Newspaper article The Canadian Press

Business News as of 6 P.M. ET

Newspaper article The Canadian Press

Business News as of 6 P.M. ET

Article excerpt

Business News as of 6 p.m. ET


MONDAY, DEC. 9, 2013, 6 p.m. ET


Here are the top Business News stories from The Canadian Press as of 6 p.m. All times Eastern unless otherwise stated. Coverage plans are included when available. Entries are subject to change as news develops.

Queries should be addressed to the business desk at 416-507-2138. To reach CP Business by email, send messages to



Canadian Oil Sands appoints new CEO


CALGARY -- Canadian Oil Sands Ltd. (TSX:COS) says chief financial officer Ryan Kubik will take over as the company's new CEO when Marcel Coutu retires in the new year. The biggest partner in the Syncrude Canada oilsands mine also announced a capital budget of $1.1 billion for 2014. It expects Syncrude production to fall between 95 million and 110 million barrels for next year.


Quebec wants $750 million in fines for alleged fraud


QUEBEC -- Quebec's revenue agency is seeking prison terms and a total of $750 million in fines from a precious-metals company, 11 jewelry businesses and at least a dozen other individuals for alleged fraud. Revenu Quebec says 1,920 charges have been laid in all, including 120 against Kitco Metals Inc. and another 120 against company president Bart Kitner. Fines sought from them total more than $454 million. Moves Business and National; guard against duplication; Revenu Quebec is cct


Housing starts fall in November: CMHC


OTTAWA -- Canada's much-scrutinized housing market showed signs of softening last month, with starts falling a little further than expected but still to levels many analysts consider too strong to sustain. Canada Mortgage and Housing Corp. said Monday housing starts declined to an annualized rate of 192,235 in November, three per cent lower than October's result and about 3,000 fewer than economists expected. Moves Business and National


Deadline for sale of Mobilicity hits a delay


Potential buyers for struggling wireless carrier Mobilicity have another week to get their finances in order. Court-appointed monitor Ernst and Young extended the deadline, which was set for Monday, to noon ET on Dec. 16.


Government sells remaining stake in GM


DETROIT -- The U.S. government ended up losing $10.5 billion on its bailout of General Motors, but still says the alternative would have been much worse. Treasury Secretary Jacob Lew announced Tuesday that the government sold its remaining shares in the Detroit automaker.


McDonald's: Key US sales figure slipped in Nov.


OAK BROOK, Ill. -- McDonald's said Monday that a key sales figure slipped 0.8 per cent in the U.S. last month, as the world's biggest hamburger chain faced tough competition and flat traffic. Sales at stores open at least a year is a key gauge of health because it excludes results from stores recently opened or closed. Shares slipped 1.1 per cent Monday. PHOTO.


Oil falls slightly; natural gas soars


NEW YORK -- The price of oil fell slightly Monday, the first decline in seven trading sessions. Benchmark U.S. crude for January delivery slipped 31 cents to US$97.34 a barrel on the New York Mercantile Exchange. Oil had gained $5.35 a barrel, or 5.8 per cent, over the previous six trading days. PHOTO.


Gold stocks, financials push TSX higher


TORONTO -- The Toronto stock market closed higher Monday as investors bought up battered gold miners along with financial stocks that slipped last week in the wake of earnings reports from the big banks. The S&P/TSX composite index gained 32.06 points to 13,312.78, also supported by base metal miners that benefited from Chinese trade data. …

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