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- Air Canada to buy up to 109 Boeing 737 MAX planes
Air Canada said on Wednesday it will purchase up to 109 of Boeing Co's 737 MAX under its narrow-body fleet renewal plan, a major win for the aircraft maker and significant shift in supplier for Canada's largest carrier. The agreement, which includes 61 firm orders, will replace Air Canada's existing mainline fleet of Airbus narrow-body aircraft, the carrier said, confirming an earlier Reuters report. The deal marks a substantial competitive victory for Boeing over Airbus and a rebound on its home turf after Airbus displaced it at low-cost Mexican airline VivaAerobus in a fierce contest earlier this year.
- GM doesn't owe $450 million in retiree benefits: U.S. judge
A federal judge said General Motors Co is not required to pay $450 million to cover medical benefits for retirees, in a defeat for the United Auto Workers union. In a 36-page decision, U.S. District Judge Avern Cohn in Detroit said on Tuesday that the current GM did not assume any obligation for the payment, which the automaker had contracted to make two years before its June 2009 bankruptcy filing. The payment had been part of a June 2007 contract between the old GM, its former Delphi Corp affiliate and the UAW. It was not, however, included in a different contract over medical benefits signed in July 2009 by the GM that emerged from Chapter 11.
- Bain Capital buys majority stake in parka maker Canada Goose
By Cameron French TORONTO (Reuters) - Bain Capital, the U.S. private equity firm, has bought a majority stake in Canada Goose Inc, a family-owned company which had been seeking an investor to help it meet demand for its high-end cold-weather gear. The two companies did not disclose the purchase price or the size of the majority stake bought by Bain, but said in a statement on Tuesday that Canada Goose Chief Executive Dani Reiss will remain in his position and maintain a "significant" stake in the company. Canada Goose has built a name on its pricey fur-lined parkas and other winter items, which the company boasts are manufactured in Canada, in spite of higher manufacturing costs than in other locations. In April, the company hired investment bank Canaccord Genuity to find a partner to bring additional equity into the company, with Reiss saying at the time that a minority partner was preferred.
- Hudson's Bay outlook disappoints; loss widens on Saks deal
Hudson's Bay Co cut its 2013 outlook on Wednesday on expectations of heavier holiday discounting and as overall sales were weaker than expected in the third quarter, depressing the retailer's stock 5 percent. The company, which completed its $2.4 billion purchase of U.S. luxury chain Saks Inc last month, reported a wider net loss primarily due to costs related to the acquisition. Excluding acquisition-related and restructuring costs, Hudson's Bay reported earnings that fell short of analysts' expectations. Shares of the Lord & Taylor chain operator fell 94 Canadian cents to C$19.00 on the Toronto Stock Exchange.
- Canada to phase out home mail delivery to cut big losses
By David Ljunggren OTTAWA (Reuters) - Canada's postal service will phase out urban home delivery within five years and hike the cost of postage stamps to try to stem soaring losses, the post office said on Wednesday. Canada Post, like the U.S. Postal Service, is suffering as customers switch to digital communications.
- Budget deal reached amid conservative opposition
By Richard Cowan and David Lawder WASHINGTON (Reuters) - Budget negotiators in the Congress have reached an agreement on Tuesday that, if approved by the House and Senate, could restore some order to the nation's chaotic budget process and avoid another government shutdown on January 15. The chief negotiators, Democratic Senator Patty Murray and Republican Representative Paul Ryan, were to announce details at a news conference at 6 p.m. ET (2300 GMT). The most immediate result would be to avoid starting the new year with another government shutdown on January 15. The government was partially closed from October 1 to October 16 after a battle over Obamacare held up passage of a measure to fund the government.
- Fed fears yank TSX to biggest drop in FIVE-1/2 months
By John Tilak TORONTO (Reuters) - Canada's main stock index recorded its biggest single-day drop in about 5-1/2 months on Wednesday after a provisional U.S. budget agreement raised fears the U.S. Federal Reserve might soon begin to scale back its monetary stimulus program. After three days of gains, the Toronto stock market's benchmark index fell to its lowest level in about seven weeks, with every major sector ending in negative territory. Adding impetus to the index's dive was a 5.6 percent decline in shares of Encana Corp after the company released its 2014 production outlook, predicting lower-than-expected output of high-value natural gas liquids and oil. "All they are doing is kicking the can down the road," said Gavin Graham, chief strategy officer at Integris Pension Management Corp. He added that while it is possible the fiscal deal might result in the Fed stepping back from bond-buying if there is evidence the agreement will lead to a genuine longer-term reduction in spending and taxes, he wasn't counting on it.
- Israel's Fischer picked to be next Fed vice chair: source
Stanley Fischer, who led the Bank of Israel for eight years until he stepped down in June, has been asked to be the Federal Reserve's next vice chair once Janet Yellen takes over as chief of the U.S. central bank, a source familiar with the issue said on Wednesday. Fischer, 70, is widely respected as one of the world's top monetary economists. He is seen as a pragmatic policymaker and has praised the Fed's extraordinary steps to boost the U.S. economy. At the Massachusetts Institute of Technology, he once taught current Fed Chairman Ben Bernanke and Mario Draghi, the European Central Bank president.