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Stories Report on Business is following today:
Canadian Tire bids for jersey
Canadian Tire Corp. says it plans to bid $200,000 tomorrow for Paul Henderson's jersey from the famous 1972 Canada-USSR series. The retailer said late today it will put its opening bid in with the auction house tomorrow.
"The jersey is currently up for auction with international bidders vying for the priceless piece of Canadian history," the company said. "If successful in securing the jersey for Canadians, Canadian Tire will take the jersey on tour in every corner of the country through its 480 store network and make it available for the public to see. Following the cross-country tour, Canadian Tire will offer the jersey on a long-term loan basis to leading sports and hockey museums including the Canadian Sports Hall of Fame and the Hockey Hall of Fame for the benefit of all Canadians."
Canada won the Summit Series four games to three, with one tie.
Bidding closes June 22, and, said Canadian Tire Retail president Mike Arnett, "that is Canada's hockey jersey - and we want to help bring it home for the enjoyment of all Canadians."
Moody's and the chocolate assembly line
Those of us of a certain age, and those who love reruns of I Love Lucy, may remember Lucy's antics at a chocolate factory, when she couldn't keep up with the assembly line. Was this what it was like for analysts at Moody's Corp. in the run-up to the financial crisis? That was the scene painted today at a hearing of the Financial Crisis Inquiry Commission, where pressure from executives bent on higher profits and greater market share was likened to the famous episode from the 1950s-era TV sitcom. Asked by chairman Phil Angelides whether he felt like Lucille Ball's character on the speeding line of chocolates, former Moody's managing director Eric Kolchinsky responded that "yes, we had a conveyor belt."
Mr. Kolchinsky, now a so-called whistleblower, told the hearing in New York that "it was very clear to me that my future at the firm and my compensation would be based on the market share" and there was little time to study some deals before they closed. Mr. Angelides referred to Moody's as a "Triple-A factory."
In prepared testimony to the commission, Moody's chief executive officer Raymond McDaniel said the agency "is certainly not satisfied with the performance" of ratings at the time and has overhauled its process. Warren Buffett, whose Berkshire Hathaway Corp. is the agency's biggest shareholder, defended the company and its CEO, saying the company was just one of many in the United States who missed the signs of a housing bubble. Read the story
EU moves on ratings agencies
The EU proposes stepping up its oversight of credit rating agencies as part of a wide-ranging plan that would govern the financial sector. The EU executive today proposed that a new regulator not only monitor the agencies, but also be equipped with powers to punish them if they don't adequately give their reasons behind downgrades. European governments have expressed concerns over cuts to sovereign ratings that have roiled financial markets and driven up borrowing costs. The EU also wants changes to how banks are government by their boards and shareholders, and a new tax on banks. Read the story
Food stamp use rises in U.S.
The number of people using food stamps in the United States has topped 40 million as unemployment continues to dog America's recovery from the recession. The average monthly benefit for individuals under the Supplemental Nutrition Assistance Program stood at $133.87 in March, and $298.96 for families, data released this week shows. While the U.S. economy has been climbing back, the jobless rate continues to hover at just shy of 10 per cent. Until the fall of 2008, the group was known as the Food Stamp Program.
Dollar to rebound, Scotia says
The Canadian dollar has been driven down by global events but will see parity with the U.S. currency again by the fourth quarter of the year and rise slightly through 2011, Scotia Capital says in a report today. The loonie will be worth $1.03 U.S. by the fourth quarter of next year, it said in a foreign exchange outlook. The dollar's shine "might have been temporarily tarnished, but parity is still on the horizon," currency strategist Camilla Sutton wrote.Report Typo/Error