Yahoo! News Canada - Economy Headlines

Japan's trade deficit climbs to $10.5B in May as import costs keep pace with rising exports

Tue, 18 Jun 2013 20:53:50 -0400

TOKYO - Japan's trade deficit rose nearly 10 per cent in May to 993.9 billion yen (nearly $10.5 billion) as rising costs for imports due to the cheaper yen matched a rebound in exports, the Ministry of Finance reported Wednesday.

Jamaica eyes its expatriates as investment source in efforts to kick start economic growth

Tue, 18 Jun 2013 19:39:06 -0400

KINGSTON, Jamaica - In a bid to kick start Jamaica's chronically stagnant economy, the Caribbean country is wooing its citizens living abroad to invest in the island of their birth.

UK's Osborne to unveil future of state-controlled banks

Tue, 18 Jun 2013 19:09:25 -0400

By David Milliken and Matt Scuffham LONDON (Reuters) - The fate of Britain's two state-controlled banks will become clearer on Wednesday, when finance minister George Osborne is likely to start the clock ticking for the sale of the government's stakes. But while Osborne will attempt to point to a healthier future for Britain's economy and banking sector in his annual speech to financiers in the evening, reminders of recent troubles will not be far away. An influential panel of legislators called for new laws on Wednesday to make it easier to jail reckless bankers. ...

UK lawmakers call for 'reckless' bankers to face jail

Tue, 18 Jun 2013 19:01:56 -0400

By Matt Scuffham LONDON (Reuters) - Britain should introduce laws making it possible to jail "reckless" bankers and claw back past bonus and pension awards, an influential panel of lawmakers said on Wednesday. The Parliamentary Commission on Banking Standards, set up by the government last year after Barclays was fined over the manipulation of global interest rate benchmarks, said deep lapses in standards had been commonplace and recent scandals had exposed "shocking and widespread malpractice". "Taxpayers and customers have lost out. The economy has suffered. ...

Business Highlights

Tue, 18 Jun 2013 17:33:23 -0400

NSA director says plot against Wall Street foiled

Fed optimism, Tim Hortons lift TSX to 1-week high

Tue, 18 Jun 2013 16:57:32 -0400

By John Tilak TORONTO (Reuters) - Canada's main stock index climbed to a one-week high on Tuesday as positive economic data and hopes that the U.S. Federal Reserve will stick to its supportive monetary policy drove gains in almost every major sector. Coffee chain Tim Hortons Inc also boosted Canada's main stock index rising 4 percent on news that it now faces pressure from U.S. hedge fund Scout Capital Management to make changes after recently outlining plans to address the concerns of activist investor Highfields Capital. Sentiment improved further after U.S. ...

TSX advances, traders hope Fed meeting will shed light on future of stimulus

Tue, 18 Jun 2013 16:32:28 -0400

TORONTO - The Toronto stock market closed higher Tuesday as traders hoped that a two-day meeting of the U.S. Federal Reserve will yield some guidance on the future of the central bank's stimulus measures.

Stocks rise as market hopes for more support from the Federal Reserve; home building improves

Tue, 18 Jun 2013 16:18:27 -0400

NEW YORK, N.Y. - The stock market is closing higher as investors anticipate that the Federal Reserve will keep programs to support the U.S. economy in place.

ING app deposits cheques by smartphone or tablet

Tue, 18 Jun 2013 14:55:51 -0400

ING Direct has launched a new feature of its mobile app that allows its customers to remotely deposit cheques into their bank account using a smartphone or tablet.

Ohio's Cedar Point and Kings Island ranked in top 15 nationally in attendance last year

Tue, 18 Jun 2013 14:07:54 -0400

MASON, Ohio - Ohio's Cedar Point and Kings Island were the most visited theme parks in the nation last year outside of the usual hot spots in Florida and California, according to a new report from an industry trade group.

TD Economics expects global growth to pick up following slow start to 2013

Tue, 18 Jun 2013 13:19:52 -0400

TORONTO - TD Economics says it continues to expect global economic growth will pick up in the second half of this year, even though the first months of 2013 have been softer than anticipated.

Bargains and headaches as Argentina's thirst for dollars prompt currency and customs controls

Tue, 18 Jun 2013 11:44:45 -0400

BUENOS AIRES, Argentina - The Brazilian visitors gawk in wonder as they stroll past shop windows along touristy Florida street in the Argentine capital. The jackets, the shoes — they're all so cheap when your purse is stuffed with black-market money.

Higher energy costs partly offset by cheaper food as US consumer prices rise just 0.1 per cent

Tue, 18 Jun 2013 11:36:59 -0400

WASHINGTON - U.S. consumer prices rose slightly last month, as higher energy costs partly offset cheaper food. The small increase is further evidence that consumers are benefiting from mild inflation.

Canadian stocks seen climbing on global growth hopes: Reuters poll

Tue, 18 Jun 2013 11:26:19 -0400

By John Tilak TORONTO (Reuters) - Canada's resources-heavy stock market, which has struggled to gain traction in 2013, is expected to kick into gear in the second half of the year as the global economy rebounds, a Reuters poll found. The median forecast in a poll of 40 market strategists, taken in the past week, shows the Toronto Stock Exchange's S&P/TSX composite index is expected to end the year at 12,850, up 5 percent from Monday's close of 12,288.90. It will then rise to 13,500 by mid-2014 - a level not seen since mid-2011. ...

Bombardier gets up to $1.8 billion in business jet orders

Tue, 18 Jun 2013 11:23:41 -0400

PARIS (Reuters) - Canada's Bombardier Inc booked up to $1.8 billion worth of orders for its large and mid-size private jets at the Paris Airshow on Tuesday, highlighting steady demand at the high end of the business jet market. Swiss charter operator VistaJets followed up a record business jet deal in November by expanding its Bombardier fleet into midsize planes, ordering 20 Challenger 350 jets with options for 20 more - worth a combined $1.04 billion. ...

Adidas sets new soccer sales goal in World Cup year

Tue, 18 Jun 2013 11:16:13 -0400

By Keith Weir HERZOGENAURACH, Germany (Reuters) - German sportswear maker Adidas AG forecast record sales for its soccer business in 2014, aiming to retain market leadership in the sport ahead of U.S. rival Nike Inc in a soccer World Cup year. Adidas and Nike dominate a market for soccer kit - replica shirts, balls and boots - estimated to be worth around 5 billion euros ($6.7 billion) annually. "It is a battle between us and Nike, not only in Brazil but the whole football world," Adidas CEO Herbert Hainer told reporters at a news conference at the company's headquarters in southern Germany. ...

Smithfield Foods continuing layoffs as part of previously announced closure of Va. meat plant

Tue, 18 Jun 2013 10:39:39 -0400

RICHMOND, Va. - Smithfield Foods Inc. said Tuesday that it is laying off 120 more workers as part of its previously announced closure of a Virginia facility that makes hot dogs and deli meat.

European car sales hit lowest mark for May in 20 years

Tue, 18 Jun 2013 10:09:19 -0400

MILAN - European car sales had their worst May in 20 years as the region's recession drags on, the European automakers' association said Tuesday.

Swiss lawmakers reject proposed bank deal to end tax dispute with US

Tue, 18 Jun 2013 09:51:31 -0400

GENEVA - Switzerland's lower house of parliament pushed back strongly Tuesday against a government proposal to end a bitter dispute with U.S. authorities over American tax cheats suspected of hiding money in the country's banks.

US home construction rises 6.8 per cent in May to an annual rate of 914,000, but permits fall

Tue, 18 Jun 2013 08:59:47 -0400

WASHINGTON - U.S. builders began construction on more single-family homes and apartments in May, encouraged by more buyers and a scarcity of houses for sale.