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Geoffrey Ballard, founder of fuel-cell firm Ballard Power Systems, dies
Geoffrey Ballard, founder of fuel-cell firm Ballard Power Systems Inc. (TSX:BLD) and an entrepreneur Time Magazine once named one of its "Heroes for the Planet," has died.
Loonie falls below 94 cents US as oil prices continue to drop and weak jobs report
The Canadian dollar fell more than a cent to well below 94 cents Friday, its lowest level in about a year, after oil prices continued to fall and a weak jobs report suggested the Canadian economy is slowing sharply.
Domtar hoping to achieve synergies of $250 million this year
Paper manufacturer Domtar Corp. (TSX:UFS) has increased its cost-saving targets for the year to $250 million as it continues to battle the weakening North American economy.
Brookfield Asset's earnings fall 28 per cent on non-cash expenses
Brookfield Asset Management Inc. (TSX:BAM) reported a sharp drop in second-quarter profits Friday but said it sees big money-making opportunities stemming from Brazil's need for power and housing.
Thomas Cook gold quote: C$914 at close Friday
Gold was quoted at C$914 bid (US$857) and C$915 asked (US$858) at the close of trading Friday by Thomas Cook, a major gold and foreign exchange dealer.
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Penn West CEO defends decision to take conservative approach on distributions
The management of Penn West Energy Trust (TSX:PWT.UN) is defending the decision to keep distributions steady and hedge nearly half its oil and gas production, saying that a conservative approach is prudent given volatility in commodity markets.
Biovail board of directors declared elected at reconvened annual meeting
Biovail Corp.'s (TSX:BVF) management-backed nominees for the company's board of directors were declared elected Friday at a reconvened annual meeting, after founder Eugene Melynk withdrew his dissident slate.
Falling fuel pricing gives ACE options for disposing Air Canada stake, says Milton
As Air Canada (TSX:AC.B) struggles to adjust to higher fuel prices, its parent company ACE Aviation (TSX:ACE.A) says a recent drop in the world oil price may help efforts to dispose of its majority stake in the country's biggest airline.
NovaGold hit with U.S. lawsuit alleging failure to disclose major adverse facts
NovaGold Resources Inc. (TSX:NG) and some of its executives have been hit with a U.S. lawsuit filed by disgruntled investors who say they weren't given enough warning about problems at the now-halted Galore Creek mining project in British Columbia.
Canaccord Capital says market confidence to stay low near-term; Q1 profit down
The chief executive of investment dealer Canaccord Capital Inc. (TSX:CCI) said volatile markets caused revenues to fall nearly a third in its most recent quarter and he warned Friday that the tough business environment will likely continue for at least the rest of the year.
Fine silver quotations Friday: $17.107 ounce
Handy and Harman fine silver quotations in Canadian dollars: Friday $17.107 oz., $549.99 kg.; Thursday $17.674 oz., $568.22 kg.
Business in Pictures
London FT-100 index up 11.7 points to close at 5,489.2
The Financial Times Index of 100 industrials closed 11.7 points higher to 5,489.2 on Friday.
MI Developments announces 2008 second quarter results and departure of CEO
MI Developments Inc. (TSX:MIM.A) says chief executive John Simonetti will leave after a brief transition period.
TSX Venture Exchange down 33.65 points at 2,096.54
The TSX Venture Exchange stood at 2,096.54 down 33.65 points from Thursday's close. The volume at noon ET was at 41.65 million shares.
North American markets split directions on falling crude oil prices
North American markets split directions on Friday near midday as higher oil prices sent Toronto lower, but helped New York recoup earlier losses.
Air Canada's load factor in July matches record for the month set in 2005
Air Canada (TSX:AC.A) filled 83 per cent of its seats in July, matching a July 2005 record load factor and above a year-before 81.8 per cent last July.
Iamgold posts $33.3-million profit in second quarter; 2008 output target raised
Iamgold Corp. (TSX:IMG) improved its net profits to US$33.3 million in its second quarter, reversing a year-ago loss of US$81.4 million.
Fannie Mae loses US$2.3 billion in quarter as defaults rise
Fannie Mae swung to a second-quarter loss that was more than triple what Wall Street expected as conditions in the housing market continued to deteriorate, forcing the U.S. mortgage finance giant to make bold cutbacks that will send shock waves through the mortgage market.
Canadian dollar is down 1.35 cents at 93.62 cents US at 11 a.m. ET
The Canadian dollar traded at 93.62 cents US this morning, down 1.35 cents from Thursday's close. The U.S. dollar stood at C$1.0681, up 1.51 cents.
Price of oil dips on stronger dollar, drops below US$117 a barrel
Oil prices resumed their descent Friday, dropping below US$117 a barrel as a strengthening dollar and expectations of slowing demand offset supply concerns over a sabotaged pipeline in Turkey.
Toronto gold quoted at C$910 in mid-morning trading
Gold was quoted at C$910 bid (US$853) and C$911 (US$854) in mid-morning trading Friday by Thomas Cook, a major gold and foreign exchange dealer.
TSX Venture Exchange down 18.25 points at 2,111.94 at open
The TSX Venture Exchange stood at 2,111.94 down 18.25 points from Thursday's close. The volume at 10 a.m. ET was at 10.47 million shares.
Fortis Q2 profit falls to $32M from year-ago $43M, revenue up sharply
Diversified utility Fortis Inc. (TSX:FTS) reported Friday a second-quarter profit of $32 million, 18 cents per share, down from a year-ago $43 million or 27 cents per share as several one-time items affected its results.
American productivity growth slowed in spring: Labour Department
The efficiency of America's workers grew at a slightly slower pace in the spring as companies sought to produce more with leaner work forces.
Labopharm Q2 loss narrows to $10.1 million from year-ago $11 million
Drug developer Labopharm Inc. (TSX:DDS) reported Friday a second-quarter net loss of $10.1 million, narrowed from a year-ago $11 million
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