Business News Headlines - CBC.ca

Petro Andina Resources Inc.'s board of directors is urging shareholders to reject an unsolicited $400-million takeover bid from a private Dutch company.

Adaltis Inc. was granted protection under the Companies' Creditors Arrangement Act on Friday after announcing that it doesn't have enough cash to meet its current obligations.

BG International will exercise its right to buy a 45 per cent stake in a natural gas property off the coast of Trinidad from Canadian Superior Energy Inc., the two companies announced Friday.

A Chinese government company will spend $1.74 billion to buy new stock issued by Canadian mining giant Teck Resources Ltd.

Ron and Reynold Mainse have been relieved of their duties as hosts of Christian program 100 Huntley Street after allegedly becoming involved in a $14.1-million Ponzi scheme.

Stock markets in Toronto and New York fell Thursday as U.S. employment data showed employers cut 467,000 jobs in June, driving unemployment to a 26-year high of 9.5 per cent.

A section of one of Air Canada's unions has narrowly rejected the airline's restructuring plan, the International Association of Machinists and Aerospace Workers said Wednesday.

June sales at Ford of Canada jumped 25 per cent while sales at General Motors Canada fell 31 per cent, the companies said Thursday.

Bell Canada has completed two deals worth a total of $277 million, acquiring Canadian electronics retailer The Source and buying the half of Virgin Mobile Canada that it didn't already own.

AbitibiBowater has appointed Bruce Robertson, a former senior managing partner at Brookfield Asset Management Inc., as chief restructuring officer as it tries to work its way out of bankruptcy protection.

The United States lost 467,000 jobs in June, the Labour Department reported Thursday.

British Columbia got a little greener on Wednesday: The province celebrated the first anniversary of its carbon tax with a bump at the gas pumps.

The Toronto Transit Commission has officially signed its $1.2-billion contract with Montreal-based Bombardier (TSX:BBD.B) for 204 new low-floor streetcars.

Immigrants, who helped drive the developed world's economic growth during boom times now face exclusion as the global financial crisis pummels economies and drives unemployment to 50-year highs, an OECD report warned Tuesday.

U.S. soap and lotion seller Crabtree & Evelyn Ltd. said it filed for Chapter 11 bankruptcy protection on Wednesday, a victim of the slowdown in consumer spending amid the recession.

Amid the ongoing recession, Canadians are discovering their much-ballyhooed social safety net is not as dependable as they've been led to believe, a new report suggests.

Money-troubled Canwest Global Communications Corp. said it is selling two conventional television stations in Montreal and Hamilton to an affiliate of Channel Zero Inc., an independent Canadian television broadcaster.

For the first time in 15 years, Alberta has officially recorded a deficit, with a shortfall of $852 million.

Canada's real gross domestic product declined by 0.1 per cent in April, matching the forecasts of economists.

China's state media says the government has postponed a rule mandating all computers be sold with internet filtering software.

Former employees of Nortel Networks Corp. who have been fighting to get their severance and pensions from the disintegrating telecommunications company could soon receive some compensation thanks to an Ontario Superior Court ruling released Monday.

Two Canadian companies said Monday their Honduran operations were not affected by the military coup over the weekend weekend in the Central American country.

Citing ballooning costs and its responsibility to the taxpayers of the province, the Ontario government says it is indefinitely mothballing plans to build two new nuclear reactors at the Darlington power station.

Disgraced financier Bernard Madoff was sentenced Monday in New York to the maximum 150 years behind bars for fleecing hundreds of investors out of tens of billions of dollars in a massive Ponzi scheme.

World oil demand is likely to grow by an average of 0.6 per cent annually over the 2008-2014 period, the International Energy Agency forecast Monday, revising its mid-term expectations downward amid the global recession.

Tim Hortons Inc., the coffee chain with an image as Canadian as hockey and maple syrup, said Monday it plans to change its registration to become a Canadian company.

A federal judge in New York City has ordered disgraced financier Bernard Madoff to forfeit about $170 billion US, prosecutors said Friday.

Nortel Networks's final demise as a stock market darling came quietly Friday when the former tech giant was delisted from the Toronto Stock Exchange on a permanent basis.