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04/03/08

Former press baron Black begins U.S. prison term

COLEMAN, Florida (Reuters) - Former press baron Conrad Black surrendered at a Florida prison on Monday to begin serving his 6-and-1/2 year sentence for fraud and obstructing justice. Britain's Lord Black of Crossharbour and his wife arrived at the Coleman Federal Correctional Complex in central Florida around noon in a large blue sport utility vehicle with dark tinted windows, a Reuters photographer said.

Branson's online charter plane service launches

NEW YORK (Reuters) - Richard Branson's first charter plane experience gave him the idea to start commercial airline company Virgin Atlantic Airways . Some 25 years after the British entrepreneur chartered a private jet to fly 50 passengers and himself from the Beef Island, Tortola airport to Puerto Rico after their original flight was canceled, Branson will launch on Tuesday Virgin Charter, an online service to charter private aircraft.

Toronto stocks fall as bank anxiety resurfaces

TORONTO (Reuters) - The Toronto Stock Exchange's main index finished lower on Monday as strength in resources was undercut by losses in the banking sector amid nagging worries over the continuing impact of the credit crunch. The financial group shed 2.5 percent. The sector faces a number of ongoing headwinds, including fears of more writedowns related to the troubled U.S. housing market, jitters over the health of U.S. bond insurers, as well as pessimism over financial results.

Slumping exports slow Canada's 4th quarter growth

OTTAWA (Reuters) - Canada's economy went into a tailspin at the end of 2007 as exports to the United States waned, strengthening the chance of an aggressive interest rate cut by the Bank of Canada on Tuesday. Deteriorating exports caused gross domestic product to shrink 0.7 percent in December, against market forecasts of a 0.2 percent decline, a Statistics Canada report showed on Monday.

Canada home building investments up 8.5 pct in '07

TORONTO (Reuters) - Canadian residential construction investment climbed 8.5 percent in 2007, buoyed by rising house prices, Statistics Canada said on Monday. The total value of residential construction investment for 2007 was C$88.7 billion.

February auto sales tumble, Detroit hit hardest

DETROIT (Reuters) - U.S. auto sales tumbled in February in the face of a slumping economy and high gas prices with double-digit declines by all three struggling Detroit-based automakers. Sales at General Motors Corp, Ford Motor Co and Chrysler LLC fell 16 percent, 10 percent and 17 percent, respectively. GM and Ford responded with cuts to second-quarter production plans, while Chrysler rolled out a new program of sales incentives.

GM to idle 6 plants, Axle strike impact widens

DETROIT (Reuters) - General Motors Corp said on Monday two more assembly plants were running out of parts and would have to be idled as the impact from a week-long strike against supplier American Axle & Manufacturing widened for the No. 1 U.S. automaker. Six GM assembly plants in Michigan, Indiana, Ohio and Ontario, Canada, have either been idled or could be idled as early as Tuesday because of parts shortages, the automaker said in a statement.

Ontario finance minister sees "challenging year"

TORONTO (Reuters) - A slowing U.S. economy, lofty Canadian dollar and record high oil prices will be a drag on Canada's manufacturing heartland of Ontario this year, the province's Minister of Finance Dwight Duncan said on Monday. The Ontario economy relies heavily on exporting automobiles and auto parts to the United States, which means its economic performance is strongly influenced by the factors Duncan outlined in a Toronto speech.

Miners in Mexico hunt rare and pricey germanium

TRES MARIAS MINE, Mexico (Reuters) - Prospectors deep in the desert of northern Mexico are searching for tiny traces of germanium, a minor metal whose price is booming due to high U.S. military spending and export controls by China. The rare metal, a by-product of zinc and coal production which is used in making military equipment, has risen to its highest price in over a decade at around $1,300 a kilogram.

Supply fears fuel platinum surge, gold eyes $1,000

LONDON (Reuters) - Platinum hit record highs on Tuesday as speculators bought on worries over supplies, while gold consolidated recent gains before making a stab at the key $1,000 an ounce level. Spot platinum hit a session high of $2,275 an ounce and was at $2,270/2,275 by 6:15 a.m. EST, compared with $2,230/2,237 late in New York on Monday.

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