News from Reuters

Reuters Canada Business Summary

27/03/08

TSX to punch higher on oil and mine deals

TORONTO (Reuters) - The Toronto Stock Exchange's main index was seen adding to recent gains on Thursday, supported by hot oil, base metals, and news that Teck Cominco Ltd has agreed to jointly develop a massive copper project in Panama. Riding a four-day winning streak, Canada's benchmark index could also benefit from a Texas court ruling that may force banks to finance the $20-billion leveraged buyout of U.S. radio operator Clear Channel Communications .

Clear Channel says wins ruling on $20 billion buyout

NEW YORK (Reuters) - Clear Channel Communications Inc said on Thursday it had won a ruling from a Texas judge that may advance its efforts to force banks to finance a $20 billion buyout of the U.S. radio operator. Six banks led by Citigroup Inc were to provide more than $22 billion of financing for the buyout by Bain Capital Partners LLC and Thomas H Lee Partners LP.

Tata Motors says Ford deal to improve balance sheet

BANGKOK (Reuters) - India's Tata Motors Ltd said on Thursday it was confident its $2.3 billion deal to buy Jaguar and Land Rover from Ford would improve its balance sheet in the long term. "We have gone through the profit and loss and balance sheet. We think we are pretty confident that they will add positively to our consolidated balance sheet," managing director Ravi Kant told Reuters on the sidelines of Bangkok's auto show.

Oil near $106 on Iraq pipeline explosion

LONDON (Reuters) - Oil held near $106 a barrel on Thursday after saboteurs blew up a major pipeline in Iraq, sharply reducing exports from the south of the country. The gain was limited by strength in the U.S. dollar, which extended its rally after a final government report showed the U.S. economy grew 0.6 percent in the fourth quarter of 2007, in line with expectations.

Philippine arm of Canadian mining firm raided

MANILA (Reuters) - Burglars ransacked the offices of a Canadian-run gold mine on the troubled southern Philippine island of Mindanao earlier this week and stole the payroll for local staff, police said on Thursday. Superintendent Jose Bayani Gucela, police spokesman in the Western Mindanao region, said about 1.1 million pesos ($26,378) in cash was taken from the offices of the TVI Resource Development Inc. on Tuesday.

American Express to buy GE unit for $1.1 billion

NEW YORK (Reuters) - American Express Co on Thursday said it agreed to acquire Corporate Payment Services, a commercial credit card and corporate purchasing business, from General Electric Co's GE Money unit for $1.1 billion in cash. American Express expects the deal will reduce earnings per share and return on equity for an undisclosed number of years.

Man Group says to beat forecasts despite turmoil

LONDON (Reuters) - Man Group, the world's biggest listed hedge fund firm, said on Thursday it would beat analysts' average profit forecast for the year ended March 31 despite turmoil in financial markets. The British-based group said it had benefited from a bigger-than-expected rise in net performance fee income, as well as a strong performance at its AHL futures business.

Nokia talks to major labels about music service: report

HELSINKI (Reuters) - Nokia is in talks with all the major music labels to sell their songs through its "Comes With Music" service, expected to be launched later this year, a company executive told the Financial Times on Thursday. "We have negotiations and discussions ongoing with all the majors and a number of indies as well," Anssi Vanjoki, Nokia's executive vice-president, told the Financial Times. "Certainly our target is to have other labels on board."

Rich clients' assets to hit $75 trillion by 2012: study

LONDON (Reuters) - Wealth held by rich investors with assets over $1 million is set to grow 50 percent in the next five years to $75 trillion, according to a report published on Thursday. The study by management consultancy Oliver Wyman found that the annual growth rate of wealth held by high net worth individuals is expected to slow to nine percent in the next five years as tougher market environment bites.

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.

© Reuters Limited. All Rights Reserved.
Reproduction or redistribution of Reuters content, including framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.