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13/08/07

Canadian Imperial Bank of Commerce sees profit up

TORONTO (Reuters) - Canadian Imperial Bank of Commerce said on Monday it expected a higher quarterly profit, helped by good revenue, expense and loan loss performance in most of its business groups. Canada's fifth-largest bank by assets said it expected to report earnings of about C$2.30 a share for the third quarter ended July 31, compared with C$1.86 a year earlier.

Nortel wants increasing share of revenue from Asia

MUMBAI (Reuters) - Nortel Networks Corp. is focusing on its existing business, including lifting Asia's share of its revenues, and takeovers could also help a return to profitability, Chief Executive Mike Zafirovski said on Monday. Toronto-based Nortel, North America's biggest maker of telephone equipment, has been cutting costs and trying to boost revenues. Nortel reported a loss of $37 million for its second quarter.

China recall toy factory boss hangs himself: report

BEIJING (Reuters) - The boss of a Chinese toy manufacturing company involved in a Mattel recall after its products were found to contain excessive lead levels has hanged himself, Chinese media reported on Monday. Zhang Shuhong, a Hong Kong businessman in his 50s and boss of the Lida Toy Company in the southern province of Guangdong, was found dead in his factory workshop on Saturday, the semi-official Southern Metropolitan Daily said.

Asia's central banks move to calm nervous markets

SINGAPORE/HONG KONG (Reuters) - Asia's central banks took further steps on Monday to calm markets roiled by fears over a credit squeeze, with the Bank of Japan injecting $5.1 billion into the banking system and others pledging to follow suit if needed. South Korea's finance ministry said it was ready to supply emergency funds if credit dried up due to the turmoil in U.S. subprime mortgages. The country's banks and insurers have invested $850 million in the U.S. subprime mortgage loan sector, it added.

Intertape narrows quarterly loss as expenses drop

TORONTO (Reuters) - Packaging manufacturer Intertape Polymer Group Inc. reported a narrower second-quarter loss, helped by lower expenses. The company had a net loss of $8.1 million, or 20 cents a share, in the quarter ended June 30, 55 percent narrower than its loss of $18.2 million, or 44 cents a share, a year ago.

Futures signal rebound on data and overseas gains

NEW YORK (Reuters) - Stock index futures signaled a rebound on Wall Street on Monday after gains in overseas markets and data showing U.S. retail sales grew last month, reassuring investors about consumer spending. Retail sales rose more than expected in July, the Commerce Department said, adding that June's drop was revised smaller than had previously been reported.

Oil rises above $72

LONDON (Reuters) - Oil prices climbed above $72 a barrel on Monday as calming financial markets on the back of cash injections by central banks worldwide put the spotlight back on robust energy demand expectations. U.S. crude for September delivery was 72 cents up at $72.19 a barrel by 6:20 a.m. EDT, after ending 12 cents down on Friday. London's Brent crude rose 66 cents to $71.05, adding to the previous session's 18-cent gains.

Asia to buy more S.African, Canadian coal-ABARE

BRISBANE (Reuters) - Asia was set to buy more coal from South Africa and Canada to meet its growing needs because China was soaking up supplies across the Pacific region, an Australia's government forecaster said on Monday. Growing demand should also maintain Asian coal prices at "historically high levels," Alan Copeland, a commodity analyst at the Australian Bureau for Agriculture and Resource Economics (ABARE) said.

Stocks, risky assets win reprieve

LONDON (Reuters) - Stocks rose and emerging market assets posted modest gains on Monday after moves by central banks to inject money into the banking system reassured investors, prompting them back into riskier assets. The European Central Bank injected liquidity into the euro money market again on Monday, easing market tensions triggered by liquidity concerns in the banking system hit by troubles in risky U.S. subprime mortgages.

IPIC to shortlist S.Korean refinery stake buyers

SEOUL (Reuters) - Abu Dhabi's International Petroleum Investment Co. (IPIC) will shortlist three or four South Korean firms to buy a 35 percent stake in refiner Hyundai Oilbank Corp. as soon as this week, sources familiar with the deal said on Monday. Merrill Lynch, which is managing the deal, will narrow down the pool of candidates for the stake, worth about 700 billion won ($753.6 million) to 800 billion won, they said.

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