D utch company Spyker Cars NV said Tuesday it has completed its $74 million purchase of loss-making Swedish carmaker Saab Automobile AB from General Motors Inc. Spyker company says the deal announced last month is now final and ownership of Saab has been transferred. Spyker chief executive officer Victor Muller said Tuesday he was delighted and the deal would secure Saab’s future. “From today we will be concentrating all of our efforts into reviving Saab and transforming it into a sustainable and profitable company,” he said in a statement. Saab lost €400-million ($545-million) on sales of €1-billion in 2009. It sold around 40,000 cars, down from 94,000 a year earlier. Under the deal GM retains preferred shares in Saab worth $326-million, and Spyker has received a €400-million loan backed by the Swedish government. Saab has around 3,400 Swedish employees. “…

Sea lions return 01:25 Sea lions return AP Video Tuesday, Feb. 23, 2010 08:33AM EST Sea lions are starting to return to a famous San Francisco pier. In November, all of the sea lions left pier 39, but now more than five dozen sea lions have returned, and so have the tourists

T he president of Toyota’s operations apologized for the company’s handling of safety issues Tuesday while insisting that electronic problems did not contribute to sudden acceleration of its cars. Transportation Secretary Ray LaHood argued that such a possibility could not be ruled out. Toyota’s James Lentz and Mr. LaHood presented differing views in prepared testimony before the House Energy and Commerce Committee’s investigative panel, the first of three congressional panels holding hearings on Toyota’s problems. The chairman of the House Energy and Commerce investigative subcommittee, Rep. Bart Stupak, D-Mich., set the tone for sharp questioning of Mr. Lentz at the hearing’s outset. “Toyota all but ignored pleas from consumers to examine sudden unintended acceleration events,” he said. “They boast in a briefing of saving Toyota $100-million by negotiating a limited recall. They claim that they first became aware of sticking pedals in…

A monthly poll showed consumers’ confidence took a surprisingly sharp fall in February amid rising job worries. The decline ends three straight months of improvement and raises concerns about the economic recovery. The Conference Board said Tuesday its Consumer Confidence Index fell almost 11 points to 46 in February, down from a revised 56.5 in January. Analysts were expecting only a slight decrease to 55. The increasing pessimism is a big blow to hopes that consumer spending will power an economic recovery. Economists watch the confidence numbers closely because consumer spending accounts for about 70 per cent of U.S. economic activity. The February reading is a long way from what’s considered healthy: A reading above 90 means the economy is on solid footing. Above 100 signals strong growth. The news sent stocks lower, overshadowing retailer reports that showed stronger holiday profits. The Dow Jones industrial average falling 74.29 points to 10,309.09 by midmorning. One gauge, measuring consumers’ assessment…

H i Lou, I have kept track of you since your days in television. You are doing great. Once Toyota fixes the problems would it be a buying opportunity? Thank you, Mike. Medicine Hat, AB. Hi Mike, Thanks for your support over the many years! I have had the opportunity to visit Medicine Hat and have to say its one sweet town. Your question regarding Toyota Motor Corp TM-N is a good one and I have been watching the chart to see if a bottom is forming. The three-year chart provides a view of the breakdown in the uptrend that began as the recalls made their way through the market. TM got a good lifet off the March 2009 lows and then started to trade in an up channel oscillating between support and resistance. The break below the 50 and 200 day moving averages in January as the recalls hit were…

C eltic Exploration Ltd. CLT-T announced Tuesday it plans on selling oil and gas assets in the Swan Hills area of west-central Alberta to an unnamed buyer for more than $53-million. The effective date of the divestment is Feb. 1, with an expected closing on or about March 31, the Calgary-based company said in a news release. It said a portion of the proceeds from the sale – $53.25-million less adjustment – will be redeployed towards Celtic’s 2010 drilling program with the balance being used for general corporate purposes. Meanwhile, Celtic said its 2010 average production guidance of 18,500 to 18,700 barrels of oil equivalent a day will remain unchanged as a result of better-than-expected recent drilling results in Kaybob, Alta. Celtic shares were up 24 cents at $20.69 in morning trading Tuesday on the Toronto Stock Exchange.