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Reuters Canada Business Summary

09/05/08

Toronto stocks set to open up on record crude

TORONTO (Reuters) - The Toronto Stock Exchange's main index looked set to push ahead at the opening bell on Friday, moving closer to its record high, while the price of crude continued its red-hot advance. The composite could also take strength from Thursday's momentum after it gained nearly 2 percent, putting it in sight of the record high of 14,646.82 that was reached last July.

Jobless rate rises unexpectedly to 6.1 percent

OTTAWA (Reuters) - Canada's economy created 19,200 jobs in April, more than expected but still slower than in the first months of 2008 as the economy slows and some companies scale back expansion plans due to tighter credit. Statistics Canada said on Friday the unemployment rate ticked higher to 6.1 percent from 6.0 percent in March because more people entered the work force. It was the first time since June 2007 the rate was that high.

Canada rejects Alliant Tech's satellite purchase

OTTAWA (Reuters) - Canada confirmed on Friday that it would block the proposed US$1.325 billion sale of sensitive Canadian satellite technology to U.S. rocket-maker Alliant Techsystems Inc . Canada initially halted the deal a month ago -- in part because it feared it might lose control of top-secret images -- but gave Alliant Tech a month to appeal.

March trade surplus widens on energy prices

OTTAWA (Reuters) - Rising prices for oil and natural gas exports boosted Canada's trade surplus to C$5.53 billion ($5.48 billion) in March, above expectations for a third straight month and the highest level since May of last year, Statistics Canada said on Friday. Analysts in a Reuters poll had forecast, on average, a trade surplus of C$4.5 billion. Statscan revised the February surplus to C$4.79 billion from C$4.94 billion previously.

Oil powers above $125 as funds pile in

LONDON (Reuters) - Oil raced to a new record high above $125 a barrel on Friday, as a strong performance over the last week and a surge in heating oil futures saw investment funds trooping into the market. Funds were keen to shift their money into the oil market after seeing U.S. crude rise about 13 percent since the start of the month, analysts say.

Aeroplan to convert to corporation, profit rises

TORONTO (Reuters) - Loyalty program operator Aeroplan Income Fund said on Friday it will reorganize from its three-year-old trust structure to be a dividend-paying public corporation. Best known as Air Canada's frequent flier reward operator, Aeroplan said the change in structure would help it pursue attractive growth and acquisition opportunities, as well as open it up to foreign investors.

Manitoba Telecom profit gets wireless lift

TORONTO (Reuters) - Manitoba Telecom Services Inc , reported a slightly higher first-quarter profit on Friday, while growth in its wireless and communications services boosted revenue. MTS said it earned C$54.2 million ($53.8 million), or 83 Canadian cents per share, in the three months ended March 31, up from a profit of C$52.9 mI‹+ëË‹

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