Yahoo! Canada Finance: Finance News

Sri Lanka's need for IMF wanes: Central Bank

Sat, 04 Jul 2009 07:29:00 GMT

AFP - COLOMBO (AFP) - Sri Lanka's central bank chief said that the island could live without a major IMF bailout that had been delayed by the final stages of the government's fight with Tamil Tiger rebels.

China fund to buy $1.5 bln stake in Canadian miner

Sat, 04 Jul 2009 06:15:00 GMT

AFP - BEIJING (AFP) - China's sovereign wealth fund said it would buy 1.5 billion dollars worth of shares of the Canadian mining company Teck Resources Ltd.

Venezuela takes control of Spanish-owned Banco de Venezuela in nationalization

Sat, 04 Jul 2009 00:29:00 GMT

The Canadian Press - CARACAS, Venezuela - President Hugo Chavez's government has taken control of the country's third largest bank - Banco de Venezuela.

Bell installation and repair technicians vote to approve new five-year contract

Fri, 03 Jul 2009 23:41:00 GMT

The Canadian Press - 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.

Net mutual fund redemptions between $1.3B and $1.8B for June, IFIC says

Fri, 03 Jul 2009 22:37:00 GMT

The Canadian Press - 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.

Chinese company makes bids for GM's Opel division; alternative to Magna

Fri, 03 Jul 2009 22:36:00 GMT

The Canadian Press - TORONTO - General Motors Corp. confirmed Friday it has received a non-binding offer from a Chinese concern for its Opel division.

Talks between Air Canada, machinists' union likely to stretch through weekend

Fri, 03 Jul 2009 22:29:00 GMT

The Canadian Press - 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 pension relief it says it needs to survive the recession.

Chinese firm makes non-binding offer to GM for Opel

Fri, 03 Jul 2009 22:07:23 GMT

CBC - General Motors Corp. confirmed Friday that it has received a non-binding offer for its Opel division from the holding company of a Chinese automaker.

Stanford victims file class action suit against insurers

Fri, 03 Jul 2009 21:55:00 GMT

AFP - WASHINGTON (AFP) - Two US legal firms announced Friday that they have filed a class action suit against a London-based insurer on behalf of the Mexican victims of fraudulent financier Allen Stanford.

Teck to sell 17 percent stake to China for C$1.74 billion

Fri, 03 Jul 2009 21:29:00 GMT

Reuters - TORONTO (Reuters) - Teck Resources said on Friday it will sell a 17.2 percent equity stake to state-owned China Investment Corp in a deal that will help the Canadian miner pay down its debt while expanding China's portfolio of commodity investments.

Teck equity sale pushes TSX to higher close

Fri, 03 Jul 2009 21:27:00 GMT

Reuters - TORONTO (Reuters) -Toronto's main stock index closed higher on Friday as Teck Resources Ltd's equity sale to China Investment Corp helped lift the resource-heavy market, but trading volumes were thin due to the Independence Day holiday in the United States.

Stanford clients sue insurance broker Willis Group

Fri, 03 Jul 2009 20:48:00 GMT

Reuters - NEW YORK (Reuters) - Several Mexican clients of Stanford Financial Group have sued insurance broker Willis Group Holdings Ltd , contending it was a willing participant in a $7 billion fraud at the Texas-based investment company.

Petro Andina directors oppose $400M takeover bid

Fri, 03 Jul 2009 20:47:29 GMT

CBC - Petro Andina Resources Inc.'s board of directors is urging shareholders to reject an unsolicited $400-million takeover bid from a private Dutch company.

Most active shares in Toronto on Friday

Fri, 03 Jul 2009 20:46:00 GMT

The Canadian Press - TORONTO - Some of the most active companies traded Friday on the Toronto Stock Exchange and the TSX Venture Exchange:

Toronto stock market closes flat on low trading volume; New York closed

Fri, 03 Jul 2009 20:45:00 GMT

The Canadian Press - TORONTO - The Toronto stock market ended the week flat as investors weighed weak oil prices with good news out of the base metals sector.

Latin America poised for quick exit from crisis: IADB

Fri, 03 Jul 2009 20:44:00 GMT

AFP - VINA DEL MAR, Chile (AFP) - Latin America and the Caribbean are well placed to emerge from the storm buffeting much of the global economy, multilateral lenders said here on Friday.

Lula to call for solidarity with poor nations at G8

Fri, 03 Jul 2009 20:27:00 GMT

AFP - BRASILIA (AFP) - Brazilian President Luiz Inacio Lula da Silva will call on wealthy nations to moderate their demands on poor countries during next week's G8 summit in Italy, a presidential spokesman said Friday.

Adaltis Inc. granted creditor protection

Fri, 03 Jul 2009 20:25:26 GMT

CBC - Adaltis Inc. was granted protection under the Companies' Creditors Arrangement Act on Friday after announcing that it doesn't have enough cash to meet its current obligations.

TSX in the black

Fri, 03 Jul 2009 20:21:59 GMT

Baystreet.ca - Bay Street moved slightly higher on Friday, paring some of the losses from the previous two sessions.

Teck helps TSX close slightly higher

Fri, 03 Jul 2009 20:08:00 GMT

Reuters - TORONTO (Reuters) - Toronto's main stock index closed slightly higher on Friday as Teck Resources Ltd's equity sale to China Investment Corp helped lift the resource-heavy market, but trading volumes were thin due to a U.S. market holiday.

Victoria Square Ventures to provide $3 million for Adaltis CCAA restructuring

Fri, 03 Jul 2009 20:04:00 GMT

The Canadian Press - 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 it works out a survival plan.

German lawmakers approve 'bad bank' scheme

Fri, 03 Jul 2009 19:48:00 GMT

AFP - FRANKFURT (AFP) - The German lower house of parliament approved on Friday a bill that provides for the creation of "bad banks" to help commercial and state-owned banks recover from the financial crisis.

Nabucco not at risk from Russia-Azerbaijan gas deal: Turkey

Fri, 03 Jul 2009 19:32:00 GMT

AFP - BUCHAREST (AFP) - Russian Gazprom's recent deal to buy natural gas from Azerbaijan will not endanger Europe's flagship pipeline project Nabucco, Turkey's Foreign Minister Ahmet Davutoglu said here Friday.

Key Nabucco gas pipeline deal to be signed July 13

Fri, 03 Jul 2009 19:32:00 GMT

AFP - SOFIA, July 3, 2009 (AFP) - EU nations and Turkey said Friday they will sign a key intergovernmental agreement in Ankara on July 13 on Europe's flagship Nabucco gas pipeline project, but key issues still need to be resolved.

Oil brokerage reports $10 million loss on unauthorized trading in Brent oil this week

Fri, 03 Jul 2009 19:30:00 GMT

The Canadian Press - 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 markets.

$10 billion plan signed for pipeline that would ship gas from Africa to Europe

Fri, 03 Jul 2009 19:29:00 GMT

The Canadian Press - 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.

Toronto stock market edges up on strength of base metals sector; New York closed

Fri, 03 Jul 2009 19:08:00 GMT

The Canadian Press - 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.

British Airways to cut seats, delay acquiring new planes as recession hits

Fri, 03 Jul 2009 19:07:00 GMT

The Canadian Press - 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 passengers.

Job security key issue in Air Canada labor talks

Fri, 03 Jul 2009 18:38:00 GMT

Reuters - OTTAWA (Reuters) - Air Canada's biggest union may push for additional job security in labor talks with the debt-heavy airline and a federally appointed mediator on Friday, but it doesn't expect a quick resolution.

Crescent Point Energy aims to produce 44,500 barrels per day by year-end

Fri, 03 Jul 2009 17:55:00 GMT

The Canadian Press - 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 following a series of asset purchases and sales.

China Investment Corp. to buy stake in Teck Resources for $1.74 billion

Fri, 03 Jul 2009 17:54:00 GMT

The Canadian Press - 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 Canadian company's relationship with China.

British Airways says will slash spending

Fri, 03 Jul 2009 17:43:00 GMT

AFP - LONDON (AFP) - Troubled British Airways said Friday that it would slash capital expenditure by one fifth in the current financial year after posting another sharp drop in monthly passenger numbers.

Oil falls below $66 after bleak U.S. jobs data

Fri, 03 Jul 2009 17:42:00 GMT

Reuters - LONDON (Reuters) - Oil dropped a dollar to below $66 a barrel on Friday after unemployment data hardened views economic weakness would sap energy demand and that last month's rally was overdone.

Teck to sell 17 percent stake to China for C$1.7 billion

Fri, 03 Jul 2009 17:39:00 GMT

Reuters - TORONTO (Reuters) - Canada's Teck Resources said on Friday it will sell a 17.2 percent equity stake to state-owned China Investment Corp in a deal that will help Teck pay down debt while expanding China's portfolio of commodity investments.

Canada defends U.S. dollar as global reserve currency

Fri, 03 Jul 2009 17:29:00 GMT

Reuters - OTTAWA (Reuters) - The U.S. dollar as the global reserve currency of choice has been a stabilizing force during the current financial crisis, Canada said on Friday, downplaying calls to debate the greenback's dominant status.

Unemployment to rise into 2010 despite economic recovery: Flaherty

Fri, 03 Jul 2009 17:22:00 GMT

The Canadian Press - OTTAWA - Finance Minister Jim Flaherty now expects Canada's economic recovery to be modest and for job losses to mount into 2010 even after growth has begun.

BG Int'l gets Canadian stake in Trinidad gas property

Fri, 03 Jul 2009 17:20:32 GMT

CBC - 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., the two companies announced Friday.

Medici lawyer says Kohn didn't get Madoff payments

Fri, 03 Jul 2009 17:17:00 GMT

Reuters - NEW YORK/VIENNA (Reuters) - Austrian fund manager Sonja Kohn did not receive any kickbacks from Bernard Madoff to steer Bank Medici customer funds to the swindler's investment business, a Medici lawyer said on Friday.

Lower taxes to lure firms to Canada: Flaherty

Fri, 03 Jul 2009 17:17:00 GMT

Reuters - OTTAWA (Reuters) - Other companies are likely to follow Tim Hortons Inc in moving their corporate structures to Canada to take advantage of a falling corporate tax rate, Finance Minister Jim Flaherty said on Friday.

S.African bank sues Zambian government for 74m dollars

Fri, 03 Jul 2009 17:05:00 GMT

AFP - LUSAKA (AFP) - The Zambian government is ready to face a leading South African bank in court for 74.3 million dollars sought over the breach of a feedstock contract, the attorney general said Friday.

Nigeria, Algeria, Niger seal gas pipeline deal

Fri, 03 Jul 2009 16:49:00 GMT

AFP - ABUJA (AFP) - Three African countries on Friday signed an accord to build a 10-billion-dollar trans-Saharan gas pipeline linking vast reserves in Nigeria to Europe.

Canada, U.S. unemployment expected to rise

Fri, 03 Jul 2009 16:44:00 GMT

Reuters - OTTAWA (Reuters) - The jobless rate in Canada and the United States will continue to rise, Finance Minister Jim Flaherty said on Friday.

Dollar climbs against euro

Fri, 03 Jul 2009 16:39:00 GMT

AFP - LONDON (AFP) - The dollar edged up Friday against the euro as fresh worries about the health of the US economy supported the "safe-haven" greenback, dealers said.

Dollar climbs after poor European retail sales

Fri, 03 Jul 2009 16:39:00 GMT

AFP - LONDON, July 3, 2009 (AFP) - The dollar climbed against the euro Friday after eurozone retail figures slipped back into a rut and as fresh worries about the health of the US economy supported the "safe-haven" greenback.

New bubbles rising in China property market: state media

Fri, 03 Jul 2009 16:11:00 GMT

AFP - BEIJING (AFP) - China's recent moves to ease curbs on the real estate sector have sent prices soaring recently, stoking fears that new property bubbles are forming, state media reported Friday.

Mining lifts TSX

Fri, 03 Jul 2009 16:04:07 GMT

Baystreet.ca - Bay Street stocks are slightly higher on Friday, led by strength in the mining sector. Trading is lighter...

Austrian transport operator orders 23 trams from Bombardier

Fri, 03 Jul 2009 16:01:00 GMT

The Canadian Press - 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.