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Airlines took in more than $6 billion in baggage and reservation change fees in 2012

The Canadian PressMay 14, 2013 12:26

NEW YORK, N.Y. - U.S. airlines collected more than $6 billion in baggage and reservation change fees from passengers last year — the highest amount since the fees became common five years ago. Passengers shouldn't expect a break anytime soon. Those fees — along with extra charges for boarding early or picking prime seats — have helped return the industry to profitability.

Oil slides as IEA sees surging US crude output, slowing global demand

The Canadian PressMay 14, 2013 06:45

NEW YORK, N.Y. - The price of oil slid by nearly $1 a barrel Tuesday as the International Energy Agency raised its forecast for U.S. oil production while cutting its prediction for global crude demand. Benchmark oil for June delivery dropped 96 cents to close at US$94.21 a barrel on the New York Mercantile Exchange. Oil has declined $2.41 a barrel over the last four trading sessions. The loss came after the Paris-based IEA, which advises 28 countries about energy issues, said rising U.S oil output will be the key source of new supplies over the coming five-year period.

Petrobas raises $11.0 bn mega investment drive

Agence France-PresseMay 14, 2013 06:31

Brazilian oil group Petrobas said on Tuesday that it had raised $11.0 billion on the corporate bond market, marking a record high amount for such an issue in an emerging economy. The company, controlled by the Brazilian state, is carrying a heavy amount of debt, but it will use the money to help finance investment of $237 billion from 2012-2016 to develop oil reserves off Brazil's shoreline. This year alone, Petrobas intends to borrow about $20 billion, the group's finance director said last month.

Most actively traded companies on the TSX, TSX Venture Exchange markets

The Canadian PressMay 13, 2013 18:00

TORONTO - Some of the most active companies traded Monday on the Toronto Stock Exchange and the TSX Venture Exchange: Toronto Stock Exchange (12,529.55 down 59.54 points): Bombardier Inc. (TSX:BBD.B). Transportation equipment. Down eight cents, or 1.70 per cent, at $4.63 on 14.23 million shares. Manulife Financial Corp. (TSX:MFC). Insurer. Up two cents, or 0.13 per cent, at $15.58 on 6.94 million shares. Malaga Inc. (TSX:MLG). Miner. Unchanged at half a cent on 6.63 million shares.

One-time gains boost News Corp profit to $2.85 bn

Agence France-PresseMay 13, 2013 16:32

News Corp said Wednesday profit in the past quarter tripled to $2.85 billion, boosted by a one-time gain from its German satellite TV operations, and improvements in cable TV and film operations. The quarterly results from the conglomerate led by Rupert Murdoch were largely in line with expectations, with an operating profit of 36 cents a share, excluding special items.

Elan enters $1 billion royalty deal with Theravance over potential respiratory drug sales

The Canadian PressMay 13, 2013 08:45

Irish drugmaker Elan Corp. PLC plans to pay $1 billion for the right to future royalties from four respiratory treatments being developed by Theravance Inc. and GlaxoSmithKline. The deal announced Monday will give Elan 21 per cent of the future royalties that South San Francisco, Calif.-based Theravance receives from Glaxo, a British drugmaker. Theravance shares soared almost 14 per cent in premarket trading 45 minutes before the market opening.

Oil price falls below $95 per barrel as rising dollar puts pressure on commodities like crude

The Canadian PressMay 13, 2013 06:30

BANGKOK - Oil prices fell Monday as the dollar strengthened against the yen and other major currencies. Benchmark oil for June delivery was down $1.11 to $94.93 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 35 cents to close at $96.04 a barrel on the Nymex on Friday. The stronger dollar is causing oil prices to fall, analysts said. The dollar has risen in recent days against the euro and last week passed the 100-yen mark for the first time in four years.

Most actively traded companies on the TSX, TSX Venture Exchange markets

The Canadian PressMay 12, 2013 07:46

TORONTO - Some of the most active companies traded Friday on the Toronto Stock Exchange and the TSX Venture Exchange: Toronto Stock Exchange (12,589.09 up 45.19 points):

Cineplex reports first-quarter profit down from year ago mark, revenue lower

The Canadian PressMay 11, 2013 20:31

TORONTO - Cineplex Inc. (TSX:CGX) said Thursday it earned $8.8 million in the latest quarter, down from a year ago, as theatre attendance fell due to a lack of a blockbluster movie to draw audiences. The company said the profit amounted to 14 cents per share for the quarter ended March 31, down from $15.1 million or 26 cents per share a year ago. Revenue was $248.1 million, down from $249 million.

Agrium first-quarter earnings down as spring arrives late in North America

The Canadian PressMay 11, 2013 20:31

CALGARY - Agrium Inc. says spring's late arrival to North America could be a major challenge, as farmers who buy fertilizers, seeds and other agricultural products from the company have less time to get their crops in the ground. "The weather has clearly not been conducive to farmers preparing and feeding their fields across North America so far this spring," said chief operating officer Chuck Magro on a conference call with analysts Thursday. As of May 5, only 12 per cent of the U.S. corn crop was seeded — the slowest rate since 1984, he said.