Advertising merger to form $35B colossus

Omnicom Group Inc. and Publicis Groupe SA say they are combining in a "merger of equals" that will create the world's largest advertising firm, one worth more than $35 billion. The combined company will be called Publicis Omnicom Group and be jointly...

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Valeant cutting up to 15% of workforce

Valeant Pharmaceuticals International, Inc. said Monday that it will eliminate as much as 15 per cent of its workforce and move Bausch + Lomb's headquarters to New Jersey as part of its $8.7 billion acquisition of the company. In a letter to its own...

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Canada's U.S. ambassador disputes Obama's Keystone claims

Canada's ambassador to the U.S. is disputing U.S. President Barack Obama's claim that the proposed Keystone XL pipeline would generate few jobs. Gary Doer said he would prefer to rely on a U.S. State Department report that estimates the number of jobs...

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Hudson's Bay to bring Saks to Canada in $2.9B takeover

Hudson's Bay Co. is buying luxury U.S. retailer Saks Inc. in a friendly deal worth $2.9 billion US. The Bay says will pay $16 US per Saks share and assume all the latter's outstanding debt as part of the deal. Saks shares closed Friday at $15.31 on...

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Potash price hammered as Russians may flood market

Shares of major North American potash producers fell sharply Tuesday on word that a Russian company is pulling out of a marketing group and is expected to undercut competitors' prices for the fertilizer. OAO Uralkali announced Tuesday it was withdrawing...

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Smartphone use way up in Canada, Google finds

Not only is smartphone ownership way up in Canada, users are getting increasingly addicted to their mobile devices, suggests a new report released by Google. Based on online surveys with 1,000 Canadians earlier this year, the report estimates that 56...

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Pneumonia shots made affordable for kids in poor countries

Drugmaker Pfizer Inc. has agreed to provide hundreds of millions of doses of its lucrative vaccine against pneumonia and meningitis at a fraction of the usual price for young children in poor countries. The deal to provide 260 million shots of its Prevnar...

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Is Verizon really the 'bogeyman' Canada's telecom giants claim?

Canada's three big mobile-phone providers have been ramping up their campaign to sway public sentiment against the potential entry of U.S. telecom giant Verizon into the wireless market. "They're trying to use the bogeyman of a U.S. company to scare...

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Hudson's Bay to bring Saks to Canada in $2.9B takeover

Hudson's Bay Co. is buying luxury U.S. retailer Saks Inc. in a friendly deal worth $2.9 billion US. The Bay says will pay $16 US per Saks share and assume all the latter's outstanding debt as part of the deal. Saks shares closed Friday at $15.31 on...

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Bank of Cyprus savers to lose 47% above 100,000 euros

The Cypriot government says depositors at the country's largest bank will lose 47.5 per cent of their savings over the 100,000-euro ($132,000 Canadian) insurance limit. € Losses at Bank of Cyprus were initially estimated at 37.5 per cent. Another 22.5...

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Halliburton to plead guilty to destroying Gulf spill evidence

Halliburton Energy Services has agreed to plead guilty to destroying evidence in connection with the 2010 Gulf of Mexico oil spill, the Department of Justice said Thursday. Federal officials said in a news release that a criminal information charging...

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GM gains on Toyota for carmaker crown

Toyota shrugged off China sales woes to stay the world's top selling automaker for the first half of this year, outpacing U.S. rival General Motors Co., which boasted such bragging rights for seven decades until 2008. Toyota Motor Corp. sold 4.91 million...

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Federal government posts $2.7B deficit in April, May

The federal deficit widened to $2.7 billion in the first two months of the current fiscal year, the finance department announced Friday. The shortfall in April and May was 50 per cent larger than the $1.8 billion deficit recorded in the same period...

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Don Pittis: Detroit pension meltdown a wake-up call for Canadians

About The Author Don Pittis has been a Fuller Brush man, a forest fire fighter and an Arctic ranger before discovering journalism. He was principal business reporter for Radio Television Hong Kong before the handover to China and has produced and...

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Obama disputes job projections for Keystone XL pipeline

U.S. President Barack Obama called into question the number of jobs that would be created from the controversial Keystone XL pipeline in an interview with the New York Times released on Saturday. "Republicans have said that this would be a big jobs...

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Federal government posts $2.7B deficit in April, May

The federal deficit widened to $2.7 billion in the first two months of the current fiscal year, the finance department announced Friday. The shortfall in April and May was 50 per cent larger than the $1.8 billion deficit recorded in the same period...

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Halliburton to plead guilty to destroying Gulf spill evidence

Halliburton Energy Services has agreed to plead guilty to destroying evidence in connection with the 2010 Gulf of Mexico oil spill, the Department of Justice said Thursday. Federal officials said in a news release that a criminal information charging...

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Dominique Strauss-Kahn to face pimping charges

The former head of the International Monetary Fund who was accused of sexually assaulting a cleaner at a New York hotel in 2010 is set to face new charges that he profited financially from a prostitution ring based out of a French hotel, prosecutors...

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GM gains on Toyota for carmaker crown

Toyota shrugged off China sales woes to stay the world's top selling automaker for the first half of this year, outpacing U.S. rival General Motors Co., which boasted such bragging rights for seven decades until 2008. Toyota Motor Corp. sold 4.91 million...

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Don Pittis: Detroit pension meltdown a wake-up call for Canadians

About The Author Don Pittis has been a Fuller Brush man, a forest fire fighter and an Arctic ranger before discovering journalism. He was principal business reporter for Radio Television Hong Kong before the handover to China and has produced and...

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Police bust credit card hackers who stole 160 million cards

Four Russian nationals and a Ukrainian have been charged with running a sophisticated hacking organization that over seven years penetrated computer networks of more than a dozen major American and international corporations, stealing and selling at...

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Bell cries foul over federal telecom rules

Bell has become the latest Canadian wireless company to cry foul over telecom rules, taking out a two-page newspaper advertisement to tell Canadians the current regime favours giant U.S. competitor Verizon. Like its rivals Rogers Communications and...

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Alberta oil leak cause stymies industry, scientists

Oil oozing out of the ground in northeast Alberta is killing wildlife and destroying vegetation, but government and industry scientists have no idea how to stop it or even what's causing it. There have been four leaks at the Primrose Lake site on the...

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China shutters factories to fight price-cutting

China's government has ordered companies to close factories in 19 industries where overproduction has led to price-cutting wars, affirming its determination to push ahead with a painful economic restructuring despite slowing growth. The industry ministry...

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Dominique Strauss-Kahn to face pimping charges

The former head of the International Monetary Fund who was accused of sexually assaulting a cleaner at a New York hotel in 2010 is set to face new charges that he profited financially from a prostitution ring based out of a French hotel, prosecutors...

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Vancouver-based Goldcorp reports $1.9 billion loss

Goldcorp Inc. is reporting a $1.93 billion US net loss in the second quarter, which it says resulted from the writedown of a major Mexican operation. The Vancouver-based mining company says it would have been profitable in the second quarter without...

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Canadians getting richer but deeper in debt, report says

A new calculation shows Canadians are getting richer even though they may be among the most indebted in the world. The report by Environics Analytics says Canadian average household net worth topped $400,000 at the end of 2012 for the first time in...

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Lac-Mégantic calls on railway to reimburse millions of dollars

Officials in Lac-Mégantic, Que. have set a deadline for the US-based railway at the centre of the derailment that set off explosions and killed up to 47 people. The town says Montreal, Maine & Atlantic (MMA) has not paid workers who are cleaning...

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Premiers take aim at Harper's new job training plan

Job training appears to be one of the most contentious issues on the table as Canada's premiers meet today in Niagara-on-the-Lake for their semi-annual get-together. At stake is a possible jurisdictional battle with Ottawa that could go on for months...

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Bell cries foul over federal telecom rules

Bell has become the latest Canadian wireless company to cry "unfair" over telecom rules, taking out a two-page newspaper ad to tell Canadians the current regime favours a giant U.S. competitor. Like its rivals Rogers Communications and Telus, Bell is...

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