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Reuters Canada Business Summary

08/05/08

Wal-Mart Canada plans big expansion, 6,000 new jobs

TORONTO (Reuters) - Wal-Mart Canada said on Thursday it will complete 25 to 27 real estate projects by the end of January 2009, creating 6,000 new in-store jobs. Wal-Mart, the world's biggest retailer, said its plans for Canada will focus on its new modern-format Wal-Mart Supercentres, and on new discount stores. It will also relocate or expand existing locations.

Canadian Tire net profit rises 20 pct, sales soft

OTTAWA (Reuters) - Profit at Canadian Tire rose nearly 20 percent in the first quarter, the country's biggest auto parts and household goods retailer said on Thursday, but adjusted earnings fell about 5 percent as sales softened and the company invested in information technology. Canadian Tire, which also runs gasoline bars and offers financial services, said net earnings rose to C$66.7 million ($66 million), or 82 Canadian cents a share, from C$55.7 million, or 68 Canadian cents a share, in the year-before period.

Stocks open higher as resources support

TORONTO (Reuters) - The Toronto Stock Exchange's main index kicked off the day higher, boosted by resource shares, as gold companies gained from firm bullion prices. The S&P/TSX composite index <.GSPTSE> was up 44.48 points, or 0.31 percent, at 14,416.01 shortly after the opening bell.

Canadian housing starts tumble 12 pct in April

TORONTO (Reuters) - Canadian housing starts fell 12 percent in April after a strong first quarter, Canada Mortgage and Housing Corp. said on Thursday. The seasonally adjusted annualized rate of housing starts in Canada reached 213,900 units in April from a revised 243,000 units in March, the housing agency said.

Air Canada's first-quarter loss deepens

TORONTO (Reuters) - Air Canada said on Thursday its first-quarter loss deepened, hurt by a hefty charge for cargo investigations and foreign exchange losses. The country's largest airline posted a loss of C$288 million, or C$2.88 a share for the period, compared with a loss of C$34 million, or 34 Canadian cents a share for the same time in 2007.

Canadian dollar flinches after weak housing data

TORONTO (Reuters) - The Canadian dollar fell versus the U.S. dollar on Thursday after data showed Canadian housing starts fell 12 percent in April, but the currency's move was limited ahead of the key jobs report due on Friday. Domestic bond prices were mostly flat as dealers sifted through the data and tried to gauge what it all means for the Bank of Canada key overnight rate.

Biovail to close plants, take charges

TORONTO (Reuters) - Biovail Corp said on Thursday that it will close two of its operations in Puerto Rico, resulting in charges of $80 million to $100 million in the next few quarters. Canada's biggest publicly traded drugmaker also said it was exploring the sale of some non-core assets and shifting some of its operations to a Manitoba-based facility.

Toyota issues bleak profit forecasts on yen, U.S. woes

TOKYO (Reuters) - Toyota Motor Corp <7203.T> posted a bigger-than-expected 28 percent drop in quarterly net profit due to a stronger yen and sliding U.S. sales, and forecast its first annual profit decline in seven years. The world's biggest automaker is expanding rapidly in China, Russia and the Middle East to try and counter a slowdown in the mature markets of the United States, Japan and Western Europe.

Mega Brands posts smaller first-quarter loss

TORONTO (Reuters) - Canada's biggest toy maker, Mega Brands Inc , reported a smaller first-quarter loss on Thursday, but it was hurt by charges related to a product recall, as well as lower sales and cost pressures. The company lost $9.6 million, or 26 cents a share, in the period ended March 31. That compares with a loss of $23.9 million, or 73 cents a share, in the same period last year.

Oil hovers at $123, focus on dollar, stocks

LONDON (Reuters) - Oil slipped on Thursday on profit-taking after hitting a record of nearly $124 as traders weighed a rise in the dollar to a two-month high against news of a fall in U.S. diesel stockpiles. U.S. crude for June was down 42 cents at $123.11 a barrel by 7:52 a.m. EST, off a record of $123.93 reached earlier. London Brent crude fell 23 cents to $122.09 a barrel.

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