Unemployment to rise into 2010 despite economic recovery: Flaherty
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Toronto stock market closes flat on low trading volume; New York closed
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Talks between Air Canada, machinists' union likely to stretch through weekend
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Rising world markets help most Canadian equity mutual funds to solid gains in June
TORONTO - A generally positive performance in world equity markets and a weakening Canadian dollar were key factors in producing solid returns for most Canadian equity funds in June for a fourth consecutive month, Morningstar Canada says.
Forty of the 43 Morningstar Canada fund indexes gained, with foreign equity categories dominating the top rankings, the fund-tracker said Friday in a news release.
China Investment Corp. to buy stake in Teck Resources for $1.74 billion
VANCOUVER, B.C. - Mining giant Teck Resources Ltd. (TSX:TCK.B) has struck a $1.74-billion private placement designed to lighten its debt load, and its CEO says he hopes the deal will also boost the Canadian company's relationship with China.
Vancouver-based Teck said Friday that China Investment Corp. will buy 101.3 million class B voting shares for $17.21 each, 17.5 per cent of the company's B shares, and will hold onto the stock for at least a year.
Petro Andina board urges rejection of $400 million Pluspetrol offer
CALGARY - Petro Andina Resources Inc. (TSX:PAR) said Friday its board is urging shareholders to reject an unsolicited takeover bid from a private Dutch company.
Petro Andina said the $400-million offer from Pluspetrol Resources Corp. was "inadequate from a financial point of view," further describing the deal as "opportunistic" in light of the companys' resource development.
Most active shares in Toronto on Friday
TORONTO - Some of the most active companies traded Friday on the Toronto Stock Exchange and the TSX Venture Exchange:
Toronto Stock Exchange (10,288.01, up 42.10 points):
$10 billion plan signed for pipeline that would ship gas from Africa to Europe
ABUJA, Nigeria - Nigeria, Algeria and Niger have signed an agreement to create a $10 billion pipeline that would ship gas across the Saharan desert to Europe, Nigeria's state oil company said Friday.
The plan comes as Europe seeks new sources of gas imports as it currently depends on Russia for much of its needs.
Venezuela takes control of Spanish-owned Banco de Venezuela in nationalization
CARACAS, Venezuela - President Hugo Chavez's government has taken control of the country's third largest bank - Banco de Venezuela.
The government agreed in May to pay Spain's Grupo Santander more than US$1 billion for the nationalization announced last year.
Net mutual fund redemptions between $1.3B and $1.8B for June, IFIC says
TORONTO - Net redemptions of mutual funds for June were estimated to be between $1.3 billion and $1.8 billion, according to the Investment Funds Institute of Canada.
IFIC estimated Friday that net assets of the mutual fund industry for the month of June will be between $542.9 billion and $547.9 billion, up 1.43 per cent from May's total of $537.8 billion.
Bell installation and repair technicians vote to approve new five-year contract
TORONTO - The union representing 2,500 Bell installation and repair technicians in Ontario said Friday the workers have voted to accept a new five-year contract.
The contract will increase wages for permanent technicians by 15 per cent over the term of the contract as well as provide improvements to benefits, pensions, vacations, and seniority rights, the Communications, Energy and Paperworkers Union of Canada said.
Chinese company makes bids for GM's Opel division; alternative to Magna
TORONTO - General Motors Corp. confirmed Friday it has received a non-binding offer from a Chinese concern for its Opel division.
GM Europe spokesman Christopher Preuss refused to give details of the offer from Beijing Automotive Industry Holding Co., but the offer adds to the U.S automaker's options should negotiations with Magna International Inc. (TSX:MG.A) fall through.
Oil brokerage reports $10 million loss on unauthorized trading in Brent oil this week
LONDON - PVM Oil Associates, the world's biggest over-the-counter oil brokerage, says it lost nearly $10 million this week because of unauthorized trades that caused a temporary spike in Brent crude markets.
PVM said in a statement late Thursday that it was investigating the trades, which drove up the price of Brent futures by more than $2 in one hour early Tuesday London time. It did not identify the trader involved in the transactions.
Victoria Square Ventures to provide $3 million for Adaltis CCAA restructuring
MONTREAL - Adaltis Inc. (TSX: ADS) received court protection under the Companies' Creditors Arrangement Act on Friday, providing some hope that the life sciences company can continue operating while it works out a survival plan.
The Quebec Superior Court granted Adaltis's request after a hearing Friday and appointed RSM Richter Inc. as the monitor during the restructuring process.
BG exercises pre-emption bid for Canadian Superior stake in Trinidad gas field
CALGARY - BG International will exercise its right to buy a 45 per cent stake in a natural gas property off the coast of Trinidad from Canadian Superior Energy Inc. (TSX:SNG), the two companies announced Friday.
Under the pre-emption offer, the British-based concern will pay US$142.5 million for the property known as Block 5(c) - the same price another British firm, Centrica Resources Ltd., agreed to pay in a June agreement with Canadian Superior.
Oil hovers above $66 after weak jobs numbers undermine investor confidence
Oil prices hovered above US$66 a barrel Friday in light holiday trading a day after grim unemployment numbers from the U.S. and Europe sent prices tumbling.
By mid-afternoon in Europe, benchmark crude for August delivery was down 16 cents to $66.57 a barrel in electronic trading on the New York Mercantile Exchange. On Thursday, it fell $2.58, nearly four per cent, to settle at $66.73.
Austrian transport operator orders 23 trams from Bombardier
BERLIN - Austrian transport operator Linz Linien has placed a US$93-million order for another 23 trams from Bombardier Inc. (TSX:BBD.B), the Montreal-based rail and aerospace equipment maker.
The Flexity Outlook trams are manufactured at Bombardier's factories in Vienna and Bautzen, Germany. Delivery of the first vehicles in the new order is planned for the beginning of 2011.
Strike averted at Globe and Mail as workers and paper reach contract deal
TORONTO - The Globe and Mail and 480 unionized employees reached a tentative contract agreement late Thursday, averting a strike at one of Canada's oldest and most influential newspapers.
The deal was signed just before a midnight deadline following a 15-hour session with a mediator. Details of the tentative agreement won't be released until a union ratification vote on Monday.
British Airways to cut seats, delay acquiring new planes as recession hits
LONDON - British Airways PLC announced Friday it will ground aircraft, slash seat numbers and postpone taking delivery of a dozen new Airbus A380 superjumbos as it faces a recession-driven decline in passengers.
The airline said it carried 2.93 million passengers in June, five per cent fewer than in June 2008.
Crescent Point Energy aims to produce 44,500 barrels per day by year-end
CALGARY - Crescent Point Energy Corp. says its expects its 2009 production to average the equivalent of 42,000 barrels of oil per day, and expects to end the year producing more than 44,500 boe/d following a series of asset purchases and sales.
The company, which has converted from an income trust into a dividend-paying corporation, said Friday it expects its funds from operations in 2009 will be $613 million - based on various production, price and currency assumptions.