Business News Headlines - Canadian Press

Democrats tussle with Republicans, bankers and themselves over Wall Street regulations

1 hour, 1 minute ago

WASHINGTON - Congressional debate over a vast rewrite of Wall Street regulations kicks off in a charged partisan atmosphere and under pressure from big bank and business lobbies determined to change it.

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US mine to start cobalt production in 2011 after winning federal approval 1 hour, 5 minutes ago
BOISE, Idaho - A Canadian mining company won initial federal approval for a plan to mine cobalt used in hybrid car batteries and jet engines from deep beneath the central Idaho mountains.
Japan's core machinery orders fall 4.5 per cent in October from month earlier Wed Dec 9, 9:33 PM
TOKYO - Japan's core machinery orders, a closely watched indicator of corporate capital spending, tumbled 4.5 per cent in October from a month earlier, the government said Thursday.
Bank of Korea keeps key interest rate at record low as economy recovers Wed Dec 9, 9:31 PM
SEOUL, South Korea - South Korea's central bank left its key interest rate at a record low for a 10th straight month Thursday amid increasing signs of recovery in Asia's fourth-largest economy.
Your Money Wed Dec 9, 9:23 PM
GM names new Chevrolet brand manager, replacing exec appointed just 5 months ago Wed Dec 9, 8:36 PM
DETROIT - General Motors has replaced its Chevrolet brand manager after just five months as it continues to shake up top management ranks.
Taxpayers lose big on AIG, auto bailouts as Administration extends bailout Wed Dec 9, 7:59 PM
WASHINGTON - The Obama administration has extended the US$700-billion financial bailout program until October, setting up a struggle between Democrats who favour using some of the leftover money to help generate jobs and Republicans who say it should be used to shrink soaring budget deficits.
All-clear given after bomb threat at Toronto Stock Exchange Wed Dec 9, 7:51 PM
TORONTO - The Toronto Stock Exchange was evacuated for a couple of hours Wednesday due to a bomb threat.
Ministry of Natural Resources fined $300,000 after worker fatally burned Wed Dec 9, 7:46 PM
SUDBURY, Ont. - The Ministry of Natural Resources has been fined $300,000 for a violation under the Occupational Health and Safety Act following the death of a worker.
Toronto Star newspaper says it has approved 166 severance package applications Wed Dec 9, 7:26 PM
TORONTO - The Toronto Star says 166 employees will take severance packages at the country's largest circulation daily newspaper as part of broad cost cuts.
Lululemon confident about holiday sales after Q3 revenues soar 30 per cent Wed Dec 9, 7:24 PM
Lululemon Athletica Inc. (TSX:LLL) is at peace with its optimistic outlook for the holiday shopping season, following a 30 per cent revenue spike this fall as cash-strapped consumers continued to scoop up its pricey yoga wear.
Laurentian Bank first to hike dividend after another year of record profits Wed Dec 9, 7:09 PM
MONTREAL - Laurentian Bank (TSX:LB) became the first of Canada's big banks to increase its dividend in more than a year Wednesday as it attempted to assure shareholders that its record profits will continue in 2010.
Ontario joins national HST club in passing bill to harmonize tax with Ottawa Wed Dec 9, 6:54 PM
TORONTO - The political drama surrounding Ontario merging its sales tax with the federal GST culminated Wednesday with the Liberal government passing the harmonized sales tax into law.
Canadian Western Bank to buy commercial leasing company National Leasing Group Wed Dec 9, 6:53 PM
EDMONTON - Canadian Western Bank (TSX:CWB) said Wednesday it has signed a deal to acquire National Leasing Group Inc., a privately held commercial leasing company, that valued the company at $130 million.
Harry Winston Diamond reports small Q3 loss but sees bright future in Asia Wed Dec 9, 6:52 PM
TORONTO - The temporary shutdown of its diamond mine pushed Harry Winston Diamond Corp. (TSX:HW) to a small third-quarter loss, but the company expressed optimism that Asian demand for the luxury stone will help turn its fortunes around.
Domtar looks to offset lower demand by tapping into growing diaper market Wed Dec 9, 6:50 PM
MONTREAL - Forestry products company Domtar (TSX:UFS) says it will continue to eye new growth in markets such as diapers as it looks for opportunities to offset lower demand for its core products.
House of Commons approves HST for Ontario, B.C. Wed Dec 9, 6:44 PM
OTTAWA - The HST appears to be a done deal for Ontario - and a big step closer to reality for British Columbia.
Astral Media chief executive says advertisers starting to return to market Wed Dec 9, 6:24 PM
TORONTO - The head of Astral Media (TSX:ACM.A) says advertisers are starting to return to the market and that's giving him optimism that ad revenues will recover in the new year.
Ottawa's DragonWave has its sights set on big U.S. carriers AT&T, Verizon Wed Dec 9, 5:44 PM
MONTREAL - Traffic jams on wireless networks due to iPhone and other smartphone users surfing the Internet and downloading video are an opportunity for DragonWave CEO Peter Allen.
Cameco will use proceeds from Centerra sale for development of Cigar Lake Wed Dec 9, 5:43 PM
TORONTO - Cameco Corp. (TSX:CCO) plans to use proceeds from the $872-million sale of its stake in Centerra Gold Inc. (TSX:CG) to finish developing its troubled Cigar Lake project, as well as to pounce on any acquisition opportunities that come along.
Commodities support TSX to slight rise amid worries about government debt levels Wed Dec 9, 5:40 PM
TORONTO - The Toronto stock market closed little changed Wednesday, weighed down by financials amid growing caution about the threat posed by high government debt levels.
Dundee REIT to buy office complex for $211.5M, plans unit issue to raise $90M Wed Dec 9, 4:59 PM
TORONTO - Dundee REIT (TSX:D.UN) said Wednesday it has signed a deal to buy a downtown Toronto office complex for $211.5 million.
Bank of America completes TARP payback, freeing itself from pay restrictions Wed Dec 9, 4:56 PM
Bank of America Corp. said Wednesday it has repaid the entire US$45 billion it owed U.S. taxpayers as part of the Troubled Asset Relief Program.
Saputo rumoured to be potential bidder for Australian cheese maker Wed Dec 9, 4:54 PM
MONTREAL - Canadian cheese giant Saputo (TSX:SAP) said it continues to eye expansion, but wouldn't comment if it was the "mystery bidder" for Australia's fourth-largest dairy processor.
Oil prices hit two-month low as U.S. petroleum consumption slumps Wed Dec 9, 4:39 PM
NEW YORK - Oil prices hit two-month lows Wednesday as U.S. government data showed that energy demand continues to slump.
Group led by IBM awarded Man. government contract for electronic health records Wed Dec 9, 3:43 PM
WINNIPEG - The Manitoba government has awarded a $22.5 million dollar contract to design and implement an electronic health records system.
Nexen outlines plans to sell $1-billion in assets, spend $2.5-billion in 2010 Wed Dec 9, 3:38 PM
CALGARY - Nexen Inc. (TSX:NXY) aims to shed about $1 billion in assets that are not central to its business over the next year or two, directing that extra cash toward growing its oilsands, shale gas and international operations.
Westport Innovation stock price falls after equity offering announced Wed Dec 9, 2:46 PM
VANCOUVER, B.C. - Westport Innovations Inc. stock (TSX:WPT) was down nearly 10 per cent Wednesday after the maker of low-emission, alternative-fuel engines announced it has arranged a major equity offering to raise funds that could significantly contribute to the dilution of its earnings per share.
Golden Band sees shakeup in executives offices; CEO, VP finance step down Wed Dec 9, 2:44 PM
SASKATOON - Gold explorer Golden Band Resources Inc. (TSXV:GBN) announced a shakeup in its executive offices Wednesday, with Rodney Orr stepping down as president and CEO and Gary Leland resigning from his post as vice-president finance.