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CA-BUSINESS Summary

Saturday, November 21, 2009 14:11 EST

Ciena takes Nortel unit auction to 2nd day: sources

NEW YORK (Reuters) - The auction for Nortel Network's optical networking and carrier ethernet business went into a second day on Saturday, after Ciena called for a break in the auction late on Friday, two sources said. Last month Nortel Networks Corp, the bankrupt Canadian telecommunications equipment maker, said that Ciena's cash-and-stock bid, worth some $526 million, would be the stalking horse offer for these assets.

Canadian bankruptcies jump in September

OTTAWA (Reuters) - Canadian bankruptcies rose about 29 percent in September from a month earlier, as consumer felt the pinch of rising debt and a weak job market, and business insolvencies rose again after sliding to a 22-year low, a report released on Friday said. The September rise is in keeping with a historical trend, according to the Office of the Superintendent of Bankruptcy, which compiled the figures.

Canada will stay the course on stimulus: Flaherty

TORONTO (Reuters) - Finance Minister Jim Flaherty on Friday vowed to resist big, new spending measures in his next budget, but said it was too early to pull stimulus away from a still shaky economy. Flaherty used a speech in Toronto to lower any expectations that the Conservative government would either pump in new stimulus funds or, as others have suggested, shut off the tap before the scheduled deadline in March 2011.

Cossette favors Mill Road takeover

TORONTO (Reuters) - Cossette Inc, Canada's largest homegrown ad firm, urged shareholders late on Friday to accept an buyout offer from Mill Road Capital, saying a higher proposal from another firm did not yet constitute an official bid. Cossette Inc , which has been in the middle of a takeover battle since July, said it was recommending shareholders vote in favor of a C$7.87/share bid on November 10 from Mill Road, a U.S. based company.

TD Bank hit with lawsuit in Florida Ponzi case

MIAMI (Reuters) - TD Bank was hit with a multimillion-dollar lawsuit on Friday calling it the "financial epicenter" of an alleged Ponzi scheme run by disgraced Florida lawyer Scott Rothstein. The unit of Canada's Toronto-Dominion Bank was a "linchpin" in the scheme and disregarded numerous "red flags" as hundreds of millions of dollars moved out of trust accounts opened by Rothsteins's Fort Lauderdale-based law firm, the lawsuit filed in Broward County Circuit Court said.

Oil prices, profit-taking drag TSX lower

TORONTO (Reuters) - Toronto's main stock index fell on Friday as weaker oil prices, caused partly by a stronger U.S. dollar, weighed on resource issues, including Suncor Energy Inc . Suncor dropped 0.5 percent to C$38.07, while Canadian Natural Resources fell 0.7 percent to C$70.60. Barrick Gold , another top mover on the downside, fell 0.7 percent to C$47.00.

Terra shareholders elect CF nominees to board

NEW YORK (Reuters) - CF Industries Holdings Inc took a major step toward completing its bid to buy Terra Industries Inc on Friday when three nominees proposed by CF were elected to Terra's board. With its chosen slate elected, CF -- which itself is the target of a hostile takeover effort by Agrium Inc -- may face pressure to settle a deal to buy Terra quickly, as its financing with Morgan Stanley expires on November 30.

CP Rail reaches tentative deal with police union

OTTAWA (Reuters) - Canadian Pacific Railway Ltd said on Friday it reached a tentative, three-year labor agreement with the union that represents railway police. Canada's second biggest railroad will keep details of the contract with the Canadian Pacific Police Association under wraps until union members ratify it.

Global stocks slip, dollar gains on economy fears

NEW YORK (Reuters) - Global stocks slid and the U.S. dollar rose on Friday as investors cut their exposure to risky assets amid signs of an anemic U.S. economic recovery. Investors sought safe havens ahead of a holiday-shortened week in the United States and in anticipation of the year-end period, which can prove to be volatile.

Dollar falls as commodities, equities weaken

TORONTO (Reuters) - The Canadian dollar fell on Friday, hurt by weaker equity and commodity prices, including a drop in oil and gold, and broad-based U.S. dollar strength as many investors lost their appetite for risk. The greenback rose against a range of currencies on Friday, extending the previous day's gains, as investors retreated from riskier assets including higher-yielding currencies.

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