Business News Archive - November 19, 2008
The need for continued economic growth in China and India as a way to overcome the global financial crisis was stressed Tuesday at an economic summit in Peru. Speaking to reporters in Lima, Bob Buckle, chairman of the economic committee of the 21-nation Asia-Pacific Economic Cooperation, said a steady and robust economy in China and India is vital as the two Asian giants have been a crucial engine of growth, for the world economy, Xinhua reported. Their continued progress would help restore market confidence in the current climate, Buckle said.
General Motors Canada has a massive pension shortfall that could require a government bailout in the event of bankruptcy, senior officials said in Toronto. In a meeting with the Globe and Mail's editorial staff, senior GM executives were unable to say how short the pension plan is, as the last valuation was done a year ago before world stock markets plunged.
A collapse of General Motors Corp.
Nearly 60 Canadian auto-supply workers in southwestern Ontario were told their plant is closing next year and being relocated to Brazil. Officials with ZF, a maker of heavy duty steering systems based in Stuttgart, Germany, told its 57 workers in St.
Crude oil prices dropped Wednesday to nearly $54 a barrel on the New York Mercantile Exchange as worries about eroding demand pressure commodities prices. Crude oil prices slipped to a 22-month low Wednesday morning, down 28 cents to $54.11 per barrel. Heating oil prices gained slightly, up 0.0006 cents to $1.7585 as winter temperatures settled in over much of the U.S.
The CTV television network is the second Canadian media group in a week to announce job layoffs, a hiring freeze and expense cuts. In a memo to employees Tuesday, CTV Chief Executive Officer Ivan Fecan said he would give details Wednesday at a town hall meeting at a Toronto newsroom. Fecan said the measures aren't all doom and gloom, the Canadian Broadcasting Corp.
U.S. stock indexes were down slightly Wednesday as the U.S. Department of Labor said the consumer price index fell 1 percent in October. The largest drop in the inflation rate in 61 years indicated the U.S. economy had slowed dramatically.
Privately owned housing starts fell 4.5 percent in the United States in October, the U.S.
U.S. consumer spending for the 2008 holiday season is projected to fall to a 10-year low, Gallup Poll researchers said Wednesday. Based on results of a Nov. 13-16 poll of 1,009 U.S.