Former U.S. ambassador Paul Cellucci joins Magna Entertainment
Last Updated: Friday, March 18, 2005 | 4:49 PM ET
CBC News
Cellucci will take on the post of executive vice-president of corporate development at the gambling and horse racetrack company effective May 1.
Cellucci, a former Republican governor of Massachusetts, officially stepped down from his diplomatic post on Thursday. He was ambassador to Canada since April 2001.
Magna Entertainment is one of the companies controlled by Stronach, a prominent Canadian horse owner and the chairman of auto parts giant Magna International.
Paul Cellucci
"Mr. Cellucci has an outstanding record of public service and will make an enormous contribution to (Magna Entertainment) and he will play a leadership role in our efforts to bring about regulatory reform at the state level aimed at modernizing the horse racing and pari- mutuel industry," Stronach said in a release.
On Feb. 23, Magna Entertainment reported a fourth-quarter loss of $41 million US, down from the $103.2 million it lost during the same period a year ago.
- FROM FEB. 23, 2005: Magna Entertainment cuts Q4 loss to $41M US
The loss for the quarter ended Dec. 31 translates to 38 cents a share, compared with 96 cents a share a year earlier.
Revenue was $139 million US, down from $146 million.
Recently appointed CEO Thomas Hodgson said earlier this month that the company will post a loss in the first quarter and may not be firmly in the black for two more years.
Share Tools
Top News Headlines
- Canadian Pacific strikers face back-to-work legislation
- Labour Minister Lisa Raitt is prepared to end the Canadian Pacific Railway strike if necessary, after both CP and the union rejected a proposal for voluntary arbitration by the government-appointed negotiator on Sunday. Raitt says she is "extremely disappointed." more »
- Syrian regime denies role in Houla massacre
- The UN Security Council condemned the Syrian regime at an emergency meeting Sunday, holding president Bashar al-Assad's military responsible for the massacre of more than 100 people, dozens of whom were children younger than 10 years old. more »
- Ryder Hesjedal wins prestigious Giro d'Italia
- Victoria native Ryder Hesjedal has become the first Canadian to win one of the cycling world's three Grand Tour events, wrapping up the 2012 Giro d'Italia with an excellent performance in the final stage in Milan. more »
- Neighbour may have helped find missing kids in Mexico
- Two Winnipeg children who had been missing for nearly four years were found in Mexico after a man raised concerns about his neighbour, according to a private investigator. more »
Latest Business Headlines
- Bankia asks Spain for €19B
- The board of directors of Spain's troubled bank, Bankia, has asked the Spanish government for €19 billion ($24.5 billion Cdn) in financial support. more »
- EI reforms aim to boost employment, Flaherty says
- Finance Minister Jim Flaherty defended his government's proposals to change employment insurance, saying the aim is to remove "disincentives to employment." more »
- Employment Insurance review boards to be scrapped
- The federal government is scrapping two review boards used by people appealing decisions made about their employment insurance. more »
- Ottawa moves to limit foreign investment reviews
- The federal government is raising to $1 billion the amount of foreign money that can go into a Canadian company before the investment is reviewed. The review has been used in the past to block foreign takeovers of MDA and Potash Corp. more »
Lang & O'Leary Exchange
Markets
| Index | Last Trade | Change |
|---|---|---|
| TSX COMPOSITE | 11576.47 | 10.4 |
| DOW | 12454.83 | -74.92 |
| NASDAQ | 2837.53 | -1.85 |
| SP 500 | 1317.82 | -2.86 |
| NYSE COMPOSITE | 7534.32 | -18.01 |
| AMEX | 2227.37 | 1.45 |
| TSX-VENTURE | 1309.27 | 26.8 |
The data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.
Business Features
- Accused in blast that killed Alberta mom handled her funds
- Seniors float above Montreal's Quartier Latin
- Remains found in bag on Cape Breton river ID'd
- Neighbour may have helped find missing kids in Mexico
- Quebec students and province to resume talks
- Lip-dub marriage proposal an internet hit
- Syrian regime denies role in Houla massacre
- B.C. NDP calls for unity in fighting coast guard closure
- Canadian Pacific strikers face back-to-work legislation
