EnCana reports lower third-quarter results
TORONTO (Reuters) - EnCana Corp. reported a lower
third-quarter profit on Wednesday as an after-tax loss
associated with its hedging program bit into its results. North
America's top independent oil company, whose chief executive,
Gwyn Morgan, surprised investors on Tuesday by announcing he is
stepping down, earned $266 million, or 30 cents a share for the
quarter ended September 30, down from $393 million, or 42 cents
a share for the same period a year ago.
PetroKazakhstan says court approves CNPC deal
NEW YORK (Reuters) - PetroKazakhstan Inc. said on
Wednesday the Alberta Court of Queen's Bench approved CNPC
International Ltd.'s $55.00 per share acquisition agreement.
The Calgary-based company said it intends to close the
transaction on Wednesday, as soon as possible after the order
has been filed with the court, and make a further announcement
once the closing has occurred.
Cognos CEO says $1 bln sales a near-term goal
SINGAPORE (Reuters) - Cognos , Canada's largest
software maker, said on Wednesday it was very close to
achieving its goal of US$1 billion in sales, due to healthy
demand for its business planning software. Cognos software is
used to analyze large corporate databases, helping businesses
speed up decision-making.
Oil eases to $62, cold spell a concern
SINGAPORE (Reuters) - Oil dipped toward $62 on Wednesday
amid profit-taking after the previous day's surge, when a bout
of chilly weather sharpened the focus on thin natural gas
supplies and a forecast fall in winter fuel stocks. U.S. light
crude lost 41 cents to $62.03 a barrel by 0735 GMT after
it jumped $2.12 on Tuesday, reversing a five-session losing
streak.
Stocks futures up; Amazon under pressure
LONDON (Reuters) - U.S. stock futures were pointing to a
higher opening on Wall Street on Wednesday with strong earnings
expected from blue chips such as Boeing , but Amazon
is set to dip after disappointing after-hours figures.
By 0930 GMT, U.S. stock futures were around 0.2 percent higher
for the three main indexes .
BoC rate-hiking campaign may pause in spring-Dodge
OTTAWA (Reuters) - The Bank of Canada gave a clear signal
on Tuesday that its tightening cycle may last only to next
spring, despite there being substantial liquidity in the
economy. Governor David Dodge said the risks of global economic
slowdown in 2007 could give the central bank pause next year.
Cloudy outlook keeps Toronto stocks in check
TORONTO (Reuters) - Toronto stocks finished flat on Tuesday
as gains by oil issues were offset by a drop in most other
sectors, led by techs. The Toronto Stock Exchange's S&P/TSX
composite index <.GSPTSE> closed 2.95 points higher at
10,363.74. Volume was 262.5 million shares worth C$4.6 billion.
Canadian Oil Sands doubles payout on strong results
CALGARY, Alberta (Reuters) - Canadian Oil Sands Trust
, owner of the biggest stake in the Syncrude Canada
oil sands operation, said on Tuesday it is doubling cash
distributions after surging oil prices generated a major jump
in cash flow. Canadian Oil Sands said it will pay a quarterly
distribution of C$1 a unit after third-quarter cash flow rose
126 percent to C$364 million, or C$3.96 a unit.
Inco's profit sags as Falconbridge's soars
TORONTO (Reuters) - Canadian miner Inco Ltd. ,
poised to snap up rival Falconbridge Ltd. , in a
friendly deal that will create the world's biggest nickel
producer, reported steeply lower results due to higher costs on
Tuesday. But Falconbridge's results jumped 81 percent on strong
metal prices. Higher production costs more than halved Inco's
third-quarter profit to $62 million, or 30 cents a share, from
the year-earlier $142 million, or 69 cents a share.
Higher trading volumes boost TSX Group profit
TORONTO (Reuters) - TSX Group Inc. , owner and
operator of the Toronto Stock Exchange, reported
better-than-expected third-quarter profit on Tuesday as the
company lowered costs while revenue was boosted by increased
trading activity. For the three months ended September 30, net
income was C$28.7 million, or 42 Canadian cents a diluted
share, up from C$15.6 million, or 23 Canadian cents a share, in
the year-before period.
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