EU widens Billiton-Rio Tinto antitrust probe into acquisition deal
July 04, 2008 - 9:22 pm
BRUSSELS, Belgium - The European Commission on Friday widened its antitrust probe into the proposed acquisition of Rio Tinto Inc. by BHP Billiton Ltd., saying an initial investigation revealed concerns about higher prices and reduced choice for European customers. Both are ...
Challenges abound for India if it makes $2.5-billion oilsands investment
July 04, 2008 - 8:32 pm
CALGARY - India's state-owned firm may be keen on making a $2.5-billion investment in Alberta's oilsands, but one analyst wonders how far that money will go. "I think at the end of the day their challenge in deploying the $2.5 billion will be what makes their money any better than anyone ...
Societe Generale fined $6.3 million over Jerome Kerviel trading scandal
July 04, 2008 - 8:31 pm
PARIS - France's central bank announced Friday that it has fined Societe Generale US$6.3 million for "serious shortcomings" in its internal controls that led to nearly $7.8 billion in trading losses announced earlier this year. The Bank of France's banking commission also issued a formal ...
Oil prices fall more than US$1 a barrel on hopes Iran nuclear tensions could ease
July 04, 2008 - 8:30 pm
Oil prices fell more than US$1 a barrel Friday from record levels set a day earlier on hopes that tensions surrounding Iran's nuclear program could ease and cut the chances of American or Israeli military action against OPEC's second-largest oil producer. Iran on Friday gave an undisclosed ...
Energy helps send TSX down 133 points as BCE takeover price confirmed
July 04, 2008 - 7:28 pm
TORONTO - The Toronto stock market closed lower Friday as energy stocks continued to retreat, but losses on the TSX were sharply pared because of a jump in BCE Inc. (TSX:BCE) shares after the telecom company reached a final agreement with the group seeking to buy it.. BCE's stock climbed ...
TD Securities taking $96M hit on mispricing blamed on individual in London
July 04, 2008 - 7:05 pm
TORONTO - Toronto-Dominion Bank (TSX:TD) disclosed Friday a $96-million loss caused by "incorrectly priced" financial investments at its operations in London. Canada's second-biggest bank by assets said the employee involved at its TD Securities arm "is no longer with the company" and the ...
BCE and Teachers takeover group confirm $42.75 per share acquisition price
July 04, 2008 - 6:18 pm
TORONTO - Telecom giant BCE Inc. has cleared the financing hurdle widely seen as the last major step in completing its $52 billion acquisition by the Ontario Teachers' Pension Plan in the largest corporate takeover in Canadian history. The Montreal company, parent of Bell Canada, said ...
Number of bankruptcies drops in May, superintendent reports
July 04, 2008 - 5:00 pm
OTTAWA - New figures show that bankruptcies dropped in May. The Office of the Superintendent of Bankruptcies is reporting 7,918 bankruptcies in May, down from 8,627 in April and 8,008 in May 2007. There were 7,364 personal bankruptcies and 554 business bankruptcies in May, bringing the ...
G8 leaders set to meet as economy storm clouds continue to thicken
July 04, 2008 - 4:43 pm
SAPPORO, Japan - Between surging oil prices, food inflation and a credit crunch that's depressed global growth, leaders from the G8 economic powers face the gravest combination of economic woes in at least a decade when they gather next week. The outlook has darkened dramatically since ...
Total E&P Canada extends offer for Synenco Energy, gets regulatory approval
July 04, 2008 - 3:45 pm
CALGARY - Total E&P Canada Ltd. has extended to July 15 its $9-cash-per-share offer to buy all common class A voting shares of Synenco Energy Inc. (TSX;SYN) after failing to obtain the required two-thirds of shares to complete the transaction. Total Canada, a wholly owned subsidiary of ...
Cordero Energy agrees to be taken over by Ember Resources for $5.50 per share
July 04, 2008 - 1:53 pm
CALGARY - Cordero Energy Inc. (TSX:COR) has formally accepted a $206-million acquisition bid from Ember Resources Inc. (TSX:EBR), ending a takeover battle that saw the junior gas producer pursued by Ember and rival Enmax Corp. The proposal, valued at $5.50 per share, prevailed after Enmax, ...
Chrysler looks at China alliance to boost global business
July 04, 2008 - 1:52 pm
BEIJING - Chrysler LLC, looking for foreign partnerships to help drive its business as U.S. sales slump, announced a deal with China's Great Wall Motor Co. on Friday to study sharing technology, components and distribution. Chrysler, the smallest of the three major U.S. automakers, is ...
Nine convicted in Austria bank fraud case linked to collapse of US-based Refco Inc.
July 04, 2008 - 12:14 am
VIENNA, Austria - Nine people have been convicted of criminal charges in a major Austrian bank fraud case linked to the collapse of U.S.-based commodities brokerage Refco Inc. A federal judge in Vienna has found all nine defendants responsible for US$1.9 billion in losses at BAWAG, ...
Wi-LAN adds LG to patent litigation against RIM, Motorola and UTStarCom
July 04, 2008 - 12:14 am
OTTAWA - Intellectual property holder Wi-LAN Inc. (TSX:WIN) has added LG Electronics of Korea to patent litigation it previously filed against Research in Motion (TSX:RIM), Motorola and UTStarCom Inc. Wi-LAN, which launched the original suit in Texas on June 20, claims that all the ...
BHP Billiton and China's Baosteel agree on iron ore price up 96.5 per cent
July 04, 2008 - 12:13 am
SYDNEY, Australia - BHP Billiton Ltd. said Friday that China's Baosteel, negotiating on behalf of the Chinese steel industry, agreed to price hikes of up to 96.5 per cent for iron ore supplies this year. The increase, following protracted negotiations, is in line with an agreement Baosteel ...
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