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British Airways crew launches 3-day strike, forcing airline to cancel thousands of flights LONDON - Retiree Richard Moore arrived at Heathrow with a suitcase of summer clothes for a Miami cruise only to be sent to Denver. Susan Danby wondered if plans for a joint 50th birthday celebration in Las Vegas would be a losing bet. The start of a three-day strike by cabin crew at British Airways spurred chaos and passenger angst on Saturday as union members promised more airline and rail walkouts in the coming weeks as Britain prepares for a hotly contested general election. - Read more... Fed Chairman Bernanke tries to makes case for Fed to retain role as watchdog of smaller banks WASHINGTON - Federal Reserve Chairman Ben Bernanke made a fresh pitch Saturday to retain oversight of small banks, contending that what the Fed learns from that role helps it assess the overall health of the entire U.S. financial system. Bernanke, in a speech to the Independent Community Bankers of America's meeting in Orlando, Florida, argued against a Senate proposal that would scale back the Fed's banking duties. - Read more... Obama presses Congress, says financial reform needed to protect consumers, keep banks healthyWASHINGTON - The U.S. needs major changes to its financial system so consumers are better protected, banks fortified and the economy safeguarded from sliding into another Depression, President Barack Obama said Saturday. In his weekly radio and Internet address, Obama told Congress to act quickly and pass "commonsense rules that will our allow markets to function fairly and freely while reining in the worst practices of the financial industry." - Read more... Construction company in Guelph, Ont. laying off 80 workersGUELPH, Ont. - A construction company in Guelph, Ont. is laying off over 80 employees. Hitachi Construction Truck Manufacturing says it is laying off workers due to reduced demands for its dump trucks. - Read more... TSX closes down: commodities depressed as Greek debt crisis sends U.S. dollar up TORONTO - Commodity stocks led the way to a sharply lower session on the Toronto stock market Friday after uncertainty over the Greek financial crisis pushed the U.S. dollar higher, which in turn helped drive down prices for oil and metals. The S&P/TSX composite index fell 92.03 points to 11,947.98. The TSX Venture Exchange gave back 10.8 points to 1,564.06. - Read more... Stubbornly high core inflation likely has Bank of Canada's eye, economists say OTTAWA - Consumer prices in Canada remained stubbornly hot last month, driving the loonie higher on expectations the Bank of Canada may be on interest rate alert. The loonie peeked above the 99-cent US mark Friday morning after Statistics Canada reported that inflation had not dropped nearly as much as expected in February. - Read more... Canadian consumers benefit when loonie and oil prices rise in tandem CALGARY - With the Canadian dollar's recent rise toward parity, and oil trudging higher over the last few months, the days of pricey gasoline might seem to be once again close at hand. But when the loonie rises, it tends to soften the effect higher oil prices have on what Canadians pay for products made from crude such as gasoline, the vice-president of the Canadian Petroleum Products Institute said Friday. - Read more... Inflation, retail sales point to stronger economy, but also to higher interest ratesOTTAWA - Consumer prices and retail sales jumped higher than expected according to data released Friday, setting the stage for a second strong economic quarter - and the prospect of higher interest rates. Analysts said the robust numbers could pressure Bank of Canada governor Mark Carney to start pumping up interest rates as soon as June 1, more than a month earlier than bank previously indicated. - Read more... Britain's opposition Conservative Party pledges to impose unilateral bank taxLONDON - Britain's main opposition Conservative Party says it will impose a new tax on banks to avoid taxpayers bearing the cost of any future bailouts if the party wins upcoming general elections. Conservative leader David Cameron says in prepared comments for a speech on Saturday that he will impose the tax even if other countries decide against doing so. - Read more... AbitibiBowater inches towards restructuring with initial approval of union deal MONTREAL - AbitibiBowater is inching closer towards an exit from creditor protection after some union workers in Quebec approved concession-filled tentative agreements and the newsprint giant moved to sell a B.C. wood and paper mill. About 1,000 workers at three Quebec mills voted at least 85 per cent in favour this week of five-year collective agreements that included a 16 per cent reduction in wages and benefits. - Read more... Barrick Gold expects US$834M in proceeds from IPO of African division TORONTO - Barrick Gold Corp. (TSX:ABX) expects that an initial public offering for a quarter stake in its African properties will reap US$834 million in cash for the global mining giant. Toronto-based Barrick, the world's biggest gold miner, said Friday that the IPO for 101 million ordinary shares of African Barrick Gold would be priced at 5.75 pounds (C$8.77) per share on the main market of the London Stock Exchange. - Read more... Agent: Tiger Woods to use his Nike brand on golf bag at the Masters PALM HARBOR, Fla. - Tiger Woods won't replace AT&T with a new corporate sponsor on his golf bag when he returns at the Masters, instead using his Nike brand. AT&T dropped him as a sponsor Dec. 31 in the midst of the infidelity scandal. - Read more... Boeing speeds production of 777 and 747 models, expects pickup in airline demand starting 2012 NEW YORK - Boeing Co. (NYSE:BA) will speed up production plans for its 777 and 747 models in anticipation of greater demand from commercial airlines. Both are wide-body planes capable of carrying more than 300 passengers and flying lengthy routes. Several Asian airlines have ordered the planes, which are also more fuel-efficient than other aircraft models. - Read more... TMX Group to reduce fees for securities trading at $1 or higher on TSXTORONTO - TMX Group Inc. (TSX:X) says it will reduce its trading fees for securities trading at $1 or higher on the Toronto Stock Exchange and the TSX Venture Exchange. The changes, which will take effect April 1, will replace the current three-tier fee structure with a simpler two-tier structure, TMX said. Under the new model, the fee per share for companies that see less than 250 million shares trade hands per month will be reduced to 0.35 cent for active trades with a passive trade rebate of 0.34 cent. - Read more... Regulators shut banks in Alabama, Georgia, Minnesota, Ohio and Utah; makes 37 this yearWASHINGTON - Regulators on Friday shut down seven banks in five states, bringing to 37 the number of bank failures in the U.S. so far this year. The closings follow the 140 that succumbed in 2009 to mounting loan defaults and the recession. - Read more... Arbitrator gives CN Rail locomotive engineers 6.8 per cent wage increaseMONTREAL - Canadian National Railways said Friday a federal arbitrator has awarded a 6.8 per cent wage increase over three years to locomotive engineers who participated in a five-day strike late last year. Andrew Sims decided that 1,700 members of the Teamsters Canada Rail Conference will receive a 1.8 per cent wage increase retroactive to Jan. 1, 2009, 2.4 per cent in 2010 and 2.6 per cent in 2011. - Read more... Icahn makes hostile bid for Lions Gate after it rejects his bid for larger stakeNEW YORK - Activist shareholder Carl Icahn raised the stakes in his year-long dispute with Lions Gate Entertainment Corp. on Friday, launching an all-out bid to take over the movie studio following disagreements over its spending. The hostile bid comes a week after Lions Gate rejected Icahn's offer to buy a larger stake and rewrote its bylaws to make such a takeover attempt more difficult in future. - Read more... Atlantic Packaging closes Whitby newsprint plant, 151 employees affectedTORONTO - Paper and cardboard company Atlantic Packaging Products is closing its recycled newsprint plant in Whitby, Ont., citing a "drastic" decline in North American newsprint demand. The move affects 151 employees at the plant in Whitby, east of Toronto, which was Canada's first 100 per cent recycled newsprint plant. - Read more... |
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