Canada posts surprise trade surplus

OTTAWA — Statistics Canada says rebounding merchandise exports turned a trade deficit into a surplus in November.

The agency says exports increased 3.2 percent, while imports declined 0.8 percent, turning an October trade deficit of $487 million into a November surplus of $1.1 billion.

Exports rose to $40.1 billion, with gains in most sectors. Imports slipped to $39 billion, mainly because of lower imports of automotive products, as well as industrial goods and materials.

The trade surplus with the United States rose to $4.6 billion in November from $3.5 billion in October.

LCBO minimum prices going up

TORONTO — Minimum prices for beer and spirits sold in Ontario are going up starting March 1.

About 10 percent of spirits sold by the LCBO and three to four percent of beers will see their prices go up.

A 24-bottle case of the cheapest beer will go up by 50 cents, from $23.40 to $23.90. A 750 mL bottle of a mainstream spirit will also go up by 50 cents.

The LCBO has defended its pricing policy, noting that it returned $1.5 billion to the provincial treasury in 2010-11.

Second last asbestos mine goes bankrupt

ASBESTOS, PQ — One of Canada’s last two remaining asbestos mines has declared bankruptcy. Owners of Quebec-based LAB Chrysotile cited costs and a lack of revenue for the move.

They say declaring bankruptcy is a necessary step to get the company back on a solid financial footing. The company says in a Jan 4 statement that it plans to discuss the future possibility of relaunching operations.