World energy demand will rise 1.6% a year through 2030, driven by consumption growth in emerging economies including China, while security of supply will remain a concern, the Asian Development Bank said.
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Bank of Canada deputy-governor David Longworth said inflation and economic growth may be slower than policy makers projected in July, signalling the central bank might tilt closer to cutting rates.
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Maple Leaf Foods Inc. stock took another beating on Tuesday and some observers said the very survival of the company may be at risk as more products were pulled from store shelves amid a deadly food poisoning outbreak.
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Bank of Nova Scotia is joining forces with a Chinese bank to launch a new fund manager, marking the Canadian bank’s first foray into China’s burgeoning wealth management industry.
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New orders for long-lasting U.S. manufactured goods jumped a surprising 1.3% in July, while a gauge of business investment also rose unexpectedly, a government report showed on Wednesday.
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The Toronto Stock Exchange’s main index jumped more than 200 points on Wednesday morning, powered by strength in commodity-related stocks and quarterly results from Canadian Imperial Bank of Commerce.
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The Canadian dollar edged higher against the U.S. dollar on Wednesday, helped by firming oil prices as Tropical Storm Gustav looked as though it might strengthen as it heads toward key oil installations in the Gulf of Mexico. At 10 a.m. EDT, the Canadian dollar was at C$1.0458 to the U.S. dollar, or 95.62 U.S. cents, up from C$1.0484 to the U.S. dollar, or 95.38 U.S. cents, at Tuesday’s close.
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Oil rose on the possibility that Tropical Storm Gustav could threaten U.S. Gulf oil and gas installations. U.S. crude for October delivery was up US$2.98 at US$119.25 a barrel after adding US$1.16 on Tuesday. London Brent crude gained US$2.31 to US$116.94 a barrel.
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Canadian Imperial Bank of Commerce saw third-quarter profit plummet 91% largely due to a massive charge from the bank’s exposure to securities tied to the reeling U.S. subprime residential mortgage market, the bank said on Wednesday.
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North Korea suspends dismantling of nuclear facilitiesKansas City Star, MO - 15 hours ago"This is a body blow," said Daniel Sneider of Stanford University's Walter H. Shorenstein Asia-Pacific Research Center. "I don't think this is the last word …
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