TSX hits seven-week low on euro zone fears
TORONTO (Reuters) ? Toronto's main stock index hit a seven-week low on Thursday morning, as materials and financial issues retreated in response to euro zone debt fears, sparked by rising German government bond yields. Wednesday's German bond auction pushed the cost of borrowing over 10 years for the European heavyweight above those of the United States for the first time since October.
Canada farmers earned more in 2011's first 9 months
(Reuters) - Canadian farmers earned nearly 11 percent more during the first nine months of 2011 than they did in the year-before period, Statistics Canada reported on Thursday. Farm cash receipts, which include market receipts from the sale of crops and livestock plus government program payments, climbed 10.9 percent to C$35.8 billion ($34.1 billion) between January and September.
Ontario cuts growth targets, says budget on track
TORONTO (Reuters) - The Ontario government cut its growth, revenue and reserve targets on Wednesday, but said it was still on track to balance the budget in six years, without lowering total program spending or raising taxes. In its fall economic statement, the government of Canada's most populous province said the timetable for eliminating its 2011-12 deficit of C$16 billion ($15.2 billion) by 2017-18 remains intact, as do medium-term targets, despite pressures from economic turmoil in the United States and Europe.
Provincial court upholds ban on polygamy
VANCOUVER (Reuters) - A Canadian provincial court on Wednesday upheld the country's ban on polygamy, saying the harm that plural marriage causes to women and children outweighed any infringement of religious freedoms. The landmark case was brought by the British Columbia government to test the constitutionality of a 120-year-old ban on polygamy in Canada.
Canada bank regulator warns on Basel supervision
OTTAWA (Reuters) - Global regulators must step up supervision of how so-called Basel III bank standards are implemented in order to ensure a level playing field among lenders, the head of Canada's banking watchdog said on Wednesday. Julie Dickson, who heads the Office of the Superintendent of Financial Institutions (OSFI), said the regulator has been emphasizing internationally that capital rules must be accompanied by "intensive supervision" to be effective and that there was an effort underway to increase scrutiny.
Police clear Occupy Toronto with few detentions
TORONTO (Reuters) - City workers dismantled tents and cleared debris from a downtown park on Wednesday as part of a restrained, daylong operation by police to peacefully end a five-week encampment by Occupy Toronto protesters. Backed by a court order, police arrived at dawn at St. James Park, a few blocks from the city's financial district, and workers began taking down unoccupied structures and cleaning up the site.
Carney urges immediate Europe debt action
MONTREAL (Reuters) - European leaders need to act "this week, not next year" to fix their debt crisis, Bank of Canada Governor Mark Carney said on Wednesday as fears grew that the crisis is starting to hit the big economies of Germany and France. In a stiff warning that described the sovereign debt crisis in Europe as "barely contained," Carney said the euro zone has the resources needed to clean up the mess, but has not provided enough details on how it plans to put those resources to use.
WestJet wins slots at New York's LaGuardia airport
(Reuters) - WestJet Airlines Ltd said on Wednesday it had won eight takeoff and landing slots at New York's LaGuardia Airport, a shot in arm for the carrier's plans to expand its service in the East. WestJet, Canada's second biggest airline, is locked in a battle for passengers in Eastern Canada and into the United States with No. 1 carrier Air Canada and smaller privately-owned rival Porter Airlines.
Imperial Oil sees no Syncrude expansion before 2020
CALGARY, Alberta (Reuters) - Imperial Oil Ltd does not expect to expand production capacity at the Syncrude Canada oil sands project in northern Alberta at least until 2020, breaking from the expectations of the other partners in one of the oil sands' biggest operations. Imperial is concentrating on improving reliability at the sprawling oil sands mining and synthetic crude processing development before moving forward with multibillion-dollar plans to boost output beyond the current capacity of 350,000 barrels a day, spokesman Pius Rolheiser said.
Pozen sells migraine drug's U.S. rights to Canada fund
(Reuters) - Pozen Inc sold its right to receive American royalties from its migraine drug to Canada's national pension fund, sending the pharmaceutical company's shares up as much as 32 percent in extended trade. The company received $75 million for the deal and would get a fifth of any royalties received by the fund, CPPIB Credit Investments, from April 1, 2018, Pozen said in a filing.
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