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Reuters Canada Business Summary

10/01/08

Quebecor World close to financing deal: report

TORONTO (Reuters) - Struggling commercial printer Quebecor World , which must raise $125 million in new financing by next Tuesday, is close to inking a refinancing deal with two Canadian banks, a Canadian newspaper said on Thursday. The Montreal-based company is close to reaching an agreement led by Royal Bank of Canada , the Globe and Mail newspaper said. Toronto Dominion Bank is also believed to be on board, the Globe said, citing unnamed sources.

Canada new home prices steady in November

OTTAWA (Reuters) - The annual rise in Canada's new housing prices was unchanged in November from October at 6.1 percent, the 15th straight month in which year-over-year prices did not rise, Statistics Canada said on Thursday. New homes cost 0.5 percent more when compared with October 2007 as price declines in Calgary and some other western cities tempered growth in Toronto, Montreal and Vancouver, the agency reported.

Wal-Mart December sales rise

NEW YORK (Reuters) - Wal-Mart Stores Inc on Thursday reported a 2.4 percent rise in December sales at U.S. stores open at least a year, beating Wall Street expectations, as customers flocked to its stores for cheap groceries. "In a difficult retail environment, we were pleased with our comparable store sales during this period," said Eduardo Castro-Wright, head of Wal-Mart's U.S. store division. "Wal-Mart's food performance was very strong, which helped drive traffic to other areas of the stores.

Alcoa's quarterly profit rises, beats estimates

NEW YORK (Reuters) - Aluminum producer Alcoa Inc said on Wednesday that fourth-quarter net profit rose 76 percent on restructuring and tax benefits, offsetting lower aluminum prices. The first earnings report from a Dow Jones Industrial Average member this quarter was above Wall Street expectations, sending Alcoa shares up 2.4 percent in after-hours trading.

Alstom wins right to bid for Montreal metro cars

TORONTO (Reuters) - French transport group Alstom has won the right to bid for a C$1.2 billion ($1.2 billion) contract to replace cars on the Montreal metro system, the company said on Wednesday. In an evening release, Alstom said the Superior Court in Canada's French-speaking province of Quebec had ruled in its favor in a dispute about a 2006 order that Quebec had initially planned to offer to Alstom rival Bombardier , without allowing competitive bids.

Toronto stocks helped by golds in volatile day

TORONTO (Reuters) - The Toronto Stock Exchange's main index ended higher on Wednesday after a choppy session as bargain-hunting and gains in resource issues helped offset uneasiness over the prospect of a U.S. recession. The index fell more than 100 points earlier in the day, but reversed direction in a late-afternoon bounce to close higher for the first time in three days.

Jean Coutu profit drops after Brooks Eckerd sale

TORONTO (Reuters) - Drugstore chain Jean Coutu Group said on Thursday that second-quarter profit fell 88 percent, due primarily to the sale of its U.S. Brooks Eckerd chain to Rite Aid last year. The company, which recently launched an ambitious three-year growth plan, reported net earnings of C$9.5 million, or 4 Canadian cents a share, in the quarter ended December 1. That compares with a profit of C$79.3 million, or 30 Canadian cents a share, in the same period last year.

Canada December housing starts chilled by winter

TORONTO (Reuters) - Canadian housing starts fell more than expected in December due to harsh winter weather, but 2007 still came in as the second strongest year for starts in almost two decades, Canada Mortgage and Housing Corp said on Wednesday. Housing starts fell 19.6 percent to a seasonally adjusted annualized rate of 187,500 in December from an upwardly revised 233,300 starts in November.

Bank of England holds rates, cut seen in Feb

LONDON (Reuters) - The Bank of England left interest rates unchanged on Thursday, following a week of intense speculation over whether it would cut them for a second month running to shore up economic growth. The Bank held the main rate at 5.5 percent, having lowered it a quarter percentage point in December.

Enbridge shakes up senior management ranks

CALGARY, Alberta (Reuters) - Enbridge Inc , Canada's No. 2 pipeline company, has shuffled its senior management to prepare for its next round of expansion, which includes C$26 billion ($26 billion) of projects that are either approved or under consideration, it said on Wednesday. Enbridge said Steve Wuori, current chief financial officer and corporate development official, has become executive vice-president of liquids pipelines.

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