Business Canada

  • TORONTO-- Canada has blocked the Malaysian state-owned oil firm Petronas' US $5.2 billion bid for gas producer Progress Energy Resources, saying the proposed investment would not provide a net benefit to Canada. "Canada has a long-standing reputation for welcoming foreign investment.

  • SUDDEN STALLS: Federal safety regulators are investigating a dozen complaints that engines on Jeep Patriot SUVs can stall without warning at highway speeds of 65 miles per hour or faster. Chrysler Group LLC, the maker of Jeeps, sold another 18,000 in Canada.

  • ALBANY, N.Y.-- A key lawmaker on energy policy says a company that plans to run a transmission line sending lower-cost Canadian electricity to New York City will also explore sharing that line with upstate utilities.

  • Benchmark oil fell $2.05 to finish at $90.05 per barrel in New York. Brent crude, which is used to price international varieties of oil, dropped $2.28, or 2 percent, to end at $110.14 per barrel in London. Several companies delivered weaker-than-expected third-quarter results, including Microsoft and McDonald's.

  • WASHINGTON-- The maker of Banana Boat sunscreen is recalling a half-million bottles of spray-on lotion after reports that a handful of people have caught on fire after applying the product and coming in contact with open flames.

  • NEW YORK-- HMX Acquisition Corp., the owner of tailored clothing brands including Hickey Freeman and Hart Schaffner Marx, is filing for Chapter 11 bankruptcy protection.

  • A Rogue Climate Experiment Outrages Scientists

    A California businessman chartered a fishing boat in July, loaded it with 100 tons of iron dust and cruised through Pacific waters off western Canada, spewing his cargo into the sea in an ecological experiment that has outraged scientists and government officials, The New York Times reports.

  • The price of oil is falling after TransCanada reaffirmed plans to restart a pipeline this weekend that carries crude from Canada to the Midwest. TransCanada closed the 2,100- mile pipeline Wednesday after tests showed possible safety issues.

  • Chrysler Group LLC, the maker of Jeeps, sold another 18,000 in Canada. In one complaint, a Subaru driver told NHTSA that on May 2, a Patriot's engine died while it was on Interstate 5 on the West Coast. The Subaru was behind the Patriot when it happened, and the woman driving the SUV did not hit the brakes, according to the complaint. "

  • TORONTO-- The NHL and the players' association agree on one thing: Thursday was a bad day at the negotiating table. Any optimism that existed following the NHL's offer earlier this week of a 50-50 split of hockey-related revenue was dashed when the union countered with three proposals that were quickly rebuffed.

  • By early afternoon in Europe, benchmark crude for November delivery was up 36 cents to $92.46 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, which many U.S. refiners use to make gasoline, was up 40 cents to $112.82 a barrel on the ICE Futures exchange in London.

  • Organizers said some 14 million people, including 9.3 million in California, signed up to participate. The drill was held in some Western and southeastern states, as well as Guam, Puerto Rico and parts of Canada and Italy.

  • HOUSTON-- Weak activity in North America and the falling number of operating rigs in the worldwide drove third-quarter net income down by 61 percent at Baker Hughes. "Activity was less than planned in several key geomarkets for Baker Hughes, resulting in an unfavorable mix," said CEO Martin Craighead. "

  • Microsoft also disappointed with its latest update, contributing to a broad retreat in technology stocks, as did McDonald's and General Electric. By the time markets closed in Europe, Germany's DAX was down 0.8 percent at 7,380 while the CAC-40 in France fell 0.9 percent to 3,504. The FTSE 100 index of leading British shares was 0.3 percent lower at 5,896..

  • "If we can get this fruit harvested, it's a perfect storm for Washington," said Todd Fryhover, president of the Apple Growers Association. " Washington is likely to have a harvest of 108 million bushels, its second highest number on record, industry representatives said.

  • TORONTO-- The Canadian government says it can't overturn a decision by the country's broadcast regulator to reject BCE Inc.' s bid to buy Astral Media Inc. for US $3.4 billion.

  • TransCanada has reaffirmed its plan to restart the Keystone oil pipeline from Canada to the Midwest on Saturday, although rainy weather is hampering the company's on-site work. TransCanada shut down the 2,100- mile pipeline Wednesday after tests showed possible safety issues.

  • Another 18,000 were sold in Canada. The National Highway Traffic Safety Administration has received a dozen complaints and has started an investigation. The U.S. safety agency is asking Chrysler Group LLC, which makes Jeeps, for information about the problem.

  • KANSAS CITY, Mo.-- TransCanada Corp. has temporarily shut down its existing 2,100- mile Keystone pipeline after tests showed possible safety issues, a federal agency said Thursday.

  • TORONTO-- Canada's broadcast regulator has rejected BCE Inc.' s bid to buy Astral Media Inc. for US $3.40 billion. BCE, Canada's largest telecommunications company, had wanted to create a media powerhouse with more content to deliver to televisions and mobile devices across Canada.