Business News Archive - November 27, 2008
Another 850 Canadian automotive jobs have been written off in the Toronto area as Magna International Inc.
Two new U.S. government programs to kick-start loans for consumers will take time to kick in and do not help borrowers with bad credit, experts said. The government moved Tuesday to lend $200 billion to investors to buy asset-backed securities based on student loans, auto loans and credit card debt.
Crude oil prices fell Thursday morning on the New York Mercantile Exchange although investors remain wary that OPEC may cut production soon. Members of the Organization of Petroleum Exporting Countries, OPEC, were scheduled to meet Saturday in Cairo.
Consumer spending, a major force in the U.S. economy, may fall further as the recession wears on, a leading economist said Thursday. We're in a deep slide.
Britain's largest union, Unite, said it promised the country's Labor party it would keep the party financially afloat in a secret deal made last summer. Details deal were not disclosed, but the Labor party and the union admitted a deal was struck in June, The Times of London reported Thursday. The party's mounting debts forced it to approach various lenders for reassurance on future financial backing, The Times said. Britain's Electoral Commission has said details do not need to be disclosed, as they describe future transactions. Political parties do not have to tell the commission about any future funding arrangements, the commission said.
Court appointed administrators said Thursday that several buyers had shown interest in purchasing struggling British retailer Woolworths.
Asian markets headed up Thursday on the heels of a four-session rally in U.S. markets. Markets in India were closed Thursday, but the Nikkei average in Japan rose 2 percent to 8,373.39 on a gain of 160.17 points. China's Hang Seng index rose 1.37 percent, up 182.61 to 13,552.06.
European stock markets made gains Thursday, the DJStoxx 600 gaining for the fourth consecutive day as government interventions appeared to appease investors. The DJStoxx 600 index rose 1.8 percent, up 3.58 points to 202.43.
Wal-Mart Canada announced Thursday it will keep 192 of its stores open 24 hours a day in December through Christmas Eve. In a statement from its Mississauga, Ontario, headquarters, the company said a survey it conducted found 41 percent of Canadian shoppers said extended store hours play a determining role in their choice of shopping destinations. This is an unprecedented number of stores open for an unprecedented length of time, but it's clear the popularity of 24-hour shopping is growing with Canadians, said Jim Thompson, senior vice president of operations.
A few of New York City's poorest residents will feast on turkey at home this Thanksgiving due to the settlement of a six-year-old class-action lawsuit. The case, filed against the city by the Urban Justice Center in 2002, was settled in 2006, but plaintiffs have just recently been granted their awards, which amount to additions of up to $5,000 on their food stamp benefit accounts, The New York Times reported Thursday. While most of the awards are smaller than that, city resident Monica Ryan said she would buy a turkey having learned the sudden appearance of $888 on her benefit card was legitimate. Ryan's monthly food stamp allocation is $107.