Business News
EU financial chief says banks should pay into a fund to wind up troubled banks
BRUSSELS, Belgium - The European Union's finance executive called Friday for banks to pay into a fund that could be drawn upon in case of collapse, an effort to shield taxpayers from the fallout of fu...
Nexen/Shell project makes 'significant' oil discovery in east Gulf of Mexico
CALGARY - Oil and gas producer Nexen Inc. (TSX:NXY) and partner Shell (NYSE:RDS.A) have made a "significant" oil discovery in the eastern Gulf of Mexico, Nexen said Friday. The find at the Appomatt...
Ship builders fear downsizing, or worse, if cruise companies don't order more vessels
MIAMI - The cruise industry is rebounding, but not for the companies who build the increasingly elaborate ships. Executives from the major European shipyards say they're not getting enough orders t...
Upbeat Lloyds Bank gives world markets a boost
LONDON - British stocks led Friday's advance in global markets after the part-nationalized Lloyds Banking Group issued a buoyant trading update, but the euro continued to founder amid renewed fears ab...
Reports say Google, Sony and Intel collaborating on project known as Google TV
TORONTO - Reports say Google, Sony, and Intel are collaborating on a project known as Google TV. Sources say it would funnel search, video, Twitter, and other Web applications through set-top boxes...
World stock markets gain as U.S. economic reports boost sentiment
HONG KONG - World stock markets turned higher Friday as modestly positive reports about the U.S. economy underpinned optimism about the global recovery. Asian markets fluctuated earlier in the day ...
Lloyds Banking expects to report a profit for 2010, says fewer bad assets
LONDON - Britain's Lloyds Banking Group PLC said Friday it expects to report a profit this year as trading has so far been strong and provisions for bad assets are not as large as previously forecast....
Price of oil drifts below $82 a barrel in Asia as month-long rally stalls
Oil prices drifted below $82 a barrel Friday in Asia, pulling back from a monthlong rally that was fuelled by mostly positive news about the U.S. economy. Benchmark crude for April delivery was dow...
Unions plan rally in Sudbury, Ont., in support of striking Vale-Inco workers
TORONTO - Various unions plan to send members to a rally in Sudbury, Ont., on Monday in support of striking workers at Vale Inco. The Ontario Federation of Labour says busloads of supporters will h...
Reports say Google, Sony and Intel collaborating on porject known as Google TV
TORONTO - Reports say Google, Sony, and Intel are collaborating on a project known as Google TV. Sources say it would funnel search, video, Twitter, and other Web applications through set-top boxes...
Japanese man claiming brake failure may face charges in Prius accident
TOKYO - Japanese police are recommending charges against a driver who says his Toyota Prius crashed because of brake failure after an analysis of data from the car showed no defects. The 37-year-ol...
Samsung sees strong 2010, aims for double-digit sales growth as economy expands
SEOUL, South Korea - Samsung Electronics predicted a strong 2010 as economic expansion in advanced and large developing economies gains speed and said it is aiming for double-digit sales growth from l...
China calls on U.S. to cool 'emotionalization' on currency, warns of yuan rise
BEIJING - China stepped up resistance Friday to U.S. pressure over currency, calling on Washington to cool its "politicization and emotionalization" of the issue and warning a further rise in its yuan...
Fortress to acquire Quebec manufacturing facility from Fraser Papers for $3M
VANCOUVER, B.C. - Fortress Paper Ltd. has signed an agreement to acquire a manufacturing facility in Thurso, Que., from insolvent Fraser Papers Inc. for $3 million. Vancouver-based Fortress (TSX:FT...
Palm sales slump in third quarter as its new phones struggle for attention; stock hammered
NEW YORK - Palm Inc. reported sales figures Thursday that showed it's having a difficult time getting consumers to pay attention to its phones in a market dominated by iPhones and BlackBerrys. The ...
Home improvment retailer Lowe's to open its first Saskatchewan store in Regina
TORONTO - Home improvement retailer Lowe's plans to open its first Saskatchewan store in Regina, sometime in the company's fiscal 2011 first quarter. "Lowe's commitment to expanding throughout West...
CRTC says private conventional TV stations booked $116.4 million loss last year
TORONTO - Canada's biggest private television broadcasters made major cuts last year, as they grappled with the recession, but the industry still booked a big financial loss. The Canadian Radio-tel...
A tale of two recoveries: The super-rich are spending again, but gloom persists for the rest
WASHINGTON - For the super-rich and everyone else, the economic recovery is taking place in two very different gears. A British company is betting there's a market in North America for a US$200,000...
Canadian bookworms shouldn't expect parity on the price of their books
TORONTO - Cloy Hinbest picked up a bestseller at a downtown Toronto bookstore, and was immediately struck by the disparity between the Canadian and U.S. prices listed on the book's jacket, even as the...
Retail gasoline prices hit $2.80 per gallon, highest mark since October 2008
U.S. motorists are paying the highest prices for gas since October 2008. Retail gasoline prices rose on Thursday on an expected increase in demand and as more expensive spring and summer blends of ...
Auto sector collapse pushes trade with U.S. and Mexico to fall 23 per cent in 2009
MONTREAL - A structural change in demand for autos and wood products will likely limit growth in North American trade for years after it suffered its worst decline in 2009 since NAFTA went into effect...
New wireless player Public Mobile to carve out place with no-frills service
MONTREAL - New wireless player Public Mobile is looking to win customers who don't already have cellphones with a no-contract, no-frills service that lets it avoid competing directly with established ...
Stay tuned for more fighting between cable, TV networks
GATINEAU, Que. - A special outlet for public beefs about cable companies and a new process for the industry to hash out its cash-flow battles are among measures expected in a major decision next week ...
Sliding commodity stocks push TSX lower; N.Y. helped along by inflation data
TORONTO - The Toronto stock market closed lower as doubts about what European countries will do to help Greece with its debt crisis pushed the U.S. dollar higher and punished commodity prices. The ...
Suncor receives government approval to expand Firebag oil sands project
CALGARY - Suncor Energy Inc. (TSX:SU) says it has received approval from Alberta's energy regulator to expand its Firebag oilsands project near Fort McMurray. The oil and gas producer, refiner and ...
Sahara Energy strikes deal to sell assets to Gallic Energy
CALGARY - Sahara Energy Ltd. (TSXV:SAH), a junior Calgary oil and gas company, says it has struck a letter of intent with Gallic Energy Ltd. (TSXV:GLC) to negotiate the sale of Sahara's Alberta and Sa...
Conference Board says higher crude prices will drive oil industry profit to $8B
CALGARY - Oil industry profits will see a big boost this year as some of the cost-dampening effects of the recession linger, according to a forecast by the Conference Board of Canada. However, the ...
Israel's Teva to buy German generic drug maker Ratiopharm in deal worth US$5 billion
FRANKFURT, Germany - Israeli drug maker Teva has beaten out rivals Pfizer and Actavis to acquire German generic drug maker Ratiopharm GmbH - in a deal announced Thursday worth some euros3.6 billion, o...
Toronto stock market moves lower on Greek debt worries, lower commodities
TORONTO - A continuing Greek debt crisis helped push the Toronto stock market lower Thursday afternoon, with commodity stocks dampened by worries an already shaky global economic recovery could have t...
IBI Income Fund full-year profits drop by 50 per cent despite revenue hike
TORONTO - IBI Income Fund booked $9.2 million in full-year profits in 2009, a drop of 50 per cent compared with 2008 as a result of an increase in expenses. The Toronto-based fund's net income for ...
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