Flaherty sees recovery, credit risks lurk
TORONTO (Reuters) - Canadian Finance Minister Jim Flaherty said on Monday that while the economic recovery is under way, risks still lurk, including global credit issues and high domestic unemployment. "There's still concerns in credit markets around the world. Witness what we've just been through with ... fiscal crisis in Greece and the fallout that can come from that kind of sovereign crisis," he told reporters in Toronto.
Shaw to acquire Canwest cable channels
TORONTO (Reuters) - Shaw Communications Inc
Canada launches spending review to tackle deficit
OTTAWA (Reuters) - The Canadian government aims to identify savings this year of C$1.7 billion ($1.68 billion) as part of its plan to reduce the budget deficit, Treasury Board President Stockwell Day said on Monday. Day told reporters the government will conduct a strategic review this year of C$35 billion in spending across 13 government departments and agencies, with the goal of shaving 5 percent off spending in each.
TSX turns lower as resources weigh
TORONTO (Reuters) - Toronto's main stock index turned negative on Monday morning as energy shares were pressured by an oil spill in the Gulf of Mexico and investors in gold companies took profits from a recent rally. At 11:23 a.m. the Toronto Stock Exchange's S&P/TSX composite index <.GSPTSE> was down 23.86 points, or 0.2 percent, at 12,186.84.
UAL, Continental to form largest airline
NEW YORK/CHICAGO (Reuters) - United Airlines parent UAL Corp
Investors skeptical on record Greek bailout
ATHENS/LONDON (Reuters) - Financial markets reacted skeptically on Monday to a record 110 billion euro ($146 billion) EU/IMF bailout for Greece, with investors expressing doubts whether it would solve the euro zone's debt crisis. Despite Sunday's agreement by European finance ministers on an unprecedented three-year loan package, the euro fell as markets questioned the ability of the Greek government to push through new austerity measures pledged in exchange for aid and worried other euro states may be vulnerable.
U.S. stocks rise on data
NEW YORK/LONDON (Reuters) - U.S. stocks rose on Monday, sparked by improved consumer spending and factory activity and an airline merger, but global stocks and the euro fell on skepticism over a debt bailout for Greece. The U.S. manufacturing and consumer spending data as well as an unexpectedly rise in construction spending all bode well for an economic recovery. Factory activity grew at the fastest pace in nearly six years.
Feisty Buffett supports Goldman, high on economy
OMAHA, Nebraska (Reuters) - Warren Buffett on Sunday intensified his feisty defense of a controversial mortgage transaction marketed by Goldman Sachs Group Inc
Canadian dollar higher with oil, U.S. stock index futures
TORONTO (Reuters) - Canada's dollar rose against the U.S. currency on Monday as commodity prices were higher and U.S. stock index futures signaled strength at the open, suggesting investors were willing to take on more risk. "It's more a little bit of a consolidation phase with equity markets pointing to a slightly stronger opening today," said J.P. Blais, vice president foreign exchange products at BMO Capital Markets.
HSBC says Dubai World plan fair, resolution in weeks
DUBAI (Reuters) - Dubai World's restructuring plan is "very fair" and could be signed by lenders in coming weeks, a senior executive at one of its major bank creditors said on Monday. Simon Cooper, head of HSBC's Middle East operations, made the remarks on the sidelines of an HSBC trade survey launch.