Headlines

Canwest Global Communications Corp. said Friday it had a fourth-quarter operating profit of $52 million before charges, compared with $60 million in the fourth quarter of 2008, the Financial Post reported. For the full fiscal year ended Aug. 31, Canada's largest media company reported profit before restructuring, impairment and one-time charges of $462 million, compared with $616 million. The net loss for the year was $1.69 billion, including $1.42 billion in non-cash impairment charges on goodwill, intangible assets, property and equipment.

Renault SA and other shareholders of troubled Russian car manufacturer Avtovaz said Friday that they have agreed on an overhaul of the company that includes debt restructuring and a new product plan, MarketWatch reported. The memorandum of understanding between the shareholders was signed in Paris on Friday at a ceremony attended by Russian Prime Minister Vladimir Putin, whose presence underscored the political importance of Avtovaz. The shareholders of Avtovaz are the state-controlled corporation Russian Technologies, the Russian bank Troika Dialog and France's Renault.

That is the key question facing mainly European lenders and bankers, who are anxiously watching as the glittering capital of Gulf exuberance turns to the dust whence it came, The National Business Review reported.

Beijing Automotive Industry Holding Co. was thwarted again this week in its effort to gain access to advanced foreign technology after a deal involving General Motors Co.'s Saab unit fell through, The Wall Street Journal reported. But analysts expect the Chinese auto maker to try again as it seeks a platform for extending its reach world-wide. Beijing Auto said Wednesday it regrets the collapse of the deal.

In a related story, The Associated Press reported that General Motors Co. has not talked with any other potential buyers for the Swedish Saab brand since a specialty car maker pulled out of a deal to buy it this week, a person briefed on GM's plans said Wednesday. The development is another sign that GM's board may decide when it meets next week to let the storied brand go out of business, placing 4,500 jobs in jeopardy. The person, who asked not to be identified because no final decision has been made on the brand, confirmed Wednesday that the board would discuss Saab's future on Dec. 1.

An independent commission on corporate governance at U.K. banks on Thursday issued a final report recommending tough new rules seeking greater disclosure of high-end compensation and calling on boards to more closely monitor risk, The Wall Street Journal reported. The report, released Thursday, follows preliminary findings that were released in July. The proposals are advice to the U.K. government, which commissioned the report earlier this year. The final report hews closely to the earlier proposals, but tightens the screws in some areas.

The cost of taking a stake in embattled Japan Airlines Corp might weaken the credit strength of AMR Corp, but the parent company of American Airlines would have more to lose if it allowed JAL to slip into an alliance with other carriers, Reuters reported. At stake is a share of JAL's lucrative Asian routes. Delta Air Lines and its SkyTeam partners have offered more than $1 billion to persuade JAL to defect from the rival Oneworld alliance.

Kangaroo Island Abalone has received a State Government grant of $270,000 to upgrade electricity infrastructure at its east farm, The KI Islander reported. The farm has been run solely on diesel generated power since 2005 and general manager Justin Harman said the new infrastructure could halve the company’s annual diesel fuel bill for that farm. The company spends about $250,000 a year on diesel. The innovative new system will connect the farm to the main electricity grid but have the capacity to disconnect it when the load reaches network limit on Kangaroo Island.

Century-old clothing manufacturer Lane Walker Rudkin Industries group is shutting down completely, The Press reported. LWR is now the subject of a Serious Fraud Office investigation after the receivers, appointed in late April, laid a complaint. Receivers BDO Spicers say the LWR group "had misrepresented its financial strength to Westpac in order to borrow money from the bank". LWR owes about $120m to Westpac. The National Distribution Union secretary Paul Watson said today LWR's remaining staff will turn off the sewing machines and the lights just before Christmas.

European airlines reacted sharply last night to moves in Brussels to force them to set up a compensation fund for passengers stranded by failed carriers. They said the move would be a costly response to an "infinitesimally small" problem, the Financial Times reported. Meglena Kuneva, the European Union's consumer commissioner, is today expected to call for the extension of rules on insolvency protection to cover holidays and airline tickets that people book for themselves on the internet.