Business News as of 6 P.M. ET

The Canadian Press, December 9, 2013 | Go to article overview

Business News as of 6 P.M. ET


Business News as of 6 p.m. ET

--

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

BUSINESS NEWS ADVISORY

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 business@thecanadianpress.com.

____

TOP BUSINESS NEWS THIS HOUR

Canadian Oil Sands appoints new CEO

Canadian-Oil-Sands

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.

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Quebec wants $750 million in fines for alleged fraud

CRIME-Precious-Metals

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

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Housing starts fall in November: CMHC

Housing-Starts

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

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Deadline for sale of Mobilicity hits a delay

Mobilicity-Sale

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.

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Government sells remaining stake in GM

US-General-Motors-Government-Stock

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.

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

US-McDonald's-Sales

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.

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Oil falls slightly; natural gas soars

Oil-Prices

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.

ALSO IN THE NEWS

Gold stocks, financials push TSX higher

Dollar-Markets

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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