Global News - Money

Traders look to slew of economic data as distraction from eurozone uncertainty

Sun, 27 May 2012 14:17:37 GMT

TORONTO - Expectations for the Toronto stock market are fairly tame this week as traders continue to labour under the growing possibility of a Greek exit from the eurozone and uncertainty surrounding the knock-on effects such a move would have on other eurozone countries and the global economy.

Spain's troubled nationalized lender Bankia asks for $24BN in state funds(2)

Sun, 27 May 2012 14:17:37 GMT

MADRID - Spain's troubled bank, Bankia, has asked the Spanish government for €19 billion ($23.8 billion) in financial support just as a leading credit rating agency downgraded it to junk status.

Finley says employment insurance data a victim of technical glitches

Sun, 27 May 2012 14:17:37 GMT

OTTAWA - A government spokeswoman says public access to some key employment insurance data was cut off because of technical glitches that may soon be resolved.

Canadian Pacific says striking workers have more generous pensions than most

Sun, 27 May 2012 14:17:37 GMT

The pension offer being made to the union representing some 4,800 striking Canadian Pacific Railway employees is better than the industry standard, the company said Friday as contract negotiations continued ahead of looming back-to-work legislation.

Most actively traded companies on the TSX, TSX Venture Exchange markets(223)

Sun, 27 May 2012 14:17:37 GMT

TORONTO - Some of the most active companies traded Friday on the Toronto Stock Exchange and the TSX Venture Exchange:

Spain's troubled nationalized lender Bankia asks for $24BN in state funds

Sun, 27 May 2012 14:17:37 GMT

MADRID - Spain's troubled bank, Bankia, asked the Spanish government for €19 billion (US$23.8 billion) in financial support on Friday, the day that a leading credit rating agency downgraded it to junk status.

Lower financials leave TSX little changed, markets snaps three-week losing run

Sun, 27 May 2012 14:17:37 GMT

TORONTO - The Toronto stock market closed little changed Friday with buyers inclined to be cautious going into the weekend as the eurozone debt crisis continued to cast a pall over trading.

Liberals won't fast-track tax changes, want whole budget passed before summer

Sun, 27 May 2012 14:17:37 GMT

TORONTO - Finance Minister Dwight Duncan says he's not interested in fast-tracking tax changes before the budget is passed.

Spain's troubled Bankia says it will treat $29B state bailout as an investment, not a loan

Sun, 27 May 2012 14:17:37 GMT

MADRID - The president of troubled Spanish lender Bankia says the €23.5 billion ($29.5 billion) in state aid it will receive in the country's biggest-ever bank bailout will be treated as an investment to make profit for the Spanish government and not as a loan.

Dubai's Jebel Ali Free Zone wins lender approval to repay $2 billion early

Sun, 27 May 2012 14:17:37 GMT

DUBAI, United Arab Emirates - An indebted business park owned by Dubai's government says it has received sufficient support from lenders to repay $2 billion early as part of a broader refinancing effort.

Crew members of US-based ship at centre of Somali piracy drama seeking damages of nearly $50m

Sun, 27 May 2012 14:17:37 GMT

NORFOLK, Va. - More than half the crew members of a container ship that was at the centre of a piracy drama off Somalia in April 2009 are suing for nearly $50 million, contending their captain ignored warnings to sail clear of pirate-infested waters off Africa.

Spain's lender Bankia says it won't need more aid after it receives $29.5B in state support

Sun, 27 May 2012 14:17:37 GMT

MADRID - The president of Bankia tried Saturday to calm fears about the future of the bank, saying Spain's second largest mortgage lender will emerge as a solid financial entity after it receives €23.5 billion ($29.5 billion) in state aid in the country's biggest-ever bank bailout.

Austrian finance minister says no to eurobonds, doesn't want to pay for neighbours' debts

Sun, 27 May 2012 14:17:37 GMT

VIENNA - Austria's finance minister is rejecting the idea of introducing jointly issued eurobonds any time soon and says that running up new debts to finance growth is "nonsense."

IMF's Christine Lagarde: more sympathy for poor African children than austerity-hit Greeks

Sun, 27 May 2012 14:17:37 GMT

LONDON - International Monetary Fund chief Christine Lagarde says she has more sympathy for poor African children than Greeks suffering under the country's economic problems and austerity measures.

Germany's Merkel presses for faster progress on revamping power network amid nuclear shutdown

Sun, 27 May 2012 14:17:37 GMT

BERLIN - Chancellor Angela Merkel is pressing for faster progress on revamping Germany's electricity network to support the country's transition to renewable energy sources as it switches off its nuclear plants.

Softchoice wins purchase agreement with U.S. Navy worth up to US$700 million

Sun, 27 May 2012 14:17:37 GMT

TORONTO - IT manager Softchoice Corp. (TSX:SO) says it has been awarded a purchase agreement with the U.S. Department of the Navy worth a maximum of US$700 million.

Optimism about jobs and wages pushed US consumer confidence to 4 1/2 year high

Sun, 27 May 2012 14:17:37 GMT

WASHINGTON - A better hiring outlook and lower gas prices pushed a measure of U.S. consumer confidence to its highest level in four and a half years.

Yahoo scraps recently introduced digital magazine designed for iPad as part of housecleaning

Sun, 27 May 2012 14:17:37 GMT

SAN FRANCISCO - Yahoo has killed Livestand, a tablet magazine, just six months after its debut on the iPad.

Senate banking panel chairman sets June 7 date for JPMorgan CEO Dimon to testify

Sun, 27 May 2012 14:17:37 GMT

WASHINGTON - JPMorgan Chase CEO Jamie Dimon is being asked to appear before Senate and House panels next month to answer questions about the bank's $2 billion-plus trading loss.

CEO pay up 6 per cent last year, AP study finds; shareholder activists see progress

Sun, 27 May 2012 14:17:37 GMT

NEW YORK, N.Y. - Profits at big U.S. companies broke records last year, and so did pay for CEOs.

Canadian dollar moves lower for eighth session, commodity prices advance

Sun, 27 May 2012 14:17:37 GMT

TORONTO - The Canadian dollar closed lower Friday amid higher commodity prices and a lack of market-moving news from the eurozone.

Industry minister to raise foreign takeover review threshold to $1 billion

Sun, 27 May 2012 14:17:37 GMT

OTTAWA - The federal government is raising the monetary threshold for a review of a foreign takeover of a Canadian company to $1 billion from $330 million over a four-year period.

Garda profiting from Montreal student protests as special events boost security

Sun, 27 May 2012 14:17:37 GMT

MONTREAL - Garda World Security Corp. says it is profiting from student protests on the streets of Montreal as customers request more help in securing their summer events.