There have always been a few hardy commuters willing to forgo
the comfort and safety of a car in favour of a bicycle, but in the
face of ballooning gas prices their numbers are growing dramatically
and that has proven a boon for manufacturers and retailers.
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Rising gasoline prices ripped into General Motors Corp.’s Canadian sales last month amid fresh concern the company may steer towards insolvency if market conditions worsen.
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The Canadian dollar will fall steadily versus the U.S. dollar during the next 12 months as commodity prices weaken and the gap between domestic and U.S. interest rates narrows, according to a Reuters poll released on Wednesday.
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U.S. employers cut workers from their payrolls for the sixth straight month in June for the country’s longest losing streak since 2002, while the unemployment rate held steady at 5.5%, government data on Thursday showed.
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Investors emerged from the Canada Day public holiday only to pummel the Toronto Stock Exchange’s benchmark index Wednesday, resulting in the TSX/S&P’s worst performance in more than five months despite oil hitting a record US$144 a barrel.
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Indian firms could invest $2-billion to $2.5-billion for stakes in Canadian tar sands projects, a top official said on Thursday, as part of efforts to secure overseas energy assets to fuel the country’s fast-growing economy.
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Canada will voice “a very strong claim” in 2013 for Arctic shelf rights, Natural Resource Minister Gary Lunn said.
The bid, which will cover an “enormous area” will be submitted under the United Nations convention, Mr. Lunn said on Thursday in Madrid, where he’s attending the World Petroleum Congress. Canadian scientists and geologists are currently preparing a study for the application.
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Jazz, Air Canada’s regional airline, is cutting its flight schedule by 5% and eliminating 270 jobs.
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The U.S. economic slowdown is reducing demand for Canadian exports, but economists at the Royal Bank of Canada believe domestic demand will be strong enough to more than offset the drag. According to a report released on Thursday, RBC expects Canada’s economy to avoid recession and grow 1.4% in 2008, with growth rising to 2.5% for 2009.
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Bulog secures financing to fulfill 2008 rice procurementJakarta Post, Indonesia - 9 hours agoIndonesia, Southeast Asia's largest economy, is predicted to this year see a jump in rice consumption of 5 percent from 33 million tons last year.
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