U.S. retail sales dip but sales excluding autos show strength
May 13, 2008 - 19:37
WASHINGTON - Consumers in the United States cut back on car-buying in April but boosted spending in a number of other areas, giving evidence of the economy's staying power in spite of soaring gasoline prices. The U.S. Commerce Department said that retail sales overall dipped by 0.2 per ...
Silver Wheaton buys 75 per cent of Farallon's Campo Morado production for $80M
May 13, 2008 - 19:36
VANCOUVER - Silver Wheaton Corp. (TSX:SLW) has agreed to buy 75 per cent of the production from Farallon Resources Ltd.'s (TSX:FAN) Campo Morado property in Mexico for about US$80 million. Under the deal announced Tuesday, Silver Wheaton will pay Farallon US$3.90 per ounce or the ...
Caisse de depot seeks to cash in through heavy buy of BCE shares
May 13, 2008 - 18:40
MONTREAL - Canada's largest pension fund manager, the Caisse de depot et placement du Quebec, may be looking to cash in on the privatization of BCE Inc. (TSX:BCE) after it nearly doubled its stake in Canada's largest telecom company in the last few months. The Caisse disclosed in a ...
DundeeWealth reports Q1 loss of $49.7M after $75.9M writedown of ABCP
May 13, 2008 - 18:39
TORONTO - DundeeWealth Inc. (TSX:DW), a major independent Canadian mutual fund and financial advisory company, had a $49.7-million net loss in the first quarter after another steep writedown of asset-backed commercial paper on its books. The Toronto-based company, which offers the Dynamic ...
Troubled ABCP continues to leave marks on market
May 13, 2008 - 18:37
TORONTO - For a while it seemed like the troubles tied to $32 billion in seized-up asset backed commercial paper were settling down, but ABCP has proven time and a gain that it's not going to exit the Canadian financial scene gracefully. From the courtrooms to the quarterly reports and ...
Migao says its Sichuan fertilizer operation had minor quake damage, shutdown
May 13, 2008 - 17:37
TORONTO - China-based potash producer Migao Corp. (TSX:MGO) says it had minor damage and a two-day shutdown at its Sichuan potassium nitrate plant due to the 7.9 magnitude earthquake that devastated central China. The official death toll from the quake has climbed past 12,000 but the ...
U.S. says it wants to ease global airline ownership rules to spur investment
May 13, 2008 - 17:35
WASHINGTON - The United States is proposing that dozens of countries ease their airline ownership rules in an effort to spur international investment in the industry, a U.S. State Department official said Tuesday. The proposal would change restrictions in the current, mostly bilateral ...
First Quantum Minerals reports Q1 profit of US$182 million, up from year ago
May 13, 2008 - 17:34
VANCOUVER - First Quantum Minerals Ltd. (TSX:FM) more than doubled its first-quarter profit compared with a year ago, the company said Tuesday. The Vancouver-based company, which keeps its books in U.S. dollars, said it earned a $182 million or $2.68 per share for the three months ended ...
Apple now selling HBO TV shows on its iTunes store for U.S. customers
May 13, 2008 - 17:07
SAN FRANCISCO - Apple Inc. has scooped up Time Warner Inc.'s HBO to feed television shows to its online iTunes store in the United States, reeling in one of the last holdouts among major channels and agreeing to a rare pricing concession to land hit shows such as "The Sopranos," "Sex and the ...
B.C. mining profits faded by almost half in 2007, still 'very positive': PwC
May 13, 2008 - 16:56
VANCOUVER - Mining profits in British Columbia fell by nearly half in 2007 due to a drop in coal prices, reduced shipments and the impact of the soaring Canadian dollar, but rising coal and metal prices and increased investments are expected to reverse that trend this year. A report from ...
Iran report pushes oil to new record near US$127 a barrel
May 13, 2008 - 16:49
NEW YORK - Oil prices shot to a new record near US$127 a barrel Tuesday on concerns that Iran may consider cutting crude oil production. Gas prices, meanwhile, rose to a new record over US$3.73 a gallon Tuesday, and their advance shows little sign of slowing with the U.S. Memorial Day weekend, ...
Video game maker Electronic Arts posts wider Q4 loss on charges
May 13, 2008 - 16:48
NEW YORK - Video game publisher Electronic Arts says its fiscal fourth-quarter net loss widened on a slew of charges, though adjusted results beat Wall Street's expectations. Redwood City, Calif.-based Electronic Arts Inc. reports a loss of US$94 million, or 30 cents per share, compared ...
Energy stocks take TSX away from record level;NY mixed on retail data, oil spikes
May 13, 2008 - 16:46
TORONTO - The Toronto stock market closed lower Tuesday, unable to capitalize on a solid gain in the previous session that sent the TSX to a record high despite another spike in oil prices. Record high oil and a glum outlook from Wal-Mart stores kept New York markets weak. Investors ...
Rona shares sink to five-year low as weak consumer confidence punishes Q1 earnings
May 13, 2008 - 16:40
MONTREAL - Shares of Canadian home renovation leader Rona Inc. (TSX:RON) sank to their lowest level in nearly five years Tuesday after weak consumer confidence and a slowdown in new home construction punished the company's first-quarter results. The shares lost 50 cents to close at $12.95 ...
U.S. Senate says halt oil shipments to government reserve
May 13, 2008 - 16:39
WASHINGTON - The U.S. Senate, in a direct challenge to President Bush, voted Tuesday to temporarily halt the shipment of thousands of barrels of oil a day into the government's emergency reserve. Both Democrats and Republicans said such shipments make no sense when oil is costing more than ...
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