Yahoo! Canada News: Business

Quebecor World reorganization plans approved

Thu, 02 Jul 2009 22:10:00 GMT

Reuters - TORONTO (Reuters) - Bankrupt commercial printer Quebecor World Inc said on Thursday that its U.S. and Canadian plans of reorganization have been approved by a U.S. bankruptcy court and the Quebec Superior Court.

Fate of GM in hands of bankruptcy judge

Thu, 02 Jul 2009 21:57:00 GMT

Reuters - NEW YORK (Reuters) - A federal bankruptcy judge will decide the immediate fate of General Motors Corp's effort to quickly sell its best assets to a group funded by the U.S. government, after a three-day court hearing concluded on Thursday.

Canadian, U.S. markets tumble on worst-than-expected American job data

Thu, 02 Jul 2009 21:56:00 GMT

The Canadian Press - TORONTO - The energy sector led the Toronto stock market to a lower close Thursday amid disappointing data that showed the U.S. unemployment rate at its highest point since 1983.

Bell Canada completes $142-million purchase of Virgin Mobile Canada

Thu, 02 Jul 2009 21:53:00 GMT

The Canadian Press - MONTREAL - Bell Canada (TSX:BCE) says it has wrapped up the purchase of electronics retailer The Source and finished acquiring the half-interest that it did not already own in Virgin Mobile Canada.

Amid outcry, Wash Post cancels paid policy dinners

Thu, 02 Jul 2009 21:35:00 GMT

AFP - WASHINGTON (AFP) - Amid an outcry from its own newsroom, The Washington Post on Thursday canceled plans to host events offering lobbyists access to US government officials, members of Congress and Post reporters.

Dollar rises as US jobs report rattles markets

Thu, 02 Jul 2009 21:30:00 GMT

AFP - LONDON (AFP) - The dollar climbed Thursday against the euro as a worse than expected US unemployment report sent shockwaves through financial markets and the eurozone kept interest rates stable despite deflation fears.

Dollar gains as US jobs report rattles markets

Thu, 02 Jul 2009 21:30:00 GMT

AFP - NEW YORK (AFP) - The dollar found fresh momentum Thursday after a disappointing US unemployment report sent shockwaves through financial markets, pushing investors to safe havens.

Ford sales jump, rest of Canada auto sector slumps

Thu, 02 Jul 2009 21:30:00 GMT

Reuters - TORONTO (Reuters) - Ford Motor Co of Canada was the number one selling automaker in the country for the first time in 50 years as it posted a 25 percent jump in sales in June over a year earlier, the company said on Thursday.

TSX slides on weak oil, U.S. jobs data

Thu, 02 Jul 2009 21:26:00 GMT

Reuters - TORONTO (Reuters) - Toronto's main stock index finished lower on Thursday as oil prices slid and a gloomy U.S. jobs report dimmed hopes for a quick economic recovery.

GM bankruptcy exit hearing closes

Thu, 02 Jul 2009 21:17:00 GMT

AFP - NEW YORK (AFP) - The fate of General Motors was placed in the hands of a New York judge Thursday who must decide whether the largest US automaker can execute a swift exit from bankruptcy protection by selling its best assets to a new company.

U.S. marshals seize Madoffs' $7 million NY apartment

Thu, 02 Jul 2009 20:47:00 GMT

Reuters - NEW YORK (Reuters) - U.S. marshals seized the luxury $7 million New York City penthouse apartment of imprisoned fraudster Bernard Madoff and his wife, Ruth, officials said on Thursday.

Flaherty says has no plans to add to stimulus

Thu, 02 Jul 2009 20:46:00 GMT

Reuters - SANTIAGO, Chile (Reuters) - Canada has no immediate plans to increase the size of its two-year stimulus plan, which is designed to pump an extra C$46 billion ($40 billion) into the economy, Finance Minister Jim Flaherty said on Thursday.

Your Money

Thu, 02 Jul 2009 20:40:00 GMT

The Canadian Press -

J&J buys $1 billion Elan stake, gains Alzheimer's R&D

Thu, 02 Jul 2009 20:40:00 GMT

Reuters - BOSTON (Reuters) - Johnson & Johnson has agreed to pay $1 billion for an 18.4 percent stake in Irish drugmaker Elan Corp , and will acquire a major stake in Elan's portfolio of experimental drugs to treat Alzheimer's disease.

Oil falls below US$67 a barrel as U.S. dollar gains on euro, unemployment rises

Thu, 02 Jul 2009 20:39:00 GMT

The Canadian Press - NEW YORK - Oil prices tumbled to their lowest level in a month Thursday following the release of woeful job numbers in Europe and the U.S.

Globe and Mail union and management continue talks ahead of midnight deadline

Thu, 02 Jul 2009 20:31:00 GMT

The Canadian Press - TORONTO - Globe and Mail management and a union representing its staff were still in contract negotiations Thursday afternoon, heading towards a midnight deadline that could see a strike at one of Canada's oldest and most influential newspapers.

Police probe new Canadian pipeline bombing

Thu, 02 Jul 2009 20:25:00 GMT

Reuters - VANCOUVER, British Columbia (Reuters) - An explosion that damaged a natural gas pipeline in northeast British Columbia this week is likely linked to earlier attacks on energy facilities in the area, Canadian police said on Thursday.

Ford Canada shows increase in sales last month over June 2008, GM sales fall again

Thu, 02 Jul 2009 20:11:00 GMT

The Canadian Press - TORONTO - Ford (NYSE:F) has claimed top spot in monthly Canadian auto and light truck sales for the first time in decades.

Oil prices slide under 67 dollars on weak US jobs report

Thu, 02 Jul 2009 20:02:00 GMT

AFP - LONDON (AFP) - Oil prices sank under 67 dollars on Thursday after weak jobs data quashed hopes of a speedy economic recovery in the United States, which is the world's top energy consumer.

Canada's recession losses to be long term: report

Thu, 02 Jul 2009 19:47:00 GMT

Reuters - OTTAWA (Reuters) - More Canadians will be out of work in 2014 than prior to the recession, even if the economy recovers quickly and expands at a healthy clip for the next five years, a prominent economist forecast on Thursday.

Siemens to pay $100 million to fight graft: World Bank

Thu, 02 Jul 2009 19:40:00 GMT

AFP - WASHINGTON (AFP) - German industrial giant Siemens will pay 100 million dollars over 15 years into a fund to fight corruption after probes revealed fraud at its subsidiaries, the World Bank said Thursday.

Weak US jobs data dashes quick recovery hopes

Thu, 02 Jul 2009 19:24:00 GMT

AFP - WASHINGTON (AFP) - Dampening hopes of an early recovery from recession, official figures Thursday showed US job losses surged to 467,000 in June, pushing the unemployment rate to a new 26-year high of 9.5 percent.

U.S. employers cut 467,000 jobs in June; jobless rate 9.5 per cent

Thu, 02 Jul 2009 19:08:00 GMT

The Canadian Press - WASHINGTON - American employers cut a larger-than-expected 467,000 jobs in June and the unemployment rate climbed to a 26-year high of 9.5 per cent. Workers also saw weekly wages fall, suggesting Americans will have little appetite to spend and the economy's road to recovery will be bumpy.

Air Canada's biggest union could vote again on rejected labour contract

Thu, 02 Jul 2009 18:57:00 GMT

The Canadian Press - MONTREAL - Air Canada's biggest union could be asked to vote again on proposed labour contract that would freeze wages until March 31, 2011, after members narrowly rejected it.

Austrian Airlines to cut 1,000 jobs: company

Thu, 02 Jul 2009 18:43:00 GMT

AFP - VIENNA (AFP) - Austrian Airlines said Thursday it would cut 1,000 jobs following record losses in 2008 and amid a troubled bid by German flag carrier Lufthansa to take over the company.

100 Huntley Street hosts suspended during Ponzi scheme probe

Thu, 02 Jul 2009 18:42:24 GMT

CBC - Ron and Reynold Mainse have been relieved of their duties as hosts of Christian program 100 Huntley Street after allegedly becoming involved in a $14.1-million Ponzi scheme.

Magna board set to approve Opel plans: sources

Thu, 02 Jul 2009 18:27:00 GMT

Reuters - FRANKFURT (Reuters) - Magna's board of directors is scheduled to approve on Tuesday a business plan for the acquisition of German carmaker Opel, two sources familiar with the matter said on Thursday.

Ford overtakes GM in June sales in Canada

Thu, 02 Jul 2009 18:22:36 GMT

CBC - June sales at Ford of Canada jumped 25 per cent while sales at General Motors Canada fell 31 per cent, the companies said Thursday.

Bell closes deals for The Source, Virgin Mobile Canada

Thu, 02 Jul 2009 18:10:51 GMT

CBC - Bell Canada has completed two deals worth a total of $277 million, acquiring Canadian electronics retailer The Source and buying the half of Virgin Mobile Canada that it didn't already own.

Disappointing U.S. jobs data push stock markets lower

Thu, 02 Jul 2009 18:08:44 GMT

CBC - Stock markets in Toronto and New York fell Thursday as U.S. employment data showed employers cut 467,000 jobs in June, driving unemployment to a 26-year high of 9.5 per cent.

Nordic Oil and Gas to apply to build underground coal gasification project

Thu, 02 Jul 2009 18:06:00 GMT

The Canadian Press - WINNIPEG - Nordic Oil & Gas Ltd (TSXV:NOG) and partner Western Warner Oils Ltd. said Thursday they plan to apply to the province of Alberta for permits to build an underground coal gasification project at a Drumheller, Alta. property.

Vancouver-based biotech Neuromed merges with Nasdaq-listed CombinatoRx

Thu, 02 Jul 2009 17:46:00 GMT

The Canadian Press - VANCOUVER, B.C. - Neuromed Pharmaceuticals, Inc., a privately held Vancouver-based biotechnology company specializing in pain drugs, has agreed to merge with CombinatoRx, Inc., (NASDAQ: CRXX) in an all-stock transaction.

Former Brookfield partner to lead AbitibiBowater restructuring effort

Thu, 02 Jul 2009 17:45:00 GMT

The Canadian Press - MONTREAL - Bruce Robertson, a former senior managing partner at Brookfield Asset Management Inc. (TSX:BAM.A), has been appointed chief restructuring officer by AbitibiBowater Inc.

Air Canada union gears up for new talks on Friday

Thu, 02 Jul 2009 17:36:00 GMT

Reuters - OTTAWA (Reuters) - Negotiators for Air Canada's biggest bargaining unit are meeting in Toronto on Thursday to review their options before holding talks with the cash-strapped airline on Friday to try to forge a contract that union members will accept.

Air Canada deal rejected by machinists

Thu, 02 Jul 2009 17:35:46 GMT

CBC - A section of one of Air Canada's unions has narrowly rejected the airline's restructuring plan, the International Association of Machinists and Aerospace Workers said Wednesday.

Ontario Navistar workers reject contract offer

Thu, 02 Jul 2009 17:29:00 GMT

Reuters - TORONTO (Reuters) - More than 900 Navistar International Corp workers in Chatham, Ontario, have rejected the company's latest contract offer, the Canadian Auto Workers union said on Thursday.

Ivanhoe shares jump on Oyu Tolgoi funding optimism

Thu, 02 Jul 2009 17:28:00 GMT

Reuters - TORONTO (Reuters) - Ivanhoe Mines shares jumped 20 percent on Thursday as strong demand for a $15.2 billion rights issue by partner Rio Tinto appeared to ease financing concerns for their Oyu Tolgoi copper-gold project in Mongolia.

ECB holds rates, to start buying bonds next week

Thu, 02 Jul 2009 17:05:00 GMT

Reuters - LUXEMBOURG (Reuters) - The European Central Bank kept euro zone interest rates at 1.0 percent on Thursday, bolstering expectations they will stay there well into next year, and said it would start buying bonds next week.

Rates on 30-year, fixed-rate U.S. mortgages down, but still above record lows

Thu, 02 Jul 2009 16:46:00 GMT

The Canadian Press - MCLEAN, Va. - Rates for 30-year home loans in the United States inched downward this week, but still remain above record lows posted during the spring, Freddie Mac said Thursday.

Boeing aircraft deliveries steady at 125 in quarter

Thu, 02 Jul 2009 16:17:00 GMT

AFP - CHICAGO (AFP) - Boeing Co. said Thursday it delivered 125 civilian aircraft in the second quarter, little changed from the 126 in the same period a year ago.

U.S. job losses spike in June, dampen recovery hopes

Thu, 02 Jul 2009 16:07:00 GMT

Reuters - WASHINGTON (Reuters) - U.S. employers cut far more jobs than expected last month and the unemployment rate hit a nearly 26-year high of 9.5 percent, underscoring the likelihood of a long and slow recovery from recession.

Crown corporation commits $50-million towards credit line for Biovail Corp.

Thu, 02 Jul 2009 16:05:00 GMT

The Canadian Press - OTTAWA - Canadian pharmaceutical company Biovail Corp. (TSX:BVF) has received a US$50-million commitment from Export Development Canada under the Crown corporation's broader mandate to provide domestic financing and insurance.