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Reuters Canada Business Summary

19/02/08

Thomson's Reuters takeover gets antitrust go-ahead

BRUSSELS/WASHINGTON (Reuters) - Regulators in Europe, the United States and Canada conditionally approved Thomson Corp's acquisition of Reuters, a deal that will create the world's leading provider of news and data for professional markets. Thomson and Reuters said on Tuesday they had agreed to sell copies of their financial databases -- Thomson's Worldscope, Reuters Estimates, Reuters Aftermarket Research and Reuters EcoWin -- in order to meet the regulators' conditions.

Toronto stocks surge 220 pts on golds and oils

TORONTO (Reuters) - The Toronto Stock Exchange's main index soared more than 200 points on Tuesday, lifted by robust resource issues and record-setting oil prices. Gains in gold, platinum and other commodities helped push the index higher, as the materials sector jumped 4.9 percent and the gold-producers subindex surged 6.1 percent.

Tim Hortons appoints new chief executive

VANCOUVER, British Columbia (Reuters) - Tim Hortons Inc has promoted Don Schroeder to president and chief executive, and also made him a company director, the coffee and doughnut retailer said on Tuesday. It also said that Paul House, 64, the incumbent CEO, has been appointed full-time executive chairman. Both appointments are effective March 1.

Hershey says cooperating with pricing probes

NEW YORK (Reuters) - Chocolate maker Hershey Co is cooperating with government probes, including a U.S. federal inquiry, in connection with its pricing practices, according to a regulatory filing on Tuesday. Hershey is the subject of an antitrust investigation by the Canadian Competition Bureau and has received a request for information from the European Commission, it said in a filing with the U.S. Securities and Exchange Commission.

Canadian dollar ends near 4-week low

TORONTO (Reuters) - The Canadian dollar closed at its lowest level in nearly a month against the U.S. dollar on Tuesday, as domestic data supported expectations of a Bank of Canada rate cut and offset any benefit from higher oil prices. Domestic bond prices took their cue from the bigger U.S. market and finished lower across the curve ahead of a domestic retail sales report due later this week.

January inflation slows, rate cuts on horizon

OTTAWA (Reuters) - Canada's inflation rate slowed in January as discounts on vehicle prices offset gasoline price hikes, Statistics Canada said on Tuesday in a report that seemed to leave no obstacles in the Bank of Canada's path as it prepares to cut interest rates in March. Statistics Canada also reported on Tuesday that wholesale trade in December fell 2.9 percent, citing weakness in the auto sector, which is highly vulnerable to the U.S. slowdown.

HP shares rise as profit beats Street targets

SAN FRANCISCO (Reuters) - Hewlett-Packard Co on Tuesday issued a quarterly earnings report and forecast ahead of Wall Street targets as it cut costs and sold more PCs and server computers, sending its stock up 5 percent. The report of a 38 percent profit rise showed HP was able to manage through a difficult economy due partly to strong sales in overseas markets, which account for more than two-thirds of total revenue.

BMO to take C$490 million charge, support SIVs

VANCOUVER, British Columbia (Reuters) - Bank of Montreal will take a C$490 million ($485 million) pretax charge in the first quarter due to credit market woes, Canada's fourth-biggest bank warned on Tuesday, but a pledge to back two investments called SIVS rattled investors more. BMO also announced a management reshuffle, in the wake of hundreds of millions of dollars in gas-trading losses and charges for various structured finance investments last year.

Auction sets price for Quebecor World bonds

NEW YORK (Reuters) - Sellers of protection on the defaulted debt of Quebecor World Inc will recover 41.25 percent of the protection sold, following an auction by dealers, auction administrators said in a news release. The final price Quebecor World's bonds was based on an auction by 13 dealers, according to administrators Markit and Creditex.

Lawsuit accuses chocolate makers of price fixing

TORONTO (Reuters) - A Toronto law firm said on Tuesday it has filed a class action lawsuit against the Canadian divisions of major chocolate makers over allegations of price fixing. The suit claims that the units of manufacturers including Nestle , Hershey Co , Cadbury Schweppes and Mars conspired to inflate the price of their products by five percent or more on at least three occasions.

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