Business news

Saab heads for scrapyard as long rescue quest fails
Reuters
By Johan Ahlander TROLLHATTAN, Sweden (Reuters) – Famed Swedish car maker Saab was declared bankrupt by a court on Monday, ending a nine-month survival battle by its Dutch owner. Saab, which has made cars for 64 years, has suffered cash problems since
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Merrill: ‘classic bubble’ signs in Canadian housing market
Globe and Mail
Canada’s housing market shows the “classic signs of over valuation, speculation and over supply,” but Bank of America Merrill Lynch says that’s no reason to think that there will be an epic crash of American proportions. In a report issued Monday,
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Globe and Mail
EXCLUSIVE-New airline plans London City-NY link
Reuters
A scale model of a CS100 Bombardier airplane is displayed beside a mock-up of the future CSeries Bombardier aircraft at the Bombardier Inc. Montreal offices September 14, 2009. By Peter Myers and Tim Hepher TORONTO/PARIS (Reuters) – Bankers may be
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European Goldfields Deserves More Glitter
Wall Street Journal
By ANDREW PEAPLE Vancouver-based Eldorado Gold Corp. has made a C$2.5 billion ($2.4 billion) offer in shares and a small amount of cash for Toronto-listed European Goldfields, whose major assets are three undeveloped gold mines in Greece and Romania.
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Belden offers to buy RuggedCom for C$280 mln
Reuters
By Aftab Ahmed Dec 19 (Reuters) – Cable manufacturer Belden Inc made an unsolicited offer to buy smaller rival RuggedCom Inc for about C$280 million in cash to beef up its networking business. RuggedCom, which serves the electric power,
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Fibrek rejects Resolute takeover
Montreal Gazette
By The Gazette December 19, 2011 12:26 PM Montreal-based pulp producer Fibrek Inc. said Monday its directors have unanimously rejected a hostile offer worth about $130 million from Resolute Forest Products Inc. (formerly AbitibiBowater),
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Standard Life appoints new Canadian CEO
Globe and Mail
Standard Life has found its new Canadian CEO, scooping up Charles Guay, the president and CEO of National Bank Securities. Mr. Guay will start at Standard Life in February, replacing outgoing CEO Joseph Iannicelli who announced this past spring that he
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Globe and Mail
No work stoppage over holidays say Air Canada pilots
Montreal Gazette
By THE GAZETTE December 19, 2011 12:55 PM The union representing Air Canada’s pilots said Thursday the airline’s management has filed for a federal conciliator in its negotiations for a new labour agreement. MONTREAL – Air Canada pilots Monday promised
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York Region seeks injunction against transit strikers
Toronto Star
York Region is seeking a court injunction against picketing transit workers in ATU Locals 113 and 1587 to ease transit delays caused by what it describes as “unlawful picketing.” In a statement Monday, region officials said intensified picketing over
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Genivar expands reach to Newfoundland and Labrador
Montreal Gazette
By THE GAZETTE December 19, 2011 12:41 PM MONTREAL – Fast-growing engineer consultant Genivar Inc. is moving into mineral-rich Newfoundland and Labrador with the addition of AE Consultants Ltd., an award-winning St. John’s specialist in full-service
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VMS Ventures gets capex approval for Manitoba project
Reuters
Dec 19 (Reuters) – Mineral explorer VMS Ventures Inc said joint venture partner HudBay Minerals Inc has approved the C$71 million ($68.5 million) capital expenditure required to start construction of the Reed copper project in Manitoba.
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Daycare firm Edleun to make quick Ontario expansion
Globe and Mail
A Calgary-based for-profit daycare company will buy three more Ontario centres, just a week after announcing its first purchases in the province. Edleun Group EDU-X said it would spend $4-million to buy three as-yet unidentified daycare centres in
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Globe and Mail
Loonie makes gains amid positive trade data, falling commodities prices
Winnipeg Free Press
Canadian dollar coins, also known as "loonies," are shown with US dollars on April 6, 2010 in Montreal. THE CANADIAN PRESS/Ryan Remiorz TORONTO – The Canadian dollar hovered higher at midday Monday as traders took in positive trade data,
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CRTC to review small-market TV funding
Globe and Mail
The CRTC says it will hold public consultations on the fate of a fund designed to support small-market TV programming. The Canadian Radio-television and Telecommunications Commission says spending on local programming, particularly news, has stagnated
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Globe and Mail
Israel Stocks: Israel Chemicals, Scailex and Israel Corp.
BusinessWeek
By Shoshanna Solomon Dec. 19 (Bloomberg) — Israel’s TA-25 Index increased to the highest level since Dec. 5, gaining 1.2 percent to 1099.18 at 4:30 pm close in Tel Aviv. The measure has declined 17 percent this year. Investors traded about 971 million
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Mosaid shareholders approve Sterling’s buy
Reuters Canada
TORONTO (Reuters) – Shareholders in Canadian patent licensing company Mosaid Technologies (MSD.TO: Quote) have approved its sale to private equity firm Sterling Partners, the Ottawa-based company said on Monday. US-based Sterling agreed to pay C$590
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First Uranium to cut 1850 jobs at African operation
CanadianBusiness.com
By LuAnn LaSalle, The Canadian Press | December 19, 2011 First Uranium Corp. said Monday that it may have to trim almost 2000 jobs at its Ezulwini mine in South Africa — about half the workforce there — in a move to improve profitability and cut costs
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Conference Board expects aerospace production to face slow rebound in 2012
Winnipeg Free Press
MONTREAL – The Conference Board of Canada expects aerospace production will slowly rebound next year amid fierce global competition after the sector suffered its third year of decline in 2011. The think-tank says production of commercial and business
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Russia bans import of seal products: animal welfare group
CTV.ca
HALIFAX — Animal welfare activists say Russia has banned importing harp seal products, which they say threatens the survival of the embattled Canadian sealing industry. The International Fund for Animal Welfare says it has obtained documents from
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CTV.ca
Twitter Gets $300 Million From Alwaleed Amid Website Revamp
BusinessWeek
By Mourad Haroutunian and Jonathan Browning Dec. 19 (Bloomberg) — Twitter Inc., the microblogging service with more than 100 million users, received a $300 million investment from Saudi Prince Alwaleed bin Talal as it pushes through a redesign of its
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Russian RTS Futures Trading Suspended on ‘Technical Problem’
BusinessWeek
By Halia Pavliva Dec. 19 (Bloomberg) — Trading of RTS futures was suspended because of a “technical problem,” shortly after the start of the second session, said a spokesman for the exchange. “What the system is showing doesn’t correspond to the
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Readers react to Canada’s exit from Kyoto
Vancouver Sun
Within a day of returning from the Durban Climate Change Conference, Canada’s so-called environment minister (which has become an oxymoron), Peter Kent, announced what everybody already knew, that Canada was pulling out of the Kyoto Protocol.
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DragonWave cuts Israel jobs to focus on Nokia Siemens deal
Ottawa Citizen
By Vito Pilieci, The Ottawa Citizen December 19, 2011 11:44 AM OTTAWA — DragonWave Inc. has announced it will cut as many as 38 positions from its operations in Israel as the Ottawa-based firm concentrates on a new manufacturing partnership with Nokia
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Patheon Q4 loss widens to US$5.4M, revenue up at US$181.6 million
TheCornwallDaily.com
TORONTO – Contract drug developer Patheon Inc. (TSX:PTI) said Monday it expects the costs of an ongoing global restructuring will continue to hold its earnings back for several more quarters, as it reported heavier fourth-quarter and full-year losses.
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Canada’s Valeant buys dermatology company Dermik from Sanofi for $425 million
Washington Post
PARIS — Canadian drugmaker Valeant Pharmaceuticals International Inc. says it has completed a $425 million acquisition of dermatology company Dermik. In a statement Monday, Ontario-based Valeant says it bought Dermik from French drugmaker Sanofi.
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GO train on new Kitchener line arrives late
CP24, Canada
A commuter reads a newspaper as a GO train arrives at the Oakville, Ont., GO Station, Tuesday, June 30, 2009. (Richard Buchan/THE CANADIAN PRESS) TORONTO — There were a few GO Transit delays today, including on the newly minted Kitchener line.
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