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Military: Gunmen in Nigeria hijack boat with 11 crew onboard


PORT HARCOURT, Nigeria - The military says gunmen in Nigeria's southern oil region have hijacked an oil-services vessel with 11 crew members onboard.

Military spokesman Maj. Sagir Musa says the unknown hijackers are demanding about $250,000 for the release of the boat and the crew, ...


Sony marks profit in fiscal Q4, reversing from deep losses the previous year


TOKYO - Sony says it made 29 billion yen ($277 million) profit in the January-March quarter.

The reversal from a loss of 67.6 billion yen during the same period the previous year came as it trimmed losses in its struggling PlayStation 3 video game business. Sony said Wednesday that it ...


MySpace wins $230 million anti-spam judgment


NEW YORK - The popular Internet destination MySpace has won an almost quarter-billion-dollar damage judgment against a notorious spammer known as the "Spam King."

A federal judge in Los Angeles issued the award when Sanford Wallace and associate Walter Rines failed to show up for a court ...


U.S. retail sales dip but sales excluding autos show strength


WASHINGTON - Consumers in the United States cut back on car-buying in April but boosted spending in a number of other areas, giving evidence of the economy's staying power in spite of soaring gasoline prices.

The U.S. Commerce Department said that retail sales overall dipped by 0.2 per ...


Silver Wheaton buys 75 per cent of Farallon's Campo Morado production for $80M


VANCOUVER - Silver Wheaton Corp. (TSX:SLW) has agreed to buy 75 per cent of the production from Farallon Resources Ltd.'s (TSX:FAN) Campo Morado property in Mexico for about US$80 million.

Under the deal announced Tuesday, Silver Wheaton will pay Farallon US$3.90 per ounce or the ...


Caisse de depot seeks to cash in through heavy buy of BCE shares


MONTREAL - Canada's largest pension fund manager, the Caisse de depot et placement du Quebec, may be looking to cash in on the privatization of BCE Inc. (TSX:BCE) after it nearly doubled its stake in Canada's largest telecom company in the last few months.

The Caisse disclosed in a ...


DundeeWealth reports Q1 loss of $49.7M after $75.9M writedown of ABCP


TORONTO - DundeeWealth Inc. (TSX:DW), a major independent Canadian mutual fund and financial advisory company, had a $49.7-million net loss in the first quarter after another steep writedown of asset-backed commercial paper on its books.

The Toronto-based company, which offers the Dynamic ...


Troubled ABCP continues to leave marks on market


TORONTO - For a while it seemed like the troubles tied to $32 billion in seized-up asset backed commercial paper were settling down, but ABCP has proven time and a gain that it's not going to exit the Canadian financial scene gracefully.

From the courtrooms to the quarterly reports and ...


Migao says its Sichuan fertilizer operation had minor quake damage, shutdown


TORONTO - China-based potash producer Migao Corp. (TSX:MGO) says it had minor damage and a two-day shutdown at its Sichuan potassium nitrate plant due to the 7.9 magnitude earthquake that devastated central China.

The official death toll from the quake has climbed past 12,000 but the ...


U.S. says it wants to ease global airline ownership rules to spur investment


WASHINGTON - The United States is proposing that dozens of countries ease their airline ownership rules in an effort to spur international investment in the industry, a U.S. State Department official said Tuesday.

The proposal would change restrictions in the current, mostly bilateral ...


First Quantum Minerals reports Q1 profit of US$182 million, up from year ago


VANCOUVER - First Quantum Minerals Ltd. (TSX:FM) more than doubled its first-quarter profit compared with a year ago, the company said Tuesday.

The Vancouver-based company, which keeps its books in U.S. dollars, said it earned a $182 million or $2.68 per share for the three months ended ...


Apple now selling HBO TV shows on its iTunes store for U.S. customers


SAN FRANCISCO - Apple Inc. has scooped up Time Warner Inc.'s HBO to feed television shows to its online iTunes store in the United States, reeling in one of the last holdouts among major channels and agreeing to a rare pricing concession to land hit shows such as "The Sopranos," "Sex and the ...


B.C. mining profits faded by almost half in 2007, still 'very positive': PwC


VANCOUVER - Mining profits in British Columbia fell by nearly half in 2007 due to a drop in coal prices, reduced shipments and the impact of the soaring Canadian dollar, but rising coal and metal prices and increased investments are expected to reverse that trend this year.

A report from ...


Iran report pushes oil to new record near US$127 a barrel


NEW YORK - Oil prices shot to a new record near US$127 a barrel Tuesday on concerns that Iran may consider cutting crude oil production. Gas prices, meanwhile, rose to a new record over US$3.73 a gallon Tuesday, and their advance shows little sign of slowing with the U.S. Memorial Day weekend, ...


Video game maker Electronic Arts posts wider Q4 loss on charges


NEW YORK - Video game publisher Electronic Arts says its fiscal fourth-quarter net loss widened on a slew of charges, though adjusted results beat Wall Street's expectations.

Redwood City, Calif.-based Electronic Arts Inc. reports a loss of US$94 million, or 30 cents per share, compared ...


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