Thursday, July 30, 2015

Business

Fiat Chrysler must offer to buy back 500,000 Ram pickups; biggest such action in US history

DETROIT — Fiat Chrysler must offer to buy back from customers more than 500,000 Ram pickup trucks and other vehicles in the biggest such action in U.S. history as part of a costly deal with safety regulators to settle legal problems in about two dozen recalls.

Quebec court rules in favour of tobacco firms in initial $1.13-billion payment

MONTREAL — The country’s largest tobacco firms will not have to make an immediate $1-billion payment to Quebec smokers who won a landmark class-action suit.
In a ruling Thursday, the Quebec Court of Appeal said it could be problematic for the companies to recoup the money if they are eventually successful in appealing a judgment ordering them to pay $15.6 billion.

USDA scientists develop bird flu vaccine that works on chickens and is being tested on turkeys

DES MOINES, Iowa — Scientists have developed a vaccine strain that has tested 100 per cent effective in protecting chickens from bird flu and testing is underway to see if it also protects turkeys, U.S. Agriculture Secretary Tom Vilsack told the House Agriculture Committee at a hearing on Wednesday.

Saskatchewan cattlemen want drought help, Alberta counties declare disaster

Saskatchewan cattle producers are the latest group to call for government help to deal with a drought that has withered crops in parts of the Prairies.
The Saskatchewan Stock Growers Association has asked Ottawa for tax deferrals for those forced to sell cattle due to dry conditions.

Restaurants consider raising menu prices to keep up with soaring cost of food

TORONTO — Canadians grown accustomed to paying more for their groceries shouldn’t expect to find cheaper prices in the country’s restaurants.
Quarterly figures from Restaurants Canada suggests that 65 per cent of the country’s eateries report their food budgets are higher than they were at the same time last year.

Ottawa won’t co-operate with Ont. pension plan, Oliver says in letter to Sousa

TORONTO — Finance Minister Joe Oliver is telling Ontario the federal government will not co-operate in any way with the province’s move to create its own pension plan.
Oliver sent a letter to provincial Finance Minister Charles Sousa on Thursday saying the Conservatives “will not assist the Ontario government” in the implementation of the Ontario Retirement Pension Plan.

Nexen pipeline spills five million litres of emulsion near Fort McMurray

CALGARY — A pipeline at Nexen’s Long Lake oilsands project in northeastern Alberta has failed, spilling an estimated five million litres of bitumen, produced water and sand.
The company, which was taken over by China’s CNOOC Ltd. in 2013, said the affected area is about 16,000 square metres, mostly along the pipeline’s route.

Largest Canadian meat recall: $4M settlement in XL Foods tainted meat lawsuit

CALGARY — A deal has been worked out in a class-action lawsuit filed over an E. coli outbreak and the largest meat recall in Canadian history.
The lawsuit is against XL Foods Inc., which operated a meat-packing plant in southern Alberta during a tainted beef recall in 2012.

Restaurants consider raising menu prices to keep up with soaring cost of food

TORONTO — Canadians grown accustomed to paying more for their groceries shouldn’t expect to find cheaper prices in the country’s restaurants.
Quarterly figures from Restaurants Canada suggests that 65 per cent of the country’s eateries report their food budgets are higher than they were at the same time last year.

Bank of Canada cuts key rate to 0.5 per cent, slashes economic outlook

OTTAWA — The Bank of Canada cut its key interest rate on Wednesday, slashed its outlook for the economy and predicted a contraction in the second quarter due lower oil prices and slumping exports — but the central bank governor wouldn’t describe the country’s economic woes as a recession.

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