Business News

Mexico suspends beef, poultry shipments to U.S.

WASHINGTON - The government of Mexico has voluntarily suspended shipments of meat and processed poultry to the United States after U.S. officials raised concerns about the quality of Mexican food proc...

Gasoline price won't reflect sharp decline in crude oil, consultant says

CALGARY - Motorists expecting the pump price of gasoline to drop as suddenly as the headline cost of crude oil are likely riding for a disappointment, according to one industry expert. Many consume...

Chile's central bank hikes key interest rate to 8.25 per cent

SANTIAGO, Chile - Chile's central bank has raised its key interest rate to 8.25 per cent, its highest level in a decade. The bank said Thursday the half-point rate hike responded to consumer price ...

Venezuelan lawmakers five approval to takeover fuel distribution

CARACAS, Venezuela - Lawmakers loyal to Venezuelan President Hugo Chavez gave final approval on Thursday to a bill allowing the government to seize total control of the country's fuel distribution. ...

Hedge fund Harbinger Capital Partners ups stake in Cablevision

A hedge fund known for shaking up underperforming companies has increased its stake in Cablevision Systems Corp. to 9.1 per cent, according to a regulatory filing Thursday. Harbinger Capital Partne...

Wal-Mart acts on shifts in consumer spending amid fuel costs and food inflation

ROGERS, Ark. - If the mood on Wall Street is grim, then consumers in the United States must be feeling even more bleak, right? Fuel prices remain high, inflation has hit food prices hard and consum...

MDS reports $10M quarterly loss, cuts revenue and profit guidance

TORONTO - Facing what it sees as a soft market ahead, life sciences technology company MDS Inc. (TSX:MDS) has cut its full-year revenue and profit outlook after dropping to a third-quarter net loss of...

ProMetic signs licensing, investment agreements with Abraxis BioScience

MONTREAL - ProMetic Life Sciences Inc. (TSX:PLI) has concluded its largest deal ever after California-based Abraxis BioScience, Inc. (NASDAQ:ABII) agreed to potentially inject more than US$300 million...

Zi in opening talks with Nuance Communications, company says

CALGARY - Zi Corp. (TSX:ZIC) said Thursday it is in talks with Nuance Communications Inc., a company that has made a hostile bid for the Calgary-based company that develops the predictive-text softwar...

Home builder Toll Brothers posts third-quarter loss as revenue falls

LOS ANGELES - Toll Brothers Inc. said Thursday it swung to a loss in its third quarter as weak demand for new homes forced the luxury builder to mark down the value of its land and unsold homes. Bu...