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26/05/08

Canadian high court suggests June BCE appeal date

OTTAWA (Reuters) - In a victory for BCE Inc. , the Canadian Supreme Court agreed on Monday to expedite the process of deciding whether to hear the telecommunications firm's appeal of a lower court decision that imperils its C$34.8 billion ($35.2 billion) buyout. The court set May 28 as a deadline for BCE to file its application for permission to appeal, and May 30 for a response from the debtholders, who won a Quebec court decision last week that the leveraged buyout was unfair to them.

FDA's footdragging hurts Canada's biotech firms

TORONTO (Reuters) - Canadian biotechnology companies have joined a chorus of their global counterparts to rail against the U.S. Food and Drug Administration's tardiness in approving new drugs. Products by companies such as Labopharm Inc and Cardiome Pharma Corp have been delayed in the key U.S. market for months, chipping into their revenue and waylaying their plans.

Talisman shares surge following CNOOC report

CALGARY, Alberta (Reuters) - Talisman Energy Inc shares jumped 6 percent on Monday after a Hong Kong newspaper reported CNOOC Ltd <0883.HK>, China's No. 3 oil company, was in talks to buy the Canadian firm or some of its assets. Talisman, Canada's third largest independent oil explorer, jumped C$1.40 to C$24.59 on the Toronto Stock Exchange following the report in the South China Morning Post, quoting unnamed sources.

Stocks get lift from oils in light action

TORONTO (Reuters) - The Toronto Stock Exchange's main index ended slightly higher in light volume on Monday as the energy sector pushed up amid gains by oil and a report that Talisman Energy could be an acquisition target. Shares of Talisman climbed C$1.51, or 6.5 percent, to C$24.70 following a newspaper report that Chinese oil firm CNOOC Ltd <0883.HK> was considering a bid for the Canadian company or some of its assets.

Dollar trickles lower in lackluster session

TORONTO (Reuters) - The Canadian dollar fell versus the U.S. dollar on Monday due to concern about how lofty energy prices could crimp global economic growth, but the currency's move was limited by an absence of trade because of the U.S. Memorial Day holiday. Canadian bond prices were pinned lower across the curve all session as dealers awaited key U.S. and Canadian economic data due out later this week.

Oil above $133 on Nigeria, North Sea

LONDON (Reuters) - Oil rose above $133 on Monday as long-term supply concerns lingered and fresh production problems appeared in Nigeria and Norway. U.S. crude rose 95 cents to $133.14 a barrel by 11:28 a.m. EDT (1528 GMT).

SEC probing main credit rating agencies

PARIS (Reuters) - The U.S. Securities & Exchange Commission (SEC) is looking into the workings of the three main credit rating agencies, prompted by their handling of the subprime crisis and a report of computer errors at Moody's . "We sent letters to Moody's, Standard & Poor's and Fitch asking for them to get back to us on aspects of their methodology," said Erik Sirri, director of the SEC's trading and markets division.

Canada's Irving to study Bay of Fundy tidal power

CALGARY, Alberta (Reuters) - Irving Oil Ltd, which is planning a second major refinery in New Brunswick, will study the potential for a tidal power development in the Bay of Fundy, site of the world's highest tides, the privately held company said on Monday. Irving has teamed up with the nonprofit Huntsman Marine Science Centre to conduct two years of research on 11 prospective generating sites near the north shore of the bay, which lies between New Brunswick and Nova Scotia.

Infineon CEO Ziebart steps down; Bauer takes over

MUNICH, Germany (Reuters) - Wolfgang Ziebart has resigned as chief executive of German chipmaker Infineon over management clashes about strategy and will be replaced by board member Peter Bauer, the company said. Ziebart had suffered increasingly public criticism from his chairman Max Dietrich Kley, most notably at the company's annual meeting early this year, when Kley said more urgent action was needed to reverse Infineon's losses.

Spectra eyes big carbon capture project in Canada

VANCOUVER, British Columbia (Reuters) - Spectra Energy Corp. will study building a large-scale carbon sequestration facility at its natural gas plant in northeastern British Columbia, the company and the British Columbia provincial government said on Monday. The provincial government has agreed to pay C$3.4 million ($3.4 million) to look at the geological and economic feasibility of permanently storing captured carbon dioxide and hydrogen sulfide in a depleted natural gas reservoir two kilometers (1.3 miles) underground.

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