Majority shareholder looks to buy out Corel
TORONTO (Reuters) - Consumer graphics and digital media
software maker Corel Corp said on Friday it
received an offer from its majority shareholder to buy out the
rest of the company. The bid could mean Corel would become a
private company for the second time in five years.
Toronto stocks sag 170 pts, but end higher on week
TORONTO (Reuters) - The Toronto Stock Exchange's main index
closed more than 170 points lower on Friday as weakness in the
key energy, financials and materials sectors dragged on the
benchmark lower, despite gains by BlackBerry maker Research In
Motion Ltd . The S&P/TSX composite index <.GSPTSE>
closed down 171.99 points, or 1.28 percent, at 13,233.79.
Ford to reopen Windsor engine plant: reports
TORONTO (Reuters) - Ford Motor Co of Canada will
announce the reopening of an engine plant in Windsor, Ontario,
on Monday, according to media reports on Friday. A spokeswoman
for Ontario Premier Dalton McGuinty confirmed on Friday that
the premier would be at the plant on Monday to make an
announcement, alongside Ford and union officials, but said she
could not give further details.
Plan in works to help small Canadian ABCP holders
TORONTO (Reuters) - A relief plan to assist individual
owners of frozen Canadian asset-backed commercial paper is in
the works, but it is moving more slowly than participants
hoped, Canaccord Capital Inc Chief Operating Officer
Mark Maybank said on Friday. "A lot of people are working very
diligently ... we continue to work with others to put together
that plan," Maybank said in an interview. "It's not finished,
it's certainly taking longer than we or anyone else would like,
but we think we're getting closer."
Investors confident despite Barrick CEO departure
TORONTO (Reuters) - Barrick Gold's deep pool of
talent and track record of succession planning is letting
investors shrug off the surprise departure of Chief Executive
Greg Wilkins, as the company's founder, Peter Munk, temporarily
retakes the reigns. But analysts said immediate growth plans
may be put on hold until it is clear what will come of Wilkins'
leave of absence, which the company said was due to "a serious
medical condition." They were not worried about the company.
Alaska governor mulls TransCanada gas pipeline bid
ANCHORAGE, Alaska (Reuters) - Alaska Gov. Sarah Palin said
on Friday her administration would decide in two months whether
to support TransCanada Corp.'s proposal for shipping
natural gas from the North Slope to domestic markets. The
administration will present its findings on the company's
application for a state license to build the massive new
pipeline during the week of May 19, the governor said, giving
lawmakers time to review them before they convene in special
session June 3.
U.S. economy key to BlackBerry sales
TORONTO (Reuters) - The slowdown in the U.S. economy and
its impact on BlackBerry sales will be among the top things to
watch for when Research In Motion reports
quarterly results on Wednesday. Aside from the usual focus on
profits and subscriber additions -- and the Canadian company's
outlook for both -- analysts want to know whether upheaval in
the financial services industry is hurting sales of the
company's wireless e-mail devices.
Melnyk-Biovail proxy battle set for April 14
TORONTO (Reuters) - The next round in a messy proxy battle
between Biovail Corp's founder Eugene Melnyk and the
drugmaker will be heard in a Toronto court next month after
lawyers agreed to the date on Friday. The proceedings are set
for April 14.
RBC raises RIM price target to $150
(Reuters) - BlackBerry maker Research In Motion Ltd
is expected to post strong share gains against
rivals Motorola Inc and Palm Inc , RBC Capital
Markets said, raising its price target on RIM stock to $150
from $140. Motorola's recent struggles are expected to further
assist RIM's share gains, analyst Mike Abramsky said in a note
to clients. He kept his "outperform" rating on RIM stock.
Oil falls after Iraq restores pipeline flows
NEW YORK (Reuters) - Oil fell $2 on Friday after Iraq
swiftly restarted a crude pipeline system that had been hit by
a bomb attack the day before. U.S. crude settled down $1.96 at
$105.62 a barrel, erasing gains made Thursday after the attack
on the pipeline feeding the Basra export terminal interrupted
flows from southern Iraq for the first time since 2004. London
Brent crude settled down $1.23 at $103.77 a barrel.
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