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Tuesday, May 20, 2008

BCE rebounds from NY drop, but questions linger

TORONTO (Reuters) - Shares of BCE Inc bounced back on Tuesday, as investors found value in the stock after a retreat in New York, spurred by reports that the banks funding the company's buyout were pressing to restructure the C$34.8 billion ($35.1 billion) deal. The stock of Canada's top telecommunications firm was up 81 cents, or 2.2 percent, at $37.43 on the New York Stock Exchange.

Toronto stocks hit new high, then turn tail

TORONTO (Reuters) - Toronto's main stock market index briefly rose beyond the 15,000-point mark for the first time on Tuesday, but then fell into negative territory as worries over the future of the buyout of BCE Inc overshadowed record high energy prices. The Toronto Stock Exchange's S&P/TSX composite index <.GSPTSE> rose 23.84 points, or 0.2 percent, to 15,008.04, before turning lower. At midmorning it was down 54.36 points, or 0.4 percent, at 14,949.84.

Wholesale trade rebounds in March

OTTAWA (Reuters) - Wholesale trade grew 0.6 percent in March, slightly better than expected, following

Bombardier wins $1.2 bln order from Swiss Vistajet

TORONTO (Reuters) - Bombardier Inc , the world's third-largest civil aircraft maker, said on Tuesday it has won an order for business aircraft worth up to $1.2 billion from Switzerland's VistaJet. The order, which was announced at an air show in Geneva, is for 35 firm orders with options for an additional 25 aircraft, the Canadian aerospace company said.

Canada dollar up on strong data and lofty oil prices

TORONTO (Reuters) - The Canadian dollar was higher against a generally weaker U.S. dollar on Tuesday while lofty oil prices and a stronger-than-expected piece of domestic data also helped beef up the currency's gain. Domestic bond prices were all higher after data released overnight heightened economic growth concerns.

Foreigners buy more Canadian securities in March

OTTAWA (Reuters) - Foreign investors bought C$5.30 billion ($5.35 billion) worth of Canadian securities in March as they added a net C$5.9 billion of equities to their portfolios, the largest amount since May 2006, Statistics Canada said on Tuesday. Canadians divested C$3.3 billion worth of foreign securities in the same month.

UBS sees 1 percent drop in banks' Q2 earnings

(Reuters) - UBS said it expects Canadian banks' earnings to decline by 1 percent in the second quarter and 4 percent in the third quarter, citing lower capital market revenue, higher provisions and slower growth in wealth. UBS, which remained "overweight" on the Canadian banking sector, said capital markets was the key issue in the short term. In the long term, the brokerage said it was concerned about the impact of the U.S. recession on growth and provisions, de-leveraging and returns.

Canadian Superior plans LNG facility off New Jersey

CALGARY, Alberta (Reuters) - Canadian Superior Energy Inc said on Tuesday it plans a $550 million liquefied natural gas facility off the New Jersey coast to supply gas to the U.S. Northeast by 2011. Canadian Superior, a small natural gas explorer which recently hit a large gas pool off the coast of Trinidad, and Global LNG Inc, a private firm controlled by the explorer's management, are backing the Liberty Natural Gas Project, the company said.

Microsoft proposes to buy Yahoo search: source

BOSTON (Reuters) - Microsoft Corp has proposed to buy Yahoo Inc's search business and take a minority stake in the Web pioneer, stopping short of a full-out merger, a person familiar with the discussions said on Monday. As part of the deal Yahoo would put its Asian assets, including significant minority stakes in Yahoo Japan <4689.T> and China's Alibaba Group, up for sale, while Microsoft would buy a chunk of what remains of the company, the source said.

Thomson Reuters to cut 140 journalist jobs

NEW YORK (Reuters) - Global information company Thomson Reuters Corp plans to cut 140 editorial jobs by the end of the year as its Reuters news service absorbs Thomson Financial News. More than half the cuts will be in Europe, while the rest will be scattered, Editor-in-Chief David Schlesinger wrote in a memo to employees on Monday.

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