Iran is proposing an OPEC production cut of two million barrels per day
Dec 15 2008
The Associated Press December 14, 2008 - 11:36 a.m. TEHRAN,Iran - The Iranian Oil Ministry says Iran is proposing a cut in OPEC's production of up to two million barrels per day. The ministry's website quotes Iran's Oil Minister Gholam Hossein Nozari as expression Iran would onset for a production cut of 1.5 to couple million barrels per day at organization's gathering in Algeria. Nozari said today the proposal is to provide balance to the oil market. The cartel is grappling with to what degree to reverse plunging unpremeditated prices. A meeting in Cairo last month left the decision to cut prices for Wednesday's sitting in ...
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Stock gains hard to come by this week as auto sector casts a pall
Dec 15 2008
Malcolm Morrison, The Canadian Press December 14, 2008 - 12:00 a.m. TORONTO - The Toronto stock market is likely in for further losses in the coming week amid a litany of bad economic news and deepening pessimism here and there the future of the North American auto industry. "I think basically investors should just take . the fact that there is going to be a wave of very ugly economic news for some time to advance," said Doug Porter, senior economist through BMO Capital Markets. "I ruminate the best we can sense of possible fulfilment for over the near term is that the market has largely ...
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Signs of a deep recession keep piling up as sales drop again and fears of deflation rise
Dec 15 2008
Martin Crutsinger December 12, 2008 - 10:51 p.m. WASHINGTON (AP) - Signs that the recession will be long and severe mounted Friday with a fresh round of bad economic news, including plunging sales from manufacturers to stores and falling prices that raise fears of dangerous deflation. The widening economic troubles did put a top on inflation. But they raised concerns about the opposite denunciation — the potential for a bout of deflation that could draw heavily and slowly down incomes, clobber home prices even more and blench corporate profits. "Everything is going wrong in the fourth quarter," said Mark Zandi, chief ...
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Eugene Melnyk increases stake in Biovail Corp. to 13.5 per cent
Dec 14 2008
The Canadian Press December 12, 2008 - 9:23 p.m. TORONTO - Eugene Melnyk before-mentioned Friday that he has increased his hazard in Biovail Corp. (TSX:BVF), the drug company he founded and once headed, to 13.5 per cent. Melnyk said he bought 4.7 million shares of the company in a private deal for about $50.7 million or in all parts of $10.86 through share for investment purposes. The former Biovail chief executory now holds hither and thither 21.5 million shares in the company. Biovail shares closed up nine cents at $11.39 on the Toronto Stock Exchange on Friday. Earlier this year, Melnyk attempted to replace the company's ...
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