News from Reuters

CA-BUSINESS Summary

31/12/08

Terrible 2008 for global stocks ending on up note

LONDON (Reuters) - World stock markets closed out the year on Wednesday with some having registered their worst annual losses in history, although December looked set to end on a rare up note and there was some optimism about 2009. Dollar was broadly higher while oil fell below $39 a barrel, a 60 percent loss for the year.

More economic pain seen in 2009

SINGAPORE (Reuters) - Investors said good riddance on Wednesday to one of the worst years on record and prayed that massive government rescue plans will pull the global economy out of its fierce tailspin later in the new year. But more pain is expected in the near-term as bleak economic reports roll in, signaling more bankruptcies, bad debts and layoffs through at least early 2009, and more sleepless nights for everyone from central bankers to consumers struggling to pay off mortgages and credit card bills.

Oil falls to $37, down more than 60 percent in 2008

LONDON (Reuters) - Oil slid below $37 a barrel on Wednesday, heading for a fall of more than 60 percent in 2008 as the global economic slowdown bit deep into energy demand. Crude oil hit an all-time high of more than $147 in July but prices have collapsed in the last six months as the credit crisis has pushed the industrialized world into recession.

GM, GMAC ease lending rules to entice car buyers

NEW YORK/DETROIT (Reuters) - General Motors Corp and its GMAC funding affiliate launched programs on Tuesday to lure U.S. car and truck buyers back into showrooms, as the nation's largest automaker tries to revive its sagging fortunes. GMAC modified its credit criteria so that it could lend to a wider range of potential customers, two-and-a-half months after significantly curbing lending.

Toronto index rallies to four-week high

CALGARY, Alberta (Reuters) - Toronto's main stock index climbed to its highest level in more than four weeks on Tuesday as a broad-based year-end rally offset weakness in mining shares due to lower gold prices. The S&P/TSX composite index <.GSPTSE> jumped 193.43 points, or 2.24 percent, to close at 8,830.72 in a second straight session of triple-digit gains.

Biovail voluntarily recalls some lots of Ultram tablets

(Reuters) - Biovail Corp said it was voluntarily recalling certain lots of Ultram tablets, its treatment for chronic pain in adults, and expects the total cost related to the recall to hurt fourth-quarter Ultram revenues by $4.4 million. Canada's biggest publicly traded drugmaker decided to recall Ultram 100mg tablets after certain lots being out-of-specification by about 1 percent with respect to maximum dissolution at the eight-hour mark.

Interface to shut Belleville facility, cut 530 jobs

(Reuters) - Modular carpet manufacturer Interface Inc said it will cut 14 percent of its global workforce, or 530 jobs, and cease manufacturing operations at its facility in Belleville, Canada, to reduce costs amid softening demand. The company said it will take a related pre-tax charge of about $11 million in the fourth quarter of 2008 and expects annualized cost savings of about $30 million as a result of the restructuring.

Loonie falls with oil

TORONTO (Reuters) - The Canadian dollar was lower against the U.S. currency on Tuesday morning as oil prices slipped, setting a weaker tone for the Canadian unit after it failed to benefit from higher commodity prices on Monday. Bond prices were mixed, with the long end down slightly, after Monday's gains across the yield curve on safe-haven buying.

Madoff expected to disclose worth to regulators

NEW YORK (Reuters) - Confessed swindler Bernard Madoff faces a Wednesday deadline to tell regulators how much he is worth and where his money and other assets are, but it will likely be a longer wait before his investors, seeking to recover billions of dollars, learn the tallies. Investigators from the U.S. Securities and Exchange Commission -- which is under fire for missing a purported decades-long $50 billion Ponzi scheme to fleece wealthy individuals and charities alike -- will take weeks to pore over the assets, liabilities and property declared by Madoff, 70.

Innovation says to contest Allstate's C$75 million claim

(Reuters) - Software firm Innovation Group said on Tuesday Allstate Insurance Co of Canada had initiated a C$75 million lawsuit against it related to a customised software, but rejected the claim terming it "speculative in the extreme and without foundation." Innovation, also an insurance outsourcing specialist, said the legal proceedings related to the design, development and implementation of customised software for Allstate's new policy management system by its Canadian unit Innovation Group (Canada) Ltd.

© Reuters Limited. All Rights Reserved.
Reproduction or redistribution of Reuters content, including framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.