Shipping company FedEx cuts Q4 profit forecast, blames fuel costs
May 09, 2008 - 19:40
Woody Baird, THE ASSOCIATED PRESS
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 to $1.50 per share for the three months ended May 31, down from its previous prediction of ...
MDA has no plans to try to sell space division again, CEO says
May 09, 2008 - 19:39
Brenda Bouw, THE CANADIAN PRESS
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 killed by Ottawa on Friday. "We are not going to do any of that, we are going to run the ...
Tax fears prompt Aeroplan Income Fund to convert to a growth-oriented corporation
May 09, 2008 - 18:56
Ross Marowits, THE CANADIAN PRESS
MONTREAL - Aeroplan Income Fund (TSX:AER.UN) plans to reorganize into a dividend-paying public corporation largely over concerns that it will soon lose its tax-free status by exceeding foreign ownership limits. Aeroplan's non-resident ownership was 41 per cent as of March 31. But with ACE ...
March U.S. trade deficit drops by bigger-than-expected amount
May 09, 2008 - 18:54
Martin Crutsinger, THE ASSOCIATED PRESS
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 one of the economy's few bright spots this year. The March deficit totalled US$58.2 billion, ...
Air Canada quietly adds fuel surcharges to Canadian flights
May 09, 2008 - 18:50
Ross Marowits, THE CANADIAN PRESS
MONTREAL - The cost of air travel for many Canadians surged Friday after Air Canada (TSX:AC.A) quietly imposed domestic fuel charges for the first time in four years that could, for example, add an extra $120 for a round-trip ticket across the country. The price increases, imposed Friday, ...
Soaring fuel prices likely to delay sale of Air Canada, says Milton
May 09, 2008 - 18:48
Ross Marowits, THE CANADIAN PRESS
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 chief executive of the holding company (TSX:ACE.B). ACE has received a lot of interest from ...
Agnico-Eagle bullish about prospects with new mines coming onstream: CEO
May 09, 2008 - 18:00
Romina Maurino, THE CANADIAN PRESS
TORONTO - The chief executive of Agnico-Eagle Mines Ltd. (TSX:AEM) says the mid-tier producer is poised for strong growth this year as more projects come on stream alongside an anticipated return to climbing gold prices. Sean Boyd told shareholders at the annual meeting Friday that the ...
GMP Capital Trust Q1 profit halved to $21M; revenue off 18 per cent to $94.1M
May 09, 2008 - 17:26
Eric Shackleton, THE CANADIAN PRESS
TORONTO - With its second-worst quarter behind it, GMP Capital Trust (TSX:GMP.UN), is well-positioned for future growth given its strong balance sheet, CEO Kevin Sullivan said Friday after the investment house's first-quarter revenue dropped 18 per cent. While the GMP team was disappointed ...
Gas jumps above $3.67, oil passes $126 on Venezuela concerns
May 09, 2008 - 17:25
John Wilen, THE ASSOCIATED PRESS
NEW YORK - Oil rose above US$126 a barrel for the first time Friday, bringing its advance this week to nearly $10, as investors questioned whether a possible confrontation between the U.S. and Venezuela could cut exports from the OPEC member. Gas prices, meanwhile, rose above an average $3.67 a ...
Magellan Aerospace reports Q1 profit of $2.1 M, up from $1.7M loss a year ago
May 09, 2008 - 17:24
THE CANADIAN PRESS
TORONTO - Magellan Aerospace Corp. (TSX:MAL) said Friday it earned a first-quarter profit of $2.1 million, compared with a loss of $1.7 million a year ago. The company, which makes aircraft parts and does aircraft maintenance work, said the profit amounted to two cents per share for the ...
TSX stalls even as oil prices hit new highs; AIG losses, high crude send NY down
May 09, 2008 - 17:22
Malcolm Morrison, THE CANADIAN PRESS
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 insurer American International Group Inc. depressed New York markets. Toronto's S&P/TSX ...
Industry minister says MDA should not sell assets to get foreign contracts
May 09, 2008 - 17:17
Peter Rakobowchuk, THE CANADIAN PRESS
LONGUEUIL, Que - Federal Industry Minister Jim Prentice says lack of market access shouldn't be a reason for Canadian companies like MacDonald, Dettwiler and Associates Ltd. (TSX:MDA) to sell their businesses to foreigners. He made the statement at the Canadian Space Agency on Friday, just ...
Canadian Pacific engineering steps to ensure steady flow of grain: CEO
May 09, 2008 - 16:06
Lauren Krugel, THE CANADIAN PRESS
CALGARY - Canadian Pacific Railway Ltd. (TSX:CP) is taking steps to make sure grain and other high-demand commodities flow more smoothly across the continent, the company's chief executive said Friday. Fred Green said the railway "took away some learnings" from the past few quarters, which ...
Citigroup aims to shed nearly US$500B in assets and grow revenue
May 09, 2008 - 16:04
Madlen Read, THE ASSOCIATED PRESS
NEW YORK - Citigroup Inc.'s new chief executive, Vikram Pandit, plans to stick with a global banking model after months of intense review - but only after shrinking the company by about one-fifth first. The three-year game plan, revealed Friday, includes getting rid of more businesses, ...
Economy creates 19,200 jobs but cracks emerge; jobless rate up to 6.1 per cent
May 09, 2008 - 14:30
Julian Beltrame, THE CANADIAN PRESS
OTTAWA - The Canadian economic engine is showing signs of sputtering in the face of stiffening headwinds from the U.S. slump and ongoing tight credit conditions. Two key economic indicators Friday - unemployment and merchandise trade - painted a picture of a somewhat resilient economy that ...
| 
Next 15
