Yahoo! Canada Finance: Finance News

UBS joins Citi, Merrill in mass buyback of stressed securities

Fri, 08 Aug 2008 17:55:00 GMT

AFP - WASHINGTON (AFP) - Swiss banking giant UBS joined Citigroup, Merrill Lynch and other major banks Friday as regulators announced it had agreed to buy back 19.4 billion dollars' worth of stressed securities.

India's top court clears Posco, Vedanta projects in key rulings

Fri, 08 Aug 2008 17:41:00 GMT

AFP - NEW DELHI (AFP) - India's top court Friday cleared South Korean steel giant Posco's plan for a 12-billion-dollar plant in a controversial case seen pitting farmers' interests against growing industrial development.

Euro plummets against dollar

Fri, 08 Aug 2008 17:39:00 GMT

AFP - LONDON (AFP) - The euro skidded lower against the dollar on Friday fears of a recession in the single currency area after Italy reported a contraction in the second quarter, dealers said.

NovaGold hit with U.S. lawsuit alleging failure to disclose major adverse facts

Fri, 08 Aug 2008 17:29:00 GMT

The Canadian Press - VANCOUVER - NovaGold Resources Inc. (TSX:NG) and some of its executives have been hit with a U.S. lawsuit filed by disgruntled investors who say they weren't given enough warning about problems at the now-halted Galore Creek mining project in British Columbia.

Biovail board of directors declared elected at reconvened annual meeting

Fri, 08 Aug 2008 17:29:00 GMT

The Canadian Press - TORONTO - Biovail Corp.'s (TSX:BVF) management-backed nominees for the company's board of directors were declared elected Friday at a reconvened annual meeting, after founder Eugene Melynk withdrew his dissident slate.

Falling fuel pricing gives ACE options for disposing Air Canada stake, says Milton

Fri, 08 Aug 2008 17:27:00 GMT

The Canadian Press - MONTREAL - As Air Canada (TSX:AC.B) struggles to adjust to higher fuel prices, its parent company ACE Aviation (TSX:ACE.A) says a recent drop in the world oil price may help efforts to dispose of its majority stake in the country's biggest airline.

Canaccord Capital says market confidence to stay low near-term; Q1 profit down

Fri, 08 Aug 2008 17:26:00 GMT

The Canadian Press - VANCOUVER - The chief executive of investment dealer Canaccord Capital Inc. (TSX:CCI) said volatile markets caused revenues to fall nearly a third in its most recent quarter and he warned Friday that the tough business environment will likely continue for at least the rest of the year.

Fannie Mae sinks deeper in US housing meltdown

Fri, 08 Aug 2008 17:18:00 GMT

AFP - WASHINGTON (AFP) - Struggling mortgage finance giant Fannie Mae unveiled Friday a steeper-than-expected quarterly loss and announced dramatic measures to weather the worst US housing slump in decades.

UBS to buy back 19 bln dlrs of securities in US accord

Fri, 08 Aug 2008 16:58:00 GMT

AFP - WASHINGTON (AFP) - Swiss banking giant UBS has agreed to buy back 19.4 billion dollars' worth of stressed securities it marketed to investors under a deal with regulators in the US state of Massachusetts, an official said Friday.

Canaccord profit drops 58 percent on capital markets

Fri, 08 Aug 2008 16:56:00 GMT

Reuters - TORONTO (Reuters) - Canaccord Capital reported a steep drop in its first-quarter profit on Friday, hurt by weak capital markets and a tough comparison to record year-earlier results.

Air Canada looks to raise cash as profit falls

Fri, 08 Aug 2008 16:55:00 GMT

Reuters - TORONTO (Reuters) - Air Canada may raise up to C$800 million ($750 million) selling and leasing back aircraft and other inventory, it said on Friday after reporting its second-quarter profit fell 21 percent due to surging fuel costs.

Wireless, subscriber growth boost Telus profit

Fri, 08 Aug 2008 16:55:00 GMT

Reuters - TORONTO (Reuters) - Telus Corp , Canada's No. 2 phone company, reported a 5.5 percent increase in quarterly profit on Friday as wireless revenue rose and new mobile phone and Internet subscribers flocked to the company.

Italian contraction sets eurozone alarm bells ringing

Fri, 08 Aug 2008 16:54:00 GMT

AFP - MILAN (AFP) - The Italian economy contracted in the second quarter, official data showed on Friday, adding to a deepening sense of gloom about the eurozone economy amid a flurry of bad news for the 15-nation bloc.

Biovail investors elect incumbent director slate

Fri, 08 Aug 2008 16:40:00 GMT

Reuters - TORONTO (Reuters) - Biovail Corp shareholders approved the company's incumbent slate of directors on Friday, ending an ugly proxy fight that included two shareholder meetings and a brief courtroom battle.

Jobs boom went bust in July: Statistics Canada

Fri, 08 Aug 2008 16:21:00 GMT

The Canadian Press - OTTAWA - The job boom went bust in July, with the loss of 55,000 jobs, the worst single-month drop since the height of the recession of the early 1990s.

Italy's economy contracts, bringing recession close

Fri, 08 Aug 2008 16:13:00 GMT

AFP - MILAN (AFP) - The Italian economy contracted in the second quarter, official data showed on Friday, bringing the country close to recession in a move that analysts said was an early warning of a broader eurozone slowdown.

MI Developments announces 2008 second quarter results and departure of CEO

Fri, 08 Aug 2008 16:12:00 GMT

The Canadian Press - AURORA, Ont. - MI Developments Inc. (TSX:MIM.A) says chief executive John Simonetti will leave after a brief transition period.

Air Canada profit falls to $122M in second quarter; fuel expenses rose $212M

Fri, 08 Aug 2008 16:11:00 GMT

The Canadian Press - MONTREAL - Air Canada (TSX:AC.B) said it outperformed its large North American rivals as higher fuel prices reduced the airline's second-quarter operating profits.

Loonie falls below 94 cents US as oil prices continue to drop and weak jobs report

Fri, 08 Aug 2008 16:11:00 GMT

The Canadian Press - TORONTO - The Canadian dollar fell more than a cent to well below 94 cents Friday, its lowest level in about a year, after oil prices continued to fall and a weak jobs report suggested the Canadian economy is slowing sharply.

Feds should use wireless cash to build more broadband: Telus

Fri, 08 Aug 2008 16:10:47 GMT

CBC - The federal government should spend the money it raised in its recent wireless auction to improve the country's broadband communications network, not on debt reduction, said the CEO of Telus Corp.

ACE Aviation says oil fall may aid Air Canada sale

Fri, 08 Aug 2008 16:10:00 GMT

Reuters - TORONTO (Reuters) - The recent drop in oil prices is expected to help ACE Aviation in its efforts to part with its 75 percent stake in Air Canada and wind up its holding company structure, ACE Chief Executive Robert Milton said on Friday.

Consumer confidence up, but not on jobs

Fri, 08 Aug 2008 16:09:00 GMT

Reuters - TORONTO (Reuters) - Canadian consumers were feeling slightly more confident in July, but concern about the job market deepened, the Conference Board of Canada said on Friday.

North American markets split directions on falling crude oil prices

Fri, 08 Aug 2008 16:06:00 GMT

The Canadian Press - TORONTO - North American markets split directions on Friday near midday as higher oil prices sent Toronto lower, but helped New York recoup earlier losses.

Iraq resumes oil exploration after 20-year break

Fri, 08 Aug 2008 15:44:00 GMT

AFP - BAGHDAD (AFP) - Iraq said on Friday it was resuming exploration of its immense oil reserves after a break of nearly 20 years due to crippling UN sanctions, saying it hopes to double its proven deposits of crude.

Fannie Mae posts more than $2.3bln loss

Fri, 08 Aug 2008 15:39:00 GMT

AFP - WASHINGTON (AFP) - Struggling mortgage finance giant Fannie Mae reported Friday a steeper-than-expected quarterly loss and said it was taking measures to face the challenges of the worst US housing slump in decades.

Oil prices slide beneath $114

Fri, 08 Aug 2008 15:32:00 GMT

AFP - LONDON (AFP) - Crude prices continued their dizzying spiral down on Friday, shedding nearly four dollars to trade below 114 dollars a barrel as the US currency strengthened amid concerns about energy demand, dealers said.

Air Canada's load factor in July matches record for the month set in 2005

Fri, 08 Aug 2008 15:24:00 GMT

The Canadian Press - MONTREAL - Air Canada (TSX:AC.A) filled 83 per cent of its seats in July, matching a July 2005 record load factor and above a year-before 81.8 per cent last July.

Fannie Mae loses US$2.3 billion in quarter as defaults rise

Fri, 08 Aug 2008 15:24:00 GMT

The Canadian Press - WASHINGTON - Fannie Mae swung to a second-quarter loss that was more than triple what Wall Street expected as conditions in the housing market continued to deteriorate, forcing the U.S. mortgage finance giant to make bold cutbacks that will send shock waves through the mortgage market.

Toronto backs off lowest mark of the day despite unemployment numbers, oil price

Fri, 08 Aug 2008 15:21:00 GMT

The Canadian Press - TORONTO - The Toronto stock market moved away from its deepest losses on Friday, despite disappointing unemployment numbers and weaker oil prices.

Iamgold posts $33.3-million profit in second quarter; 2008 output target raised

Fri, 08 Aug 2008 15:20:00 GMT

The Canadian Press - TORONTO - Iamgold Corp. (TSX:IMG) improved its net profits to US$33.3 million in its second quarter, reversing a year-ago loss of US$81.4 million.

Moly miner Thompson Creek shares slip on results

Fri, 08 Aug 2008 15:18:00 GMT

Reuters - TORONTO (Reuters) - Shares of Thompson Creek Metals sank nearly 6 percent on Friday after the molybdenum miner reported a smaller-than-expected second-quarter profit.

Canada hit by biggest monthly job loss in 17 years

Fri, 08 Aug 2008 14:54:00 GMT

Reuters - OTTAWA (Reuters) - A surprisingly large 55,000 jobs were lost in Canada in July, the biggest monthly job loss since the 1991 recession, providing more evidence of an economic slowdown.

Stock index falls on resources, jobs data

Fri, 08 Aug 2008 14:52:00 GMT

Reuters - TORONTO (Reuters) - The Toronto Stock Exchange's main index was lower on Friday morning as oil and gold prices fell and July Canadian jobs figures came in much weaker than expected.

Price of oil dips on stronger dollar, drops below US$117 a barrel

Fri, 08 Aug 2008 14:39:00 GMT

The Canadian Press - NEW YORK - Oil prices resumed their descent Friday, dropping below US$117 a barrel as a strengthening dollar and expectations of slowing demand offset supply concerns over a sabotaged pipeline in Turkey.

Oil falls as dollar rises, ignores Georgia conflict

Fri, 08 Aug 2008 14:36:00 GMT

Reuters - LONDON (Reuters) - Oil fell $4 to below $116 on Friday in line with declines across the commodities complex as weaker demand and a stronger U.S. dollar outweighed concern conflict in Georgia could disrupt Caspian energy supplies.

UBS to buy back bonds: Massachusetts official

Fri, 08 Aug 2008 14:34:00 GMT

Reuters - BOSTON (Reuters) - Swiss bank UBS has agreed to buy back $19.4 billion of bonds whose value collapsed during the global financial crisis, a spokesman for the Massachusetts Secretary of State said on Friday.

U.S. crude futures drops $4 on dollar, demand worry

Fri, 08 Aug 2008 14:20:00 GMT

Reuters - NEW YORK (Reuters) - U.S. crude oil futures fell more than $4 on Friday as the dollar rallied on concerns about Europe and Asian economic slowing, adding to concerns about lower global oil demand.

Fortis Q2 profit falls to $32M from year-ago $43M, revenue up sharply

Fri, 08 Aug 2008 14:07:00 GMT

The Canadian Press - ST. JOHN'S, N.L. - Diversified utility Fortis Inc. (TSX:FTS) reported Friday a second-quarter profit of $32 million, 18 cents per share, down from a year-ago $43 million or 27 cents per share as several one-time items affected its results.

Canaccord Capital first quarter profits fall to $16.5 million from $39 million

Fri, 08 Aug 2008 14:06:00 GMT

The Canadian Press - VANCOUVER - Canaccord Capital Inc. (TSX:CCI), a Vancouver brokerage and investment dealer that has been caught up in the Canadian credit crunch, reported its net profit in the latest quarter fell sharply as revenues dropped nearly a third in a tough business environment.

Toronto starts with slide into losses as bad jobs numbers, oil prices impact

Fri, 08 Aug 2008 14:05:00 GMT

The Canadian Press - TORONTO - Dismal unemployment numbers and weaker oil prices sent the Toronto stock market into a tailspin out of the gate Friday morning.

Domtar Q2 profit more than doubles to $24 million as sales up 3.5 per cent

Fri, 08 Aug 2008 13:57:00 GMT

The Canadian Press - MONTREAL - Paper manufacturer Domtar Corp. (TSX:UFS) reported Friday a more than doubling of its second-quarter profit to $24 million or five cents per diluted share, up from $11 million or two cents per share a year earlier as sales increased by 3.5 per cent.

Brookfield Asset's earnings fall 28 per cent on non-cash expenses

Fri, 08 Aug 2008 13:56:00 GMT

The Canadian Press - TORONTO - Brookfield Asset Management Inc. (TSX:BAM), the former Brascan conglomeate, reported a sharp drop in profit for its latest quarter as the company took charges on its books linked to previous acquisitions.

Toronto stock index slumps 100 points at open

Fri, 08 Aug 2008 13:41:00 GMT

Reuters - TORONTO (Reuters) - The Toronto Stock Exchange's main index opened 100 points lower on Friday, yanked down by weak oil and gold prices and July Canadian jobs figures that came in much weaker than expected.

Air Canada earnings lose altitude

Fri, 08 Aug 2008 13:37:09 GMT

CBC - Air Canada's earnings were grounded in the second quarter as the airline's rising fuel bill shrank its bottom line.

Oil dips on stronger U.S. dollar, worries about economic growth

Fri, 08 Aug 2008 13:22:00 GMT

The Canadian Press - VIENNA, Austria - Oil prices sagged Friday as a strengthening dollar and worries about economic growth offset supply concerns over pipeline sabotage in Turkey that was claimed by Kurdish rebels.

Fannie Mae posts massive $2.3bln loss

Fri, 08 Aug 2008 13:22:00 GMT

AFP - WASHINGTON (AFP) - Struggling home finance giant Fannie Mae Friday reported a massive second-quarter loss of 2.3 billion dollars, more than three times analysts' estimates.

Fannie Mae loses US$2.3 billion in second quarter as defaults rise

Fri, 08 Aug 2008 13:22:00 GMT

The Canadian Press - WASHINGTON - U.S. mortgage finance company Fannie Mae swung to a second-quarter loss that was more than triple what Wall Street expected as conditions in the housing market continued to deteriorate.

American productivity growth slowed in spring: Labour Department

Fri, 08 Aug 2008 13:21:00 GMT

The Canadian Press - WASHINGTON - The efficiency of America's workers grew at a slightly slower pace in the spring as companies sought to produce more with leaner work forces.