Business News
Venezuela takes control of Spanish-owned Banco de Venezuela in nationalization
CARACAS, Venezuela - President Hugo Chavez's government has taken control of the country's third largest bank - Banco de Venezuela. The government agreed in May to pay Spain's Grupo Santander more ...
Bell installation and repair technicians vote to approve new five-year contract
TORONTO - The union representing 2,500 Bell installation and repair technicians in Ontario said Friday the workers have voted to accept a new five-year contract. The contract will increase wages fo...
Net mutual fund redemptions between $1.3B and $1.8B for June, IFIC says
TORONTO - Net redemptions of mutual funds for June were estimated to be between $1.3 billion and $1.8 billion, according to the Investment Funds Institute of Canada. IFIC estimated Friday that net ...
Chinese company makes bids for GM's Opel division; alternative to Magna
TORONTO - General Motors Corp. confirmed Friday it has received a non-binding offer from a Chinese concern for its Opel division. GM Europe spokesman Christopher Preuss refused to give details of t...
Talks between Air Canada, machinists' union likely to stretch through weekend
MONTREAL - Talks between Air Canada (TSX:AC.B) and the union representing its mechanics and technical staff will likely continue through the weekend as the airline tries to obtain a wage freeze and pe...
Toronto stock market closes flat on low trading volume; New York closed
TORONTO - The Toronto stock market ended the week flat as investors weighed weak oil prices with good news out of the base metals sector. The S&P/TSX composite index inched up 37.19 points to 10,28...
Most active shares in Toronto on Friday
TORONTO - Some of the most active companies traded Friday on the Toronto Stock Exchange and the TSX Venture Exchange: Toronto Stock Exchange (10,288.01, up 42.10 points): Teck Resources Ltd....
Victoria Square Ventures to provide $3 million for Adaltis CCAA restructuring
MONTREAL - Adaltis Inc. (TSX: ADS) received court protection under the Companies' Creditors Arrangement Act on Friday, providing some hope that the life sciences company can continue operating while i...
Oil brokerage reports $10 million loss on unauthorized trading in Brent oil this week
LONDON - PVM Oil Associates, the world's biggest over-the-counter oil brokerage, says it lost nearly $10 million this week because of unauthorized trades that caused a temporary spike in Brent crude m...
$10 billion plan signed for pipeline that would ship gas from Africa to Europe
ABUJA, Nigeria - Nigeria, Algeria and Niger have signed an agreement to create a $10 billion pipeline that would ship gas across the Saharan desert to Europe, Nigeria's state oil company said Friday. ...
British Airways to cut seats, delay acquiring new planes as recession hits
LONDON - British Airways PLC announced Friday it will ground aircraft, slash seat numbers and postpone taking delivery of a dozen new Airbus A380 superjumbos as it faces a recession-driven decline in ...
Toronto stock market edges up on strength of base metals sector; New York closed
TORONTO - The Toronto stock market was flat in mid-afternoon trading Friday as investors weighed weak oil prices with good news out of the base metals sector. The S&P/TSX composite index inched up ...
Crescent Point Energy aims to produce 44,500 barrels per day by year-end
CALGARY - Crescent Point Energy Corp. says its expects its 2009 production to average the equivalent of 42,000 barrels of oil per day, and expects to end the year producing more than 44,500 boe/d foll...
China Investment Corp. to buy stake in Teck for $1.74 billion
VANCOUVER, B.C. - Mining giant Teck Resources Ltd. (TSX:TCK.B) has struck a $1.74 billion private placement designed to lighten its debt load, and its CEO says he hopes the deal will also boost the Ca...
BG exercises pre-emption bid for Canadian Superior stake in Trinidad gas field
CALGARY - BG International will exercise its right to buy a 45 per cent stake in a natural gas property off the coast of Trinidad from Canadian Superior Energy Inc. (TSX:SNG), the two companies announ...
Austrian transport operator orders 23 trams from Bombardier
BERLIN - Austrian transport operator Linz Linien has placed a US$93-million order for another 23 trams from Bombardier Inc. (TSX:BBD.B), the Montreal-based rail and aerospace equipment maker. The F...
Rising world markets help most Canadian equity mutual funds to solid gains in June
TORONTO - A generally positive performance in world equity markets and a weakening Canadian dollar were key factors in producing solid returns for most Canadian equity funds in June for a fourth conse...
Toronto stock market opens flat with U.S. markets closed for Independence Day
TORONTO - The Toronto stock market opened flat Friday on a low volume of trading as U.S. markets remained closed in observance of the Independence Day holiday. The New York Mercantile Exchange was ...
Petro Andina board urges rejection of $400 million Pluspetrol offer
CALGARY - Petro Andina Resources Inc. (TSX:PAR) said Friday its board is urging shareholders to reject an unsolicited takeover bid from a private Dutch company. Petro Andina said the $400-million o...
Oil hovers above $66 after weak jobs numbers undermine investor confidence
Oil prices hovered above US$66 a barrel Friday in light holiday trading a day after grim unemployment numbers from the U.S. and Europe sent prices tumbling. By mid-afternoon in Europe, benchmark cr...
Declining oil prices may apply downward pressure on Toronto stock market
TORONTO - The Toronto Stock Market appears set to close a shortened trading week lower as oil prices continue to decline. Markets in the U.S. are closed for the Independence Day holiday. Plunging o...
Oil hovers above $66 in Asia after weak jobs numbers undermine investor confidence
SINGAPORE - Oil prices hovered above US$66 a barrel Friday in Asia in light holiday trading a day after grim unemployment numbers from the U.S. and Europe sent crude prices tumbling. Benchmark crud...
Most Asian markets sag modestly on grim US jobs report; Europeans shares open lower
HONG KONG - Most Asian markets fell Friday as a weaker-than-expected U.S. jobs report signalled more pain ahead for the world's largest economy. European stocks also weakened in early trade. Losses...
Aeroplan says a group seeking to file a class action lawsuit against the company
MONTREAL - Groupe Aeroplan Inc. (TSX:AER) said Thursday that a group is seeking to file a class action lawsuit against the company in Quebec seeking the reinstatement of expired miles. The company,...
Billionaire Warren Buffett gives US$1.25 billion of stock to Gates Foundation
SEATTLE - Billionaire Warren Buffett has donated $1.25 billion in Berkshire Hathaway Inc. stock to the Bill&Melinda Gates Foundation. The gift is the third instalment in Buffett's plan to transfer ...
Three more banks fail as FDIC seeks stronger rules for buyers of failed banks
WASHINGTON - Three Illinois banks were shuttered Thursday as government regulators proposed new rules for private equity firms seeking to take over failed banks. Regulators shut down John Warner Ba...
Rejection of Navistar offer leaves future of Chatham truck plant in doubt
TORONTO - The future of the Navistar truck plant in Chatham, Ont., is in limbo following a rejection of the company's latest offer by members of the Canadian Auto Workers union. The rejection came ...
Ford Canada leads June auto sales for first time in more than 50 years
Ford (NYSE:F) drove its Canadian auto and light truck sales higher in June as most of its major competitors retreated, resulting in the company rising to the industry's top spot for the first time in ...
GM left to wait as judge adjourns hearing without indicating ruling's timing
NEW YORK - The judge in the General Motors Corp. bankruptcy case adjourned a three-day hearing without indicating when he will rule on the company's plan to sell its good assets to a new company. U...
Air Canada's machinists union may vote again on contract to freeze wages
MONTREAL - Air Canada (TSX:AC.B) and the union representing its mechanics and technical staff will meet Friday after workers narrowly rejected a key labour contract that freezes wages and gives the ai...
Lottery results for Fri, Jul 03
