Business
Another down day for stocks
Another down day for stocks
About this update from Genesis Ai Corp
[{"type":"text","content":"\nAnother down day for stocks\n\nMerck, Schering-Plough talking merger\n Mar. 9, 2009 (Baystreet.ca) -- 04:31 pm EST\nThe general shakiness plaguing equity markets across North America continued its grip Monday, with markets across the board reporting more losses, and therefore, more lows they have not registered for years. Financials were the major source of weakness in Toronto, where the S&P/TSX composite index drifted off as the day wore on, and eventually losing 45.89 points to 7,545.58. GM of Canada Ltd. and the Canadian Auto Workers announced yesterday they had negotiated significant concessions affecting employees and retirees that will freeze their wages and pensions, increase personal expenses for health care benefits, reduce employee holidays and eliminate annual bonuses.The cuts, which could mean hundreds of millions of dollars in additional savings for GM until the fall of 2012, are critical for the company's survival plan and to qualify for loans from the federal and provincial governments. It could help in making GM eligible for $6 billion in government aid. Rio Tinto Group, the world's third largest mining company, isn't planning to slow development of the $3-billion Oyu Tolgoi copper-gold deposit in Mongolia, denying a report in the Sydney Morning Herald. London-based Rio Tinto and Ivanhoe Mines Ltd., jointly developing Oyu Tolgoi, may proceed at a slower pace than planned, the newspaper reported today, citing Albanese. Rio Tinto and Ivanhoe have spent more than $1 billion on the project to date, Albanese said today. Canada Mortgage and Housing Corp. said the seasonally adjusted annual rate of housing starts declined to 134,600 units in February from 153,500 units in January. That was much worse than expectations of 148,000 starts last month.A briefing note from RBC Capital Markets said recent bank earnings reports reinforced the view that "despite tumultuous global markets, the Canadian financial sector has outperformed its global peers."However, the currency has been under pressure form a string of negative economic news, including the loss of 129,000 jobs during January and the December merchandise trade report that showed Canada with its first monthly trade deficit since March 1976.The TSX lost 6.5% last week, taking the main index to 2003 lows, while the Dow industrials lost 6.15%, leaving the ...