Paul Harris News
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Canadian stocks fell for a second day, led by raw-materials and energy producers, on concern changes in China’s government policy may stunt growth in the world’s second-biggest economy.
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BCE Inc. and Rogers Communications Inc. are building cash reserves and making strategic acquisitions as Canada’s biggest carriers prepare to spend as much as C$1.8 billion ($1.8 billion) on an auction of wireless spectrum critical to their growth.
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Three former officers of Conversion Solutions Holdings Corp., based in Kennesaw, Georgia, were sentenced to prison terms as long as 23 years and ordered to make restitution of $44 million for running a so-called stock pump and dump scheme, the Justice Department said.
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Rolls-Royce Motor Cars Ltd. , Bayerische Motoren Werke AG ’s luxury nameplate, plans to sell 800 cars in China in 2011 as it aims to raise sales eightfold in two years in the world’s largest auto market.
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Canadian stocks fell as raw materials companies declined after manufacturing slumped more than forecast in the New York region, showing weakness in the industry is persisting as the year draws to a close.
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HSBC Holdings Plc said that South Africa’s Nedbank Group Ltd. didn’t meet the company’s “strict acquisition criteria,” Business Day reported, citing Paul Harris, a spokesman for HSBC.
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Canadian stocks fell for the sixth time in seven days as data showed U.S. business activity unexpectedly contracted for the first time in three years.
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Sizwe Nxasana became South Africa’s best-paid bank chief executive officer after FirstRand Ltd. boosted his remuneration to 45 million rand ($6.4 million).
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Standard Chartered Plc is in talks to buy HSBC Holdings Plc’s consumer banking operations in Bangladesh, said three people with knowledge of the discussions.
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Three Pakistan cricketers and a sports agent were sentenced to as much as two years and eight months in jail by a U.K. judge after being convicted of taking bribes to cheat in a Test against England at Lord’s last year.
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