91.5 Salmon Arm EZRock - Business News

Carmakers' bailout pleas hit Senate skepticism

Thu, 04 Dec 2008 23:55:44 +0000

WASHINGTON - Desperate U.S. automakers ran into fresh obstacles from skeptical lawmakers Thursday as they appealed with rising urgency - and a new dose of humility - for a US$34 billion bailout. Witho...

Parliament may be suspended but there's still money for automakers: Clement

Thu, 04 Dec 2008 23:55:47 +0000

WOODSTOCK, Ont. - There is still federal money available to help troubled automakers trying to stave off bankruptcy even though Parliament has been suspended, Industry Minister Tony Clement said Thurs...

CIBC quarterly profit slides to $436 million as CEO looks to controlling costs

Thu, 04 Dec 2008 23:55:39 +0000

TORONTO - Canadian Imperial Bank of Commerce (TSX:CM) profits were cut to $436 million in the fourth quarter, less than half what they were a year earlier, but its CEO says its expenses will also be f...

TD Bank quarterly net income slips to $1.01 billion, 2009 expected to be better

Thu, 04 Dec 2008 23:55:40 +0000

TORONTO - TD Bank Financial Group (TSX:TD) saw its quarterly earnings fall partly due to its first major writedown related to the credit crisis, but the bank's CEO says he expects profits to grow next...

Bombardier looks to profit from rail components of global stimulus packages

Thu, 04 Dec 2008 23:55:43 +0000

MONTREAL - Bombardier Inc. (TSX:BBD.B) hopes to ride the rails of global stimulus efforts to help offset the impact of an economic slowdown and financial crisis on it airplane business. "We have al...

AbitibiBowater cuts 1,100 jobs, shuts Grand Falls, N.L. newsprint mill

Thu, 04 Dec 2008 23:55:46 +0000

MONTREAL - A century-old mill will make its last roll of newsprint paper next spring after AbitibiBowater Inc. (TSX:ABH) announced that at least 800 workers will lose their jobs with the closure of it...

Private equity firms seeking smaller stake in BCE: Bloomberg

Thu, 04 Dec 2008 23:55:37 +0000

MONTREAL - There's a report at least some of the private equity firms involved in the bid to privatize BCE Inc. (TSX:BCE) have proposed buying a minority stake in the phone company if the original dea...

Merck 2009 profit outlook misses estimates, blames economy and generics

Thu, 04 Dec 2008 23:55:40 +0000

TRENTON, N.J. - Drugmaker Merck & Co. on Thursday forecast lower profits and flat revenue in 2009 - far below Wall Street expectations - with management blaming the weak global economy, generic compet...

Starbucks CFO: Company may miss 1Q profit estimate

Thu, 04 Dec 2008 23:55:42 +0000

NEW YORK - Starbucks warned Wall Street on Thursday that its profit would fall short of analysts'expectations this quarter during a conference that began with CEO Howard Schultz trying to assuage conc...

With Ottawa closed, economists look to central bank for action on economy

Thu, 04 Dec 2008 23:37:08 +0000

OTTAWA - Ottawa has gone into hibernation with the economy in its most urgent need, leaving the Bank of Canada to do the heavy lifting in trying to keep Canada from a crippling recession, economists s...

Loonie swoops, recovers, drops half a cent amid turbulent times

Thu, 04 Dec 2008 22:47:07 +0000

TORONTO - Canada's dollar swooped, recovered and fell again to close down more than 1 1/2 cents on Thursday as the loonie navigated a turbulent political and economic situation. The loonie was down...

Mongolia to reopen talks on mine development

Thu, 04 Dec 2008 22:47:10 +0000

ULAN BATOR, Mongolia - Mongolia decided Thursday to reopen talks with international mining companies on two key mineral deposits, an issue which dominated a bitter election earlier this year. The p...

National Bank hoping to boost earnings-per-share growth by 5 to 10 per cent a year

Thu, 04 Dec 2008 22:47:09 +0000

MONTREAL - National Bank Financial Group (TSX:NA) is hoping to weather the current economic turmoil and provide shareholders with earnings-per-share growth of five to 10 per cent annually in the mediu...

Canada could shoulder 'disproportionate'amount of auto industry's pain: experts

Thu, 04 Dec 2008 22:25:24 +0000

TORONTO - Canada may be unable to avoid shouldering a "disproportionate amount of the pain" connected to any restructuring of the auto industry, as the U.S. government will tie any aid to a promise to...

Energy shares send TSX tumbling as oil moves closer to US$40; N.Y. also declines

Thu, 04 Dec 2008 21:59:08 +0000

TORONTO - The Toronto stock market shed more than 200 points Thursday as commodity stocks were hammered by lower metal and oil prices. The S&P/TSX composite index surrendered 239.14 points to finis...