News from Reuters

CA-BUSINESS Summary

29/06/09

Madoff gets 150 years for massive investment fraud

NEW YORK (Reuters) - Bernard Madoff was sentenced on Monday to 150 years in prison -- the maximum penalty the judge could give him for "extraordinarily evil" crimes in Wall Street's biggest and most brazen investment fraud. Fleeced investors in the courtroom cheered and applauded as the judge handed down the penalty.

Aeroplan makes C$100 million loan to Air Canada

VANCOUVER, British Columbia (Reuters) - Groupe Aeroplan Inc , which operates Air Canada's frequent flyer program, has agreed to lend the cash-strapped airline up to C$100 million ($86 million), both parties said on Monday. Air Canada, the country's biggest airline, has already drawn down C$79 million of the loan.

Tim Hortons plots return to Canadian structure

TORONTO (Reuters) - Tim Hortons Inc , whose coffee shop chain is a Canadian icon, said on Monday it applied with U.S. regulators to return to its Canadian corporate roots through a reorganization that could hurt its results for the rest of the year. The retailer, which has the bulk of its 3,000 stores in Canada, said earlier this year that it intended to shift its corporate structure from a U.S. company to take advantage of a better tax rate.

Globe and Mail, union extend talks

TORONTO (Reuters) - The union representing workers at Canada's Globe and Mail newspaper has agreed with the paper to sit down with a mediator to try to hammer out a new contract and avoid a strike, the union said on Monday. In a statement, the Communications, Energy and Paperworkers Union, which represents 480 editorial, advertising and circulation workers at the paper, said the two sides would sit down with a labor mediator on Thursday, extending the current contract by two days.

Canadian businesses, banks adjust to credit gaps

TORONTO (Reuters) - Heath Everett was about to open his first restaurant when the credit crunch hit and his financing disappeared. As his lender pulled out of Canada, the 40-year-old entrepreneur found himself at the mercy of Canada's Big Five banks. "I was absolutely panicked, to be truthful. I was past the point of no return," said Everett, remembering the events of last fall as he prepared for the grand opening of the first Chili's Grill & Bar in Ontario.

Court approves auction for Nortel carrier business

NEW YORK (Reuters) - A U.S. bankruptcy judge on Monday approved procedures for Nortel Networks Inc to put most of its network carrier business up for auction in July. U.S. Bankruptcy Judge Kevin Gross approved the bidding procedures for the July auction at a court hearing in Wilmington, Delaware on Monday, according to court documents.

Apple CEO Steve Jobs returns to work

SAN FRANCISCO (Reuters) - Apple Inc Chief Executive Steve Jobs is back at work following a near 6-month medical leave, although he will work at least initially from home for a few days a week, the company said on Monday. The official word of his return followed months of speculation about the health of Jobs, a pancreatic cancer survivor and his future with the company he co-founded more than 30 years ago.

Oil surges 2 pct in Brent-led frenzy

PERTH (Reuters) - Oil prices jumped more than 2 percent to a new eight-month high above $73 a barrel on Tuesday amid a surprise spike in Brent activity that dealers said may be linked to end-of-quarter positioning by one or more funds. Trading volume in both Brent and U.S. crude oil futures surged to more than 15 times the norm for the Asian time zone, but dealers were hard pressed to find a specific trigger for the over $1.50 leap in prices in under half an hour around 10 a.m.

Navistar set to slash staff in Canada

TORONTO (Reuters) - Navistar International Corp is set to significantly reduce its presence in Canada as it shifts much of its heavy-duty truck production to more cost-competitive locations in the southwestern United States and Mexico. The company, which has been producing vehicles in Chatham, Ontario, since 1923, is set to cut its staff there by about 90 percent, the Canadian Auto Workers union said on Monday.

Ford sees market share gains, increases production

DEARBORN, Michigan (Reuters) - Ford Motor Co said on Monday it expects to gain U.S. market share in June as its sales would hold up much better than the rest of the industry and signaled its increasing confidence by raising production. Ford said it would increase North American production in the third quarter by about 5.4 percent from a plan disclosed in early June amid signs that demand has begun to stabilize.

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