Business News Headlines - CBC.ca

Online auction giant eBay Inc. said Monday it was cutting about 1,000 permanent employees, reducing its workforce by about 10 per cent.

The risk that Pakistan could become the bankrupt state it was before a military coup nine years ago loomed larger on Monday as the rupee struck an all-time low and its debt was relegated deeper into junk bond territory.

Five senior Canadian economists were expected to speak in Toronto about the state of the worldwide economy on Monday at a meeting hosted by the Economic Club of Canada.

Asian and European markets dropped Monday amid fears that government bank bailouts in the U.S. and Europe will not be enough to stop the U.S. economic crisis from spreading around the world.

Canadian politicians appear to be in denial about the financial crisis, the head of a national business group says.

Leaders from Europe's four economic powerhouses are calling on the EU to allow them greater freedom to respond to the global financial crisis, vowing Saturday to support their countries' banks in a bid to calm shaky markets and investors.

The Toronto and New York markets lost ground Friday even though U.S. legislators approved a revised $700-billion US package to address the credit crisis.

In one swoop, Canada's central bank shoved another $12 billion into the country's financial system Friday, an increase of 150 per cent from previous injections.

Federal Finance Minister Jim Flaherty insisted Friday that Canada is in good financial shape, even as the Bank of Canada announced it was making an extra $12 billion available to ensure credit does not dry up in the economy.

CIBC took a big step Friday toward stoppering its U.S. real estate red ink by securing a $1 billion US investment in its residential mortgage business from Cerberus Capital.

Virtually all Asian markets were in the red on Friday amid doubts that a $700-billion US financial bailout package would prevent a recession.

Winnipeg's DeFehr Furniture has handed pink slips to nearly half of its approximately 900-member workforce.

The U.S. economy shed 159,000 jobs in September, the Labour Department reported Friday, a much higher figure than economists had expected and the biggest drop in five years.

Regular MLAs in the Northwest Territories legislature slammed Finance Minister Michael Miltenberger for considering tax increases to generate more money for the territory.

A St. John's company hoping to launch Newfoundland and Labrador's second oil refinery said Friday it is heading back to court over the project's unpaid bills.

Members of the U.S. House of Representatives will get another chance to examine a $700-billion US financial bailout package this week after it was approved by the Senate on Wednesday night.

A Canadian company that's in the running to build a natural gas pipeline along the Alaska Highway says it won't get involved with land claims with First Nations along the proposed route, but will offer commercial benefits instead.

Toronto's benchmark stock index closed down more than 800 points Thursday as big fertilizer stocks tanked and investors appeared to take little comfort from the U.S. Senate's vote in favour of a Wall Street bailout.

The government of Nova Scotia received a credit upgrade of sorts from the Dominion Bond Rating Service on Thursday.

Canadian markets saw no new initial public offerings come to the stock market - a first, according to figures released by PriceWaterhouseCoopers Thursday.

Even as Canadian financial institutions have been relatively sheltered from the credit meltdown in the United States, this country's mutual funds performed poorer than their American counterparts, according to Morningstar Canada Thursday.

The high cost of housing in western Labrador is posing serious problems for policing, the Royal Newfoundland Constabulary says.

Moosehead Breweries is temporarily laying off about 50 workers at its Saint John plant starting this week and lasting until early November.

The financial meltdown in the United States is poised to slow Nunavut's growing mining industry as beleaguered investors hold their purse strings close and companies have a harder time getting the financing they need.

The U.S. Senate has voted in favour of a $700-billion US financial bailout package, improving the chances it will soon garner approval from the House of Representatives and possibly stave off a national recession.

North American stock markets closed modestly lower Wednesday after a mini-crash on Monday and a partial recovery on Tuesday.

Major American automakers saw sales tumble in September as higher gas prices and tightening credit turned potential buyers away in droves, according to figures released by car manufacturers on Wednesday.

The U.S. economic crisis could lead to a six-month delay for the $9-billion Lower Churchill hydroelectric project, the head of Newfoundland and Labrador's energy corporation says.