Business News

TSX could break out into record territory this week; then what?

TORONTO - The Toronto stock market is poised to break through its old closing high set last July during the week as commodity stocks, particularly oil, run ahead. As it was the TSX came within a wh...

Rupert Murdoch's News Corp. withdraws bid to buy N.Y. newspaper Newsday

NEW YORK - A spokeswoman for Rupert Murdoch's News Corp. says the media conglomerate has withdrawn its bid to purchase Newsday. The decision to revoke the offer comes just days after Murdoch confid...

Oregon's Pope & Talbot shuts doors

PORTLAND, Ore. - Pope & Talbot Inc., has shut its doors after a Delaware court ordered the bankrupt timber company to turn its mills over to a court-appointed trustee for liquidation. The court rul...

TSX stalls even as oil prices hit new highs;AIG losses, high crude send NY down

TORONTO - The Toronto stock market closed lower Friday as energy stocks failed to respond to another runup in crude prices to another record breaking high, while oil prices along with a huge loss at i...

Aircraft maker Boeing and machinists union open contract negotiations

SEATTLE - Boeing Co. and Machinists union representatives met Friday to open contract talks, exchanging proposals on pay, pensions, health care and other issues. Boeing's three-year contract with t...

Power Corporation of Canada raising dividend despite lower investment gains

MONTREAL - Power Corporation of Canada (TSX:POW) raised its quarterly dividend by 20 per cent Friday as the holding company reported higher net income despite lower investment gains. The dividend o...

Shipping company FedEx cuts Q4 profit forecast, blames fuel costs

MEMPHIS, Tenn. - FedEx Corp. cut its fourth-quarter earnings expectations Friday, blaming continuing increases in fuel costs. The Memphis-based shipping company said it expects profits of US$1.45 t...

MDA has no plans to try to sell space division again, CEO says

VANCOUVER - The CEO of MacDonald Dettwiler and Associates Ltd. (TSX:MDA) said he has no plans to try and resell the space division after its potential sale to an American defence firm was officially k...

Soaring fuel prices likely to delay sale of Air Canada, says Milton

MONTREAL - Soaring fuel prices that have battered airline valuations will likely delay the sale of ACE Aviation Holdings majority stake in Air Canada (TSX:AC.A), says Robert Milton, the chairman and c...

March U.S. trade deficit drops by bigger-than-expected amount

WASHINGTON - The U.S. trade deficit narrowed sharply in March as demand for imports fell by the largest amount since the last recession was ending. Analysts forecast that trade would continue to be on...