| Last updated 4:21pm EDT 05/09/2008 |
| Canadian Pacific engineering steps to ensure steady flow of grain: CEO |
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 were beset by weather delays and other operational challenges.
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| Air Canada quietly adds fuel surcharges to Canadian flights |
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MONTREAL - Air Canada (TSX:AC.A) has imposed fuel charges that could cost Canadians travelling across the country an extra $120 for a round-trip ticket.
The price increases, imposed Friday, would add $120 a round-trip for flights of more than 1,001 miles, or 1,601.6 kilometres each way. Smaller surcharges would be slapped on tickets for shorter trips.
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| TSX steps back despite higher oil prices; AIG report, record oil depresses NY |
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TORONTO - The Toronto stock market racked up a moderate loss mid-afternoon Friday as energy stocks took a break despite crude oil prices running ahead to fresh dizzying heights.
Investors took in numbers that showed continued job creation during April. However, high crude prices along with a huge quarterly loss at U.S. insurer American International Group Inc. depressed New York markets.
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| Space agency announces four-year deal with MDA for International Space Station |
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LONGUEUIL, Que - Only hours after confirming his decision to block a controversial foreign takeover of part of MacDonald Dettwiler and Associates Ltd. (TSX:MDA), federal Industry Minister Jim Prentice announced a major contract Friday between the company and the Canadian Space Agency.
In a speech at the space agency in the Montreal area, Prentice said the government has awarded a four-year $109 million contract extension for the Vancouver company, also known as MDA.
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| MDA future dim after space division sale blocked, analysts say |
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VANCOUVER - Ottawa's confirmation it will block the $1.3-billion sale of MacDonald Dettwiler and Associates Ltd.'s (TSX:MDA) space division, coupled with a slowdown in the real estate sector where the company concentrates its other business, spells tough times ahead for the Vancouver-based firm, analysts say.
Some have slapped a "sell" rating on the stock, believing MDA's future has dimmed, while others said the company has a strong balance sheet and will simply have to tread water until it can update its business plan.
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| Economy creates 19,200 jobs but cracks emerge; jobless rate up to 6.1 per cent |
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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 is mostly succeeding in avoiding the outright contraction occurring in the United States, but just barely.
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| Gasoline jumps above US$3.67, oil passes US$126 on Venezuela concerns |
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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.
Gasoline prices, meanwhile, rose above an average $3.67 a gallon - or 96.6 cents US a litre - at the pump, following oil's recent path higher.
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| GMP Capital Trust Q1 profit halved to $21M; revenue off 18 per cent to $94.1M |
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TORONTO - GMP Capital Trust (TSX:GMP.UN) should be well-positioned for growth in future quarters, given its strong balance sheet, CEO Kevin Sullivan told unitholders Friday after the investment house reported an 18 per cent drop in first-quarter revenue in "challenging market conditions."
While the GMP team was disappointed with the quarter, especially considering the record income it generated in the same period last year, Sullivan told the company's annual meeting "we are relatively pleased with this quarter... given the difficult market environment experienced by all investment dealers."
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| Citigroup aims to shed nearly US$500B in assets and grow revenue |
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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, mortgages, real-estate operations and jobs.
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| Enerplus reports first quarter profits rise to $121.4 million from $107.9 million |
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CALGARY - Enerplus Resources Fund (TSX:ERF.UN), a Calgary-based oil and gas trust, reports its first quarter profits rose to $121.4 million from $107.9 million on higher output and impact of Focus Energy Trust acquisition.
The company also said it has decided to sell its stake in the Joslyn oilsands project in Northern Alberta, a development controlled and operated by French oil and gas giaant Total.
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