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Fed minutes showed some officials willing to consider trimming bond purchases as early as June
WASHINGTON – Several Federal Reserve policymakers this month favoured slowing the Fed’s efforts to maintain record-low long-term interest rates as early as June — if the economy showed strong and sustained growth. But those officials appeared at odds over what evidence would demonstrate such gains. Minutes of the Fed’s April 30-May 1 meeting released Wednesday
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Stocks rise after Bernanke signals no quick end to stimulus and home sales rise
NEW YORK, N.Y. – Stocks are moving higher after Federal Reserve Chairman Ben Bernanke said it was too soon for the central bank to pull back on its massive economic stimulus programs. Investors were also encouraged by news that sales of previously occupied U.S. homes rose last month to the highest level in three and
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Rail line reopens in southeastern Saskatchewan after derailment that spilled oil
JANSEN, Sask. – A rail line has reopened in southeastern Saskatchewan after a derailment that resulted in a spill of more than 91,000 litres of oil. Canadian Pacific Rail (TSX:CP) says the tracks near the village of Jansen have been repaired and inspections have been done. The company says cleanup is progressing and no issues
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Ski-Doo maker’s IPO price values BRP at about $2.5 billion
MONTREAL – The maker of Ski-Doo snowmobiles says its initial public offering has been priced at $21.50 per share — giving the company a market value of about $2.5 billion. BRP Inc., which will list the shares under the TSX symbol DOO, expects to generate at least $262.3 million in gross proceeds from sale of
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US home sales rise slightly to 4.97 million in April, highest in 3 1/2 years; inventories rise
WASHINGTON – Sales of previously occupied U.S. homes ticked up last month to the highest level in three and a half years, helped by a jump in the number of houses for sale. The National Association of Realtors said Wednesday that sales rose to a seasonally adjusted annual rate of 4.97 million, up from 4.94
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Bernanke warns that premature ending of Fed’s stimulus efforts would carry substantial risks
WASHINGTON – Chairman Ben Bernanke is telling Congress that the U.S. job market remains weak and that it is too soon for the Federal Reserve to end its extraordinary stimulus programs. In testimony to the Joint Economic Committee, Bernanke notes the economy is growing moderately this year and unemployment has fallen to a four-year low
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Paying bills and consumer consumption hurting Canadians’ ability to save: study
MONTREAL – Almost a third of Canadian households report never or almost never having any money left to save after paying their bills, according to a new study issued Wednesday. Households that reported no wealth accumulation tended to be working, middle-aged people — although of varying income levels, says the study by the Certified General
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Target’s 1st-qtr profit drops 26 pct on weak sales as weather, financial pressures take toll
NEW YORK, N.Y. – Target Corp. is reporting a 26 per cent drop in first-quarter profits as cool temperatures and financial pressures limited customers’ appetite for spending. The company, based in Minneapolis, also cut its annual profit outlook. Target says that it earned $498 million, or 77 cents per share, for the three months ended
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Homebuying intentions remain relatively strong, says bank survey
TORONTO – A new report suggests nearly half of Canadian homeowners intend to buy a property in the next five years, despite a cooling off in the housing market. The BMO Housing Confidence Report says the 48 per cent figure is mostly unchanged from late 2012, suggesting continued confidence in the housing market. Among major
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Lowe’s 1st-quarter profit climbs even as a cold spring dampens sales a bit
MOORESVILLE, N.C. – Lowe’s first-quarter net income rose almost 3 per cent, even as a wet and cool spring dampened sales of gardening products. Spring is the biggest season for home improvement retailers. While the weather was chilly in the quarter, the improving housing market has helped such businesses. Lowe’s Cos. earned $540 million, or