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Former Brookfield partner to lead Abitibi restructuring

MONTREAL - Bruce Robertson, a former senior managing partner at Brookfield Asset Management Inc., has been appointed chief restructuring officer by AbitibiBowater Inc.

The Montreal-based newsprint and lumber producer, which has been among the Canadian forestry companies hit by a downturn in U.S. house construction and publishing, has been under court protection from creditors since mid-April and was delisted from the Toronto Stock Exchange on May 15.

Plazacorp announces quarterly dividend

Fredericton-based Plazacorp Retail Properties Ltd. has declared its regular quarterly cash dividend of 4.625 cents per common share to be paid on August 17 to all common shareholders of record on July 16.

Plazacorp is an owner of shopping malls and strip plazas throughout the Atlantic Provinces, Quebec and Ontario. The company owns interests in 98 properties comprising 4.3 million square feet of retail real estate.

Madoff penthouse seized by U.S. marshals, wife must leave

NEW YORK - The U.S. Marshals Service on Thursday took possession of disgraced financier Bernard Madoff's $7 million Manhattan penthouse in a move that forced his wife to move elsewhere.

U.S. Marshal Joseph Guccione said the marshals arrived at the property at noon with a court order permitting them to take custody of the apartment and to make anyone living there move out.

Guccione said Madoff's wife Ruth had been advised in advance of the marshals' plans and was leaving the residence and surrendering all personal property.

"She will be leaving," he said. "Restitution for the victims is the government's top priority."

U.S. employers cut 467,000 jobs in June

WASHINGTON - American employers cut a larger-than-expected 467,000 jobs in June and the unemployment rate climbed to a 26-year high of 9.5 per cent. Workers also saw weekly wages fall, suggesting Americans will have little appetite to spend and the economy's road to recovery will be bumpy.

The Labour Department report, released Thursday, showed that even as the recession flashes signs of easing, companies likely will want to keep a lid on costs and be wary of hiring until they feel certain the economy is on solid ground.

Sources: The Associated Press