New lease on life┬áItÔÇÖs taken a long time to get around to it, but a major development is expected to breathe new life into downtown Toronto, as Alan T Swaby learns. ThereÔÇÖs a degree of controversy about TorontoÔÇÖs development plans, with some voices critical about the progress achieved toward integrating the harbor area with downtown Toronto.

US President Barack Obama promised more action on the economy in the coming weeks, as he said he sees "glimmers of hope" in the economy, but warned that the system remained under "severe strain."   Speaking after a meeting with his top economic advisers, he said there was still "a lot of work to do."   He said he and his team had discussed the stability of the financial system, the housing market and plans to help banks clear their books of bad assets.

Construction on WalesÔÇÖ tallest residential building has been halted amid a dispute over money with the contracting construction company Carillion.┬á Carillion is one of the UKÔÇÖs biggest construction companies with 50,000 employees, and while the 29-storey Meridian Quay Tower is only two months from completion, Carillion has confirmed it is withdrawing from the ┬ú70 million project.

Some of the biggest insurance companies in the US may be in line for bail-outs, as one US Treasury spokesperson attests to a number of life insurance companies having met requirements for government aid.    Treasury spokesperson Andrew Williams said help to insurers would not involve new funds, but would come from the $700 billion Troubled Assets Relief Program (TARP).

Abu Dhabi's government-linked investment fund Aabar does not plan to buy further shares in Daimler or a stake in General MotorsÔÇÖ German unit Opel, a spokesman for Aabar said.┬á General Motors' Opel has said it needs 3.3 billion euros in state aid from European governments to save jobs and keep plants open.

US bank Wells Fargo has surprised investors by saying it expects a record net profit.   The bank said profit will be $3 billion in the first quarter, due to better-than-expected results at newly-acquired lender Wachovia, previously the fourth largest US bank that nearly collapsed last year.

Exchange traded funds provider, Barclays Bank has agreed to sell its iShares asset management business to private equity firm CVC Capital Partners for £3 billion as it looks to raise cash and avoid turning to the government for aid.   However, Barclays will still maintain links with iShares, and is providing £2.1 billion of financing for the deal - in effect a loan to CVC to help it buy iShares.   "This transaction realises significant value for Barclays," said the bank's chief executive John Varley.

Washington has drawn a lot of attention since the financial industry continues to shrink. About 400 unemployed finance professionals have signed up to attend a New York job fair this month that features nine federal agencies, including the Federal Deposit Insurance Corp., the FBI and the Securities and Exchange Commission.  The job-seekers are among 23,300 people who lost industry work in New York in the year through February as banks worldwide announced almost $870 billion in losses and write-downs.

French drinks company Pernod Ricard, the worldÔÇÖs second-largest liquor maker, announced on Wednesday a Ôé¼1 billion ($1.3 billion) rights offering of its Wild Turkey bourbon to ItalyÔÇÖs Gruppo Campari in an effort to speed up debt reduction. Pernod took on added debt when it bought Sweden's Vin & Spirits, the maker of Absolut vodka, for $9.24 billion.

US carmaker Ford has seen its shares rise 16 percent in New York, after saying it had cut $9.9 billion from its $25.8 billion debt.  The 38 percent debt reduction will reduce Ford's interest payments by more than $500 million a year.