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Friday, 25 July, 2008
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 Business Briefs OIL PRICES CONTINUE DROP Full Story U.S. conditions to stay grim The U.S. slogged through slower economic growth and rising prices during the summer, packing a double whammy to people and businesses alike. Full Story McDonald's sales back in the black Consumers helped bring McDonald's Corp. back to profitability in the second quarter by spending on breakfast biscuits, chicken sandwiches and drinks despite the tough economy in the U.S. Full Story Strapped owners get bailout Rescue legislation sailed through the House yesterday aimed at helping 400,000 strapped homeowners avoid foreclosure and to prevent troubled mortgage giants Fannie Mae and Freddie Mac from collapsing. Full Story Q2 profits soar by 25% Feeding the Pentagon's demand for armored vehicles helped drive up General Dynamics Corp.'s second quarter profit by 25 per cent, lifting shares of the defense contractor, which also raised its outlook for the year yesterday. Full Story Hershey earnings sweeten Raising prices and streamlining its production lines helped Hershey to dramatically higher second-quarter sales and profit, the United States's largest candy maker said yesterday, even as it absorbs spiraling commodity costs and puts new emphasis on marketing muscle. Full Story Toyota leads sales as GM lags behind General Motors Corp., pummeled by falling U.S. sales and high gas prices, lost the global sales lead to Toyota Motor Corp. in the first half of this year, but the churning market makes it difficult to predict which automaker will end the year on top. Full Story Business Briefs ALASKA PIPELINE TO FACE GLITCHES Full Story Delaying new shift startup slams brakes on 350 hires Ford Motor Co. has delayed the startup of a third shift at its Oakville assembly plant, leaving 350 people who were expecting to start work next week without a job. Full Story Costco braced for sales nosedive Costco Wholesale Corp. said yesterday its earnings for the current quarter will be lower than expected as it delays raising prices on items from food to patio sets amid soaring energy costs that have accelerated in recent weeks. Full Story Billionaires target tobacco Microsoft founder Bill Gates and New York Mayor Michael Bloomberg are pooling their piles of money to pour $375 million into a global effort to cut smoking. Full Story CIBC facing billion-dollar suit A group of investors is the first to launch a "multibillion-dollar" lawsuit against CIBC, alleging misrepresentations about the bank's exposure to the American subprime mortgage market. Full Story Oil, flour push up prices Living in Canada got a lot more expensive last month as the accelerating price of gasoline and the emergence of food inflation pushed the rate of increase in Canada's consumer price index to over three per cent for the first time in nearly three years. Full Story In Brief AT THE PUMPS Full Story
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