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Reuters Canada Business Summary

11/08/08

Housing market cools further

TORONTO (Reuters) - The Canadian housing market cooled further in the summer, with reports on Monday showing fewer than expected housing starts in July and the smallest year-over-year new-home price increases in six years in June. Canadian housing starts fell 14.8 percent in July to a seasonally adjusted annualized 186,500 units from 215,900 units in June, Canada Mortgage and Housing Corp. said.

Wi-Lan settles with RIM, raises outlook

TORONTO (Reuters) - Technology licensing firm Wi-Lan Inc has settled a pending lawsuit with BlackBerry maker Research In Motion and said on Monday it was sharply raising its forecasts for fiscal 2008. Wi-Lan said the settlement means RIM has obtained a license to some of Wi-Lan's wireless technology patents, adding that the pending litigation between the two companies will be dropped. It said the specific terms of the pact were confidential.

Toronto stocks fall on commodities, Cardiome hit

TORONTO (Reuters) - Toronto Stock Exchange's main index was sharply lower late on Monday morning, weighed down by lower commodity prices, while Cardiome Pharma Corp was hit by FDA queries regarding its Kynapid heart treatment. Leading the way down was the resource-laden materials sector, which sank 4.5 percent, falling along with a slump in metals prices. Yamana Gold fell 68 Canadian cents, or 6 percent, to C$10.41.

Agrium sells nitrogen project to Egypt's MOPCO

TORONTO (Reuters) - Canada's Agrium Inc has reached a deal to unload its $1.4 billion Egyptian fertilizer project to a state-owned firm that is building its own nitrogen plant nearby. Under the deal, MISR Oil Processing Co (MOPCO) will acquire the EAgrium project through a share swap that will see Agrium take a 26 percent stake in MOPCO, which is about to open its own 675,000 tonne urea nitrogen facility.

Dollar ekes small gain, bond prices mixed

TORONTO (Reuters) - The Canadian dollar eked out a gain against the U.S. dollar on Monday as the market pulled back from last week's steep selloff which saw the domestic currency lose 3.8 percent against the greenback. Bond prices were mixed, rallying after Canadian housing data came in worse than expected, but then falling off as traders reassessed how much they thought the central bank would reduce interest rates by the end of the year.

RIM hits 10 percent U.S. market share record

NEW YORK (Reuters) - For the first time Research In Motion Ltd's BlackBerry cornered 10 percent of U.S. cell phone sales in the second quarter in a market that grew more than 5 percent despite economic concerns, Strategy Analytics said on Monday. The research firm said Canada's RIM was seeing huge success with both consumer and enterprise handsets in the United states where total mobile phone shipments rose 5.3 percent to 41.9 million units from 39.8 million in the second quarter of 2007.

Ensign Energy quarterly profit jumps 29 percent

TORONTO (Reuters) - Ensign Energy Services Inc reported a higher second-quarter profit, buoyed by better-than-expected results from its Canadian oilfield services division, the company said on Monday. Canada's No. 2 oilfield-services firm said net income in the quarter through June 30 grew 29 percent to C$32.3 million, or 21 Canadian cents a share, from C$25.1 million, or 16 Canadian cents a share, a year earlier.

TNT shares up on UPS talks

AMSTERDAM (Reuters) - Shares in Dutch TNT NV rose more than 6 percent on Monday after a source said Europe's No.2 mail and logistics company was in talks with U.S. rival United Parcel Service . The source, who declined to be identified, told Reuters that the discussions were in the early stages but could provide no further detail.

Paulson says won't stay at Treasury past January

WASHINGTON (Reuters) - U.S. Treasury Secretary Henry Paulson said in an interview aired on Sunday he had no interest in staying in his post beyond January when a new administration takes office. "I look forward to doing other things next year," Paulson said on NBC television's "Meet the Press" program. The interview was taped on Saturday in China.

Cheaper oil may lift stocks; CPI on tap

NEW YORK (Reuters) - Wall Street may extend its push for recovery this week as investors bet that a further drop in oil prices will restrain inflation and boost prospects for profit growth. The precipitous slide, fueled in part by a recovery in the U.S. dollar, has now taken oil prices to around $115 a barrel -- or more than 20 percent below a record set July 11.

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