russian lender Sberbank to take a 35 per cent interest, giving their consortium a majority.</p><p>GM will retain a 35 per cent holding, while the remaining 10 per cent will go to Opel employees.</p><p>Opel's employee council chief, Klaus Franz, said the aim is for the Opel that emerges from the process to produce an annual two million vehicles within the next five years, an aim that he said could be reached if the company has a global footing and a presence in Asia.</p><p>Last year, Opel and Vauxhall combined produced 1.5 million vehicles.</p><p>Opel employs 25,000 people in Germany, nearly half of GM Europe's work force.</p><p>German government officials have said Magna's plan anticipates between 7,500 and 8,500 job cuts across Europe.</p><p>Franz said the employee council was standing by its demand that no plants be closed and that layoffs be avoided, but conceded that negotiations on factories in Bochum, Germany, Antwerp, Belgium, and Luton, England, would be a "tough nut."</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-5735147369576961795?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-47965617010605624382009-06-05T02:05:00.025-07:002009-06-05T02:05:38.394-07:00<p>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.</p><p>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.</p><p>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.</p><a name='more'></a><p>The Thomas the Tank Engine show became famous with ex-Beatle Ringo Starr as the engine's first voice and will help Mega Brands boost its tiny-tot business, the Canadian company said.</p><p>"We're excited … to have this wonderful opportunity to … build on the immense worldwide popularity of Thomas and Friends to grow our preschool portfolio," said Vic Bertrand, Mega Brands' chief innovation officer.</p><img src="http://theyearnet.info/wp/wp-content/uploads/all-aboard-mega-brands-hitches-its-future-to-thomas-the-tank-engine-0.gif" alt="All aboard: Mega Brands hitches its future to Thomas the Tank Engine" title="All aboard: Mega Brands hitches its future to Thomas the Tank Engine" /" alt="All aboard: Mega Brands hitches its future to Thomas the Tank Engine" title="All aboard: Mega Brands hitches its future to Thomas the Tank Engine" />Three-month stock chart for Mega Brands Inc.<p>The move is also designed to help Mega Brands get back on track after getting pounded financially in recent quarters.</p><p>In the first three months of fiscal 2009, Mega Brands lost $25.9 million on $43.5 million in revenue. Quarterly sales dropped $36 million from the same quarter a year earlier.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-4796561701060562438?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-75093146391898709342009-06-05T02:05:00.023-07:002009-06-05T02:05:36.296-07:00<p>The U.S. government will be a hands-off owner of its stake in a revamped General Motors, says U.S. President Barack Obama.</p><p>He made the comments Monday after the automaker filed for bankruptcy protection.</p><p>Under the bankruptcy filing, the U.S. Treasury gets 60.8 per cent of the common equity of the new, revamped GM.</p><p>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.</p><a name='more'></a><p>Bondholders would receive a 10 per cent stake with the possibility of increasing their share to 25 per cent.</p><p>The U.S. government will pump about $30 billion US into GM, on top of the roughly $20 billion is has already contributed.</p><p>"We are acting as reluctant shareholders because that is the only way to help GM succeed," Obama said during a White House news conference.</p><p>Obama said GM will be run by a private board of directors and management team</p><p>He said management, and not the government, will call the shots and make the decisions about how to turn the company around.</p><p>"The federal government will refrain from exercising its rights as a shareholder in all but the most fundamental corporate decisions. When a difficult decision has to be made on matters like where to open a new plant or what type of new car to make, the new GM, not the United States government, will make that decision," he said.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-7509314639189870934?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-3216550404771228242009-06-05T02:05:00.021-07:002009-06-05T02:05:36.162-07:00<p>The U.S. government will be a hands-off owner of its stake in a revamped General Motors, says U.S. President Barack Obama.</p><p>He made the comments Monday after the automaker filed for bankruptcy protection.</p><p>Under the bankruptcy filing, the U.S. Treasury gets 60.8 per cent of the common equity of the new, revamped GM.</p><p>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.</p><a name='more'></a><p>Bondholders would receive a 10 per cent stake with the possibility of increasing their share to 25 per cent.</p><p>The U.S. government will pump about $30 billion US into GM, on top of the roughly $20 billion is has already contributed.</p><p>"We are acting as reluctant shareholders because that is the only way to help GM succeed," Obama said during a White House news conference.</p><p>Obama said GM will be run by a private board of directors and management team</p><p>He said management, and not the government, will call the shots and make the decisions about how to turn the company around.</p><p>"The federal government will refrain from exercising its rights as a shareholder in all but the most fundamental corporate decisions. When a difficult decision has to be made on matters like where to open a new plant or what type of new car to make, the new GM, not the United States government, will make that decision," he said.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-321655040477122824?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-75241889619506337412009-06-05T02:05:00.019-07:002009-06-05T02:05:35.682-07:00<p>The U.S. government will be a hands-off owner of its stake in a revamped General Motors, says U.S. President Barack Obama.</p><p>He made the comments Monday after the automaker filed for bankruptcy protection.</p><p>Under the bankruptcy filing, the U.S. Treasury gets 60.8 per cent of the common equity of the new, revamped GM.</p><p>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.</p><a name='more'></a><p>Bondholders would receive a 10 per cent stake with the possibility of increasing their share to 25 per cent.</p><p>The U.S. government will pump about $30 billion US into GM, on top of the roughly $20 billion is has already contributed.</p><p>"We are acting as reluctant shareholders because that is the only way to help GM succeed," Obama said during a White House news conference.</p><p>Obama said GM will be run by a private board of directors and management team</p><p>He said management, and not the government, will call the shots and make the decisions about how to turn the company around.</p><p>"The federal government will refrain from exercising its rights as a shareholder in all but the most fundamental corporate decisions. When a difficult decision has to be made on matters like where to open a new plant or what type of new car to make, the new GM, not the United States government, will make that decision," he said.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-7524188961950633741?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0tag:blogger.com,1999:blog-1091717715645270636.post-20393830975133712182009-06-05T02:05:00.017-07:002009-06-05T02:05:34.677-07:00<p>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.</p><p>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.</p><p>"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."</p><a name='more'></a><p>Wolf said a contract could be signed in the next four or five weeks, but it is likely to be the end of September before all involved have given their final approval. "Time is very, very tight," he said.</p><p>Opel on Tuesday received the first 300 million euro ($462 million Cdn) instalment of a euro1.5 billion ($2.31 billion Cdn) bridging loan granted by the government to keep the company afloat while work continues to conclude the takeover.</p><p>That arrangement, which saw Opel and British sister brand Vauxhall placed under a trustee, shielded the European operation from parent GM's bankruptcy protection filing.</p><p>The preliminary agreement reached Saturday calls for Magna to take a 20 per cent stake in Opel and for state-controlled Russian lender Sberbank to take a 35 per cent interest, giving their consortium a majority.</p><p>GM will retain a 35 per cent holding, while the remaining 10 per cent will go to Opel employees.</p><p>Opel's employee council chief, Klaus Franz, said the aim is for the Opel that emerges from the process to produce an annual two million vehicles within the next five years, an aim that he said could be reached if the company has a global footing and a presence in Asia.</p><p>Last year, Opel and Vauxhall combined produced 1.5 million vehicles.</p><p>Opel employs 25,000 people in Germany, nearly half of GM Europe's work force.</p><p>German government officials have said Magna's plan anticipates between 7,500 and 8,500 job cuts across Europe.</p><p>Franz said the employee council was standing by its demand that no plants be closed and that layoffs be avoided, but conceded that negotiations on factories in Bochum, Germany, Antwerp, Belgium, and Luton, England, would be a "tough nut."</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1091717715645270636-2039383097513371218?l=cbc-news-blog.blogspot.com' alt='' /></div>Thaddeus Warcholnoreply@blogger.com0