BX93 - Business News

Anheuser-Busch calls Belgian brewer InBev takeover bid illegal

Wed, 09 Jul 2008 02:03:25 +0000

ST. LOUIS - Anheuser-Busch claims that Belgian brewer InBev's unsolicited takeover bid isn't just bad for the bottom line, but is an "illegal scheme" that threatens to defraud Anheuser-Busch sharehold...

Ontario judge to rule by next week on fate of Melnyk's challenge of Biovail vote

Wed, 09 Jul 2008 01:02:44 +0000

TORONTO - A lawyer for Biovail Corp. (TSX:BVF) argued Tuesday that the drug maker's board of directors was within its legal right to change some rules of a shareholder meeting in response to a procedu...

Alcoa's second-quarter profit sinks 24 per cent on higher cost

Wed, 09 Jul 2008 01:02:42 +0000

PITTSBURGH - Alcoa Inc.'s second-quarter earnings fell nearly 24 per cent as higher prices failed to offset the costs of raw materials, energy and plant disruptions, the aluminum producer said Tuesday...

Shell abandons plans for heavy oil refinery expansion near Sarnia, Ont.

Wed, 09 Jul 2008 01:02:45 +0000

CALGARY - Shell Canada abandoned plans Tuesday for a multibillion-dollar refinery expansion near Sarnia, Ont., which would have processed up to 200,000 barrels a day of heavy crude from the company's ...

Canaccord Capital shares hit new low as brokerage stocks get battered

Tue, 08 Jul 2008 22:25:30 +0000

TORONTO - Canaccord Capital Inc. shares (TSX:CCI) touched a new low Tuesday as brokerage stocks slid on the TSX, wearing further on the investment firm which is already facing lawsuits tied to asset-b...

International Forest Products to permanently close its Queensboro Sawmill

Tue, 08 Jul 2008 22:25:35 +0000

VANCOUVER - International Forest Products Ltd. (TSX:IFP.A) said Tuesday that it will permanently close its Queensboro Sawmill and take a $21-million after-tax charge related to the decision The com...

Oil price extends slide into second day, losing over US$5 a barrel

Tue, 08 Jul 2008 22:25:26 +0000

NEW YORK - Oil tumbled more than US$5 a barrel Tuesday in its second big drop this week, hurling crude back to levels not seen since June 26 as traders wary about the health of the global economy cash...

Jean Coutu expects turnaround at Rite Aid after integration ends in September

Tue, 08 Jul 2008 22:25:28 +0000

LONGUEUIL, Que. - Quebec pharmacy chain Jean Coutu Group (TSX:PJC.A) says it expects a turnaround from its investment in U.S. drug store operator Rite Aid Corp. (NYSE:RAD) and will take the necessary ...

Loonie seen rising above parity again by year's end, economists say

Tue, 08 Jul 2008 22:25:31 +0000

OTTAWA - The Canadian dollar is undervalued and will soon soar above the U.S. currency again if world oil prices hold up as expected, predict two senior economists, raising the spectre of more trouble...

WestJet load factor slips in June, airline signs agreement with Southwest

Tue, 08 Jul 2008 22:25:27 +0000

CALGARY - WestJet Airlines Ltd. (TSX:WJA) has taken a first step in inking a partnership that would allow passengers to book connecting flights with Southwest Airlines, the Dallas-based low-cost carri...

Beaten down industrials help boost TSX;NY rises as oil tumbles

Tue, 08 Jul 2008 21:19:14 +0000

TORONTO - The Toronto stock market ran up almost 100 points Tuesday following two sessions of triple-digit losses as oil prices tumbled amid worries about slowing economies and rising inflation The...

Oil extends slide into 2nd day, losing over $5

Tue, 08 Jul 2008 21:19:18 +0000

NEW YORK - Oil tumbled more than $5 a barrel Tuesday in its second big drop this week, hurling crude back to levels not seen since June 26 as traders wary about the health of the global economy cashed...

Gildan class-action lawsuits won't have material impact on results, says analyst

Tue, 08 Jul 2008 21:19:17 +0000

MONTREAL - Shares of Gildan Inc. (TSX:GIL) have fallen more than 10 per cent since it was accused of failing to warn investors of production problems, but liability insurance will help prevent class-a...

Ithaca Energy stock falls 13 per cent after rejection of Endeavour takeover bid

Tue, 08 Jul 2008 21:19:20 +0000

CALGARY - Shares in oil junior Ithaca Energy Inc. (TSXV:IAE) fell nearly 13 per cent Tuesday, a day after the company's board said it rejected a takeover bid by Endeavour International Corp. The co...

Google says Bell Canada should cease 'throttling' issue of Internet use

Tue, 08 Jul 2008 20:29:10 +0000

OTTAWA - Internet search giant Google Inc. has blasted BCE Inc.'s Bell Canada (TSX:BCE) for seeking to limit traffic originated by customers of independent rivals that buy capacity on the phone compan...