| Quick Money Sunflashes
FOREIGN BUSINESS POSITIVE: REPORT Foreign-controlled businesses operating in Canada sink large investments into innovation, advanced technology and skilled labour and make valuable contributions to the domestic economy, Statistics Canada reported yesterday. The report also said it's a myth that foreign takeovers lead to the gutting of head-office employment here. BANKS HIT BY U.S. WOES Two of Canada's biggest banks took big charges yesterday reflecting troubles in the U.S. mortgage business and corporate credit markets, but also booked gains from their stake in the restructuring Visa credit card company. .
Editorial: Canadians lack airport expertise
Wealth, like water, detests a vacuum and Auckland Airport has become something of a vacuum. It is a company that no single shareholder currently controls. The largest stakes are held by the Auckland and Manukau City Councils and many people would say, considering the public importance of the airport, control should rest with the councils. But that is taking a narrow view of the public interest. Unless one or both councils are going to be active, enterprising investors, the airport is likely to suffer in competition for global and domestic traffic. It could continue to serve its function adequately and return an annual profit to the councils but it would not be contributing as much value as it possibly could to the economy of Auckland and New Zealand. Some private investors sense its potential, others see only its ownership vacuum.
Pope & Talbot Announces Voluntary Chapter 11 Filing
Pope & Talbot, Inc. (PTBT.PK) announced today that, in order to address its financial challenges and to support efforts to be a more efficient organization, the company has filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code. Pope & Talbot's Board of Directors, in a unanimous decision, directed the company to take this action as the best alternative for the long term interests of the company, its employees, customers, creditors, business partners and other stakeholders. .
Editorial: Canadians lack airport expertise
Wealth, like water, detests a vacuum and Auckland Airport has become something of a vacuum. It is a company that no single shareholder currently controls. The largest stakes are held by the Auckland and Manukau City Councils and many people would say, considering the public importance of the airport, control should rest with the councils. But that is taking a narrow view of the public interest. Unless one or both councils are going to be active, enterprising investors, the airport is likely to suffer in competition for global and domestic traffic. It could continue to serve its function adequately and return an annual profit to the councils but it would not be contributing as much value as it possibly could to the economy of Auckland and New Zealand. Some private investors sense its potential, others see only its ownership vacuum.
(AFX UK Focus) 2007-11-19 02:14 GMT: Vodafone seeking China opportunities as telecoms restructure - report
BEIJING (XFN-ASIA) - Vodafone is looking to increase its presence in China as the government pushes through a restructuring of the telecommunications industry, the Financial Times reported. Citing Vodafone chief executive Arun Sarin, the newspaper said the UK company's 13 bln usd stake in China Mobile is a "kitty" that could be used to take advantage of opportunities. "We have 13 bln usd in China. That is a nice kitty (or) endowment to either stay where we are, or take wherever we want it," the newspaper quoted Sarin as saying. The Chinese government is planning a restructuring of the telecoms sector, which could involve breaking up China Unicom, China Mobile's smaller rival, and dividing its mobile assets between China Telecom and China Netcom, the country's two fixed-line operators.
Hutto maintains bond rating
The city of Hutto, 20 miles north of Austin, will maintain its bond rating of BBB+, according to a review with Standard & Poor's. Standard & Poor's also upgraded Hutto's rating of BBB+ in 2006, which city officials say reflects the city's high debt burden and its limited local economy. "These two general weaknesses are mitigated in part by the city's rapidly growing suburban community with direct transportation access to the Austin metropolitan area and employment opportunities and sustained rapid property tax base growth," says Laurie Brewer, director of finance with Hutto. Standard & Poor's determined Hutto's financial management practices "good" and indicated the city's financial performance and position have significantly improved with a moderate property tax rate and increased financial reserves.
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