Aluminum producer Alcoa Inc. on Tuesday posted a lower-than-expected quarterly profit on softening demand in key aerospace and auto sectors, and said it was halting major capital projects in the face of uncertain markets.
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With oil prices sliding nearly 40% from their July high, and predictions of a return to US$50 oil becoming louder, some members of the OPEC cartel seem to be getting nervous their petro-dollar hauls are lightening up.
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The credit crisis is spilling over into the grain industry as international buyers find themselves unable to come up with payment, forcing sellers to shoulder often substantial losses.
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The Canadian dollar fell against a generally stronger U.S. dollar Tuesday as weary investors avoided the commodity-linked currency due to concerns about fallout from the global financial crisis.
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The U.K. was poised to nationalize parts of its banking system late last night through a $100-billion scheme that would top up banks’ capital reserves and see the government take seats on the boards of financial institutions.
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American International Group Inc. spent US$440,000 on a conference at a California resort less than a week after an US$85-billion government takeover, lawmakers said.
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As far as Todd Hirsch is concerned, what will happen to Canada during the pending economic slowdown is akin to what happens to an automobile that drives over a nasty pothole – there will be substantial damage to certain parts, most notably the axle, but no lives will be lost.
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Stocks swooned again Tuesday as further bold steps by regulators aimed at halting the deepening global credit crunch did little to ease the crisis of confidence gripping world markets.
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In a desperate bid to help U.S. banks recapitalize, Washington is dropping its inhibitions and reaching out to Canadian financial institutions to gauge their willingness to participate in rescue operations.
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Washington PostBuilding on Common Ground With RussiaWashington Post, United States - 1 hour agoUntil a recent meeting between Secretary of State Condoleezza Rice and Russian Foreign Minister Sergei Lavrov, the United States and Russia had been without …
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