Suncor Q2 profit jumps on oil prices, natural gas
(Reuters) - Suncor Energy Inc , Canada's biggest oil
producer and refiner by market value, posted a
higher-than-expected 12 percent rise in second-quarter profit,
boosted by record crude prices and the strong performance of
its natural gas operations. The company reported second-quarter
net earnings of C$829 million, or C$0.89 a share, compared with
C$738 million, or C$0.80, a year earlier.
TSX battered by falling commodities
TORONTO (Reuters) - The Toronto Stock Exchange's main index
tumbled for a second session in a row on Wednesday, knocked 130
points lower as resource issues fell along with commodity
prices. The materials sector led the way down as shares of gold
producers were battered by a 3 percent drop in bullion prices
while the U.S. dollar rose. Barrick Gold was down 7.9
percent.
Visa Canada probes reports of fraud at airport
TORONTO (Reuters) - Visa Canada on Wednesday said it was
investigating possible fraud tied to air travel, with news
reports specifying that there may be problems at self-service
check-in kiosks at Toronto's Pearson International airport.
"Visa Canada is currently investigating isolated reports of
fraud that have a correlation with air travel, in particular at
a Canadian airport," the company said in a statement.
CIBC faces lawsuit over subprime exposure
TORONTO (Reuters) - Canadian Imperial Bank of Commerce
is the first Canadian bank to face legal action over
investments tied to plunging U.S. subprime mortgages, after a
Toronto law firm revealed a proposed class action on Wednesday,
claiming the bank and some executives failed to fully
disclosure its exposure. The lawsuit, filed in an Ontario
court, alleges that the bank, President and Chief Executive
Gerald McCaughey and other officers and directors, did not
disclose the extent of CIBC's total exposure, through various
structured-credit securities, to the sliding U.S. subprime
mortgage market.
China's Zhongxing in talks with GM, FAW: source
SHANGHAI (Reuters) - China's Hebei Zhongxing Automobile Co
is in talks with General Motors and major Chinese
automaker FAW Group to explore opportunities for cooperation,
including equity ties, a source close to the situation said on
Thursday. "Consolidation is inevitable in the Chinese auto
market, which now has more than 100 players, and a company of
Zhongxing's size makes a good takeover target or joint venture
partner," the source told Reuters.
Sierra Wireless shares sag in wake of weak outlook
TORONTO (Reuters) - Wireless modem maker Sierra Wireless
Inc warned of "macroeconomic uncertainty" in
key markets and an erosion in some of its sales on Wednesday,
sending its shares plunging more than 20 percent in after-hours
trading. Sierra, which makes the AirCard and Compass lines of
wireless modems, said it earned $11 million, or 35 cents a
share in the three months ended June 30. That was up from a
profit of $6.7 million, or 25 cents a share, a year earlier.
The results were in line with analysts' estimates.
Soaring energy prices boost Husky profit 89 percent
CALGARY, Alberta (Reuters) - Husky Energy Inc's
second-quarter profit surged a better-than-expected 89 percent
as Canada's No. 3 oil producer and refiner reaped rewards from
sky-high oil and gas prices, it said Wednesday. However, Husky
said it now expects its oil and gas production to be up to 7
percent below its previous forecast for the year due to
operational problems offshore Newfoundland and in the Alberta
oil sands.
Canadian dollar falls on oil, rate uncertainty
TORONTO (Reuters) - The Canadian dollar fell to its lowest
close in two weeks against a rallying U.S. dollar on Wednesday,
despite a report that showed inflation in Canada was higher
than the market had forecast, hurt by falling oil prices and an
uncertain outlook for Canadian interest rates. Bond prices
ended mostly lower, taking direction from the larger U.S.
market.
Teck Cominco profit rises on copper and coal sales
TORONTO (Reuters) - Teck Cominco said on
Wednesday its second-quarter profit rose 2.5 percent, as new
copper mines and higher coal prices made up for a 60 percent
drop in zinc profits. The Canadian diversified miner earned a
net C$497 million ($492 million) in the quarter, or C$1.12 per
share, up from C$485 million. The company did not provide a
year-before per-share figure.
Agnico-Eagle profit misses estimates, cuts outlook
TORONTO (Reuters) - Profit at Agnico-Eagle Mines
dropped by a steeper than expected 78 percent in the second
quarter, the company said on Wednesday, as it also cut its 2008
gold output forecast and warned of a 40 percent jump in capital
costs. The Canadian gold producer earned $8.3 million, or 6
cents a share, in the quarter ended June 30. That was down from
$37.8 million, or 28 cents a share, in the year-before period,
as the company's bottom line was stung by a 56 percent
year-on-year drop in zinc prices.
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