| Energy stocks help send TSX down 140 points; C$ retreats on manufacturing data
TORONTO - The Toronto stock market was firmly in the red Thursday morning as investors focused on writeoffs of mortgage-backed securities by financial institutions here and abroad, and energy stocks worsened on data showing rising supplies in the U.S. New York markets were ahead slightly as investors took in inflation data and negative news from the retail sector. Toronto's S&P/TSX composite index retreated 140.16 points to 13,634.38. The TSX Venture Exchange was off 25.02 points to 2,963.74. The Canadian dollar continued to fall in the wake of a warning from a senior official of the Bank of Canada about the economic downside of a sharply higher currency. The loonie dropped 1.19 cents to 102.29 cents US after falling almost eight-tenths of a cent Wednesday.
Investigators Probe California State Senator's Campaign Credit Card Charges
(RTTNews) - A top Democrat in the California state Senate is being investigated for allegedly using credit cards to charge $397,000 in political expenses without disclosing who was paid or what was purchased, in violation of state campaign finance laws. State Sen. Carole Migden, chairwoman of the Senate Democratic Caucus, is the target of an investigation by the state Fair Political Practices Commission, which confirmed its investigation in a letter obtained by The Los Angeles Times. As a part of their probe, investigators are looking at the last seven years of the San Francisco Democrat's credit card expenses. She could face up to $60,000 in fines if found to be in violation. "Expenses are required to be itemized so we can assure that campaign donations are going to expenses related to campaigns and not toward personal profit or other inappropriate expenses," Kathay Feng, executive director of California Common Cause, told The Times.
Holiday scams — and how to avoid them
BENNINGTON, Vt. The December holidays are just around the corner, and holiday shopping has now begun in earnest. At this time of year, consumers may be at risk of being victimized by several common financial scams that will come back to haunt them in the new year. Here are some tips on how to avoid trouble: Watch out for credit card companies that raise your credit limit in anticipation of the holiday season, or offer you the opportunity to forego all payments until 2008. If your credit limit is raised, this may enable you to purchase more, but if you do not have the money to repay, you will be creating additional balances that accrue interest. Foregoing payments until the new year doesn't mean that you don't have to pay what you owe; in fact, the amount you owe continues to accrue interest.
MoneyGram's Credit Rating Cut to Junk
Credit rating agency Moody's Investors Service on Friday downgraded the credit rating of payment services provider MoneyGram International Inc. to 'junk' status, citing its exposure to subprime mortgages and collateralized debt obligations within its securities portfolio. .
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