Yahoo! Canada News: Business

Saudi oil output hike would not solve US problems: Bush

Sat, 17 May 2008 14:04:00 GMT

AFP - SHARM EL-SHEIKH, Egypt (AFP) - US President George W. Bush said on Saturday that a hike in oil output by Saudi Arabia would not solve American energy problems.

Bush to meet Palestinians in Egypt

Sat, 17 May 2008 12:33:00 GMT

AFP - SHARM EL-SHEIKH, Egypt (AFP) - US President George W. Bush arrived in Egypt on Saturday for talks with Palestinian leaders amid growing Arab criticsm of his perceived bias towards Israel and of the faltering peace talks.

OPEC output hike would not affect prices: Iran

Sat, 17 May 2008 10:09:00 GMT

AFP - TEHRAN (AFP) - Major crude oil producer Iran said on Saturday that any output hike by the Organisation of Petroleum Exporting Countries as requested by the United States would not affect skyrocketing prices.

United Auto Workers reach tentative deal with American Axle

Sat, 17 May 2008 09:46:00 GMT

AFP - DETROIT, Michigan (AFP) - The United Auto Workers said Saturday it had reached a tentative agreement with a key auto parts supplier to end a long and crippling strike that forced General Motors to close six assembly plants.

Philippine air force to buy 18 Italian trainer planes

Sat, 17 May 2008 08:30:00 GMT

AFP - MANILA (AFP) - The Philippine air force will buy 18 trainer planes from Italian aircraft manufacturer Alenia Aermacchi for 625 million pesos (14.6 million dollars), an air force spokesman said Saturday.

American Axle and UAW reach tentative agreement

Sat, 17 May 2008 06:07:00 GMT

reached a tentative contract agreement late Friday aimed at ending an 11-week-long strike that had triggered thousands of layoffs and cost General Motors Corp at least $1 billion. REUTERS/Rebecca Cook" border="0" />Reuters - DETROIT (Reuters) - The United Auto Workers and American Axle & Manufacturing Holdings Inc reached a tentative contract agreement late Friday aimed at ending an 11-week-long strike that had triggered thousands of layoffs and cost General Motors Corp at least $1 billion.

Cathay Pacific mulls route cuts on high fuel: paper

Sat, 17 May 2008 05:38:00 GMT

Reuters - HONG KONG (Reuters) - Cathay Pacific Airway Ltd , Hong Kong's dominant airline, is considering cutting its money-losing routes amid soaring fuel prices, South China Morning Post said on Saturday, citing the airline's chief executive as warning in an internal newsletter.

Deadline passes in EA bid to buy Take-Two Interactive shares

Sat, 17 May 2008 03:16:00 GMT

AFP - SAN FRANCISCO (AFP) - A deadline for Take-Two Interactive Software shareholders to agree to a buyout by video game giant Electronic Arts has passed with neither firm commenting on the takeover bid's fate.

Canadian union accepts GM Canada labor deal

Sat, 17 May 2008 02:19:00 GMT

Reuters - MONTREAL (Reuters) - Canadian Auto Workers union members at three General Motors of Canada locations have voted in favor of a new three-year labor agreement with the company, the union said late on Friday.

General Motors workers ratify new tentative agreement in three locations

Sat, 17 May 2008 02:15:00 GMT

The Canadian Press - TORONTO - Canadian Auto Workers members at three General Motors locations in Ontario ratified a new collective agreement on Friday.

Premium Brands says chief executive Fred Knoedler has died of cancer

Sat, 17 May 2008 00:50:00 GMT

The Canadian Press - VANCOUVER - Premium Brands Income Fund (TSX:PBI.UN) said Friday that chief executive Fred Knoedler has died of cancer.

Oil sets record near US$128 a barrel; pump price at high, too

Sat, 17 May 2008 00:27:00 GMT

The Canadian Press - NEW YORK - News that Saudi Arabia had boosted its oil output by 300,000 barrels a day was greeted as a non-event on oil markets - the move wasn't anywhere near the kind of production increase needed to bring prices down on Friday.

Biovail subsidiary reaches deal with U.S. regulators over Cardizem drug launch

Fri, 16 May 2008 22:48:00 GMT

The Canadian Press - TORONTO - A subsidiary of Biovail Corp. (TSX:BVF) has agreed to pay US$24.6 million to settle U.S. criminal allegatons related to the launch of Cardizem LA blood-pressure drug in 2003, part of the Canadian drug company's push to expand in the American market.

Air Canada fails transparency test in adopting fuel surcharges, observers say

Fri, 16 May 2008 22:07:00 GMT

The Canadian Press - MONTREAL - Air Canada (TSX:AC.B) failed the test of transparency by not being up front enough in informing the public about new fuel surcharges, industry observers said Friday.

General Motors workers ratify local Michigan contract to end that strike

Fri, 16 May 2008 21:50:00 GMT

The Canadian Press - LANSING, Mich. - A striking United Auto Workers local at a key General Motors Corp. factory ratified a new contract with the company Friday afternoon and will resume production on Monday.

Bombardier shares soar to highest level in nearly six years as ratings upgraded

Fri, 16 May 2008 21:36:00 GMT

The Canadian Press - MONTREAL - Bombardier Inc. (TSX:BBD.B) shares soared Friday to the highest level in nearly six years as another rating agency upgraded the transportation giant's debt ratings.

California winemaking patriarch Robert Mondavi dead at 94, spokesman says

Fri, 16 May 2008 21:34:00 GMT

The Canadian Press - BERKELEY, Calif. - Robert Mondavi, the pioneering vintner who put California wine country on the global map, has died. He was 94.

Superior Court judge delays ABCP restructuring decision over legal releases

Fri, 16 May 2008 21:19:00 GMT

The Canadian Press - TORONTO - An Ontario Superior Court judge has delayed a decision on restructuring $32 billion worth of frozen asset-backed commercial paper as he continues to examine legal provisions that would protect some parties from lawsuits.

Increased exports help Hydro-Quebec to raise Q1 profit by 1.3 per cent to $1.4B

Fri, 16 May 2008 21:16:00 GMT

The Canadian Press - MONTREAL - Hydro-Quebec's first-quarter net income rose 1.3 per cent to $1.45 billion on $3.77 billion in revenue thanks in part to higher sales of electricity outside the province.

Canadian dollar nearly flat ahead of long weekend

Fri, 16 May 2008 21:04:00 GMT

Reuters - TORONTO (Reuters) - The Canadian dollar was flat against the U.S. dollar on Friday in quiet trade ahead of Canada's Victoria Day long weekend, but it did record its second straight weekly gain as the commodity-linked currency drew support from robust oil prices.

Commodities power Toronto stocks to record close

Fri, 16 May 2008 21:03:00 GMT

Reuters - TORONTO (Reuters) - The Toronto Stock Exchange's main index hit another record high on Friday as energy and materials shares rose on strong commodity prices and powered the composite to a level just shy of the 15,000 mark.

Coalcorp shareholder blasts planned financing, says there may have better choices

Fri, 16 May 2008 20:55:00 GMT

The Canadian Press - TORONTO - A major shareholder of Coalcorp Mining Inc. (TSX:CCJ) is blasting a planned financing by the company and its move to end a strategic review, saying the firm should have considered more alternatives.

Energy stocks help send TSX to 3rd record close this week; NY down on data

Fri, 16 May 2008 20:52:00 GMT

The Canadian Press - TORONTO - The Toronto stock market racked up its third record close for the week on Friday as investors continued to pile into energy and metals stocks and oil prices cruised to new highs.

Toronto stocks' glitter not all gold

Fri, 16 May 2008 20:42:00 GMT

Reuters - TORONTO (Reuters) - There was a golden moment for Canadian stocks this past week when the Toronto market's main index powered to a record high, reversing losses triggered by last year's credit crunch and concern about the U.S. economy.

Oil price surges to record high near 128 dollars

Fri, 16 May 2008 20:15:00 GMT

AFP - LONDON (AFP) - The price of oil rocketed to a record high of 127.82 dollars per barrel on Friday, as US President George W. Bush prepared to urge Saudi Arabia to pump more crude, analysts said.

AECL aborts development work on MAPLE medical isotope reactors

Fri, 16 May 2008 19:50:00 GMT

The Canadian Press - OTTAWA - Atomic Energy of Canada Ltd. is scrapping development of its two MAPLE medical-isotope reactors after pouring hundreds of millions of dollars into the failed nuclear project.

Austrian Airlines chief favours majority sale in case of partnership

Fri, 16 May 2008 19:43:00 GMT

AFP - VIENNA (AFP) - Austrian Airlines chairman Alfred Oetsch said he would favour a majority sale of the loss-making airline in the event of a strategic partnership, in an interview to be published Saturday.

A review of economic statistics this week

Fri, 16 May 2008 19:29:00 GMT

The Canadian Press - OTTAWA - A review of economic statistics this week:

Saudi Arabia says it increased oil output by 300,000 barrels per day last week

Fri, 16 May 2008 19:28:00 GMT

The Canadian Press - RIYADH, Saudi Arabia - Saudi Arabia, under U.S. pressure to increase its oil output amid soaring energy prices, said Friday it had raised production by 300,000 barrels per day on May 10 and that increase was sufficient.

Oil hits record as Saudi hike fails to stem rally

Fri, 16 May 2008 19:26:00 GMT

Reuters - NEW YORK (Reuters) - Oil shot to a record high near $128 a barrel on Friday as a bullish price forecast from investment bank Goldman Sachs drowned out an offer of more supply from OPEC kingpin Saudi Arabia.

Crystallex says Venezuelan minister's comments at odds with previous approvals

Fri, 16 May 2008 19:26:00 GMT

The Canadian Press - TORONTO - Crystallex International Corp. (TSX:KRY) said Friday it will do "whatever is necessary" to protect its shareholder's rights and move along the Las Cristinas mine in Venezuela despite comments by the country's environment minister that open-pit mining would be blocked.

Canadian Arctic gas pipeline faces new delay

Fri, 16 May 2008 19:22:00 GMT

Reuters - CALGARY, Alberta (Reuters) - A key regulatory report for the C$16.2 billion ($16.2 billion) Canadian Arctic gas pipeline is being delayed by several months, likely pushing the start-up date for the stalled development back again.

Financial crisis 'closer to the end': Paulson

Fri, 16 May 2008 19:00:00 GMT

AFP - WASHINGTON (AFP) - US Treasury Secretary Henry Paulson said Friday he believes the financial crisis is winding down, but that it would take some time to fully emerge from the economic malaise.

Court puts key ABCP decision on hold

Fri, 16 May 2008 18:59:00 GMT

Reuters - TORONTO (Reuters) - An Ontario court delayed a crucial decision on a C$32 billion ($32 billion) restructuring plan for Canada's nonbank asset-backed commercial paper market on Friday until the judge hears further submissions.

US oil shipments into the Strategic Petroleum Reserve cancelled

Fri, 16 May 2008 18:40:00 GMT

The Canadian Press - WASHINGTON - Responding to congressional pressure, the Bush administration on Friday said it is suspending oil deliveries into the government's Strategic Petroleum Reserve for the remainder of the year.

U.S. Treasury Secretary Paulson says markets are calmer now

Fri, 16 May 2008 18:06:00 GMT

The Canadian Press - WASHINGTON - U.S. Treasury Secretary Henry Paulson said Friday that financial markets are "considerably calmer" now than they were two months ago. He predicted the economy will be rebounding by the second half of this year.

Saudi Arabia rejects President Bush's call to raise oil production

Fri, 16 May 2008 18:04:00 GMT

The Canadian Press - RIYADH, Saudi Arabia - Saudi Arabia's leaders made clear Friday they see no reason to increase oil production until customers demand it, apparently rebuffing U.S. President George W. Bush amid soaring gasoline prices.

TSX closes at record high near 15,000

Fri, 16 May 2008 17:55:06 GMT

CBC - The benchmark index of the Toronto Stock Exchange rose further into record territory Friday on strength in resource stocks.

India's inflation edges toward 8 pct as hits 44-month high

Fri, 16 May 2008 17:41:00 GMT

AFP - NEW DELHI (AFP) - India's inflation rate accelerated to a 44-month high of nearly eight percent on Friday, dealing a fresh blow to the government which fears a voter backlash.

Rothmans annual profit up 18 per cent despite contraband and other challenges

Fri, 16 May 2008 17:18:00 GMT

The Canadian Press - TORONTO - Cigarette maker Rothmans Inc. (TSX:ROC) grew its full-year earnings by 18 per cent to $117.6 million, but said that despite certain regulatory changes to the industry, it was still being hit by contraband and competitive challenges.