Published: Saturday, October 11, 2008
Business Briefly: Canadian dollar falls sharply against U.S.
The Canadian dollar posted its steepest one-day decline against the U.S. greenback Friday, dropping by 4.5 American cents. According to the Bank of Montreal's currency desk, the Canadian dollar was down 4.5 American cents in afternoon trading at 82.78 cents. Canada's currency has lost more than a quarter of its value since hitting its all-time peak of $1.103 in November after a rapid three-month rise. The Canadian dollar was last worth 83 American cents on March 16, 2005.
Wachovia fined over telemarketers
Wachovia Corp., completing a previously announced settlement, will pay an estimated $163 million to settle federal allegations that it failed to stop telemarketers from taking advantage of thousands of elderly consumers, authorities said Friday. The Wachovia case, the subject of an 18-month investigation by bank regulators, was first announced in April. Federal officials say the Charlotte, N.C.-based bank didn't act quickly enough to block telemarketers and payment processors from accessing customer accounts.
Ford saving cash, CEO Mulally says
Ford Motor Co. Chief Executive Alan Mulally said Friday that the company is focused on conserving its cash and putting restructuring plans in place as it tries to weather the credit crisis and stock market decline. Mulally said in an interview with The Associated Press that he is not worried about bankruptcy or a takeover, even as Ford's stock price hit its lowest level in 25 years. He also said the company is not in danger of running out of cash because it has available a large line of credit.
Walgreen replaces its top executive
Drugstore chain Walgreen Co. said Friday Chairman and CEO Jeffrey Rein has retired from the company after 26 years. Rein, 56, will be replaced as company chairman by Alan McNally, 62, lead director on Walgreen's board. McNally will also serve as acting CEO while the board searches for a permanent replacement. He joined the company's board in 1999 and previously served as CEO of Harris Bankcorp. The company specified no reason for Rein's departure.
Trade deficit drops in August
The U.S. trade deficit edged down in August as foreign oil imports retreated from a record high the previous month, a drop that more than offset a decline in exports. The Commerce Department said Friday the trade deficit shrank by 3.5 percent in August to $59.1 billion, the smallest imbalance since June. The deficit is expected to shrink even further in coming months as a severe economic slump in the U.S. depresses demand for oil and other imported goods.
From Herald news services
Wachovia fined over telemarketers
Wachovia Corp., completing a previously announced settlement, will pay an estimated $163 million to settle federal allegations that it failed to stop telemarketers from taking advantage of thousands of elderly consumers, authorities said Friday. The Wachovia case, the subject of an 18-month investigation by bank regulators, was first announced in April. Federal officials say the Charlotte, N.C.-based bank didn't act quickly enough to block telemarketers and payment processors from accessing customer accounts.
Ford saving cash, CEO Mulally says
Ford Motor Co. Chief Executive Alan Mulally said Friday that the company is focused on conserving its cash and putting restructuring plans in place as it tries to weather the credit crisis and stock market decline. Mulally said in an interview with The Associated Press that he is not worried about bankruptcy or a takeover, even as Ford's stock price hit its lowest level in 25 years. He also said the company is not in danger of running out of cash because it has available a large line of credit.
Walgreen replaces its top executive
Drugstore chain Walgreen Co. said Friday Chairman and CEO Jeffrey Rein has retired from the company after 26 years. Rein, 56, will be replaced as company chairman by Alan McNally, 62, lead director on Walgreen's board. McNally will also serve as acting CEO while the board searches for a permanent replacement. He joined the company's board in 1999 and previously served as CEO of Harris Bankcorp. The company specified no reason for Rein's departure.
Trade deficit drops in August
The U.S. trade deficit edged down in August as foreign oil imports retreated from a record high the previous month, a drop that more than offset a decline in exports. The Commerce Department said Friday the trade deficit shrank by 3.5 percent in August to $59.1 billion, the smallest imbalance since June. The deficit is expected to shrink even further in coming months as a severe economic slump in the U.S. depresses demand for oil and other imported goods.
From Herald news services
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