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Reuters Canada Business Summary

09/05/08

Stocks slip as resources retreat

TORONTO (Reuters) - The Toronto Stock Exchange's main index fell on Friday, as resource shares were hit by profit-taking after a strong run amid soaring oil prices. The materials group led the way down, giving up 2.3 percent, while its subindex of gold producers slid 2.8 percent as U.S. gold futures eased.

Data shows some cracks in solid Canadian economy

OTTAWA (Reuters) - Reports on Canada's employment and trade performance on Friday appeared to showcase the economy's resilience to the U.S. slowdown, but some less encouraging trends emerged in the details. Statistics Canada said the economy created 19,200 jobs in April, more than the 10,000 forecast, while the unemployment rate ticked up to 6.1 percent from 6.0 percent in March as more people entered the work force.

Canada blocks Alliant Tech's satellite purchase

OTTAWA (Reuters) - Canada confirmed on Friday it would block the proposed $1.33 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 over 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.

Cott delays US regulatory filing , cites tax issue

OTTAWA (Reuters) - Struggling soft drink maker Cott Corp said on Friday it will delay filing its quarterly financial report with U.S. regulators so that it can revisit a foreign tax issue. Cott, the world's biggest producer of private-label soda pop, said it was unable to meet a May 8 filing deadline because it needs more time to investigate the amount and probability of a liability.

Oil ebbs a little from record high

LONDON (Reuters) - Oil hit a new peak above $126 on Friday, the fifth straight session of record gains, in a market given an additional spur by tight supplies of diesel. U.S. crude for June delivery rose $1.32 to $125.01 by 10:55 a.m. EDT, off a record high of $126.20 a barrel. London Brent crude rose $2.01 to $124.85 per barrel.

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 million, or 80 Canadian cents per share, in the same period a year earlier.

Google sees YouTube products soon; warm on Yahoo

MOUNTAIN VIEW, California (Reuters) - Google Inc expects to launch new products for its YouTube Web video service in the next few months and sees reason for closer cooperation with Yahoo Inc , Google Chief Executive Eric Schmidt said on Thursday. Schmidt has said getting the video sharing site to make money is the Web search company's top priority for the year. He did not give details of the products, however, and they are not even in initial, or beta, testing.

Canadian dollar gets boost from domestic jobs data

TORONTO (Reuters) - The Canadian dollar shot higher versus the U.S. dollar on Friday after a domestic jobs report came in better than expected, but the currency then gave back more than half its gains as details of the data were digested. Domestic bond prices were all higher across the curve as the jobs data did not alter expectations for a Bank of Canada rate cut in June.

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