CBC.ca News - Money

CIBC to take $290M hit in U.S. subprime mess

CIBC to take $290M hit in U.S. subprime mess: The Canadian Imperial Bank of Commerce says it has about $1.7 billion US at risk in bets on the troubled U.S. mortgage market and will take a $290-million hit against earnings. more »

Toronto stocks rebound after credit scare: The Toronto stock market was up over 100 points Monday near mid-session as investors snapped up stocks that had been beaten down by concerns over a global credit crunch. more »
As U.S. junk mortgages go bad, slam goes the barn door: The U.S. Federal Reserve Board reports that some banks that helped to create a market-shaking pile of bad mortgages have tightened their lending standards. more »
After big merger, Domtar squeezes out 2-cent profit: Montreal-based Domtar Corp., created in a merger of Domtar Inc. and the Weyerhaeuser fine paper business, managed a modest turnaround in the latest quarter with a profit of two cents a share. more »
Fore! Golf Town chain to go private in $209M deal: The Ontario Municipal Employees Retirement System has agreed to buy the 32-store Golf Town chain of sports equipment stores. more »
Hebron talks at delicate stage: Williams: Newfoundland and Labrador Premier Danny Williams says talks resuming Monday between the province and the Hebron Oil Consortium are at a sensitive stage. more »
Exploratory drilling planned on P.E.I.: Corridor Resources of Halifax will begin exploratory drilling for natural gas near Souris in eastern P.E.I. at the end of August. more »
Jobless rate falls to 33-year low of 6%: The Canadian economy added 11,300 jobs in July — enough to drop the country's unemployment rate to a generational low of 6.0 per cent. more »
Price gap suggests deepening doubts about BCE deal: BCE chief executive Michael Sabia has expressed "a very high degree of confidence" in the financing behind a bid to take his company private. On Friday, the market displayed lower - and declining - confidence. more »
Dollar's strength keeps Air Canada profitable: Thanks to a strong Canadian dollar, Air Canada showed a slight gain in second-quarter profit despite heavy costs to update its fleet. more »