Business

DETROIT—The Big Three automakers are “optimistic” about keeping a continent-wide industry—even though they feel “sideswiped” by a sharp decline in U.S. sales, federal Industry minister Tony Clement said yesterday.
But he wouldn’t divulge how dire the situation is for General Motors, Ford, and Chrysler, which are pleading for government relief in Washington to stave off bankruptcy.
“It’s not my place to give an opinion on that,” Clement said in an interview with The Canadian Press.

TORONTO — Ontario is considering temporary relief measures to help strengthen pensions amid a global economic crisis.
Finance Minister Dwight Duncan says he will give more authority to the pension regulator to oversee the plans.
The moves come on the heels of an expert report that found current procedures are too slow and cumbersome for people who must switch pension plans or those left with none at all.

OTTAWA — Surprisingly robust sales in the automotive sector drove Canadian wholesale sales up 1.5 per cent to $46.3 billion in September, offsetting a sharp decline in the previous month.
A TD Bank economics report said the Statistics Canada data “confounded expectations” and noted the surprisingly strong performance in autoparts and auto vehicles “is certainly good news for Ontario” which is the centre of Canada’s auto industry.

VANCOUVER—Sun Gro Horticulture Income Fund is cutting debt and reducing purchases after reporting a $1.5 million third-quarter loss as the Vancouver-based supplier of peat moss for the garden industry was hit by a poor peat harvest and lower shipments to the U.S. market.
The fund said last week it wants to repay its debt after breaking convenants with its lenders and bond-holders in the wake of its quarterly loss and weaker financials.

WINNIPEG—eBay Canada said it expects to start releasing personal information on its so-called “power sellers” to the Canada Revenue Agency this week.
“While eBay strenuously objects to these requests made by the CRA, we are obliged to comply with the legal ruling,” the company said in a recent letter sent out to affected customers.

WINNIPEG—The Conservative government is considering selling off Crown assets—think of the CN Tower—as a means of “reducing a deficit,” Finance minister Jim Flaherty said yesterday.
Flaherty emerged from a national meeting of Conservative MPs in advance of the party’s policy convention with a grim prognosis for the global economy. And he floated the idea of great Canadian fire sale as part of the government’s austerity measures.

VANCOUVER—Sun Gro Horticulture Income Fund is cutting debt and reducing purchases after reporting a $1.5 million third-quarter loss as the Vancouver-based supplier of peat moss for the garden industry was hit by a poor peat harvest and lower shipments to the U.S. market.
The fund said yesterday it wants to repay its debt after breaking convenants with its lenders and bond-holders in the wake of its quarterly loss and weaker financials.

WASHINGTON - Members of Congress complained Thursday that banks haven't used $163 billion infusion of capital, already received or promised by the U.S. government, to open credit lines for more lending.

"In these uncertain and difficult times, banks are inclined to hoard rather than to deploy capital," charged Sen. Charles Schumer, D-N.Y.

TORONTO - North American markets ended Thursday with an enthusiastic surge in the final hours of trading as investors snapped up deals and tested whether the market has priced in its share of bad economic news.

Toronto's S&P/TSX composite index moved up nearly five per cent, or 430.21 points, to 9,352.78, nearly making up for its 500-point loss on Wednesday.

But the rise on Bay Street had nothing on the Dow Jones industrials and Nasdaq, which each gained around 6.5 per cent.

TORONTO—Cost pressures and plunging share prices prompted Canadian publisher and broadcaster CanWest Global Communications Corp. to cut 560 jobs—about five percent of its workforce—yesterday as the company faces a rougher economy and more competition.
The company, which employs about 10,500 people in Canada, said the cuts would save $61 million a year.