| Last updated 10:12am EDT 05/09/2008 |
| Canadian Space Agency announces four-year deal with MDA |
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LONGUEUIL, Que - Only hours after confirming his decision to block a controversial foreign takeover of part of MacDonald Dettwiler and Associates Ltd. (TSX:MDA), federal Industry Miniser Jim Prentice announced a major contract Friday between the company and the Canadian Space Agency.
In a speech at the Canadian Space Agency in the Montreal area, Prentice said the government has awarded a four-year $109 million contract extension for the Vancouver company, also known as MDA.
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| Jobless rate rises to 6.1 per cent in April as job seekers increase |
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OTTAWA - The Canadian economy continues to add workers in the face of an economic slowdown, creating 19,200 new jobs in April after a slightly smaller gain the previous month.
The new jobs, mostly in the full-time and self-employed categories, couldn't prevent the national unemployment rate from edging up by one-tenth of a point to 6.1 per cent.
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| New York market outlook glum, TSX could rise as oil tops US$125 a barrel |
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TORONTO - Oil barrelling toward the American driving season at a new record high oppressed Wall Street sentiment Friday morning.
Crude oil was at US$125.48 per barrel on the New York Mercantile Exchange after going as high as $125.98 overnight.
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| Oil approaches $125 per barrel ahead of US driving season |
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Oil prices soared to record highs near $125 Friday on the eve of the U.S. driving season as a weakening U.S. dollar drove investors to snap up commodities.
Light, sweet crude for June delivery rose as high as $1.24 to $124.93 a barrel in electronic trading on the New York Mercantile Exchange before retreating slightly to $124.75 at midday in Europe. On Thursday, the contract rose to a record close of $123.69 a barrel.
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| RIM's Balsillie says Canadians need to make their voices heard |
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TORONTO - Canadians need to become more involved in global issues and make their voices heard, RIM (TSX:RIM) co-chief executive Jim Balsillie said Thursday night.
Balsillie, who is himself quite active in social issues, says the world is willing to listen to Canada if it were to make itself heard.
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| Trade surplus expands for the third straight month in March |
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OTTAWA - Canada's merchandise trade surplus with the world expanded for the third straight month in March as exports grew and imports declined.
The trade surplus jumped to $5.5 billion, its highest level since May 2007.
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| U.S. trade deficit shrinks in March as economic weakness cuts imports |
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WASHINGTON - The U.S. trade deficit narrowed sharply in March as demand for imports fell by the largest amount since the last recession was ending.
The Commerce Department reported Friday that the deficit totalled $58.2 billion, down 5.6 per cent from February, a larger improvement than had been expected.
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| Federal government confirms decision to reject foreign takeover of Radarsat |
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TORONTO - The federal government has confirmed its decision to block a controversial foreign takeover of part of Canada's premier space technology firm, saying the proposed deal would not benefit the country.
Industry Minister Jim Prentice announced the decision early Friday, saying it followed an "extensive and rigorous review process." "I have confirmed my initial decision that I am not satisfied that ATK's proposed acquisition of the Information Systems Business of MDA would likely be of net benefit to Canada," Prentice said in a news release.
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| ACE Aviation Q1 loss $182M on cargo cartel probes: another $500M share buyback |
MONTREAL - ACE Aviation Holdings Inc. (TSX:ACE.A, TSX:ACE.B) is buying back another half-billion dollars worth of its shares as the parent of Air Canada continues dismantling itself. ACE reported Friday it lost $182 million in the first quarter, pulled down by a $125-million provision for probes and litigation over alleged price-fixing in the air cargo industry. ACE also had foreign exchange losses of $89 million and an aircraft writedown of $38 million. The quarter's operating loss was $27 million.
Canadian Tire Q1 performance flat: same-store sales decline four per cent
TORONTO - Canadian Tire Corp. (TSX:CTC.A) is in a "very strong" position to weather an economic slowdown, CEO Tom Gauld told shareholders Thursday after the retailer reported a nearly 20 per cent increase in first-quarter earnings despite shaky sales.
"We are in very good shape to compete going forward," he said after the annual meeting attended by about 400 people.
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