News Corp profit rises on cable and TV ratings
NEW YORK (Reuters) - Rupert Murdoch's News Corp
said on Wednesday its quarterly net profit tripled on higher
advertising sales at the Fox TV network and Fox News Channel,
as well as a big one-time gain from its stock swap with Liberty
Media . The owner of 20th Century Fox and MySpace said
its fiscal third-quarter profit rose to $2.7 billion, or 91
cents per share, from $871 million, or 27 cents per share, in
the year-ago period. The latest results included a $1.7 billion
gain from its swap with Liberty Media.
Toronto stocks pulled lower by profit-taking
TORONTO (Reuters) - The main index of the Toronto Stock
Exchange gave up ground on Wednesday as strong oil prices
failed to dissuade investors from taking profits. The S&P/TSX
composite index fell 42.77 points, or 0.3 percent, to close at
14,371.53.
Panel report muddies Canadian oil sands court case
CALGARY, Alberta (Reuters) - A regulatory panel has
explained its environmental approval of Imperial Oil Ltd's
Kearl oil sands project, casting uncertainty on a
court hearing that began on Wednesday into a suspended permit
for the C$8 billion ($7.9 billion) proposal. In its "additional
rationale" document, issued late on Tuesday, the joint review
panel said Alberta's pending rules for reducing greenhouse gas
emissions and 12 measures proposed by Imperial provided enough
reason for its decision.
Bombardier lifts global aircraft market outlook
MONTREAL (Reuters) - Bombardier Inc's aerospace
unit said on Wednesday it has significantly raised its
long-term forecasts of global demand for business jets, and for
a range of airliners that can seat 20 to 149 passengers.
Bombardier Aerospace, the world's third-largest civil aircraft
maker, expects the industry to deliver 1,320 business jets
annually from 2008 to 2017, for a total of 13,200 units worth
$300 billion.
Industrial Alliance profit up, revenue falls
TORONTO (Reuters) - First-quarter profit rose 6.6 percent
at Industrial Alliance Insurance and Financial Services Inc
, as lower expenses and tax gains made up for a drop in
premiums and deposits, the company said on Wednesday.
Industrial Alliance, which sells life insurance and manages
mutual funds, said net income available to common shareholders
was C$61.7 million, or 76 Canadian cents a share, in the three
months ended March 31.
Kingsway Financial results hit again by Lincoln
TORONTO (Reuters) - Kingsway Financial Services
swung to a loss in the first quarter as it increased reserves
at its Lincoln General and Kingsway General subsidiaries, the
insurance company said on Wednesday. Kingsway, which sells
non-standard truck, motorcycle and auto policies, said it lost
$34.4 million, or 62 cents a share, in the three-month period
ended March 31.
Canadian dollar falls on global growth concerns
TORONTO (Reuters) - The Canadian dollar fell 0.4 percent
against the U.S. dollar on Wednesday as investors worried that
record high oil prices would begin to crimp global economic
growth. Canadian bond prices were higher as lower equity prices
increased the safe-haven appeal of government debt.
Charges slash BCE profit, but wireless gains
TORONTO (Reuters) - Profit at BCE Inc , the
Canadian telecom giant that is being taken private in a C$34.8
billion buyout, was hit by one-time charges in the first
quarter and fell sharply, even though the company had a
substantial increase in wireless subscribers. Canada's biggest
telecom company said on Wednesday it earned C$258 million, or
32 Canadian cents a share, in the latest quarter. That was down
from a profit of C$499 million, or 62 Canadian cents a share,
in the same quarter a year earlier.
Ridley wants to sell off North American feed mills
WINNIPEG, Manitoba (Reuters) - North American livestock
feed maker Ridley Inc is looking for a buyer, its
chairman said on Wednesday, after its Australian parent Ridley
Corp said it wants to sell its stake, "We've contacted
people who we think might be interested, but this is a public
company, so there's any number of things that could happen,"
Brian Hayward said in an interview.
Nortel wary of deals in tight credit market: CEO
TORONTO (Reuters) - Nortel Networks Corp's
chief executive said on Wednesday the company is capable of
making acquisitions to help its growth, but he suggested it
will continue to hold off from deal-making, given the tight
credit markets. Nortel, North America's biggest maker of
telephone gear, wants to focus on organic growth, but it
wouldn't shy away from a deal if one came along at the right
price and could be integrated successfully, Mike Zafirovski
told reporters following the company's annual meeting in
Ottawa.
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