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Reuters Canada Business Summary

06/12/07

Wal-Mart November U.S. same-store sales rose 1.5 percent

NEW YORK (Reuters) - Wal-Mart Stores Inc on Thursday reported a 1.5 percent rise in November sales at U.S. stores open at least a year, saying it had "solid" sales as the holiday rush got under way the day after Thanksgiving. But sales at its namesake stores continue to lag, and the world's largest retailer forecast a U.S. same-store sales gain of 1 percent to 3 percent for the holiday-heavy month of December.

China Minmetals bids C$455 mln for Northern Peru

OTTAWA (Reuters) - Canadian miner Northern Peru Copper Corp. said on Thursday that it supports a cash takeover offer of C$13.75 a share from China Minmetals Nonferrous Metals Co. and Jiangxi Copper Co Ltd <600362.SS>. The bid, which values Northern Peru at about C$455 million ($446 million), represents a 34 percent premium to Northern's average share price over a 20-day trading period up to December 5, the companies said.

Romania moves to block Canadian gold mine project

BUCHAREST (Reuters) - Romania looks set to ban the use of cyanide in mining in a move that will effectively block a Canadian project to build Europe's biggest open cast gold mine, officials said on Thursday. Gabriel Resources has already invested more than $300 million in the Rosia Montana gold mine in the central province of Transylvania but the project has faced a series of hurdles over health and environmental worries.

Futures pare gains as ECB keeps rates steady

NEW YORK (Reuters) - U.S. stocks index futures pared gains on Thursday after the European Central Bank left interest rates unchanged. S&P 500 futures were up 1.9 points, above fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.

RBS allays worst fears before Bush mortgage plan

LONDON (Reuters) - Britain's second-biggest bank said it suffered less damage than widely feared from the global credit crisis as investors waited on Thursday for the detail of a rescue plan for U.S. homeowners from President George W. Bush. Financial markets were also braced for pronouncements from the European Central Bank and Bank of England, with the former not expected to ease policy but chances of an interest rate cut from the latter very much in the balance.

Lilly 2008 profit forecast eclipses expectations

NEW YORK (Reuters) - Eli Lilly and Co on Thursday forecast 2008 earnings above Wall Street expectations and said it remained on track to seek U.S. approval this month for prasugrel, a blood clot preventer, which posted mixed results in a recent large clinical trial. The Indianapolis-based drug maker expects earnings of $3.85 to $4 per share next year, excluding special items.

Oil falls to near $86 as U.S. fuel inventories mount

LONDON (Reuters) - Oil fell to a six-week low near $86 a barrel on Thursday as a build-up in U.S. oil product stocks and receding geopolitical concerns outweighed OPEC's decision not to increase crude oil production. Healthy inventory levels were among reasons cited by OPEC to keep output levels unchanged during the peak winter demand season and analysts said the drop in oil prices also reflected a firming U.S. dollar, the currency in which crude is priced.

Toll Brothers posts loss as housing market worsens

NEW YORK (Reuters) - Toll Brothers Inc , the largest U.S. luxury home builder, on Thursday reported a quarterly loss as the U.S. housing market worsened to levels unseen for decades. For the fourth quarter ended on October 31, Toll posted a loss of $81.8 million, or 52 cents a share, compared with a year-earlier profit of $173.8 million, or $1.07 a share.

Canadian Pacific in tentative contract with union

NEW YORK (Reuters) - The Teamsters Canada Rail Conference, which represents 4,500 locomotive engineers and conductors, and Canadian Pacific Railway Ltd reached a revised tentative 5-year contract settlement on Wednesday, the railway said. The memorandum of settlement will be sent to the union membership for ratification, which is expected to conclude within the next eight weeks.

Equinox says unaware of buyers of its shares

SYDNEY (Reuters) - Canadian miner Equinox Minerals Ltd said on Thursday it was not aware of the identity of the buyers of its shares in Canadian trading on Wednesday. Equinox made the comments in response to a query from the Australian stock exchange.

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