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MONTREAL - Some risks still exist for the buyout of BCE Inc. (TSX:BCE), but analysts predicted Monday the acquisition by the Ontario Teachers' Pension Plan and its partners will likely go ahead.
A Quebec Superior Court judge ruled against bondholders Friday, rejecting a lawsuit that was aimed at stopping the deal.
MONTREAL - Millions of Canadians are using software programs and becoming their own accountants when it comes to their taxes.
Software programs have been updated to take into account recent changes announced in the last federal budget, such as pension income splitting for seniors, children's fitness credits and reduced income tax rates.
TORONTO - The Toronto stock market chalked up big losses Monday as credit crisis concerns punished bank stocks and worries about the U.S. and Chinese economies sent commodity stocks sharply lower.
New York markets were also down after the U.S. employment report for February signalled on Friday to many the American economy is in recession and oil closed further into record high territory.
NEW YORK - Gasoline prices were poised Monday to set a new record at the pump, having surged to within half a cent of their record high of US$3.227 a gallon. Oil prices, meanwhile, surged above $108 to a new inflation-adjusted record and their fifth new high in the last six sessions on an upbeat report on wholesale inventories.
The average price of a gallon of gas in the United States rose 0.7 of a cent overnight to $3.222 a gallon, 69 cents higher than one year ago, according to AAA and the Oil Price Information Service. Last May, prices peaked at $3.227 as surging demand and a string of refinery outages raised concerns about supplies.
DETROIT - A two-week strike at auto parts maker American Axle and Manufacturing Holdings Inc. could last much longer, largely because the company is profitable yet wants concessions, according to some labour experts and workers on the picket lines.
As the strike dragged on Monday, it caused a parts shortage that crippled General Motors Corp.'s ability to make pickup trucks, big sport utility vehicles and vans. The company says it has shut down part or all of 28 plants, affecting 37,000 hourly workers.
CALGARY - Consumers can say goodbye to the relatively cheap natural gas they have enjoyed this winter, as prices are on the rise.
A thousand cubic feet of natural gas hit US$10.02 on the New York Mercantile Exchange Monday, about twice what it was worth last year. It was the first time a natural gas contract closed in the double digits since January 2006.
TORONTO - Plane and train manufacturer Bombardier (TSX:BBD.B) has signed a compensation agreement with a Scandinavian airline, which includes orders for new aircraft, after troubles with landing gear left some planes grounded last year.
Bombardier said Monday that terms of the agreement were being kept confidential, but SAS Scandinavian Airlines said it will receive just over US$164 million in compensation in cash and credits for future aircraft orders.
MONTREAL - Cheese maker Saputo Inc. (TSX:SAP) is suing several Canadian media for defamation over stories linking founder Lino Saputo to the Italian Mafia.
Reports published in December alleged Saputo was part of an investigation by Italian police into a Mafia money-laundering scheme worth some $600 million.
CHICAGO - Consumer spending and confidence may be waning, but people still need that jolt of morning caffeine to wash down an egg sandwich.
McDonald's Corp.'s big push on coffee and new breakfast items in its U.S. restaurants contributed to a double-digit jump in same-store sales last month, accompanying even stronger growth in Europe, the company said Monday.
OTTAWA - He is still remembered by many Canadians as the scrappy street fighter who stormed out of the Canada-U.S. free trade negotiations and other public blowups that characterized the controversial talks.
Simon Reisman, Canada's cocky chief free-trade negotiator during talks with the United States in the late 1980s, died in his sleep of cardiac arrest early Saturday morning at the Heart Institute in Ottawa at the age of 88.
MONTREAL - AbitibiBowater Inc. (TSX:ABH) is offering a private debt exchange of $496 million in securities to senior noteholders as part of previously announced US$1.4 billion refinancing plan.
The newsprint giant said Monday it would exchange the notes for a combination of cash and new 15 per cent senior notes which are due in 2010.
LA PAZ, Bolivia - Facing blackouts and a looming South American winter, energy-gobbling Brazil and Argentina have an urgent message for their longtime natural gas supplier Bolivia: Step up production, and quick.
The two countries depend on their poorer neighbour for gas to power homes, businesses and cars. But Bolivia's gas industry, stagnating after a decade of falling foreign investment, can no longer keep up with demand from the continent's two largest economies.
The signs that smaller retailers are struggling are unavoidable at malls across America: Going out of business sales at many Wilsons Leather stores. Up to 70 per cent off at KB Toys.
At the once-sizzling Paradise Valley Mall in Phoenix, the space once occupied by Bombay Co., the furniture chain that went bankrupt last year, is empty. Wilsons just finished liquidating its inventory. KB Toys, AnnTaylor and American Eagle feature bold posters advertising steep discounts.
NEW YORK - Auto parts supplier Delphi Corp., which failed in its first attempt to get US$6.1 billion in bankruptcy exit loans, announced Monday that it would try again.
Finding such financing became tough as defaults have risen on U.S. subprime mortgages and the value of securities backed by such loans has plummeted, forcing big writedowns at major financial companies.
OTTAWA - The debt load held by Canadian businesses increased for the third straight year in 2006, and again larger borrowers were mostly responsible for the gain.
Commercial suppliers of financing, including banks, finance companies and insurance companies, report Canadian business clients owed them about $444.3 billion, 10.7 per cent more than in 2005.
OTTAWA - A new study says the disposable incomes of Canadian workers at age 75, when most are retired, averaged 80 per cent of their incomes at age 55 between 1983 and 2004.
Disposable incomes for wealthier Canadian workers declined significantly after they headed into their retirement years, but those with low incomes encountered relatively little change.
WASHINGTON - U.S. Transportation Secretary Mary Peters is urging Congress to continue allowing Mexican trucks full access to roads in the United States.
Peters warns that halting the trucks would hurt the agricultural economy and other businesses. The Bush administration began allowing Mexican trucks full access to U.S. roadways last year to comply with the North American Free Trade Agreement. The agreement also allows U.S. trucks into Mexico.
NEW YORK - Private equity firm Blackstone Group LP said Monday it swung to a loss during the fourth quarter due to a write-down on its investment in bond insurer Financial Guaranty Insurance Co. and deterioration in the credit markets.
Shares in Blackstone, which went public last June, hit an all-time low on the news.
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