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Reuters Canada Business Summary

16/05/08

Toronto stocks' glitter not all gold

TORONTO (Reuters) - There was a golden moment for Canadian stocks this past week when the Toronto market's main index powered to a record high, reversing losses triggered by last year's credit crunch and concern about the U.S. economy. But there's lead beneath the golden glimmer: the recovery is deeply lopsided, and cash is still king for many investors.

RIM will launch touch-screen BlackBerry in Q3: report

TORONTO (Reuters) - BlackBerry maker Research In Motion Ltd plans to launch a touch-screen version of the wireless e-mail device in the third quarter as an answer to Apple Inc's iPhone, the Wall Street Journal reported on Thursday. The device, known as the Thunder, is to be sold exclusively through Verizon Wireless in the U.S. and Vodafone PLC abroad, the Journal reported on its Web site, citing people familiar with the matter.

Commodities power Toronto stocks to record close

TORONTO (Reuters) - The Toronto Stock Exchange's main index hit another record high on Friday as energy and materials shares rose on strong commodity prices and powered the composite to a level just shy of the 15,000 mark. The S&P/TSX composite index rose 156.14 points, or 1.05 percent, to close at 14,984.20, giving it a gain of 3.2 percent for the week. Last Friday, it closed at 14,521.19.

Court puts key ABCP decision on hold

TORONTO (Reuters) - An Ontario court delayed a crucial decision on a C$32 billion ($32 billion) restructuring plan for Canada's nonbank asset-backed commercial paper market on Friday until the judge hears further submissions. In a written decision, Judge Colin Campbell said that after two days of submissions, "I have concluded that the approval motion should be adjourned for the purpose of further submissions on behalf of interested parties."

Canadian dollar nearly flat ahead of long weekend

TORONTO (Reuters) - The Canadian dollar was flat against the U.S. dollar on Friday in quiet trade ahead of Canada's Victoria Day long weekend, but it did record its second straight weekly gain as the commodity-linked currency drew support from robust oil prices. Canadian bond prices, with no key economic data to consider, drifted lower along with the U.S. market.

Rothmans profit gets lift from higher prices

OTTAWA (Reuters) - Fourth-quarter profit at Rothmans Inc grew 17 percent, Canada's No 2 cigarette maker said on Friday, as price increases more than offset pressure from a growing trade in contraband tobacco. Increased competition to sell low-priced cigarettes and declining volumes posed further difficulties, but Rothmans said it is well positioned financially to withstand market pressures thanks to C$234.9 million in cash reserves.

Canadian Arctic gas pipeline faces new delay

CALGARY, Alberta (Reuters) - A key regulatory report for the C$16.2 billion ($16.2 billion) Canadian Arctic gas pipeline is being delayed by several months, likely pushing the start-up date for the stalled development back again. The Joint Review Panel report into the environmental and social impacts into the Mackenzie Valley pipeline will not be published until next year, an official with the panel's administrative arm said on Friday.

Lundin Mining sells Norrliden to Gold-Ore

STOCKHOLM (Reuters) - Swedish-Canadian mining and exploration firm Lundin Mining has sold its 90 percent stake in the Norrliden project to Canada's Gold-Ore Resources , IGE Nordic AB said on Friday. IGE Nordic said in a statement its own 10 percent stake in the zinc-copper project remained unchanged.

Oil hits record as Saudi hike fails to stem rally

NEW YORK (Reuters) - Oil shot to a record high near $128 a barrel on Friday as a bullish price forecast from investment bank Goldman Sachs drowned out an offer of more supply from OPEC kingpin Saudi Arabia. U.S. crude settled up $2.17 at $126.29 a barrel after touching a peak of $127.82 earlier in the day. London Brent rose $2.36 to $124.99.

India says RIM to resolve BlackBerry issue in one month

NEW DELHI (Reuters) - Research in Motion has said it expects to resolve in a month Indian security concerns about its BlackBerry wireless e-mail device, India's telecoms minister said on Friday. The government has held a series of meetings with RIM and mobile operators after security officials raised concerns that e-mails sent through BlackBerry devices could not be traced or intercepted.

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