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Reuters Canada Business Summary

17/07/08

Barrick to buy Cadence Energy for C$410 million

TORONTO (Reuters) - Barrick Gold Corp said on Thursday it submitted a formal offer to buy Cadence Energy Inc for C$410 million ($410 million) as it looks for ways to mitigate the rising energy costs. The world's biggest gold producer is offering C$6.75 a share for the oil producer, trumping Daylight Resources Trust's May 26 bid of C$301 million, or C$5.32 a share.

Exporters' confidence tumbles on U.S. woes

OTTAWA (Reuters) - Fears of a worsening U.S. economy have dragged down confidence among Canadian exporters to the lowest level on record, Canada's federal export agency said on Thursday. The trade confidence index, which monitors exporters' mood on a variety of trade and economic indicators, sank to 66.1 from 67.4 in January, the lowest level in the eight-year history of the semi-annual survey by Export Development Canada.

Toronto stock index opens 100 points higher

TORONTO (Reuters) - The Toronto Stock Exchange's main index jumped more than 100 points at the open on Thursday as upbeat quarterly earnings in the U.S. financial sector boosted bank stocks. The S&P/TSX composite index <.GSPTSE> was up 105.76 points, or 0.78 percent, at 13,609.56.

JPMorgan profit falls but beats forecasts

NEW YORK (Reuters) - JPMorgan Chase & Co said on Thursday that second-quarter profit fell more than 50 percent, hurt by $1.1 billion in write-downs at its investment bank, but the results beat expectations and its shares rose nearly 5 percent. The third-largest U.S. bank, which bought Bear Stearns Cos in May, had until now mostly sidestepped the credit crisis that has seen massive write-downs for Wall Street firms.

Foreigners invest heavily Canadian bonds in May

OTTAWA (Reuters) - Foreign purchases of Canadian securities rose in May to C$10.72 billion ($10.72 billion), the highest level since the C$11.75 billion recorded in November 2006, as nonresidents invested heavily in bonds, Statistics Canada said on Thursday. Canadian investors bought C$6.09 billion worth of securities abroad, focusing on non-U.S. stocks.

Dollar up slightly ahead of BoC report

TORONTO (Reuters) - The Canadian dollar rose slightly against the U.S. dollar on Thursday ahead of the Bank of Canada's Monetary Policy Report Update, due at 10:30 a.m.. Domestic bond prices fell along with the U.S. market on some stronger than expected U.S. housing data.

Oil steadies above $134 after slump

LONDON (Reuters) - Oil held above $134 a barrel on Thursday, after an initial fall that seemed like a continuation of its recent tumble on mounting evidence of fading demand in the United States and easing tensions between the U.S. and Iran. A fresh attack on an oil pipeline in Nigeria, the world's eighth-biggest oil exporter, shut 20,000 barrels per day of crude oil production, underscoring the risk to supplies.

CORRECTED: Suncor says oil sands pipeline shut after leak

CALGARY, Alberta (Reuters) - A pipeline carrying oil from Suncor Energy Inc's northern Alberta oil sands operations sprung a leak on Tuesday, but production at the facilities has not yet been affected, the company said. Suncor, the No. 2 oil sands producer, said a leak on its pipeline running from Fort McMurray, Alberta, to Edmonton was detected at 11:30 a.m. local time on July 15 and was shut down.

FDA to rule on Labopharm's Tramadol by January

TORONTO (Reuters) - The U.S. Food and Drug Administration has accepted the analysis Canadian drug company Labopharm Inc has provided on its once-daily version of the pain treatment Tramadol in response to FDA requests, the company said on Thursday. Labopharm said the acceptance of the data should lead to an FDA decision on approval of its Tramadol product for use in the United States by January 2, 2009.

Turboprops on the comeback trail

FARNBOROUGH (Reuters) - Turboprops, propeller-driven planes shunned for being slow and noisy, are enjoying a renaissance as airlines seek more efficient short-haul aircraft to counter soaring fuel prices. Generally used on flights lasting up to four hours and carrying an average of 70 passengers, turboprops were consigned to history by most airlines years ago.

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