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Reuters Canada Business Summary

11/05/08

EnCana to split in two with oil at record highs

CALGARY, Alberta (Reuters) - EnCana Corp , Canada's biggest energy company, said on Sunday it plans to split into two separate oil and natural gas firms in an effort to wring out more value with crude prices at record highs. EnCana, a $65 billion gas and oil sands producer formed in a merger six years ago, said the move should help investors better gauge the parts of its business and remove a discount it says it suffers in the stock market.

Toronto stocks hit by profit-taking despite oil

TORONTO (Reuters) - The Toronto Stock Exchange's main index finished in the red on Friday as profit-taking cooled the energy sector even though oil prices hit another record high. The S&P/TSX composite index <.GSPTSE> dropped 86.80 points, or 0.59 percent, to close at 14,521.19.

Canadian dollar up over a cent, bonds rally

TORONTO (Reuters) - The Canadian dollar rose more than a cent against the U.S. dollar on Friday, a move attributed to technical factors as well as domestic jobs data, against a positive backdrop of record-setting oil prices. Domestic bond prices rallied, playing catch-up with the larger U.S. market.

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.

ACE launches C$500 mln buyback as net income falls

CALGARY, Alberta (Reuters) - ACE Aviation Holdings Inc , parent of Air Canada , took another step toward winding up operations on Friday, announcing it will buy back about 42 percent of its stock as it posted a first-quarter net loss due to one-time charges. ACE also said that surging jet fuel prices and weak North American airline industry conditions are complicating matters as it weighs its options for its 75 percent stake in Air Canada, the country's dominant carrier.

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.

Pizza Hut rolling out all-natural pizza

LOS ANGELES (Reuters) - YUM ! Brands Inc's Pizza Hut said on Friday it is responding to consumer demand for healthier food options by rolling out a new pizza made with all-natural ingredients. The move comes as Yum is expanding menus at its domestic Pizza Hut, Taco Bell and Kentucky Fried Chicken restaurants to better compete with rival fast-food companies.

Fuel prices hamper Air Canada sale: ACE CEO

CALGARY, Alberta (Reuters) - Surging jet fuel prices have cut odds that Air Canada will be sold in the near future, although its parent, ACE Aviation Holdings Inc , plans to wind itself up within six months, ACE Chief Executive Robert Milton said. "Given, in particular, fuel prices, the likelihood of something happening imminently with Air Canada vis a vis a sale is low," Milton told analysts on a conference call. "But we're going to continue to monitor the situation and keep all our options open."

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.

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