FP SUMMARY
C A N A D I A N T R A D I N G
& Q U O T A T I O N S Y S T E M The chief executive of the tiny Canadian Trading & Quotation System yesterday said its alternative market, which will trade all TSX-listed companies, will launch in the first quarter. The exact costs of trading on the market were not revealed, but CNQ’s chairman said it will offer a savings of at least 50% over what the Street is currently paying in fees.
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R E F C O I N C . The former chairman of the largest independent futures broker in the U.S. has been charged with securities fraud. Phillip Bennett, the former chairman and chief executive of Refco Inc., was charged yesterday after his company revealed he had hidden US$430-million in debts to the company. Shares of Refco have fallen 60% in the past three days.
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G U I N N E S S S T O U T London-based Diageo PLC is trying to revive weakening demand for Guinness stout. Brew 39, the first of 10 new versions of the stout to be sold by 2010, took 10 months to develop. Critics of the plan say Guinness has a history of failed innovations and the company should focus on marketing the traditional heritage of the product.
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A I R C A N A D A A group representing Air Canada pilots who flew for the former Canadian Airlines said yesterday it will not participate in mediation efforts agreed to by Air Canada and the Air Canada Pilots Association. The group is unhappy with pilot seniority lists at the airline. See Page FP4
A L A N G R E E N S P A N U. S. Federal Reserve chairman Alan Greenspan said the U.S. economy was able to withstand major blows such as a 50% increase in oil prices over the past year. He said the world’s largest economy has also weathered the shock of higher interest rates, leading markets to believe that interest rates will continue to rise.
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C A I S S E D E D É P Ô T With fears mounting of a slowdown in U.S. consumer spending, the Caisse de dépôt, Canada's largest investor, has made a $1-billion bet values of U.S. malls are set to cool. It is turning its attention to undervalued retail centres in Germany and Central Europe. See Page FP1
T E C K C O M I N C O L T D . The world’s largest zinc producer, Teck Cominco Ltd., may play a role in consolidation in the mining sector as it could emerge as an acquirer or a target. Teck Cominco, which produces zinc, copper, coal, gold and molybdenum, may be the kind of diversified mining company markets are looking for.
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P E T R O K A Z A K H S T A N I N C . The government of Kazakhstan warned shareholders of Canadian-listed PetroKazakhstan Inc. against approving a US$4.18-billion takeover by China’s CNPC. The Kazakh Senate also passed a complex bill that aims to give Kazakhstan the right to intervene in the sale of foreign-held stakes in oil companies.
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