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Reuters Canada Business Summary

08/05/08

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.

News Corp sees economy hurting advertising

NEW YORK (Reuters) - Rupert Murdoch said on Wednesday stress in the U.S. economy is squeezing advertising budgets, adding that News Corp's Fox Interactive Media would miss an ambitious $1 billion annual revenue goal by 10 percent. But FIM, which oversees the MySpace online social network, is a "very healthy" business and expects "well over" $1 billion in revenue in fiscal 2009, Murdoch said on News Corp's fiscal third-quarter earnings conference call.

Oil holds above $123, dollar rise trims gains

TOKYO (Reuters) - Oil edged lower after hitting a record high near $124 on Thursday, as the dollar's rise to a two-month high against the euro countered bullish news of falling U.S. diesel stockpiles. U.S. crude for June fell 27 cents to $123.26 a barrel by 3:47 a.m. EDT (0747 GMT), off a record of $123.93 reached earlier. London Brent crude shed 20 cents to $122.12 a barrel.

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.

Toyota to buy back rusted Tacomas

DETROIT (Reuters) - Toyota Motor Corp <7203.T> has offered to buy back Tacoma pickup trucks with frames rusted beyond repair and to extend the warranty on over 800,000 of the vehicles in North America. The unusual customer-service action comes amid slumping U.S. truck sales and at a time when the world's No. 1 automaker faces new scrutiny after a string of glitches that has threatened to mar its industry-leading reputation for quality.

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.

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