Dream of gas tax holiday faltered over job losses across the U.S.
July 19, 2008 - 5:45 pm
WASHINGTON - The political vision of a summer gas tax holiday died a quick death in Congress, losing to a view that federal excise taxes on gasoline and diesel fuel will have to go up if they go anywhere. Despite calls from the presidential campaign trail for a Memorial Day-to-Labour Day ...
US President Bush calls for action on Fannie Mae, Freddie Mac
July 19, 2008 - 11:47 am
CRAWFORD, Texas - In his weekly radio address, U.S. President Bush is stepping up pressure on Congress to help restore confidence in the American housing finance industry. The president calls this "a challenging time" for American families worried about rising prices at the pump and ...
American Airlines to cutting 1,500 maintenance jobs around the U.S.
July 18, 2008 - 10:35 pm
DALLAS - American Airlines will cut 1,500 jobs in its maintenance division as it reduces its fleet of aircraft. The largest U.S. airline told employees of the cuts in memos this week. American didn't break down the cuts by location. Tami McLallen, a spokeswoman for the airline, said those ...
Bombardier says still interested in streetcar contract despite Toronto rejection
July 18, 2008 - 9:31 pm
TORONTO - Bombardier Inc. (TSX:BBD.B) says it is still interested in pursuing the $1.25-billion contract to supply Toronto's transit system with new streetcars despite the city's rejection of the Montreal-based company's original proposal. The Toronto Transit Commission has told the ...
Peruvian government issues emergency decree near Gold Hawk plant
July 18, 2008 - 9:29 pm
VANCOUVER - Gold Hawk Resources Inc. (TSXV:CGK) said Friday the Peruvian government has issued an emergency decree for a hillside near its Coricancha processing plant and tailings area and called for the relocation of the facilities. "We believe this decree will expedite the required ...
Most actively traded companies on Canadian stock markets
July 18, 2008 - 8:24 pm
TORONTO - Some of the most active companies traded Friday on the Toronto Stock Exchange and the TSX Venture Exchange: Toronto Stock Exchange (up 55.71 points at 13,515.96): Eastern Platinum Ltd. (TSX:ELR). Precious metals. Up 20 cents, or 10.70 per cent, at $2.07 on another ...
High fuel prices softening demand for gasoline in North America
July 18, 2008 - 8:20 pm
CALGARY - It is hard to pin down exactly how big of a bite high prices are taking out of Canadian gasoline demand this summer, but it appears consumers are changing their habits as they try to cope with gasoline prices of $1.40 and higher. There's no doubt Canadians are using less fuel, ...
TigerTel annual income doubles to $1.1 million in fiscal 2008
July 18, 2008 - 7:58 pm
MISSISSAUGA, Ont. - TigerTel Communications Inc. (TSXV:TTL) had net income of $1.1 million for the financial year ended April 30, double what it had in fiscal 2007 as revenue increased nearly 16 per cent, the call-centre operator announced Friday. Annual revenue for the Toronto-area ...
General Properties strikes deal to acquire Yarnell gold mine in Arizona
July 18, 2008 - 7:54 pm
CALGARY - General Properties Ltd. (TSXV:GPL), a Calgary-based mineral developer with holdings in northern Alberta, has struck a joint venture deal with CaNev Resources Corp. and Yarnell Mining Co. Inc. to acquire a 70 per cent working interest in the past producing Yarnell gold mine property in ...
Citigroup posts $2.5B quarterly loss, but beats Wall Street expectations
July 18, 2008 - 7:53 pm
NEW YORK - Citigroup has become the latest big bank to quell Wall Street's worries about a financial sector implosion, posting a $2.5 billion second-quarter loss that was smaller than expected. Citi shares rose nearly nine per cent Friday and helped lift other financial stocks, having ...
Freddie Mac chief executive gets US$19.8 million in 2007
July 18, 2008 - 6:59 pm
NEW YORK - Freddie Mac chairman and chief executive Richard Syron pocketed nearly US$19.8 million in compensation last year, according to a U.S. Securities and Exchange Commission filing Friday, even though the mortgage company's stock lost half its value in 2007. If Syron stays at the ...
Federal prosecutors eye more charges for Bear Stearns executives
July 18, 2008 - 6:57 pm
NEW YORK - Federal prosecutors in the United States confirmed Friday that they expect to bring more criminal charges against two former Bear Stearns hedge fund managers already accused of lying to investors about the collapse of the subprime mortgage market. At a hearing in Brooklyn, ...
Avery Resources changes name to Bengal Energy, consolidates shares 5:1
July 18, 2008 - 6:54 pm
CALGARY - Avery Resources Inc. (TSX:ARY), a junior Calgary oil and gas company, says it has received shareholders approval to change the name of the company to Bengal Energy Ltd. and to consolidate its shares five for one. Bengal said late Friday the name change better reflects the ...
Teva to buy Barr Pharma for more than US$7 billion in generic drug combination
July 18, 2008 - 6:41 pm
TRENTON, N.J. - Teva Pharmaceutical said Friday it will buy rival generic drugmaker Barr Pharmaceuticals for nearly US$7.5 billion in a move that will boost Teva's dominance as the world's biggest generic drugmaker. The deal continues consolidation of the generic-drug sector, driven by ...
Oil markets looking for signs of bubble burst as crude ends week at US$128.88
July 18, 2008 - 6:37 pm
NEW YORK - Prices at the pump in the United States pulled back from record highs Friday as another slide in oil capped crude's biggest one-week drop in more than three years. Gasoline dropped by nearly a penny at filling stations across the United States. If crude prices hold at current ...
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