Service industries in the U.S. shrank in July for a second straight month, signalling the slowdown in growth broadened.

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Diversified media company Quebecor Inc. (QBR.A-B/TSX) said it is poised to embark on a new round of growth after reporting optimistic second quarter results.
The company said it had consolidated net income of $57.3-million (88 cents a share) in the second quarter ended June 30, up from $43.2-million (77 cents) in the year-earlier quarter.

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Bank of Nova Scotia is open to making more acquisitions of money managers in North America following last month’s $442-million agreement to buy the Canadian unit of E*Trade Financial Corp.

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Wealth management firm IGM Financial Inc. is buying Saxon Financial Inc., home to money managers Bob Tattersall and Rick Howson, and plans to merge it into its Mackenzie Financial Corp.

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Canada’s dollar fell to the lowest in more than a year as the prices of commodities including crude oil tumbled and the U.S. currency strengthened.

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U.S. drivers found more relief at the pump as the national price for gasoline dropped to its lowest level in 11 weeks, the government said on Monday.

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The United States is in the second inning of a recession that will last for at least 18 months and help kill off hundreds of banks, influential economist and New York University Professor Nouriel Roubini told Barron’s this week.

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Toronto’s main stock market index plunged more than 300 points at the open on Tuesday on the back of steep declines in prices of key commodities, including gold and crude oil.

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BBC NewsFood shortages warning for NepalBBC News, UK - 11 hours agoThe price of rice has risen by up to 50% in a year, and the price of cooking oil has gone up 30% in six months. Rising prices for food have hit poorer …

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Obama's Overseas Spectacle Masks Policy Gaps on Iraq, ChinaBloomberg - 11 hours ago“The trip was not designed to be his only opportunity to discuss national security,'' Rice said. The scope of Senator Obama's Iraq policy is still emerging …

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