BUSINESS Breaking News
View seven day Business Archive for previous Winnipeg Free Press stories.
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Coalcorp shareholder blasts planned financing, says there may have better choices
Romina Maurino, THE CANADIAN PRESS TORONTO - A major shareholder of Coalcorp Mining Inc. (TSX:CCJ) is blasting a planned financing by the company and its move to end a strategic review, saying the firm should have considered more alternatives. <Continued> -
Victory Nickel reports quarterly loss of $430K, compared with $1.1M a year ago
THE CANADIAN PRESS TORONTO - Victory Nickel Inc. (TSX:NI) said Friday it lost $430,000 in its most recent quarter compared with a loss of $1.1 million a year ago. <Continued> -
California winemaking patriarch Robert Mondavi dead at 94, spokesman says
Michelle Locke, THE ASSOCIATED PRESS BERKELEY, Calif. - Robert Mondavi, the pioneering vintner who put California wine country on the global map, has died. He was 94. <Continued> -
Yukon-Nevada Gold Corp. posts US$8.9M loss after 8-week operation halt
THE CANADIAN PRESS VANCOUVER - Yukon-Nevada Gold Corp. (TSX:YNG) has posted a US$8.9-million net loss in the first quarter after temporarily shutting down production to refurbish its assets. <Continued> -
Air Canada fails transparency test in adopting fuel surcharges, observers say
THE CANADIAN PRESS MONTREAL - Industry observers say Air Canada (TSX:AC.B) has not been transparent enough in informing public about new fuel surcharges. <Continued> -
Bombardier shares soar to highest level in nearly six years as ratings upgraded
THE CANADIAN PRESS MONTREAL - Bombardier Inc. (TSX:BBD.B) shares soared Friday to the highest level in nearly six years as another rating agency upgraded the transportation giant's debt ratings. <Continued> -
Superior Court judge delays ABCP restructuring decision
THE CANADIAN PRESS TORONTO - An Ontario Superior Court judge has delayed a decision on restructuring $32 billion worth of frozen asset-backed commercial paper as he continues to examine legal provisions that would protect some parties from lawsuits. <Continued> -
A review of economic statistics this week
THE CANADIAN PRESS OTTAWA - A review of economic statistics this week: <Continued> -
Saudi Arabia says it increased oil output by 300,000 barrels per day last week
THE ASSOCIATED PRESS RIYADH, Saudi Arabia - Saudi Arabia, under U.S. pressure to increase its oil output amid soaring energy prices, said Friday it had raised production by 300,000 barrels per day on May 10 and that increase was sufficient. <Continued> -
Enmax raises offer for Cordero Energy to $4.75 cash per share from $4.35
THE CANADIAN PRESS CALGARY - Enmax Corp. has raised its takeover offer for Cordero Energy Inc. (TSX:COR) to $4.75 per share from $4.35. <Continued> -
WesternZagros stock rises on word of progress in Kurdish oil and gas work
THE CANADIAN PRESS CALGARY - WesternZagros Resources Ltd. shares (TSXV:WZR) rose 12 per cent as the most active TSX Venture Exchange issue Friday after the Calgary-based oil and gas developer reported progress on its exploration work in the Kurdish region of Iraq. <Continued> -
Oil price sets record near US$128; retail gas at new high
THE ASSOCIATED PRESS NEW YORK - Oil prices held on to most of their gains Friday after Saudi Arabia's oil minister said his country boosted production by 300,000 barrels per day last week in response to requests from customers. The market also showed little reaction to news that the U.S. Energy Department is halting shipments to the Strategic Petroleum Reserve. <Continued> -
Schering-Plough CEO: Rebuilding on track with more products
Linda Johnson, THE ASSOCIATED PRESS TRENTON, N.J. - Schering-Plough Corp.'s chief executive told shareholders Friday the company remains on track five years into his rebuilding program, with a wider range of products and more drugs in late-stage development. <Continued> -
Biggest U.K. electricity producer British Energy attracts takeover interest
Jane Wardell, THE ASSOCIATED PRESS LONDON - British Energy Group PLC shares rose more than five per cent on Friday after the nation's biggest electricity producer disclosed several bidders had made preliminary offers to buy the company. It did not identify the bidders or the amounts. <Continued> -
US oil shipments into the Strategic Petroleum Reserve cancelled
THE ASSOCIATED PRESS WASHINGTON - Responding to congressional pressure, the Bush administration on Friday said it is suspending oil deliveries into the government's Strategic Petroleum Reserve for the remainder of the year. <Continued> -
Lundin Mining's stock rises in new of 51 per cent profit increase
THE CANADIAN PRESS VANCOUVER - Lundin Mining Corp.'s (TSX:LUN) stock rose more than seven per cent Friday, a day after the Vancouver-based miner reported a 51 per cent increase in first-quarter profit and said it has sold 90 per cent of its stake in the Norrliden deposit. <Continued> -
Increased exports help Hydro-Quebec to raise Q1 profit by 1.3 per cent to $1.4B
THE CANADIAN PRESS MONTREAL - Hydro-Quebec's first-quarter net income rose 1.3 per cent to $1.45 billion on $3.77 billion in revenue thanks in part to higher sales of electricity outside the province. <Continued> -
U.S. Treasury secretary says markets are calmer now, economy will rebound
Martin Crutsinger, THE ASSOCIATED PRESS WASHINGTON - U.S. Treasury Secretary Henry Paulson said Friday that financial markets are "considerably calmer" now than they were two months ago. He predicted the economy will be rebounding by the second half of this year. <Continued> -
Biovail urges shareholders to spurn Melnyk slate of dissident directors
Eric Shackleton, THE CANADIAN PRESS TORONTO - A subsidiary of Biovail Corp. (TSX:BVF) has agreed to pay US$24.6 million to settle U.S. criminal allegatons related to the launch of Cardizem LA heart drug in 2003, part of the Canadian drug company's push to expand in the American market. <Continued> -
Pacific Energy Resources posts $39.3M loss on realized and non-cash expenses
THE CANADIAN PRESS LONG BEACH, Calif. - Pacific Energy Resources Ltd. (TSX:PFE) has posted a loss of $39.3 million in the first quarter as it logged both realized losses and non-cash expenses tied to its hedging program. <Continued> -
Saudi Arabia rejects President Bush's call to raise oil production
Jennifer Loven, THE ASSOCIATED PRESS RIYADH, Saudi Arabia - Saudi Arabia's leaders made clear Friday they see no reason to increase oil production until customers demand it, apparently rebuffing U.S. President George W. Bush amid soaring gasoline prices. <Continued> -
Europe missing out on opportunity to participate in development of North: Emerson
OTTAWA - Trade Minister David Emerson is telling Europeans they are missing out on a great opportunity in the future development of the North by not moving aggressively to strengthen economic ties with Canada. <Continued> -
Swedish hotel owner Pandox buys Hyatt Regency Montreal for $58.5M
THE CANADIAN PRESS MONTREAL - Swedish hotel owner Pandox AB is advancing its expansion in North America by purchasing the Hyatt Regency Montreal for $58.5 million. <Continued> -
General Motors ponders selling Chevrolets in South Korea
THE ASSOCIATED PRESS SEOUL, South Korea - General Motors Corp. is considering launching its Chevrolet brand in South Korea in an attempt to capture a larger share of the country's growing market for imported cars, a company executive said Friday. <Continued> -
Crystallex says Venezuelan minister's comments at odds with previous approvals
THE CANADIAN PRESS TORONTO - Crystallex International Corp. (TSX:KRY) said Friday it will do "whatever is necessary" to protect its shareholder's rights and move along the Las Cristinas mine in Venezuela despite comments by the country's environment minister that open-pit mining would be blocked. <Continued> -
British Airways full-year profit more than doubles to US$1.3B
Jane Wardell, THE ASSOCIATED PRESS LONDON - British Airways posted record annual profits Thursday, but a disastrous opening at its flagship Heathrow Airport terminal prompted the carrier's chief executive to refuse a bonus. <Continued> -
SFK Pulp Fund says strong loonie, higher wastepaper prices send Q1 profits lower
THE CANADIAN PRESS MONTREAL - With new leadership and strong market conditions, SFK Pulp Fund (TSX:SFK.UN) said Friday that it's well-positioned for the future despite taking a hit from a strong Canadian dollar and higher waste paper prices. <Continued> -
Talisman to accelerate drilling with Questerre in St. Lawrence Lowlands
THE CANADIAN PRESS CALGARY - Questerre Energy Corp. (TSX:QEC) said Friday that Talisman Energy Canada (TSX:TLM) has decided to drill three option wells under its farm-in agreement with Questerre in the St. Lawrence Lowlands of Quebec. <Continued> -
Erdene Gold teams with Xstrata on feasibility study of Donkin N.S. coal project
THE CANADIAN PRESS HALIFAX - Erdene Gold Inc. (TSX:ERD) said Friday that it and Xstrata PLC have committed to funding a feasibility study of an evaluation and development program at the Donkin coal deposit in Cape Breton Island. <Continued> -
Macy's signs deal to put toy maker FAO Schwarz in its stores
THE ASSOCIATED PRESS CINCINNATI - FAO Schwarz will open toy stores in close to 700 Macy's department stores over the next two years, the companies said Friday. <Continued> -
U.S. housing posts surprising rebound in April, construction up 8.2 per cent
Martin Crutsinger, THE ASSOCIATED PRESS WASHINGTON - Construction of new homes in the United States posted the biggest increase in more than two years in April, a rare spot of good news amid the worst downturn in housing in more than two decades. <Continued> -
General Electric confirms plans to exit appliance business
THE ASSOCIATED PRESS FAIRFIELD, Conn. - General Electric Co. said Friday it plans to sell or spin-off its century-old appliance business. <Continued> -
Clothing retailer Abercrombie profit edges up on sales increase
THE ASSOCIATED PRESS NEW ALBANY, Ohio - Teen retailer Abercrombie & Fitch said Friday that its first-quarter earnings rose three per cent from a year ago on stronger sales. <Continued> -
Virtek Vision reports takeover overture valued at $22 million
THE CANADIAN PRESS WATERLOO, Ont. - Industrial laser maker Virtek Vision International Inc. (TSX:VRK) disclosed Friday that it has received a takeover approach estimated to be worth $22 million. <Continued> -
AECL aborts development work on MAPLE medical isotope reactors
THE CANADIAN PRESS OTTAWA - Atomic Energy of Canada Ltd. is scrapping development of its two MAPLE medical-isotope reactors after pouring hundreds of millions of dollars into the failed nuclear project. <Continued> -
Southwestern Resources sells troubled Boka project in China for US$9.4M-plus
THE CANADIAN PRESS VANCOUVER - Southwestern Resources Corp. (TSX:SWG) has sold its 90 per cent interest in the troublesome Boka gold project in China, whose assay irregularities last year ravaged the company's share price and prospects. <Continued> -
New motor vehicles record strongest gain since'98 in first quarter
THE CANADIAN PRESS OTTAWA - Sales of new motor vehicles closed the first quarter of 2008 with their strongest gain since'98, despite a slight decline in March. <Continued> -
Rothmans annual profit up' per cent to $117.6M as sales rise eight per cent
THE CANADIAN PRESS TORONTO - Cigarette maker Rothmans Inc. (TSX:ROC) grew its full-year earnings by' per cent to $117.6 million, but said that despite certain regulatory changes to the industry, it was still being hit by contraband and competitive challenges. <Continued> -
Stock market outlook positive; oil back over US$126 an ounce
THE CANADIAN PRESS TORONTO - The Toronto stock market racked up its third record close for the week on Friday as investors continued to pile into energy and metals stocks and oil prices cruised to new highs. <Continued> -
World economy "teetering on brink" of downturn, UN says
THE ASSOCIATED PRESS UNITED NATIONS - The world economy is "teetering on the brink" of a severe downturn and is expected to grow only 1.8 per cent in 2008, the United Nations said in its mid-year economic projections Thursday. <Continued> -
Japan's economy grows at 3.3 per cent annual pace in first quarter
Yuri Kageyama, THE ASSOCIATED PRESS TOKYO - Japan's economy grew at a stronger-than-expected 3.3 per cent annual pace in the first quarter, racking up its third consecutive quarter of growth. <Continued> -
Dorel to pay US$3.4 million to Mattel for violating trade patents
THE CANADIAN PRESS MONTREAL - Dorel Inc. (TSX:DII.B) has been ordered by U.S. court to pay US$3.4 million to toy manufacturer Mattel for violating trade patents. <Continued>
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View seven day Business Archive for previous Winnipeg Free Press stories.
