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16/07/08

Canadian bank stocks touch 52-week lows on U.S. worry

TORONTO (Reuters) - Fears about the state of the U.S. financial system and the outlook for the U.S. economy battered Canadian bank stocks for a second day on Tuesday, with most share prices at or near 52-week lows. In the case of Canadian Imperial Bank of Commerce , its stock plumbed five-year lows.

Ex-Samsung chief handed 3-year suspended jail term

SEOUL (Reuters) - Former Samsung Group chief Lee Kun-hee, one of South Korea's most powerful businessmen, was handed a suspended 3-year jail sentence on Wednesday for tax evasion but was cleared of other charges. A lower court also fined Lee 110 billion won ($109 million) but cleared him of charges of breach of trust and illegal issuance of convertible bonds. His sentence was suspended for five years.

Oil steady under $139, eyes on U.S. oil demand

SINGAPORE (Reuters) - Oil was steady on Wednesday, after falling more than $6 in the previous session, the steepest slide in dollar terms in 17 years as demand fears swelled on the worsening prospects of the U.S. economy. U.S. crude was 13 cents higher at $138.87 a barrel by 0105 GMT (9:05 p.m. EDT), off a low of $135.92 overnight and after the biggest one-day drop since 1991, when prices tumbled at the start of Operation Desert Storm.

AOL talks with Microsoft, Yahoo heat up: source

NEW YORK (Reuters) - Time Warner Inc's discussions to merge or sell its AOL Internet division with Microsoft Corp or Yahoo Inc have taken on new urgency ahead of Yahoo's Aug 1 shareholders meeting, a source familiar with the discussions told Reuters on Tuesday. The structure of any deal is not immediately clear, though a combination of any of the parties is expected to redraw the landscape for advertising on the Internet.

RIM plans growth abroad

TORONTO (Reuters) - BlackBerry maker Research In Motion Ltd is charging ahead with international expansion plans and investments in new handsets and software to stay competitive, its co-chief executive said. RIM wants to expand BlackBerry service, now available in over 140 countries, in Russia, Latin America, China and Southeast Asia.

Toronto stocks slammed by oil slide, economic woes

TORONTO (Reuters) - The Toronto Stock Exchange's main index plunged more than 380 points on Tuesday as resource issues were hit by weak oil prices, while worries over the global economy battered the wider market. After logging a hefty intraday drop of more than 3 percent, the benchmark briefly halved its losses in the late afternoon, before retreating again to close at its lowest level in nearly two weeks.

Intel profit rises, driven by notebook PC sales

SAN FRANCISCO (Reuters) - Intel Corp reported a 25 percent rise in quarterly profit, helped by strong sales of microprocessors used in notebook computers, and gave a revenue forecast that topped expectations. But its second-quarter gross margin disappointed some analysts as the world's biggest chipmaker said higher demand for cheaper laptops led to a lower-than-expected average microprocessor selling price.

Canada dollar closes at six-week high on soft U.S. dollar

TORONTO (Reuters) - The Canadian dollar closed at a six-week high against the U.S. dollar on Tuesday after briefly popping above parity with the greenback in overseas trade before slipping back on economic concerns emanating from the United States. Canadian bond prices closed mostly higher, taking their cue from falling stock markets and largely shrugging off the Bank of Canada's decision to hold interest rates steady, which had been expected.

Bankers press Ottawa on securities regulation

OTTAWA (Reuters) - A securities regulation scheme endorsed by most of Canada's provincial governments is deeply flawed and is limiting investment, the Canadian Bankers Association said on Tuesday. In its submission to a government-appointed panel looking into securities regulation reform, the CBA said the federal government should exercise its legal muscle to force its provincial counterparts to accept a single securities regulator, which most of them oppose.

GM confident it can compete even after cuts

DETROIT (Reuters) - General Motors Corp will be able to invest more to develop cars and crossover vehicles even after $10 billion in cost cuts under a rushed restructuring that the U.S. automaker sees as the last of its kind, the company's president said on Tuesday. "In an uncertain market we need to be in as much in control of our own fate as possible," GM President and Chief Operating Officer Fritz Henderson told Reuters.

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