News from Reuters

Reuters Canada Business Summary

12/05/08

RIM's BlackBerry Bold targets business market

TORONTO (Reuters) - Research In Motion Ltd is launching a new high-end version of the BlackBerry aimed at its core base of business users, but it hopes the sleek device will also catch on in the broad retail market. The BlackBerry Bold, as the new smartphone is called, is the first BlackBerry to support high-speed HSDPA cellular networks and comes with integrated GPS, Wi-Fi and a host of multimedia features.

New housing prices tempered by Alberta

OTTAWA (Reuters) - Canadian new housing prices rose at a slower pace in March than in February as a slowing market in Alberta was only partially offset by a real estate boom in other western provinces, Statistics Canada said on Monday. The price of new homes edged up 0.2 percent in the month compared with a 0.3 percent rise in February, in line with market expectations. Year-over-year price growth slowed to 6.1 percent from 6.2 percent in February.

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.

Sprint's loss widens on lost subscribers

NEW YORK (Reuters) - Sprint Nextel Corp on Monday reported a wider quarterly loss amid steep customer defections and it forecast only marginal improvements in the current quarter. Sprint also warned of "continued downward pressure" on gross post-paid additions, post-paid average revenue per user and adjusted operating income before depreciation and amortization in the next few quarters.

Oil eases towards $125 on stronger dollar

LONDON (Reuters) - Oil eased towards $125 a barrel on Monday, as a stronger dollar and profit-taking put the brakes on a rally that took it to record peaks last week. U.S. light crude for June delivery fell 77 cents to $125.19 a barrel by 1149 GMT, off Friday's new record high of $126.27 hit on supply concerns and a rush of speculator buying.

Loonie little changed in lackluster trade

TORONTO (Reuters) - The Canadian dollar was mostly flat against the U.S. dollar on Monday and stuck in a range as there was little economic data to consider and oil prices eased from the record high hit last week. Domestic bond prices were largely unchanged.

Global stocks rise after HSBC; dollar firmer

LONDON (Reuters) - World stocks rose on Monday, supported by better-than-expected first-quarter results from HSBC which eased concerns about the banking sector, while the dollar rose towards last week's two-month peak. Major financial markets were calm after China's southwest province of Sichuan was hit by a strong earthquake, which was felt across much of China and as far west as Bangkok. Shanghai stocks fell around 1 percent before closing up on the day, while the yuan slipped in offshore non-deliverable forwards against the U.S. dollar.

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.

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.

© Reuters Limited. All Rights Reserved.
Reproduction or redistribution of Reuters content, including framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.