Economic news of month
Online business news
Published on December 1, 2008 By djosefkraiman In Business Experiences

Tourism generated $19.7 billion of revenue for governments in Canada in 2007, boosted 4.3 per cent over 2006 by domestic travel.

An index of sentiment among 4,000 manufacturers declined to 80 in November from 87 the previous month, according to Insee, the Paris-based national statistics office. The reading was the lowest since October 1993 and compared with the median forecast of 85 in a Bloomberg News survey of 22 economists.

Domtar Corp. has booked third-quarter net earnings of $43 million or eight cents per share, compared with a year-ago profit of $36 million, seven cents per share.

Chrysler LLC is rapidly burning through cash and being driven to prepare for a possible break-up if it can’t clinch a merger with General Motors Corp or get government funding needed to ride out the economic crisis, people with knowledge of the situation said.

Molson Coors Brewing Co. has reported a 28.6 per cent rise in summer-quarter net income to US$173.2 million, boosted by its new MillerCoors joint venture in the United States. The U.S.-Canadian brewer said Wednesday that underlying earnings edged up to $175.8 million or 95 cents per share in the 13 weeks ended Sept. 28, compared with $173.2 million in last year’s third quarter.

The Toronto stock market plunged into negative territory as the price of gold made a quick turnaround near midday. Toronto's S&P/TSX composite index fell 72 points to 10,044.6 after holding above the red for most of the morning.

Chief executives of distressed U.S. auto companies sought a $50 billion federal bailout on Thursday to survive a financial crisis blamed on a worsening economy and the “near collapse” in demand for cars.

Insurer ING Canada Inc. reported Wednesday a third-quarter profit of $57 million, down from $92 million a year-earlier on losses related to turbulence in global stock markets. The Toronto-based subsidiary of Dutch bank and insurance giant ING Group said its net earnings amounted to 47 cents per share, down from 74 cents per share during the same time period in 2007.

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