Business News

Oil up slightly in Asia ahead of inventory report

SINGAPORE - Oil prices were slightly higher in Asia on Wednesday as investors awaited a weekly crude inventory report for evidence an economic slowdown in the U.S. is cutting consumer demand for oil p...

China shares buoyed by speculation on policy plans

SHANGHAI, China - Chinese stocks surged early Wednesday on speculation Beijing plans new economic stimulus measures and other policies aimed at reviving the country's languishing markets. The bench...

Small sport utility vehicles get top scores in U.S. crash tests

WASHINGTON - Four small sport utility vehicles received top scores in crash tests to be released Wednesday by the U.S. insurance industry, a sign of improvement compared with SUVs built earlier in the...

Head of union not happy with Viterra's decision to seek replacement workers

REGINA - The head of the union representing striking Viterra workers says he's unhappy with some of the company's tactics. Viterra has confirmed it is trying to recruit temporary replacement worker...

Venezuela seizes control of Cemex cement plants, Mexico urges talks

CARACAS, Venezuela - Mexico urged Venezuela to negotiate with its cement producer Cemex SAB on Tuesday after the Venezuelan government seized control of its cement plants saying no deal could be reach...

Hewlett-Packard third-quarter profit jumps 14 per cent

SAN FRANCISCO - Hewlett-Packard Co.'s third-quarter profit jumped 14 per cent, beating Wall Street's expectations, as strong laptop sales and a robust international presence lifted the technology bell...

Quebec opts to renovate lone nuclear power plant at cost of $2 billion

MONTREAL - Quebec will spend nearly $2 billion to maintain its bit-part in the nuclear industry by sprucing up a power plant some charge is too old, too small and too dangerous to merit a new lease on...

Canadian Tire's sale-leaseback deal a 'net neutral' move: analyst

TORONTO - Canadian Tire Corp.'s (TSX:CTC.A) deal to sell and lease back 12 of its store properties for $174 million is a "net neutral" move for a company that really doesn't need the cash, an analyst ...

Second quarter profit reports from U.S. retailers show more strain

NEW YORK - From affluent shoppers at Saks to bargain-hunters at Target, from Home Depot to office supplier Staples, U.S. consumers are pulling back and that's hurting retailers and raising more concer...

QuestAir names Andrew Graham Hall as president and chief executive officer

BURNABY, B.C. - QuestAir Technologies Inc. (TSX:QAR), a maker of gas purification systems for various industries, has named Andrew Graham Hall as president and CEO. The B.C. company said Hall will ...

Medtronic first quarter profit up on stent, spinal strength

Medtronic Inc.'s first-quarter earnings beat Wall Street estimates Tuesday on a combination of lower expenses and higher sales of devices to treat clogged arteries, fractured spines and other ailments...

Hotel Association: U.S. travel down, but not just because of gas prices

CALGARY - Canada is attracting fewer visitors from the United States this year, but the usual culprit - high gasoline prices - is not the biggest reason, the president of the Hotel Association of Cana...

Discount fashion retailer TJX sells Bob's Stores to private equity duo

FRAMINGHAM, Mass. - TJX Cos. Inc. said Tuesday that it's selling the Bob's Stores chain to a pair of private equity firms as it tries to better focus its strategies. The discount fashion retailer s...

Court to rule on bid of up to $20 million to buy Mackenzie pulp mill

VANCOUVER - A buyer has surfaced for the Mackenzie pulp mill in B.C. that will see it operate and save about 200 jobs, but the union at the mill is not celebrating yet given the complexity of the deal...

Anglo-Swiss mining company Xstrata temporarily suspends mining in DomRep

SANTO DOMINGO, Dominican Republic - Anglo-Swiss mining company Xstrata PLC said Tuesday it will suspend operations in the Dominican Republic for four months because of high oil costs and a drop in nic...

ABCP restructuring plan hits new snag as lawyer plans to appeal

TORONTO - The restructuring plan for $32 billion in asset-backed commercial paper hit another snag on Tuesday as a lawyer for Ivanhoe Mines (TSX:IVN), says he plans to take his case to the Supreme Cou...

Open Text reports Q4 profit of US$27.3 million, up from year ago

WATERLOO, Ont. - Open Text Corp. (TSX:OTC) reported Tuesday a sharp increase in quarterly profit compared with a year ago, beating the markets expectations, as revenue increased nearly 15 per cent. ...

Wholesale sales register fifth hike in six months in June, economy slowly growing

TORONTO - The Canadian economy appears to be growing, but at a weak pace, after grinding to a halt earlier this year, with recent economic numbers suggesting things might not be as bleak as first thou...

Key supplier on Bombardier's Learjet 85 business plane declares bankruptcy

MONTREAL - Bombardier Aerospace (TSX:BBD.B) assured Tuesday that the development of its new Learjet 85 business plane won't be unduly affected by the bankruptcy of Grob Aerospace, which is developing ...

Hewlett-Packard third quarter profit jumps 14 per cent

SAN FRANCISCO - Hewlett-Packard Co.'s fiscal third-quarter profit jumped 14 per cent, beating Wall Street's expectations, as strong laptop sales and a robust international presence continued to lift t...

Union: Lenders delay Twinkie-maker's reorganization, endangering jobs

KANSAS CITY, Mo. - The International Brotherhood of Teamsters says lenders are holding up a potential plan for helping Interstate Bakeries Corp. exit almost four years of bankruptcy protection, endang...

U.S. wholesale prices rising at fastest pace since 1981

WASHINGTON - Wholesale inflation in the United States soared in July, leaving prices rising at the fastest pace in nearly three decades. While recent declines in oil and other commodity prices raise h...

Electronics retailer Circuit City still considering sale

RICHMOND, Va. - Circuit City Stores Inc. said Tuesday it's still considering a sale of the company four months after the consumer electronics retailer first announced it was reviewing its options to i...

Hedge fund trader whacked by U.S. regulator for defrauding customers

TORONTO - Hedge fund operator Paul Eustace, an American living in Canada, has agreed to pay more than US$279 million to defrauded customers and more than US$12 million in civil penalties. The penal...

Hebron announcement key to bringing home workers who departed N.L.

HALIFAX - Newfoundland and Labrador will give the green light to the $5-billion Hebron offshore oil project on Wednesday, setting off a long-awaited construction boom that's expected to bring a small ...

Falling financials help send North American stock markets lower

TORONTO - A sharp selloff in bank stocks sent the Toronto stock market lower Tuesday, but TSX losses were limited by solid gains in energy and mining stocks. Financials also led the way to a sharpl...

Tech bellwether Hewlett-Packard third-quarter profit jumps 14 per cent

SAN FRANCISCO - Hewlett-Packard Co. says its third-quarter profit jumped 14 per cent, beating Wall Street's expectations. Strong laptop sales and a robust international presence continue to lift th...

Mega Brands expects to restore profitability with $75 million cash infusion

MONTREAL - Mega Brands Inc. (TSX:MB) insisted Tuesday that it's on the path to profitability, aided by strong new products, an infusion of cash and an insurance settlement relating to its recalled mag...

Victoria Gold Corp. to buy Gateway Gold in share swap deal

VANCOUVER - Victoria Gold Corp. (TSXV:VIT) has struck a share-swap deal valued at $6.5 million to take over Gateway Gold Corp. (TSX:GTQ), a move it says improves its chances of a "significant discover...

Oil rises above US$114 after U.S. dollar weakens against the euro

NEW YORK - Oil prices rebounded Tuesday, jumping back above US$114 barrel after the U.S. dollar weakened against the euro and a rally in heating oil pulled new buyers into energy markets. Light, sw...