Oil tops $145 ahead of July 4 holiday
LONDON (Reuters) - Oil jumped to record highs above $145 a barrel on Thursday as traders rushed to buy ahead of the long holiday weekend in the world's top consumer to mark U.S. Independence Day. Expectation was high that a combination of a weak U.S. dollar, lower U.S. crude stocks and tension between Israel and major oil producer Iran would push prices to $150 before the close of trade, in line with a prediction made last month.
ECB raises rates to 4.25 percent
FRANKFURT (Reuters) - The European Central Bank raised interest rates for the first time in more than a year on Thursday, in a widely expected quarter percentage-point move which took benchmark rates to 4.25 percent, the highest level since September 2001. The ECB acted after euro zone inflation accelerated to 4.0 percent year-on-year last month, more than double the bank's medium-term goal. ECB President Jean-Claude Trichet will explain the decision at a news conference at 8:30 a.m. EDT.
India eyes $2.5 bln investment in Canada tar sands
MADRID (Reuters) - Indian firms could invest $2-$2.5 billion for stakes in Canadian tar sands projects, a top official said on Thursday, as part of efforts to secure overseas energy assets to fuel the country's fast-growing economy. Oil Secretary M.S. Srinivasan said at the World Petroleum Congress in Madrid the companies were looking to pick up holdings rather than buy foreign firms.
Microsoft, Yahoo mull media partner options: sources
SAN FRANCISCO/NEW YORK (Reuters) - Microsoft Corp
Canadian auto sales fall in June, but Toyota rises
TORONTO (Reuters) - Canadian auto sales were lower in June
with another sharp skid at General Motors of Canada
Toronto could hand Bombardier a "signature" contract
TORONTO (Reuters) - Bombardier Inc
Paulson: inflation becoming top global focus
LONDON (Reuters) - U.S. Treasury Secretary Henry Paulson said on Thursday inflation was becoming the top economic focus of many countries around the world as oil and food prices take their toll. "When you look around the world broadly, I think inflation is the issue that, as I go around the world, is getting the number one focus, getting the number one focus," Paulson said in a television interview with BBC Newsnight.
Toronto stocks plunge broadly, coal firms take hit
TORONTO (Reuters) - The Toronto Stock Exchange's main index plunged more than 400 points in a broad selloff on Wednesday as economic sentiment darkened and coal companies saw their shares plunge alongside the price of the commodity. After jumping some 100 points at the open, the index lost its footing and began declining sharply as each of its 10 main subgroups gave up ground.
Canada outlines list for stock market recognition
TORONTO (Reuters) - The Canadian government released guidelines on Wednesday for stock exchanges that are seeking "designated" status for Canadian income tax purposes. Company stocks that trade on designated exchanges are eligible to be held inside Canadian tax-sheltered accounts, such as registered retirement savings plans (RRSPs) and a new tax-free savings account that will be available next January.
U.S. warns of resistance in China to market reforms
BEIJING (Reuters) - China must make a stand against the opponents of reform and allow market forces to play a greater role in setting prices, including the yuan's exchange rate, a senior U.S. official said on Thursday. Alan Holmer, the U.S. Treasury's special envoy to China, welcomed the recent accelerated pace of yuan appreciation and said it needed to continue because exchange rate flexibility is key to allowing monetary policy to focus on curbing inflation.
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