North American stock markets down in latemorning trading loonie down

The Canadian Press Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X) TORONTO — Losses in the energy and industrial sectors led Canada’s main stock index lower in late-morning trading as U.S. stock markets also fell after China announced it would retaliate against the most recent round of tariffs imposed by the U.S.The S&P/TSX composite index was down 65.06 points at 16,188.40.In New York, the Dow Jones industrial average was down 310.25 points at 25,941.99. The S&P 500 index was down 37.89 points at 2,885.06, while the Nasdaq composite was down 115.98 points at 7,875.41.The Canadian dollar traded for 75.20 cents US, compared with an average of 75.23 cents US on Thursday.The October crude contract was down US$1.64 at US$53.71 per barrel and the October natural gas contract was down 0.4 of a cent at US$2.16 per mmBTU.The December gold contract was up US$24.40 at US$1,532.90 an ounce and the September copper contract was down 1.15 cents at US$2.55 a pound. read more

Aviva to cut 2000 jobs worldwide but no changes to Irish jobs

first_imgINSURANCE GIANT AVIVA is to cut 2,000 jobs across the UK, Europe and Asia as part of a major restructuring of its business.The jobs equate to 6 per cent of the Aviva Group’s workforce worldwide.Aviva will also reduce the amount of redundancy pay that workers can receive as part of the plan to save around £400 million.A spokesperson told that today’s announcement will not affect jobs in Ireland.Aviva in Ireland is already going through a major restructuring with a programme of job losses announced last May. The company is seeking a maximum of 540 voluntary redundancies from its Irish operations by the end of this year.The changes to the redundancy packages announced today will not affect employees in Ireland.The spokesperson said that there will be no new plan for job losses in Ireland beyond the existing plan for redundancies, but added that Aviva will continue to look at further opportunities to reduces its cost base given the current economic conditions.In March Aviva announced a loss of £3.05 billion (€3.5 billion) after tax, following a £3.3 billion writedown on its US life insurance business, which it sold for a major loss.Read: Aldi to create 300 jobs around the country > Read: Numbers with private health insurance fall by 64,000 in 2012 > Read: Aviva to increase insurance premiums by 4 per cent >last_img read more