New home prices rise, soften in Vancouver
OTTAWA (Reuters) ? New home prices rose by a stronger-than-expected 0.3 percent in November from October but continued to subside in the pricey Vancouver market, according to Statistics Canada data released on Thursday. Analysts surveyed by Reuters had expected a 0.2 percent rise. On a yearly basis, prices rose 2.5 percent, the same rate as in October.
Harper to visit China, seeking higher oil sales
OTTAWA (Reuters) - Prime Minister Stephen Harper plans to visit China next month as his government looks to open new markets for oil sands crude in the wake of Washington's decision to delay approval of a major pipeline from Alberta to Texas. Harper is scheduled to fly to Beijing in the second week of February and aims to deepen economic ties with the Asian powerhouse, the prime minister's office said in a statement on Wednesday after he met with China's ambassador.
ADM becomes latest agribusiness giant to cut jobs
CHICAGO (Reuters) - Agricultural processor Archer Daniels Midland Co said on Wednesday it will reduce its workforce by 3 percent, making it the latest agribusiness giant to make cuts in the face of volatile global markets. ADM said it will eliminate about 1,000 positions worldwide in the first broad reduction in company history. It estimates the job cuts and other cost reductions will eventually reduce the company's annual pre-tax expenses by more than $100 million.
Canada budget austerity yields lower fed spending
OTTAWA (Reuters) - Efforts to rein in Canada's budget deficit have resulted in a 3.0 percent decline in overall federal expenditures in the first half of the fiscal year, the office of the parliamentary budget officer said on Wednesday. "The spirit of austerity is beginning to take hold," said Jason Jacques, who prepared reports on the April-September period for the office. "Whatever they're doing, it's working."
FDA clears Canada OJ, holds other imports for tests
WASHINGTON (Reuters) - U.S. health regulators will soon release a batch of orange juice imports from Canada, the first supplies to enter the country since authorities began testing for an illegal fungicide widely used by top supplier Brazil. The Food and Drug Administration said this week it was testing orange juice shipped into the United States for carbendazim, a chemical that is illegal for U.S. citrus but commonly used in Brazil to fight mold on trees. Juice that tests positive will be stopped at the border.
British Columbia to repay C$1.6 billion to federal government
OTTAWA (Reuters) - British Columbia has agreed to repay the federal government over five years the C$1.6 billion ($1.57 billion) it received for harmonizing its provincial sales tax with a federal sales tax, the province announced on Wednesday. A referendum last year had forced the western Canadian province to get rid of the harmonized tax, which was extended to items such as restaurant bills.
Glyphosate-resistant weed spreads to Canada crop belt
WINNIPEG, Manitoba (Reuters) - A weed resistant to a widely used chemical to protect crops has spread for the first time to Western Canada, the country's grain and canola belt. Kochia weed turned up in three fields in Southern Alberta last August, despite the use of glyphosate, and Canadian government scientists have now confirmed that it is resistant to the farm chemical, seed company Monsanto Canada said on Wednesday.
EU launches WTO suit on Canadian renewable power
GENEVA (Reuters) - The European Union has escalated a trade dispute over Canadian provincial rules for solar and wind energy subsidies by asking the World Trade Organization to set up a panel to rule on the case, the WTO said on Wednesday. The EU's decision to resort to legal measures against Canada, after the failure of direct talks to settle the dispute, will come as little surprise because Japan has already trodden the same path in an identical case.
Ackman won't try to oust entire CP board: report
TORONTO (Reuters) - Activist investor William Ackman plans to propose a minority slate of alternate directors as he seeks to install a new boss to engineer a turnaround at Canadian Pacific Railway Ltd, a newspaper reported on Wednesday. The Globe and Mail quoted Ackman as saying he would propose no more than two new directors to represent his Pershing Square Capital Management, on CP's 15-member board, plus two to three directors independent of both the hedge fund and Canada's second-largest railway.
Canadian natives warn against pipeline to Pacific
KITAMAAT VILLAGE, British Columbia (Reuters) - Aboriginal leaders opposed to a C$5.5 billion ($5.4 billion) oil sands pipeline backed by Canada's government warned on Tuesday that the project could devastate fishing and traditional life on the rugged Pacific Coast and called for it to be stopped. As hearings into Enbridge Inc's proposed Northern Gateway pipeline opened with drumming and native singing, hereditary chiefs and elders of the Haisla First Nation told the regulatory panel their greatest fear was the potential impact of oil spills on their community of 1,500.
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