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New York market outlook glum, TSX could rise as oil tops US$125 a barrel

May 09, 2008 - 6:22 am

TORONTO - Oil barrelling toward the American driving season at a new record high oppressed Wall Street sentiment Friday morning.

Crude oil was at US$125.48 per barrel on the New York Mercantile Exchange after going as high as $125.98 overnight.

Also weighing on U.S. investor morale ...

Oil approaches $125 per barrel ahead of US driving season

May 09, 2008 - 6:02 am

Oil prices soared to record highs near $125 Friday on the eve of the U.S. driving season as a weakening U.S. dollar drove investors to snap up commodities.

Light, sweet crude for June delivery rose as high as $1.24 to $124.93 a barrel in electronic trading on the New York Mercantile ...

Jobless rate rises to 6.1 per cent in April as job seekers increase

May 09, 2008 - 5:30 am

OTTAWA - The Canadian economy continues to add workers in the face of an economic slowdown, creating 19,200 new jobs in April after a slightly smaller gain the previous month.

The new jobs, mostly in the full-time and self-employed categories, couldn't prevent the national unemployment ...

ACE Aviation Q1 loss $182M on cargo cartel probes: another $500M share buyback

May 09, 2008 - 4:57 am

MONTREAL - ACE Aviation Holdings Inc. (TSX:ACE.A, TSX:ACE.B) is buying back another half-billion dollars worth of its shares as the parent of Air Canada continues dismantling itself. ACE reported Friday it lost $182 million in the first quarter, pulled down by a $125-million provision for probes ...

Federal government confirms decision to reject foreign takeover of Radarsat

May 09, 2008 - 0:20 am

TORONTO - The federal government has confirmed its decision to block a controversial foreign takeover of part of Canada's premier space technology firm, saying the proposed deal would not benefit the country.

Industry Minister Jim Prentice announced the decision early Friday, saying it ...

RIM's Balsillie says Canadians need to make their voices heard

May 08, 2008 - 8:50 pm

TORONTO - Canadians need to become more involved in global issues and make their voices heard, RIM (TSX:RIM) co-chief executive Jim Balsillie said Thursday night.

Balsillie, who is himself quite active in social issues, says the world is willing to listen to Canada if it were to make ...

CNQ net profits soar to $727 million from $269 million last year:

May 08, 2008 - 6:22 pm

CALGARY - Canadian Natural Resources Ltd. (TSX:CNQ) says it will take a prudent approach to future spending, even as soaring commodity prices led to a sharp increase in its first-quarter profits.

While US$120 for a barrel of oil seems may seem high, Canadian Natural's chief operating ...

Canadian Tire Q1 performance flat: same-store sales decline four per cent

May 08, 2008 - 5:48 pm

TORONTO - Canadian Tire Corp. (TSX:CTC.A) is in a "very strong" position to weather an economic slowdown, CEO Tom Gauld told shareholders Thursday after the retailer reported a nearly 20 per cent increase in first-quarter earnings despite shaky sales.

"We are in very good shape to compete ...

Quebecor reports Q4 loss of $962.6 million on loss at Quebecor World

May 08, 2008 - 5:47 pm

MONTREAL - Quebecor Inc. (TSX:QBR.B) said Thursday it lost $962.6 million in its fourth quarter, as the company took a $1.88-billion goodwill-impairment charge related to its troubled Quebecor World subsidiary.

The Quebec conglomerate said the loss for the quarter amounted to $14.99 per ...

Cascades announces job cuts to stem first-quarter net loss of $4 million

May 08, 2008 - 5:46 pm

MONTREAL - Tissue and cardboard maker Cascades Inc. (TSX:CAS) said Thursday it will cut 155 jobs to try and regain profitability after reporting a first-quarter loss of $4 million.

That result, which reversed a year-ago $22-million profit, was blamed on high fibre costs, a strong Canadian ...

Canadian company nixes Idaho for ethanol plant, picks Saskatchewan

May 08, 2008 - 5:45 pm

IDAHO FALLS, Idaho - A Canadian biotechnology company has decided to build a cellulosic ethanol plant in Saskatchewan, rather than southeast Idaho.

Iogen Corp. said Wednesday it has suspended its operations in Idaho. For the last two years, Iogen had leaned toward building a cellulosic ...

General Motors to pay up to $200M to help end American Axle strike

May 08, 2008 - 5:43 pm

DETROIT - General Motors Corp. has agreed to kick in up to US$200 million to help bring an end to a bitter 10-week strike at parts supplier American Axle and Manufacturing Holdings Inc.

The automaker said Thursday in a government filing that the money would go for temporary payments to ...

Seniors, hard-pressed Canadians given leeway to raid locked-in RRSP plans

May 08, 2008 - 4:45 pm

OTTAWA - Seniors and Canadians facing hardships will be allowed to withdraw up to $22,450 from their federally regulated pension savings accounts, including locked-in RRSPs, under changes announced Thursday by the federal government.

The Finance Department said it was introducing the new ...

Mega Brands doesn't expect turnaround until third quarter; Q1 sales slump

May 08, 2008 - 4:43 pm

MONTREAL - Struggling toy maker Mega Brands Inc. (TSX:MB) expects its financial woes will continue for at least another quarter until its newly redesigned magnetic toy begins to hit store shelves this summer.

The first shipments of MagNext have left Chinese plants and are scheduled to be ...

Yellow Pages Income Fund books Q1 profit of $127M, up five per cent

May 08, 2008 - 4:13 pm

MONTREAL - Yellow Pages Income Fund (TSX:YLO.UN) has booked a five per cent increase in first-quarter earnings, which rose to $127 million, with online sales shooting up at a much faster pace than the company's overall revenue growth.

The country's dominant directory provider said Thursday ...

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