Operators of the nation’s coal mines will spend up to $128 million to comply with new federal mine safety legislation, with nearly half going to equip and train 260 new rescue teams, according to the Congressional Budget Office. Meanwhile state regulators could be forced to hire experts to oversee training and certification of perhaps 2,000 or more miners who could be named to serve on the teams.
Toronto exchange looks to buy in U.S.
The Toronto Stock Exchange isn’t looking overseas for a major deal to compete with bigger U.S. rivals. Instead, Chief Executive Richard Nesbitt said Friday the TSX hopes to become a North American financial powerhouse by acquiring an American futures exchange. Potential targets including the New York Mercantile Exchange, the Chicago Mercantile Exchange or Intercontinental Exchange Inc.
Flexibility is key, says Fed chief
America’s strong productivity has been bolstered not only by the greater use of computers and other technologies but also by the economy’s flexibility, Federal Reserve Chairman Ben Bernanke said Friday. Those were some of the explanations the Fed chief offered to explain why productivity since 1995 has been growing at a significantly faster rate than it had in the previous two decades, when efficiency gains had been relatively sluggish. “The current productivity revival still has some legs, as the full economic benefits of recent technological changes have not yet been completely realized,” Bernanke said.
Northwest workers OK reduced pay
Baggage handlers and ramp workers at Northwest Airlines Corp. on Friday approved concessions aimed at helping the carrier emerge from bankruptcy protection. The same workers had rejected an earlier set of concessions. The International Association of Machinists and Aerospace Workers, which represents the workers, said the renegotiated deal wasn’t quite as bad as the first one. The IAM approval leaves only flight attendants without a deal on concessions among Northwest’s large unions. But none of the new contracts takes effect until they all do.
Cathay Pacific boosts China stake
Cathay Pacific Airways Ltd. said Friday it will acquire the rest of Hong Kong Dragon Airlines Ltd. and double its stake in Air China to 20 percent in deals aimed at giving Cathay a huge competitive boost in China – the world’s fastest growing aviation market. Cathay said it would pay $1.05 billion for the rest of Hong Kong Dragon Airlines in a deal that would end two years of complex.
From Herald news services