Sandy may cost $50B as storm continues path

Wall Street remained shuttered Tuesday as post-tropical storm Sandy battered New York City for the second straight day, but by early evening the mayor said businesses were working to get things back on track. Large parts of Manhattan were flooded by...

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GM quarterly profit falls 14%

A turnaround in South America and a rosier outlook in Europe helped push General Motors shares up in premarket trading Wednesday, even though the company's third-quarter net profit fell 14 per cent. GM said it earned $1.48 billion US from July through...

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PotashCorp in takeover talks with Israeli chemical firm

Potash Corporation of Saskatchewan is in talks with the Israeli government about taking over Israel Chemicals. PotashCorp already owns more than 13 per cent of the Israeli firm, making it ICL's second-largest shareholder as it is. The company's CEO...

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Canadian economy shrank in August

Canada's economy contracted for the first time in six months, with August figures showing it shrank 0.1 per cent compared to July. Statistics Canada said Wednesday that the service sector was unchanged, but led by declines in mining, oil and gas, and...

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Boo! 9 surprising facts about Halloween in Canada

It's Halloween on Wednesday, and while the remnants of hurricane Sandy are threatening to make it a cold, wet and windy evening across much of the eastern part of the country, the annual candy and fright-festival is doubtless going to be as popular as...

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NYSE shuttered for 2nd day as Sandy pounds away

Wall Street remained shuttered Tuesday as post-tropical storm Sandy battered New York City for the second straight day. The New York Stock Exchange, Nasdaq and CME exchanges remained closed while officials tested contingency plans and backup systems,...

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TransCanada profit lower

TransCanada Corp. third-quarter profit was down from the same time last year, falling slightly more than analysts had anticipated as improved earnings from the Keystone pipeline were offset by down time at key power plants. The Calgary-based pipeline...

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CIBC downplays likelihood of U.S.-style housing crash

CIBC World Markets economist Benjamin Tal says he continues to believe that a U.S.-style real estate meltdown isn't in the cards for Canada. Tal says in a new report that even recently released data about high levels of Canadian consumer debt aren't...

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Youth unemployment outlook not so bleak

Employment prospects for younger Canadians looking for work are not as dismal as widely believed, a report released by the Certified General Accountants Association of Canada today suggests. The report argues that the peak unemployment rate among those...

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Swiss bank UBS to cut up to 10,000 jobs

Swiss banking giant UBS AG is to cut as many as 10,000 employees, or some 15 per cent of its staff, to drastically shrink its ailing investment bank. The news of the layoffs came as Switzerland's biggest bank posted another big loss for the third quarter....

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Pfizer to cut 300 jobs, mostly at Montreal office

Pharmaceutical giant Pfizer has announced it's cutting about 300 jobs across Canada, most of them in Montreal. Julie-Catherine Racine, a spokesman for Pfizer Canada, said Sunday that the cuts will be spread across several locations but the majority...

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Kenney's economic immigration changes praised, scorned

As Immigration Minister Jason Kenney prepares to table a new immigration levels plan for 2013 this week, he has much to lay claim to in Canada's restructured immigration system. Kenney's most commonly proclaimed achievement has been to move the country...

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Sandy could cause $45B hit to U.S. economy

New York's financial centre is effectively shut down in anticipation of hurricane Sandy, a powerful storm with the potential to seriously disrupt functioning in the world's largest economy. The New York Stock Exchange and rival exchange operators Nasdaq...

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Petronas extends Progress Energy takeover offer

The Canadian arm of a Malaysian state-owned oil company has extended the deadline for its takeover bid for Progress Energy Resources Corp. in hopes it will be able to overcome Ottawa's objections to the $6-billion deal. Petronas Canada says the deadline...

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Penguin, Random House publishing merger finalized

Two of the world's biggest publishing houses are to link up in a deal that will bring the writings of classics like George Orwell's 1984 and this year's literary phenomenon Fifty Shades of Grey under one umbrella. Confirmation that Pearson will merge...

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Royal Bank subpoenaed in LIBOR probe

There are reports that Royal Bank of Canada has been served with a subpoena from U.S. state officials as part of their probe into the possible manipulation of a key benchmark used to set interest rates. The Wall Street Journal and other business publication...

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Moody's reviews 6 Canadian banks for downgrade

The Bank of Montreal was among six Canadian banks Moody's placed on review for a possible downgrade. (CBC) Bond rating company Moody's Investors Service today said it would review the long-term ratings of six Canadian banks with the possibility of downgrading...

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CPP invests in F1, MotoGP racing properties

Canada's national pension plan has made investments in two international sports properties, the company that runs the MotoGP motorbike racing series, and a debt deal with the company that owns the Formula 1 car racing league. The Canada Pension Plan...

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Live bulls to run on Toronto's Bay Street

Toronto's Bay Street will soon be overrun by more bulls than usual — and not just the financial variety. At least, that's what the Royal Agricultural Winter Fair hopes will happen, as the festival plans to kick off its 90th year with a launch unlike...

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Tenderized meat labels being considered, minister says

Canada's agriculture minister says federal officials are looking at issues surrounding mechanically tenderized meat in the wake of a massive E. coli-related beef recall from Alberta's XL Foods. Gerry Ritz was in Regina on Friday and reporters asked...

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Royal Bank subpoenaed in LIBOR probe

There are reports that Royal Bank of Canada has been served with a subpoena from U.S. state officials as part of their probe into the possible manipulation of a key benchmark used to set interest rates. The Wall Street Journal and other business publication...

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Moody's reviews 6 Canadian banks for downgrade

The Bank of Montreal was among six Canadian banks Moody's placed on review for a possible downgrade. (CBC) Bond rating company Moody's Investors Service today said it would review the long-term ratings of six Canadian banks with the possibility of downgrading...

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CPP invests in F1, MotoGP racing properties

Canada's national pension plan has made investments in two international sports properties, the company that runs the MotoGP motorbike racing series, and a debt deal with the company that owns the Formula 1 car racing league. The Canada Pension Plan...

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Live bulls to run on Toronto's Bay Street

Toronto's Bay Street will soon be overrun by more bulls than usual — and not just the financial variety. At least, that's what the Royal Agricultural Winter Fair hopes will happen, as the festival plans to kick off its 90th year with a launch unlike...

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Tenderized meat labels being considered, minister says

Canada's agriculture minister says federal officials are looking at issues surrounding mechanically tenderized meat in the wake of a massive E. coli-related beef recall from Alberta's XL Foods. Gerry Ritz was in Regina on Friday and reporters asked...

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Spain's unemployment rate hits 25%

One Spaniard in four is now officially out of work as the economic crisis tightens its grip on the country. The National Statistics Institute said Friday that 85,000 more people joined the ranks of the unemployed between July and September, raising...

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British ExxonMobil executive shot dead in Belgium

Belgian authorities are seeking the public's help in solving the killing of an executive for ExxonMobil, the world's largest oil company, who was shot to death in front of his wife nearly two weeks ago on a street in a suburb of the Belgian capital of...

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U.S. economy expanding faster than expected

America's GDP expanded at a two per cent pace in the three months up to the end of September, better than the 1.8 per cent pace that economists had been expecting. The Commerce Department said in a release Friday the pick-up came about because of a...

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Royal Bank subpoenaed in LIBOR probe

There are reports that Royal Bank of Canada has been served with a subpoena from U.S. state officials as part of their probe into the possible manipulation of a key benchmark used to set interest rates. The Wall Street Journal and other business publication...

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Former Italian premier Berlusconi convicted of tax evasion

A court in Italy has convicted former premier Silvio Berlusconi of tax fraud and sentenced him to four years in prison. The conviction Friday was the 76-year-old media mogul's first in a long series of trials, but it did not mean he was going to prison...

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Redford says budget won't change, despite low oil prices

Despite low oil prices and a forecast deficit that could hit $3 billion, Alberta Premier Alison Redford says her government's spending plan won't change. World oil prices dropped to about $86 a barrel on Wednesday — well below the $99 forecast in this...

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Weekly paycheques getting bigger at a faster pace

The average weekly paycheque of a salaried Canadian worker was $907.19 in August, a slight increase from the previous month's level but 3.6 per cent higher than the same month a year earlier. Statistics Canada reported Thursday that the pay hike was...

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Cellphone billing errors routine, telecom watchdog finds

A telecom watchdog group says routine errors on cellphone bills continue to be a major headache for consumers, who often complained they were charged too much. A report by the Commissioner for Complaints for Telecommunications Services finds consumers...

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Olympics helped boost Britain's GDP numbers

Hosting the Olympics probably helped Britain's economy grow by more than expected during the summer and ending a shallow, nine-month recession. The country's Office for National Statistics reported Thursday that the economy grew one per cent over July...

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Conrad Black loses bid to address Order of Canada review body

Former media baron Conrad Black's request to Federal Court for a hearing before a panel examining whether he should be allowed to remain an officer of the Order of Canada has been rejected. Black's 1990 appointment to the Order of Canada is under review...

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Facebook earnings better than expected

Facebook's third-quarter results inched past Wall Street's expectations, offering evidence that the company is making inroads in mobile advertising — a longtime concern among investors. Tuesday's financial results, Facebook's second as a public company,...

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Warren Buffett on the lookout for new acquisitions

Billionaire investor Warren Buffett says he continues looking for a major acquisition for his Berkshire Hathaway, but he's not willing to pay more to compete with other bidders. Buffett says Berkshire has lost out on a couple of major acquisitions in...

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Alberta oilsands will benefit all provinces, think-tank says

The economic benefits of Alberta's oilsands will be felt in all provinces and will lead to billions of dollars of jobs and investment across the country, says a Conference Board of Canada report released today. The think-tank says it expects the province's...

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Bank of Canada sees economy picking up

The Bank of Canada Wednesday predicted relatively robust growth for Canada next year mostly as a result of increased exports as the global economy begins to mend. The bank said Canada's real gross domestic product only grew by about one per cent in...

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