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Reuters Canada Business Summary

12/03/08

Oil steadies near $109 after record high

LONDON (Reuters) - Oil steadied near $109 a barrel on Wednesday, within sight of its record high, ahead of the release of a U.S. government report expected to show rising inventories in the world's top consumer. The U.S. report later on Wednesday is expected to show crude stocks rose by 1.7 million barrels. Gasoline supplies were forecast to continue rising, marking the 18th consecutive weekly increase.

Toronto stocks open lower; materials lead fall

TORONTO (Reuters) - The Toronto Stock Exchange's main index edged lower early on Wednesday as sinking materials issues offset rising banks and telecoms, reversing a sharp rise in the previous session. The S&P/TSX composite index <.GSPTSE> was down 22.95 points, or 0.2 percent, at 13,321.60, with six of its 10 main sectors in negative territory.

Mobile firms seek India govt meeting on BlackBerry

MUMBAI (Reuters) - Mobile phone operators are seeking more talks to discuss Indian government security concerns which a newspaper said could lead to the termination of BlackBerry services in India, an industry official said on Wednesday. The Business Standard, citing unnamed sources, reported that Indian security agencies want BlackBerry-maker Research in Motion to give them access to algorithms needed to decrypt messages, or face a termination of the service at the end of March.

Transat AT swings to quarterly loss, hit by ABCP

TORONTO (Reuters) - Transat AT Inc posted on Wednesday a loss in the first quarter, stung by a C$14-million write-down related to asset-backed commercial paper (ABCP). The Canadian holiday travel company, parent of Air Transat, also blamed lower prices and excess supply in a competitive industry for the results.

Government to push toward single securities watchdog

OTTAWA (Reuters) - Finance Minister Jim Flaherty pledged on Tuesday to press ahead with the idea of a single, national securities regulator, despite provincial foot-dragging and opposition from Quebec separatists. "We have a capital-markets regulatory system that is out of step with the Western world," Flaherty said during parliamentary debate on a Bloc Quebecois motion calling on the government to "immediately abandon" the concept.

Canadian dollar gets boost from lofty oil prices

TORONTO (Reuters) - The Canadian dollar rose to its highest level since last week versus the U.S. dollar on Wednesday against the backdrop of lofty commodity prices and a rally in equity markets overseas. Canadian bond prices, with no domestic data to consider, rebounded as recent central bank efforts to boost liquidity were not expected to halt rate-cutting campaigns.

Centerra hands feasibility study to Mongolia govt

TORONTO (Reuters) - Centerra Gold has submitted to the Mongolian government a feasibility study for its Gatsuurt gold deposit there, the Canadian miner said after the close of North American markets on Tuesday. The company said it would negotiate an investment agreement with the government, and hoped to develop the deposit "in a timely manner."

Ivanhoe reports first Heruga copper, gold estimate

OTTAWA (Reuters) - Ivanhoe Mines Ltd said on Wednesday its first estimate for the Heruga Deposit in southern Mongolia is for least 8 billion pounds of copper and 13.4 million ounces of gold. The initial estimate for the copper, gold and molybdenum deposit, on the southern boundary of Ivanhoe's Oyu Tolgoi copper and gold project, showed a 760-million tonne inferred resource grading 0.48 percent copper and 0.55 grams per tonne of gold using a 0.60 percent copper equivalent cut-off grade.

Driving the ice road to Canada's diamond mines

YELLOWKNIFE, Northwest Territories (Reuters) - Deep cracking sounds accompany each loaded truck that passes along a road of ice across frozen lake water to supply Canada's diamond industry. The ice road sags slightly then reforms, water filling and freezing in the new cracks.

Canada's frigid north a diamond miner's paradise

DIAVIK MINE, Northwest Territories (Reuters) - Once a hotbed of gold mining, Canada's far north is now unearthing riches from a different precious commodity: diamonds. At the Diavik mine, just over 130 miles south of the Arctic Circle, a 650-foot deep crater pierces a frozen-white tundra, yielding some of the purest diamond deposits known.

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