Oil steady above US$145 a barrel after Saudis say no output boost planned
July 04, 2008 - 0:38 am
BANGKOK, Thailand - Oil prices remained near record highs above US$145 a barrel in Asia after Saudi Arabia's oil minister suggested his country doesn't plan to boost production. Light, sweet crude for August delivery was little changed, down 3 cents at US$145.26 a barrel in Asian ...
American Airlines workers brace for thousands of job cuts
July 03, 2008 - 6:10 pm
DALLAS - Many more job cuts, likely totalling more than 6,000, are likely at American Airlines as the biggest airline in the United States hunkers down and tries to survive record high fuel costs. American notified its flight attendants union on Wednesday that it will cut up to 900 jobs ...
Venezuela's Chavez says oil prices will keep rising, attacks falling US dollar
July 03, 2008 - 5:03 pm
CARACAS, Venezuela - Venezuelan President Hugo Chavez said Thursday that oil prices will continue spiralling upward as world reserves decline and consumption in wealthy countries including the United States climbs. U.S. and European leaders are trying to blame rising oil prices on ...
Fort St. John expected to handle oil and gas boom well: mayor
July 03, 2008 - 3:36 pm
Fort St. John, B.C., - which bills itself as "The Energetic City" - will be able to avoid many of challenges that have become synonymous with the oilsands boomtown of Fort McMurray, Alta., the city's mayor says. Two enormous natural gas finds in northeastern B.C. - the Montney Trend and ...
Wall Street firms reduce, banks step up U.S. Federal Reserve loans
July 03, 2008 - 3:10 pm
WASHINGTON - Wall Street companies sharply scaled back their borrowing from the U.S. Federal Reserve's emergency lending program over the past week while commercial banks boosted it slightly. A Fed report released Thursday said the investment firms averaged US$1.7 billion in daily ...
Viterra tells union 'rotating lockout' to begin next week for Sask workers
July 03, 2008 - 3:09 pm
REGINA - Grain handler Viterra Inc. (TSX:VT) plans to implement a "rotating lockout" next week for its Regina office and Saskatchewan operations and maintenance workers who rejected the company's latest contract offer. The company, formerly called Saskatchewan Wheat Pool before it bought ...
Mutual fund sales between $1.46 billion and $1.96 billion in June, IFIC says
July 03, 2008 - 3:08 pm
TORONTO - Preliminary sales numbers suggest net mutual fund sales for June were between $1.46 and $1.96 billion, the Investment Funds Institute of Canada said Thursday. IFIC estimated that net assets of the mutual fund industry at the end of June were $698.5 billion and $703.5 billion, ...
Canada trying to open up cellphone industry with spectrum auction
July 03, 2008 - 3:06 pm
MONTREAL - Cellphones are among the most popular consumer products and an online auction taking place to open up competition in Canada's wireless industry is eventually expected to help consumers. Bidding in Industry Canada's spectrum auction since it began at the end of May was almost at ...
Banks see Canada's economy rebounding, but rough times for Ontario
July 03, 2008 - 3:01 pm
OTTAWA - Canada's national economy got a mild vote of confidence from two chartered banks Thursday as they forecast moderate growth this year and next, but a rougher ride ahead for Ontario's industrial sector, battered by high fuel prices, a rising dollar and more job cuts in the struggling ...
Duncan confident Ontario isn't poised for a recession, despite Q1 decline
July 03, 2008 - 3:00 pm
TORONTO - Finance Minister Dwight Duncan expressed confidence Thursday that Ontario will avoid a recession even though fresh numbers indicate the province is already halfway there. Newly released government figures show Ontario's economy sputtered into negative territory in the first ...
Suddenly jobless auto-parts workers shocked and angry at lack of notice, severance
July 03, 2008 - 2:07 pm
VAUGHAN, Ont. - Scores of upset and angry workers milled about outside a suddenly idled auto parts plant Thursday, the latest victims of the deepening crisis in the North American auto industry and a battered Ontario economy. Employees of Progressive Moulded Products Ltd., some with more ...
Access roads closed after Edmonton chemical plant storage well starts leaking
July 03, 2008 - 2:06 pm
FORT SASKATCHEWAN, Alta. - RCMP closed access roads at an Edmonton-area chemical plant after a storage well began leaking at a Dow Chemical facility. "One of the wellheads where we store the hydrocarbons was under some scheduled maintenance when the leak occurred," said company spokesman ...
Financials help TSX to a positive close; NY mainly higher on jobs data
July 03, 2008 - 1:37 pm
TORONTO - A late day burst of strength in bank stocks helped the Toronto stock market claw back some of Wednesday's tumble which was sparked by worries about slowing economic conditions. New York stock markets closed mainly higher as investors got a lift from jobs data that generally met ...
Jazz Air cutting 270 workers as costly fuel forces capacity reduction
July 03, 2008 - 1:35 pm
HALIFAX - Travellers will find job and service cuts at Jazz Air results in fewer direct flights between the country's smaller cities and rising prices for air travel, an aviation industry expert predicts. Jazz Air (TSX:JAZ.UN) announced Thursday it is cutting 270 of its roughly 5,000 ...
Chrysler, not General Motors, in biggest danger, analyst says
July 03, 2008 - 1:33 pm
DETROIT - Faced with soaring gas prices, a sputtering economy and a rapid market shift in the United States away from trucks, the U.S. auto industry's weakest player, Chrysler, may have to file for bankruptcy or sell its storied Jeep and Dodge Ram brands as early as next year, JPMorgan said ...
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