Business News

Asian stock markets mixed ahead of Fed statement; oil hovers near $80

HONG KONG - Asian stock markets were mixed Tuesday as investors held back ahead of the U.S. Federal Reserve's latest assessment of the world's largest economy. It marked the region's third consecut...

Debate heats up at Fed over how and when to signal higher interest rates

WASHINGTON - Debate is heating up within the Federal Reserve over how and when to signal that the days of record-low interest rates are numbered. A rate hike isn't imminent. But at their meeting Tu...

Rio Tinto predicts continued strong commodities demand from China, then India

MELBOURNE, Australia - China's demand for iron ore, copper, coal and aluminum will increase dramatically during the next 15 years before India takes the lead in its need for those commodities, global ...

Some Toyota drivers sue in U.S., want full refund after safety recall

MIAMI - A group of Toyota owners sued the Japanese automaker Monday, demanding a full refund for their recalled cars and seeking a payout that could exceed several billion dollars. Dozens of Toyota...

Phillips-Van Heusen to buy Tommy Hilfiger in US$3B cash-and-stock deal

NEW YORK - Two iconic American clothing labels - preppy Tommy Hilfiger and Calvin Klein, known for its modern esthetic - are coming together under one roof. Calvin Klein parent Phillips-Van Heusen ...

Sean Durfy resigns as president and CEO of WestJet for 'personal reasons'

CALGARY - Sean Durfy, president and CEO of WestJet Airlines Ltd. (TSX:WJA), says he will resign his position on April 1 for "personal reasons." Durfy will be replaced by Gregg Saretsky, who joined ...

Pay czar restrains top salaries at GMAC as auto finance giant loses money

WASHINGTON - The Obama administration's pay czar is limiting 2010 compensation for top executives at GMAC Inc. because the auto finance giant continues to lose money and can't yet repay its US$16.3 bi...

Hundreds of Barrick workers fall ill from food poisoning in Dominican Republic

SANTO DOMINGO, Dominican Republic - More than 300 employees of Barrick Gold Corp. (TSX:ABX) have been hospitalized with food poisoning in the Dominican Republic. The workers became ill after eating...