GE profit meets expectations
BOSTON (Reuters) - General Electric Co posted a 4
percent rise in net profit on Friday, matching Wall Street
expectations, with strong demand for heavy equipment from
outside the United States offsetting the effects of a slowing
domestic economy. The second-largest U.S. company by market
capitalization said profit rose at all of its units but health
care, which was weighed by a U.S. regulatory change.
Kinross production to jump on new gold mines
TORONTO (Reuters) - Kinross Gold expects production
to rise to as much 2 million ounces of gold equivalent this
year, while cash costs should be a bit higher on average as it
opens three new mines, the company said on Friday. Output from
the Paracatu expansion in Brazil, the Kupol mine in Russia, and
the Buckhorn mine in Washington state should drive production
to between 1.9 million and 2 million ounces in 2008, while
costs should be in a range of $365 to $375 an ounce, Kinross
said in an update.
November factory sales, orders surge
OTTAWA (Reuters) - Canadian manufacturing sales rose more
than expected in November, but much of the 1.1 percent gain was
explained by a surge in prices for coal and petroleum products,
Statistics Canada said on Friday. Stripping out the price
effects, the volume of sales in the beleaguered manufacturing
sector slipped 0.1 percent lower in November from October.
QLT to slash workforce, founder quits
TORONTO (Reuters) - QLT Inc said on
Friday it planned to slash 45 percent of its workforce and take
a $7.5 million charge this year, as it turns its focus to its
key Visudyne anti-blindness treatment. The company said it
would cut 115 jobs, including members of its management team,
at its Vancouver headquarters and its U.S. subsidiaries.
Sprint to slash 4,000 jobs after subscriber losses
NEW YORK (Reuters) - Sprint Nextel reported
deeper-than-expected subscriber losses on Friday and said it
would cut about 4,000 jobs, sending its shares down 19 percent
to their lowest level in more than five years. The No. 3 U.S.
mobile phone service has been losing ground to bigger rivals
such as AT&T Inc amid network and customer service
problems that drove away high-value post-paid customers who pay
monthly bills.
Talisman to buy RSX Energy
CALGARY, Alberta (Reuters) - Talisman Energy Inc ,
Canada's No. 3 independent oil producer, is buying junior
energy firm RSX Energy Inc for about $94 million to
increase its interests in northwestern Alberta. RSX said on
Friday that Talisman will pay $1.70 a share plus debt in the
friendly deal, bringing the total value to $106 million.
Stocks plunge on U.S. fiscal plan
TORONTO (Reuters) - The Toronto Stock Exchange's main index
took a dive on Friday, handing back big earlier gains as an
economic stimulus package intended to stave off a possible U.S.
recession was met with displeasure. The bottom fell out of the
TSX after the White House announced George W. Bush's plan for
the world's biggest economy would be equal to about 1 percent
of U.S. gross domestic product.
Dollar higher as equity markets rebound
TORONTO (Reuters) - The Canadian dollar was higher versus
the U.S. dollar on Friday morning as a rebound in equity
markets helped comfort investors who have been worried about
what impact a global slowdown could have on Canada. Domestic
bond prices were lower across the curve as the latest piece of
Canadian economic data showed manufacturing sales rose more
than expected in November.
DundeeWealth says has ended consideration of bids
TORONTO (Reuters) - DundeeWealth Inc said on Friday
that it has ended the process established last fall following
unsolicited expressions of interest in the company. The company
said that it has been advised by its controlling shareholder
that it will be not be considering any of the expressions of
interest made so far.
Canfor to close two B.C. mills
OTTAWA (Reuters) - Canfor Corp said on Friday that
it will indefinitely close its PolarBoard and Tackama mills in
Fort Nelson, British Columbia, due to poor wood market
conditions, affecting 435 jobs. It is expected the Tackama
plywood mill will close in April and the PolarBoard oriented
strand board mill will close in the summer once existing
inventories are used and finished products shipped.
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