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Federal Finance Minister Jim Flaherty said Monday that no specific action by any one government can make the global economic crisis disappear but that Canada will continue to do its part.

Flaherty, who spoke to reporters after an event in Toronto, said Canada's government will continue to fulfill its obligations to stimulate its economy under an agreement by the Group of Seven most industrialized nations to try to reinvigorate the world economy.

He also said he has received input from the opposition Bloc Québécois about the budget he is preparing, but has not received proposals from the Liberals or the New Democratic Party, the two other opposition parties fast pay day loans. During a political crisis last week that threatened to bring down the Conservative government, the government asked the opposition for ideas on stimulating the economy.

The three opposition parties recently signed a coalition agreement that has the potential to topple the Conservatives from power.

But the government managed to win a rare suspension of Parliament last week and avoided being ousted by the coalition, which said the government's economic plan is inadequate.

Flaherty is scheduled to deliver a budget on Jan. 27.

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Canadian Satellite Radio Holdings Inc. reported its annual net loss narrowed and revenues rose as the Toronto company continued to grow its satellite radio business.

The company, known as XM Canada (TSX: XSR), said Thursday it lost $74.3 million or $1.55 a share for the year ended Aug. 31. That compared with a net loss of $84.6 million or $1.78 a share for fiscal 2007.

In fiscal 2006, XM Canada lost $102.7 million.

Annual revenues rose to $39.5 million from $21.2 million.

For the fiscal fourth quarter, total revenues rose by 72 per cent to $11.8 million.

While the company is still posting big losses, CEO Michael Moskowitz said its business strategy "is working and we are making great progress towards generating long-term sustainable growth and profitability."

“XM Canada had a very successful year capped by two consecutive quarters of positive cash and our first ever quarter of pre-marketing adjusted operating profit,” Moskowitz said in a statement cheapest cash advance.

“Revenue nearly doubled due to our strong import automotive sales, a significant improvement in automotive conversion and growth from both the retail and wireless sectors.

"Top line revenue growth, together with our sharp focus on maximizing the return on investment, has significantly strengthened our financial performance and cash position. We are confident we can operate our business without having to raise additional capital.”

In Thursday trading on the TSX, XM Canada shares fell 35 cents to $1.05, a drop of 25 per cent.

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Naysayers who predicted the U.S. dollar’s demise as the world reserve currency of choice have been silent of late given the greenback’s meteoric recovery in recent months.

Slammed over the last several years as U.S. government budget and trade deficits mounted, the greenback was seen ceding its status as the predominant currency to the euro.

Talk of nations reducing their dollar reserves in favor of the euro prompted talk the dollar would also lose favor as the medium of exchange for commodities.

However, the global financial crisis that has rocked markets worldwide has seen investors voting with their cash and buying U.S. dollars, indicating that reports of the greenback’s death as a reserve currency have been greatly exaggerated.

“Talk of the euro replacing the dollar is off the table,” said Michael Woolfolk, senior currency strategist at Bank of New York Mellon. “The U.S. has the only economy in the world that supports a strong currency by policy and is an anchor for the global economy.”

The current credit freeze has its roots in the U.S. subprime mortgage market where overzealous lending in exotic debt products has led to a wave of homeowner loan defaults and problems with repackaged mortgage securities.

But the crisis went global when holders of those mortgage securities faced huge losses and became reluctant to take on additional risk through either lending themselves or buying more securities.

Investors then were quick to understand that the United States was the only nation with the political will to act quickly and the government and private sector infrastructure in place to implement policies http://paydayintime.com. The pockets of the U.S. tax payer to fund a bailout added to the allure of the U.S. currency.

“The United States continues to be the only entity sufficiently large and coordinated enough to deal with the multiple issues surrounding the credit crisis,” said Andrew B. Busch, global FX strategist BMO Capital Markets in Chicago. “It clearly is not over.”

The dollar’s value against major currencies had changed little in the first half of 2008, after a six year slide, but since mid-July when the magnitude of the credit crisis became apparent, the dollar has rebounded significantly.

The Intercontinental Exchange’s U.S. dollar index <.DXY has climbed 21.3 percent since that time, roughly corresponding to a 21.8 percent drop by the euro against the greenback.

The British pound has dropped 23 percent while the Australian dollar plunged 37.5 percent against the U.S. dollar.

Emerging market currencies have been particularly hard-hit as investors fled risk and repatriated funds either home or to the safety of the U.S. dollar.

Latin American-focused funds suffered their 20th straight week of outflows, EPFR Global data showed on Friday, losing a net $134.8 million to redemptions. Europe, Middle East and Africa funds had outflows of $189.1 million.

The U.S. dollar has gained 27 percent against the South African rand since mid-July and 21 percent against the Turkish lira. 

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The Canadian Chamber of Commerce is urging federal politicians to turn their attention to the broader economy and to come up with a co-ordinated strategy to deal with a highly competitive, volatile global marketplace.

The chamber's election wish list includes personal and corporate income tax cuts, public debt reduction, improving Canada-U.S. relations, upgrading workforce skills, boosting national competitiveness and dealing with energy, transportation and climate-change issues.

All the items on the list, entitled "An Action Plan for a Competitive Canada," are equally important, Perrin Beatty, the business organization's president, said in an interview Tuesday.

"It's not a case of cherry picking and saying we can act in the area of taxes but not bother with infrastructure, not bother with skills and so on," he said, following a speech to the Economic Club of Toronto.

What's really important, he said, is "that there be a coherent, co-ordinated strategy" to deal with the worldwide credit crunch and slowing U.S. economy due to the subprime mortgage fiasco.

The U.S. slowdown has hurt Canada's export-sensitive forestry and automotive sectors, leading to mill and plant closings and thousands of layoffs.

"The real issue for us is the global marketplace is becoming so intensely competitive that governments and political parties have to put the economy at the top of the agenda," said Beatty, who held several cabinet posts in Brian Mulroney's Progressive Conservative government.

"What we've seen, even during the (election) campaign, is that they seem inclined to talk about everything else but .. advance america cash advance. including puffins," he said.

"The political parties have an obligation to focus on the real issues and make it clear where they stand," said Beatty, who also served as president of the CBC.

"The prescriptions outlined in our platform are key to positioning Canada in the global economy and are a remedy to the downturn we've experienced."

The chamber's political priorities:

– "Competitive" taxes, a lower national debt and effective government spending

– Improving Canada-U.S. relations through better border infrastructure, regulatory co-operation and easier travel

– Agreements to dismantle barriers to international trade and investment, and eliminate interprovincial trade barriers.

– A "market-based approach" to energy, with technology-neutral efficiency standards and "a balanced and effective framework" to reduce greenhouse gas emissions.

– "Smart regulations" to encourage research and development, combat counterfeit products and protect intellectual property.

– Increasing labour market participation by immigrants and older workers

– Improving infrastructure and transportation, with more public-private partnerships.

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The U.S. trade deficit shrank unexpectedly in June, as the weak U.S. dollar helped push exports higher and overpowered record-high prices for imported oil, a Commerce Department report showed on Tuesday.

The trade gap totaled $56.8 billion, down from a revised estimate of $59.2 billion in May. The monthly tally was also much lower than the $61.5 billion midpoint estimate of analysts surveyed before the report.

Both exports and imports of goods and services set records in June, but exports rose by 4.0 percent compared to a 1.8 percent gain for imports.

The U.S. trade sector has been one of the bright spots for an economy struggling with a deep housing downturn and credit crunch. Trade contributed 2.4 percentage points to economic growth in the second quarter, which would have shrunk 0.5 percent without that support, according to preliminary estimates.

The June trade numbers are “slightly favorable for second-quarter GDP fast cash advance. Imports will be a little less of a drag on economic growth than appeared earlier. But weaker imports still reflect the overall weakness in the U.S. economy,” said Gary Thayer, senior economist at Wachovia Securities in St. Louis.

The dollar rose against the euro on news the trade gap narrowed in June, while U.S. Treasury prices held steady at higher levels and stock futures were mostly flat.

The smaller-than-expected trade gap “will support growth going into the third quarter,” said Kurt Karl, chief U.S. economist at Swiss Re in New York.

But the narrowing of the trade deficit also is one more piece of evidence the U.S. economy is in a recession because it shows consumers are buying less, he said. 

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Home building projects started in June surprisingly rose 9.1 percent due chiefly to a change in New York City building codes that, if it were ignored, would have seen starts decrease by 4.0 percent, a government report said on Thursday.

The Commerce Department said housing starts set an annual pace of 1.066 million units in June, the highest since February. Economists polled ahead of the report were expecting a 960,000 unit rate.

New York City enacted a new set of construction codes effective July 1, that largely explained an 11.6 percent increase in building permits and the starts number, the government said.

Excluding multifamily data in the Northeast, the government said, there was a 0.7 percent increase in permits and a 4.0 percent decrease in housing starts in June.

Building permits climbed to 1.091 million, higher than the 960,000 expected by economists.

U.S pay day loans. stock futures were slightly higher on the data while the U.S. dollar was firmer against the euro. Prices for U.S. Treasury bonds fell.

JOBLESS CLAIMS RISE

In a separate report, the number workers filing new claims for jobless benefits rose by a less-than-expected 18,000 last week. 

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Germany’s GfK Holdings AG is working on a cash offer for rival British market research group Taylor Nelson Sofres after Martin Sorrell’s WPP tried to muscle in on their original merger plan with a cash and shares bid.

WPP Group, the world’s second-largest advertising company, made a hostile 260 pence per share or 1.08 billion pound ($2.13 billion) bid for TNS earlier on Wednesday, after its previous proposals were rejected.

TNS, the world’s third-biggest market research company with clients such as Procter & Gamble, again rejected the offer and advised its shareholders to ignore the bid.

It also said it had “permitted” GfK to advance its discussions with an “identified potential source of equity”.

But Sorrell, who has made hundreds of acquisitions in his time at the advertising and marketing group, told Reuters that GfK’s approach was now in tatters and described the suggestion of a GfK cash proposal as “flaky”.

He said he had decided to make a firm bid after meeting shareholders from TNS and WPP.

“We sounded out shareholders on both sides .. payday advance. and we made the offer we did bearing in mind those conversations,” he said.

TNS shares were up 10 percent at 272.75 pence at 11 a.m. EDT on Wednesday, indicating that the market expects a higher offer. WPP was up 0.3 percent at 465.5 pence after previously hitting a five-year low, while GfK was down 11.9 percent. 

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Lehman Brothers Holdings Inc (LEH.N: Quote, Profile, Research, Stock Buzz) is not in talks for a sale of the firm nor is its Chief Executive Richard Fuld considering such a move, a person close to the company said on Wednesday.

Earlier, CNBC television cited Wall Street insiders as saying Fuld was weighing a sale.

Lehman declined to comment.

The fate of Lehman, the smallest of the major Wall Street investment banks, has been the subject of intense speculation in the past few weeks. Many analysts have speculated it could be a takeover candidate.

The fourth-largest U.S. investment bank posted its first quarterly loss as a public company on Monday, but Fuld said then that the company’s franchise and capital position were strong.

In response to a question on a conference call after Lehman announced its results, Fuld said: “I have said many times that I very much believe that, with this franchise’s strength and power, we can go it alone.”

But he added that if a potential buyer came forward, he had an obligation to take its offer to the board of directors.

Some experts have said stand-alone U.S quick payday loans. investment banks such as Lehman are likely going to have to find commercial bank partners in the long run to get access to a stable source of funds. That would help them deal with future shocks and to sustain growth even if regulators restrict leverage. 

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CHICAGO–Heavy equipment maker Caterpillar Inc. said yesterday that demand for its global mining and energy products pushed first-quarter earnings up 13 per cent, far surpassing Wall Street estimates.

Its stock surged in New York on the news and share prices of two Canadian firms that sell and service Caterpillar equipment also rose on the Toronto Stock Exchange.

Caterpillar’s results did show continued weakening in North America, where the U.S. economy’s gone soft, but better-than-expected strength as sales overseas benefited from the weak American dollar.

Caterpillar said it earned $922 million (U.S.), or $1.45 a share, January through March, compared with $816 million, or $1.23 a share, in the year-ago quarter.

Analysts surveyed by Thomson Financial foresaw profit of $1.33 a share.

Revenue rose 18 per cent to $11.8 billion from $10.02 billion a year earlier – fully $1 billion above analyst estimates. Sales increased 4 per cent in North America but 30 per cent internationally.

Caterpillar said currency impact added $310 million to revenues for the firm based in Peoria, Ill.

CEO Jim Owens noted its financial products business logged its best first quarter for revenues and profit, despite credit market challenges payday advances.

"Even though North America, our largest geographic market, is depressed, we are investing for growth," Owens said.

The U.S. heavy equipment giant’s shares closed on the NYSE up $6.69 to $85.28, as more than 20 million shares traded.

In Canada, shares of Finning International, a major Caterpillar equipment dealer based in Vancouver, finished the day up 81 cents a share at $31.00 (Canadian). Finning has sold lots of the giant CAT trucks to oils-sands operators in northern Alberta as well as South American mining outfits.

Toronto-based dealer Toromont Industries was up $1.05 to $31.91 at the close.

Caterpillar’s writeoffs, as of March 31 were $20 million (U.S.) up from $15 million a year earlier, reflecting the U.S. housing slump.

Caterpillar still expects 2008 earnings per share to rise 5 per cent to 15 per cent over 2007, and sales to improve 5 per cent to 10 per cent.

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GATINEAU, QUE. — Canadians are being deprived of those much-hyped American Superbowl advertisements during the big game each year and this country’s simulcasting rules should be changed so we can watch them, the federal broadcast regulator heard today.

Bragg Communications Inc., which owns cable operator EastLink, told the Canadian Radio-television and Telecommunications Commission it ought to make this one exception to ongoing simulcast requirements.

The reasoning? American advertising has always been a huge component of the Superbowl games and Canadians viewers want to see them.

"We believe the Canadian broadcasting system would be the net winner by encouraging consumers to remain within the regulated system if the Superbowl was exempt from simulcasting requirements," said co-chief executive officer Dan McKeen.

"We can tell you it is the number one issue we have with our customers every year."

Simultaneous substitution is the practice of replacing American signals with local signals when both stations broadcast the same show faxless payday loans.

It enables the insertion of Canadian advertising in American shows, a major revenue driver for domestic broadcasters.

"In the vast of majority of cases simulcasting is a good thing, people don’t mind it. It helps the system, it is all good except for this one example" McKeen said.And that’s because the Superbowl is a "phenomenon." The lead up to the American ad campaign lasts for months and then Canadians feel cheated when they are unable to watch them.

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