Business briefs – Oct. 31

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Cygam CEO leaves

CALGARY — Cygam Energy Inc. (TSXV:CYG) says CEO Gary Hyde and president Brad Goldie have resigned from the junior international oil and gas explorer, effective Nov. 30. The Calgary company did not say why the two executives had tendered their resignations.

Hyde was also chief operating officer of Cygam and Goldie the vice-president of business development.

Hyde also resigned from Cygam’s board of directors, effective immediately. Giuseppe Rigo, executive chairman, will become interim president and CEO when Hyde and Goldie leave the company. Cygam has exploration permits and producing properties in Canada and Tunisia.


Air France cancels flights over strike

PARIS — Air France says it has cancelled about 20 per cent of its flights due to a strike by flight attendants.

The strike is affecting mostly short- and medium-haul flights out of French airports, but 10 long-haul flights were also cancelled Saturday. The airline said the situation at Paris’ main airport, Charles de Gaulle, was largely normal, with most passengers on cancelled flights rebooked on other airlines. The strike, in protest against cuts to cabin crews, comes during an extended school holiday and at the start of a long weekend in France.


Foxconn to make automation equipment

TAIPEI, Taiwan — Foxconn Technology Group says it is building a multimillion-dollar manufacturing complex in central Taiwan to produce factory automation equipment. The company said Saturday that the new facilities in Taichung will also produce robots providing medical care.

Taiwan-based Foxconn is the world’s largest contract electronics manufacturer, producing iPhones, iPads and other electronic gadgets from its massive manufacturing complex in China.


Trichet defends ECB action

BERLIN — Retiring European Central Bank president Jean-Claude Trichet has rejected criticism that politicians influence the bank, insisting that it acts independently, including in measures to help ease the European debt crisis.

Trichet stressed in comments to Germany’s Bild am Sonntag weekly that the ECB is “completely independent” in making its decisions.

He insisted in the comments released Saturday that the ECB’s government bond-buying program was based on fiscal policy and not the demands of the 17 nations using the common currency.

The purchases prevented the crisis spreading to more countries but opened the bank up to criticism that it was bowing to political pressure.

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