Canada top court to rule on Wal-Mart union fight
OTTAWA (Reuters) - Wal-Mart Inc. suffered a defeat
on Thursday when Canada's Supreme Court agreed to hear a
challenge of the company's 2005 decision to close a Quebec
store that had been the first in North America to obtain union
certification. Former employees charged they had unfairly lost
their jobs because of their union activities. Wal-Mart's
Canadian subsidiary insisted that they had lost their jobs for
the "good and sufficient reason" of the closure of the store.
Canadian Tire lowers forecasts as profit slides
TORONTO (Reuters) - Canadian Tire Corp Ltd reported a lower second-quarter profit as it was hurt
by tough economic conditions and unseasonable cold weather,
prompting it to cut its earnings forecast and sending its
shares sharply lower. The country's largest auto parts and
household goods retailer said its net earnings fell to C$97.7
million ($93 million), or C$1.20 a basic share, from C$122.5
million, or C$1.50 a share, a year earlier.
Tim Hortons posts bigger profit, confirms forecast
OTTAWA (Reuters) - Tim Hortons' profit
jumped 11.5 percent in the second quarter, thanks in part to
higher prices, but some analysts questioned the sustainability
of such gains at Canada's biggest restaurant chain. The company
also confirmed its full-year forecast on Thursday, to the
relief of investors who fretted that growth targets would be
clawed back after weak first-quarter results.
Canadian dollar unable to escape funk, ends lower
TORONTO (Reuters) - The Canadian dollar skidded to a lower
close versus the U.S. dollar for the 11th time in the past 12
sessions on Thursday and the sudden downturn for the
once-resilient currency showed no signs of easing. Canadian
bond prices closed higher across the curve due to slew of
factors including a Canadian building permits report that
missed estimates and comments from the European Central Bank
about weaker economic growth.
Cinram loss shrinks as DVD copying revenue rises
TORONTO (Reuters) - Cinram International Income Fund
, the world's biggest provider of prerecorded media
products, posted a smaller quarterly loss on Thursday as
revenue rose because the company copied more DVDs. Cinram,
which replicates CDs, DVDs and distributes video games, said
its net loss was $7.1 million, or 12 cents a unit in the second
quarter. That was better than the loss of $26.6 million, or 45
cents a unit, in the same period a year earlier.
Potash Corp workers strike after talks fail
WINNIPEG, Manitoba (Reuters) - Mediated talks between
Potash Corp of Saskatchewan and the United
Steelworkers union failed on Thursday and the union said it was
going on strike immediately. The talks, which were only in
their first day, failed when the company refused to change an
offer that had already been rejected by the 500 workers at the
three mines in Saskatchewan, the union said in a statement.
Canadian Natural shares rise as profit surges
CALGARY, Alberta (Reuters) - Canadian Natural Resources Ltd
shares surged more than 5 percent on Thursday as
record operating profits offset concerns over new cost overruns
and delays at its massive Horizon oil sands project. A day
after announcing that costs for the Horizon project had risen
to C$9.27 billion ($8.8 billion) -- 6 percent above its last
estimate and more than a third higher than the 110,000
barrel-per-day project's original C$6.8 billion budget --
Canadian Natural said synthetic crude production at Horizon
could begin at reduced rates in the fourth quarter.
Banks, Canadian Tire drag Toronto stocks lower
TORONTO (Reuters) - The Toronto Stock Exchange's main index
finished lower on Thursday in a broad decline sparked by losses
in the financial-services sector on nagging worries over more
fallout from the credit crunch. Canadian Tire was the
biggest drag on the index after it reported a lower quarterly
profit and cut its earnings forecast for the year. Shares of
the country's largest auto parts and household goods retailer
shed 7.7 percent.
Imperial Oil pushes back Kearl oil sands start
CALGARY, Alberta (Reuters) - Imperial Oil Ltd said
on Thursday that the start-up of its C$8 billion Kearl oil
sands project will likely be delayed by a year, to 2012, as it
looks for ways to cut the project's costs. Imperial spokesman
Gordon Wong said the start-up date is still tentative and the
company is trying to firm up its plans before making a final
decision on whether to go ahead with the project in the first
quarter of 2009.
Metro Inc boosts profit, plans C$200 million makeover
OTTAWA (Reuters) - Completion of a computer system overhaul
helped lift third-quarter profit at Metro Inc and
clear the way for a C$200 million makeover, Canada's No. 3
supermarket chain said on Thursday. The company will
consolidate its five Ontario food banners under the Metro name
to try to boost efficiency and spark growth. After its big A&P
chain purchase in 2005, Metro said it would consider plans for
its store banners, but first needed to finish complex computer
system integration.
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