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added: Tue, 27th September 2005 | 299 views | 0x in favourites
feed url: http://rss.cbc.ca/businessnews.xml
CBC News | Business News
Most of the world's stock markets fell Wednesday as optimism over government moves to stabilize the financial system was elbowed aside by persistent worries about the economy and the prospect of a global recession.
Having secured a stronger minority government in Tuesday's general election, Prime Minister Stephen Harper announced a six-point economic plan on Wednesday to deal with the stormy financial waters threatening to rock Canada's economy.
The European Union is under pressure to retreat from ambitious greenhouse-gas reduction targets because of the credit crisis.
U.S. retail sales suffered their biggest drop in September in three years as Americans looked to reduce spending ahead of the crucial Christmas selling season.
Oil prices continued to tumble Wednesday morning as recession pessimism crowds out hope that Washington's financial rescue package would boost economic growth.
Coca-Cola Co. has emerged the winner in this summer's battle of the soft drink giants, posting a 14 per cent gain in profit for the third quarter, while rival PepsiCo announced job cuts and factory closings as earnings fell.
A car parts distribution centre in Moncton has announced plans to shut down at the end of November, leaving 16 people without jobs.
Canada's TSX posted a record one-day gain on Tuesday as the country's main exchange gained almost 900 points in trading, a jump of almost 10 per cent.
The U.S. government will spend $250 billion US to buy shares in the country's nine biggest banks, Washington announced Tuesday, a move designed to boost confidence in the distrssed global financial sector.
Shares of Canadian energy companies jumped Tuesday despite a drop in the price of oil as most of the world's stock markets responded to government moves in North America and Europe to stabilize the financial system.
Auto sales in Canada dropped in August, the third month in a row that the country saw fewer cars and trucks sold, according to figures released by Statistics Canada Tuesday.
Daimler AG is shuttering its truck-making facility in St. Thomas, Ont., costing the area 1,400 jobs, the company announced Tuesday.
Government officials in Norway have moved to block the sale of Icelandic bank Kaupthing's stake in a major Norwegian insuance company, saying the $162 million US in assets may be needed to cover its obligations in Norway.
U.S. stock indexes were up more than 11 per cent Monday as governments around the world committed trillions to easing the global credit freeze.
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