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22/11/07

Bombardier: No more carriers to stop using Q400

TOKYO (Reuters) - Bombardier Inc, the world's third-largest maker of civil aircraft, said no additional air carriers have said they would stop using its Dash 8 Q400 aircraft after SAS AB's decision to do so. More than half of the 160 Q400 aircraft in service around the world were grounded after the landing gear on Q400s flown by Scandinavian Airlines Systems collapsed on touchdown in two separate incidents.

BASF CEO says not ruling out firm can be taken over

STUTTGART (Reuters) - The market valuation of BASF is not that high that it can't be taken over, Chief Executive Juergen Hambrecht said late on Wednesday. At 3:30 a.m. EST, BASF shares were up 1.5 percent at 92.80 euros, giving it a market valuation of around 45 billion euros ($67 billion).

BHP chief tries to soothe China nerves on Rio deal

BEIJING (Reuters) - China is worried that BHP Billiton Ltd will have too much power in setting iron ore prices if it takes over rival Rio Tinto Ltd/Plc but recognizes that a tie-up could help secure long-term supplies, a manager at the country's No. 2 steel maker said on Thursday. The official spoke as BHP Chief Executive Marius Kloppers was making the rounds in Beijing to try to allay China's concerned about the proposed $120 billion-plus all-share takeover.

September retail sales fall as high C$ takes toll

OTTAWA (Reuters) - Canadian retail sales fell unexpectedly in September, signaling that the economy may be slowing more than anticipated and building the case for an interest rate cut by the Bank of Canada. Statistics Canada said on Wednesday that a drop in new vehicle sales caused retail sales to fall 0.2 percent, below expectations. It was the first quarterly decline since 2003.

Toronto stocks felled by resources, economic fears

TORONTO (Reuters) - The Toronto stock market's main index finished broadly lower on Wednesday, dragged down by weak resource shares and nagging worries over the health of the U.S. economy. The index more than gave back all the gains it made in the previous session as losses in the energy, materials and financial sectors weighed amid fears that the impact of the credit crunch will hurt economic growth.

Canada dollar ends down as retail data disappoints

TORONTO (Reuters) - The Canadian dollar ended lower against the U.S. currency on Wednesday as weak domestic data and talk of a Bank of Canada rate cut took the focus away from upbeat fundamentals like high oil and gold prices. Bond prices rose as ongoing credit worries shook North American equity markets and sparked demand for government debt, while the weak retail data also offered support.

Flaherty says less worried about high C$

OTTAWA (Reuters) - Finance Minister Jim Flaherty said on Wednesday he was a little less concerned about the value of the Canadian dollar since the currency retreated from a modern-day high reached earlier this month. "We were concerned, and obviously I'm several cents less concerned now. But we remain concerned," Flaherty told Reuters.

Lawmakers to grill incoming Bank of Canada chief

OTTAWA (Reuters) - The incoming governor of the Bank of Canada, Mark Carney, will appear before a parliamentary finance committee on December 5, the central bank said on Wednesday, as political pressure to rein in the country's high-flying currency builds. The testimony will take place on the day after the Bank of Canada's next interest rate decision on December 4. The committee requested Carney's testimony appearance to review his appointment as governor. It will mark the first time a Canadian central bank governor will appear before a parliamentary committee before starting the job.

Some firms like the strong Canadian dollar

OTTAWA (Reuters) - Canadian manufacturers and exporters have loudly complained about the strong Canadian dollar, but not all businesses want the currency to retreat. The small- and medium-sized businesses that want a weaker currency only modestly outnumber those who say they benefit from a strong Canadian dollar, the Canadian Federation of Independent Business said on Wednesday.

Oil steady over $97 after drop on Cushing stockbuild

SEOUL (Reuters) - Oil held firm above $97 a barrel on Thursday, after a big build in stocks at a key U.S. storage hub knocked prices off a record high near $100. U.S. light crude for January delivery gained 25 cents to $97.54 a barrel by 1:27 a.m. EST. Oil ended 74 cents lower a day ago after the stockbuild coupled with growing pessimism over the U.S. economy cut down an early rally to a peak of $99.29.

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