Nortel execs say Deloitte approved of accounting
TORONTO (Reuters) ? Defence lawyers for three former Nortel executives charged with fiddling with balance sheets to trigger bonus payments on Thursday said the telecom equipment company's external auditor knew about major accounting adjustments and signed off on them. The evidence submitted by defense attorney David Porter undermines the Crown's submission that former Chief Executive Frank Dunn, former Chief Financial Officer Douglas Beatty and former Controller Michael Gollogly had engaged in an elaborate fraud at the once-mighty company.
TransCanada open to building Keystone in segments
CALGARY, Alberta (Reuters) - TransCanada Corp may build a $2 billion southern portion of its Keystone XL oil pipeline first following the initial rejection of the full-blown project, which would mesh with one of President Barack Obama's goals but put it in direct competition with another major proposal. TransCanada had broached the idea of constructing the Gulf Coast expansion part of the Canada-to-Texas oil pipeline before as a way to help alleviate an oil glut at the Cushing, Oklahoma, storage hub and get more crude to Texas refineries, but Chief Executive Russ Girling said it has now gained in priority.
Republicans fume as Keystone oil pipeline rejected
WASHINGTON/CALGARY, Alberta (Reuters) - The Obama Administration rejected the Keystone oil pipeline on Wednesday, a move that Republicans decried for sacrificing jobs and energy security in order to shore up the president's environmental base before elections. President Barack Obama said the administration denied TransCanada's application for the $7 billion Canada-to-Texas oil sands pipeline because there was not enough time to review an alternate route that would avoid a sensitive aquifer in Nebraska -- within a 60-day window set by Congress.
Enbridge's deal with B.C. native group collapses
CALGARY, Alberta (Reuters) - Enbridge Inc's sole public deal with a native group along the route of the proposed C$5.5 billion ($5.42 billion) Northern Gateway pipeline collapsed after chiefs of the Gitxsan First Nation rejected the offer, but a spokesman for the company said on Wednesday new talks are expected. According to local media, Gitxsan hereditary chiefs voted 28-8 against accepting the agreement signed last month between Enbridge and the Gitxsan treaty office. The deal would have seen the First Nation take a slice of a 10 percent equity stake in the pipeline the company has offered to native groups.
Europe hasn't fully committed to IMF: Flaherty
GATINEAU, Quebec (Reuters) - Europe needs to cough up a lot more than $200 billion to the International Monetary Fund before calling on others to boost the international lender's funding capacity to deal with the fallout from the European debt crisis, Canadian Finance Minister Jim Flaherty said on Wednesday. "Our view has been...that Europeans must fully commit their own resources to solving their own European crisis before others ought to be called upon to make any contribution," the minister told reporters in Gatineau, Quebec, across the river from Ottawa.
Farmers tiptoe into newly opened Canada wheat market
WINNIPEG, Manitoba (Reuters) - As some of the world's biggest grain traders fan out across Canada's Prairies to compete openly for farmers' wheat and barley for the first time since World War II, they're finding more farmers like Paul Balicki than Stephen Vandervalk. Balicki, from Saskatchewan, says he's been unimpressed with early offers to buy the spring wheat he plans to grow this year, which he's been required to sell to the Canadian Wheat Board since 1943. Like many of the region's 100,000 farmers, most of whom have no memory of a free-market system, change comes hard.
Analysis: Nortel case delay highlights Canada crime approach
TORONTO (Reuters) - The years-long delay in bringing three former Nortel Networks executives to trial for fraud has reinforced Canada's well-earned reputation as a laggard in markets enforcement, particularly when compared with the United States, its critics say. Jurisdictional issues, lack of personnel and a national police task force that has not produced results all contribute to what lawyers and academics say is Canada's dysfunctional approach to prosecuting white-collar crime.
Bank of Canada holds rates, sees faster recovery
OTTAWA (Reuters) - The Bank of Canada held its key policy rate at 1 percent on Tuesday, but forecast a faster Canadian recovery than expected despite an increasingly worrying outlook for the global economy. Governor Mark Carney has held the central bank's rate unchanged for 16 months, the longest period without a rate change since the bank began targeting the overnight rate in 1994. A below-inflation 1 percent rate is providing considerable stimulus to the domestic economy, it says.
Government ready to intervene on housing, but not now: Flaherty
OTTAWA (Reuters) - The Canadian government is watching the housing market closely and is ready to intervene if necessary, but is not about to do so now, Finance Minister Jim Flaherty said on Tuesday, noting he saw indications of softening in the market. He was speaking to reporters after the Bank of Canada said that very favorable credit conditions were expected to buttress housing activity, and that Canada's ratio of household debt to income was expected to rise further.
Canada "has allies' confidence" despite spy case
OTTAWA (Reuters) - Canada still enjoys the confidence of its allies despite the arrest of a Canadian naval intelligence officer charged with handing over secrets to an unnamed country, Defence Minister Peter MacKay said on Tuesday. Jeffrey Paul Delisle faces a charges of giving "a foreign entity" secret information between July 6, 2007 and Jan 13, 2012. He was arrested in Halifax, Nova Scotia and will stay in jail until his next hearing on Jan 25.
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