TSX hits 4-year low as banks feel heat
TORONTO (Reuters) - Toronto Stock Exchange's main index sank to its lowest level in four years on Wednesday in a broad selloff led by key resource and financials issues on gloomy news from the banking sector. The S&P/TSX composite index <.GSPTSE> closed down 345.17 points, or 3.9 percent, at 8,490.56, its lowest level since September 2004. Its previous 2008 low was 8,537.34, hit in late October.
Ottawa promises to support auto sector
OTTAWA (Reuters) - Canada's Conservative government pledged on Wednesday to provide new support to the ailing automotive sector, in its most explicit promise of emergency aid yet. "The Canadian manufacturing sector, particularly the automotive and aerospace industries, has been under increasing strain. Our government will provide further support for these industries," the government said in a major policy speech to mark the start of a new session of Parliament.
Canada says fiscal stimulus may come next year
OTTAWA (Reuters) - Canada said on Wednesday it is unlikely to introduce any new economic stimulus measures until next year's budget and said it will slide into a deficit if necessary and curb public sector wage growth. Finance Minister Jim Flaherty said he would not put stimulus measures in the autumn economic and fiscal update that he will unveil next week.
Alberta softens oil royalty change, cites downturn
CALGARY, Alberta (Reuters) - The Alberta government said on Wednesday it is softening its shift to higher oil and gas royalties in hopes of stemming a downturn in drilling and a loss of jobs in Canada's biggest energy-producing province. Alberta, facing skidding oil prices and a global credit crisis, said it will offer energy companies lower transitional royalty rates for new oil and gas wells for up to five years.
MDS break-up has "tremendous upside": analyst
TORONTO (Reuters) - Shareholders are stepping up the pressure for Canadian healthcare company MDS Inc
Scotiabank's fourth-quarter warning puts heat on banks
TORONTO (Reuters) - Shares of Bank of Montreal
U.S. auto execs testify as legislators try for deal
WASHINGTON (Reuters) - U.S. auto executives went to Capitol Hill on Wednesday for a second day to plead for $25 billion in government aid, but legislators tried to fashion a last-minute compromise bailout bill that could pass both Congressional and White House muster. The day's featured hearings, before the House Financial Services Committee, got off to a rousing start when panel Chairman Barney Frank asked how the government could justify a bailout for banks and insurers, but not the automakers.
Loonie dives below 80 U.S. cents
TORONTO (Reuters) - The Canadian dollar closed below 80 U.S. cents for the first time since October 28 on Wednesday as stock markets tumbled, prompting nervous U.S. investors to bring funds home, benefiting the U.S. dollar. Canadian bond prices rallied as a variety of factors pointed to a weaker economy, fueling a safe-haven bid for relatively secure government debt.
Microsoft rules out buying Yahoo but likes search deal
NEW YORK (Reuters) - Microsoft Corp
Oil falls to 22-month low on demand, stock build
NEW YORK (Reuters) - Oil prices dropped to 22-month lows on Wednesday as U.S. inventories rose and demand weakened due to the global economic slowdown. U.S. crude settled down 77 cents at $53.62 a barrel, the lowest settle since January 22, 2007. Earlier, prices had risen slightly on forecasts for colder weather in the United States.
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