Bipartisan auto aid agreement reached: aide
WASHINGTON (Reuters) - Senators Levin, Bond, Voinovich, Stabenow reached an agreement on bipartisan auto aid agreement a senate democratic aide said on Thursday. The senators plan a news conference for 2.30 p.m., the aide said.
GM, Ford shares soar on bailout optimism
NEW YORK (Reuters) - Shares of General Motors and Ford Motor Co soared on Thursday after a Senate Democratic aide said senators had reached agreement on a bipartisan auto aid deal. GM shares jumped more than 23 percent to $3.43 on the New York Stock Exchange, while shares of Ford climbed more than 34 percent to $1.69.
TD Bank sees C$350 million trading charge, stock drops
TORONTO (Reuters) - Toronto-Dominion Bank said on Thursday that the "dramatic" lack of liquidity in global credit markets will prompt charges of C$350 million ($273 million) for credit-trading losses, reducing its fourth-quarter earnings. Shares of Canada's second largest bank fell to a four-year low on Thursday morning, before paring some of the losses. Other bank stocks were also down amid a general stock market selloff on weak economic data and continued concern about U.S. automakers.
Government will take all measures to combat crisis: PM
OTTAWA (Reuters) - The Canadian government will take whatever fiscal and monetary measures are needed to combat the global financial crisis, Prime Minister Stephen Harper told Parliament on Thursday. Harper, predicting that Canada would suffer further from the U.S. slowdown, also said Ottawa would not balance the budget by raising taxes or cutting essential services in a time of upheaval.
TSX tumbles on TD warning, sliding oil price
TORONTO (Reuters) - The Toronto Stock Exchange's main index fell more than 4 percent on Thursday as the financials group was weighed down by an earnings warning from Toronto-Dominion Bank and the price of oil slid to a 42-month low. The index's financials group dropped 7 percent, extending the previous session's slide as TD became the second bank this week, after Bank of Nova Scotia on Tuesday, to announce credit trading losses.
Oil dips under $50 as investor confidence sinks
LONDON (Reuters) - Oil dived under $50 a barrel on Thursday to hit the lowest level since May 2005, deepening losses as financial markets reflected ever lower confidence in the world economy and evidence mounted of falling fuel demand. U.S. crude fell $3.26 to $50.36 a barrel by 1536 GMT after earlier touching $49.75, marking the lowest level since May 25, 2005, when prices hit $49.58.
CORRECTED: Teck to sell assets, cut spending to pay down debt
TORONTO (Reuters) - Teck Cominco said on Thursday that it would slash spending, sell assets, withdraw from the Petaquilla copper project in Panama and suspend dividend payments under a sweeping plan to cut debt from its acquisition of Fording Canadian Coal Trust. Combined with a previously announced C$1.1 billion tax break, the measures total C$2.4 billion ($1.9 billion) and are aimed mainly at helping Teck pay down and refinance a $5.8 billion bridge loan as quickly as possible. Teck also took on $4 billion in term debt in the $13 billion takeover of Fording, which closed in October.
Bombardier signs $242 million airliner deal
TORONTO (Reuters) - Bombardier Inc said on Thursday it had signed a contract with Ethiopian Airlines for eight turboprop aircraft worth about $242 million. The Montreal-based plane and train maker said the deal is for eight Q400 NextGen airliners with options for four more.
Enbridge sells C$500 million of debt despite turmoil
CALGARY, Alberta (Reuters) - Enbridge Inc said on Thursday it has placed C$500 million ($390 million) in corporate debt with investors in recent days despite market turmoil. The company, whose pipelines carry the lion's share of Canadian oil exports to the United States, said its pipeline unit sold C$300 million in 10-year notes bearing a 6.62 percent coupon to a group of 30 institutional investors.
Potash Corp and Agrium shopping for acquisitions
TORONTO (Reuters) - Top fertilizer producers Potash Corp of Saskatchewan and Agrium Inc said on Thursday they are eyeing acquisitions as prices for target companies fall. Agrium Inc chief financial officer Bruce Waterman said the global economic downturn has led to companies being available at "distressed prices."
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