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CALGARY–WestJet Airlines Ltd. is cutting commissions paid to travel agents for booking flights by more than half as it seeks to slash costs by $25 million in the next six months.
Agents will get a 4 per cent commission, as of July 1, down from 9 per cent, Richard Bartrem, WestJet vice-president of culture […]

Prominent hedge fund firm Pequot Capital told investors Wednesday it will shut down because of a reopened government probe into possible insider trading.
"Public disclosures about the continuing investigation have cast a cloud over the firm and have become a source of personal distraction," the firm’s founder Arthur Samberg, long one of the hedge fund […]

The Bank of Nova Scotia has reported quarterly net income of $872 million, down 11 per cent from a year-ago profit of $980 million although revenue grew 12 per cent to a record high.
Scotiabank (TSX: BNS) said today it earned 81 cents per share in its second quarter ended April 30, down from 97 […]

The global economy has strengthened enough to cope with oil at $75-$80 a barrel and that level will be hit soon as fuel demand picks up, Saudi Oil Minister Ali al-Naimi said on Wednesday.
Oil has already climbed from a low of $32.40 last December to six-month highs well above $60 a barrel this week.
"The […]

The U.S. recession is set to end “soon,” but continued job losses and plunging house prices point to an economic recovery that will be more moderate than those experienced in previous downturns, a survey showed.
The survey of 45 professional forecasters released by the National Association of Business Economists (NABE) on Wednesday found almost three-quarters […]

Canadian Auto Workers members have voted in favour of a cost-cutting deal with General Motors, a key hurdle for the automaker that was a condition of billions in government loans.
The union said Monday night that its members voted 86 per cent in favour of the deal over two days of voting at its […]

Most people think of patents in terms of legal protection for new technological inventions. There is another form of patent, however.
A business method patent is one awarded for a special technique for doing business such as improvements to a company’s accounting or sales department.
Business method patents have proven very controversial in the United States, […]

Ford Motor Co. said Friday that it is giving its hourly workers five more weeks to decide whether they want to accept the company’s buyout and early retirement offers.
The original deadline was Friday, but Ford spokeswoman Angie Kozleski said the company is extending the date to June 26. "We extended the deadline […]

The Small Business Administration plans to begin dispersing funds in mid-June for a new, highly anticipated emergency lending program, but don’t race off to the bank to fill out an application just yet. Many lenders are still sitting on the sidelines, waiting for more details from the SBA before they decide whether or not […]

The Pension Benefit Guaranty Corp., which guarantees private pension payments for 44 million Americans, said on Wednesday that it faces a massive, unprecedented deficit.
The PBGC reported a $33.5 billion deficit for the first half of fiscal year 2009, a period that ended on March 31. This means the agency could have problems paying back […]