Yamana Gold profit falls short, stock dips
OTTAWA (Reuters) - Yamana Gold said 2008 marks the
"unveiling" of a bigger, more powerful producer created from
last year's acquisition push, but investors appeared impatient
for proof on Wednesday. Yamana, which last October acquired
Meridian Gold and Northern Orion Resources for $4.8 billion,
said its fourth-quarter results reflect a "transformational"
period.
Resource rally pushes Toronto stocks higher
TORONTO (Reuters) - The Toronto Stock Exchange's main index
pushed higher on Wednesday, driven by a resource rally that
offset weak financials and jitters surrounding the buyout of
telecom company BCE Inc . Climbing prices for oil and
gold, key underlying commodities for the resource-heavy TSX,
helped propel materials and energy shares higher.
Loonie slips on U.S. economic outlook
TORONTO (Reuters) - The Canadian dollar slid lower against
the U.S. dollar as investors were loath to bet on the currency,
given Canada's heavy dependency on the waning U.S. economy.
Domestic bond prices, with no Canadian economic data to
influence direction, ended mostly higher along with the larger
U.S. market.
New Imperial Oil CEO to focus on existing refineries
CALGARY, Alberta (Reuters) - Imperial Oil Ltd will
add incremental capacity at its four Canadian refineries over
the next few years instead of building a new facility, the
company's incoming chief executive said on Wednesday. "The
refineries we've got are well situated for the markets we want
to be in," Bruce March, who succeeds Tim Hearn as chief
executive of Canada's biggest oil exploration and refining
company at the start of April, told reporters. "But like most
other refiners in the world the future is to expand the
capacity we have... rather than building new grass-roots
refining capacity."
BCE buyout loses luster, buyers still upbeat
TORONTO (Reuters) - Possible problems with a big U.S.
leveraged buyout have brought new questions about the C$34.8
billion ($34.1 billion) plan to take over Canadian
telecommunications giant BCE Inc . The funding risk of
the BCE buyout "significantly increases" if the $20 billion
buyout of Clear Channel Communications Inc fails,
National Bank Financial analyst Greg MacDonald wrote on
Wednesday.
Take-Two urges investors to reject EA bid, mulls sale
NEW YORK (Reuters) - Take-Two Interactive Software Inc
told shareholders on Wednesday to reject a $2 billion
hostile bid from rival video game publisher Electronic Arts Inc
as too low, but said it had begun to explore a sale or
other options. Take-Two said it was still open to a combination
with EA or another company, but not before the April 29 release
of its "Grand Theft Auto 4" title, widely expected to be the
best- selling video game this year.
DundeeWealth says it's mulling acquisitions
TORONTO (Reuters) - DundeeWealth Inc , which was
recently seen as a takeover target itself, said on Wednesday it
will consider making acquisitions to expand its asset
management business outside of Canada. David Goodman,
DundeeWealth's chief executive, said the company's search for
an acquisition would likely bear fruit in North America or
Europe, but did not rule out a move in Asia.
CIBC gives more detail on bond insurers, shares up
VANCOUVER, British Columbia (Reuters) - Canadian Imperial
Bank of Commerce revealed on Wednesday that it has $25
billion worth of hedged exposure with U.S. monoline bond
insurers held in securities not linked to the troubled U.S.
subprime mortgage market. The market had been calling for more
disclosure from CIBC about the credit default swap transactions
it had entered into with monoline insurers, several of which
have run into problems recently.
Thomson shareholders vote in favor of Reuters deal
TORONTO (Reuters) - Shareholders of electronic publisher
Thomson Corp have approved its takeover of
financial news and data provider Reuters Group Plc .
About 99 percent of the votes cast on Wednesday were in favor
of the deal. The vote in Toronto was a formality as Woodbridge
Co Ltd, the investment vehicle of the Thomson family, which
owns 70 percent of Thomson's shares, had already said it was
behind the transaction.
Oil hits $106 as U.S. fuel supplies fall
NEW YORK (Reuters) - Oil climbed over $106 a barrel on
Wednesday after a U.S. government report showed
larger-than-expected drops in fuel stocks and declining fuel
production in the world's top oil consumer. U.S. crude oil
futures hit a session high of $106.20 and settled at $105.90 a
barrel, a $4.68 gain for the day. London Brent added $3.39,
settling at $103.99.
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