News from Reuters

Reuters Canada Business Summary

07/07/08

GM may be mulling thousands of job cuts

(Reuters) - No. 1 U.S. automaker General Motors is planning to cut thousands of white-collar jobs and is considering whether it should sell or stop production of more of its brands, The Wall Street Journal said, citing people familiar with the matter. Both moves are part of a broader re-evaluation of the company's strategy and of its ability to meet an internal projection of returning to profitability in 2010, the people told the paper.

Toronto stocks rise despite weak oil

TORONTO (Reuters) - The Toronto Stock Exchange's main index opened slightly higher on Monday, despite weakness in energy and materials issues amid a retreat in oil and gold prices following a holiday-shortened week on both sides of the border. Shortly after the opening bell, the S&P/TSX composite index <.GSPTSE> was up 2.87 points, or 0.02 percent, at 14,013.26. Of its 10 main sectors, five sectors were lower.

Angiotech shifts from stents with new company

TORONTO (Reuters) - Angiotech Pharmaceuticals Inc said on Monday it would create a new subsidiary and raise more than $300 million in a notes offering as it struggles to reduce its cumbersome debt created by the 2006 purchase of American Medical Instruments. The specialty pharmaceutical and medical device company said it would create Angiotech Pharmaceutical Interventions, which will focus on the company's business other than its Taxus coronary stent system, on which it has relied too heavily in the past.

May building permits rise unexpectedly

OTTAWA (Reuters) - The value of Canadian building permits unexpectedly rose 1.1 percent in May from April, staying at their highest level since October despite a softening in the housing sector, Statistics Canada said on Monday. Analysts had expected a 6 percent drop in the value of permits issued by municipalities, following a sharp 17 percent spike in April, according to Statscan's revised figures.

Dollar dips in muted trade as oil eases

TORONTO (Reuters) - The Canadian dollar fell against a stronger U.S. dollar on Monday as commodity prices weakened and stronger-than-expected domestic building permits data failed to generate momentum. Domestic bond prices were flat across the curve ahead of the Bank of Canada Business Outlook Survey which will likely not alter expectations for interest rates to remain steady for the rest of the year.

InBev seeks to replace Bud board

BRUSSELS (Reuters) - InBev upped the pressure on reluctant bid target Anheuser-Busch Cos Inc on Monday with a plan to replace the U.S. rival's board of directors that has rejected its $46.3 billion takeover offer. Belgium-based InBev filed a preliminary consent solicitation statement with the United States Securities and Exchange Commission that would lead to Anheuser shareholders voting on the board's future.

Microsoft says willing to restart Yahoo talks

NEW YORK (Reuters) - Microsoft Corp on Monday said it would be willing to reopen talks to buy all or part of Yahoo Inc , but only if a new Yahoo board is elected, a major boost for investor Carl Icahn's board slate. Microsoft, which broke off talks in early May to buy the Internet company for $47.5 billion, said it would enter into talks immediately if a new board were elected at Yahoo's August 1 stockholder meeting.

Oil drops more than $5

NEW YORK (Reuters) - U.S. crude futures fell more than $5 Monday on a stronger dollar, the view that Hurricane Bertha will avoid damaging Gulf of Mexico energy operations, and as traders took profits after last week's surge above $145. Some optimism that Iran and the West may show some flexibility in negotiations over Iran's nuclear program also was mentioned by dealers as a factor pressuring crude.

Wall Street opens higher on lower oil

NEW YORK (Reuters) - Stocks opened higher on Monday, bolstered by stronger overseas equity markets and lower inflation worries as oil prices retreated from last week's record highs. The Dow Jones industrial average <.DJI> was up 84.84 points, or 0.75 percent, at 11,373.38. The Standard & Poor's 500 Index <.SPX> was up 8.75 points, or 0.69 percent, at 1,271.65. The Nasdaq Composite Index <.IXIC> was up 24.48 points, or 1.09 percent, at 2,269.86.

Proxy firm urges Grey Wolf holders to reject deal

PHILADELPHIA (Reuters) - A prominent proxy advisory firm urged shareholders of drilling services provider Grey Wolf Inc to reject a proposed merger with Basic Energy Services Inc . RiskMetrics Group Inc, in an opinion issued on July 3, questioned the rationale of diversification behind the deal.

© 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.