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Reuters Canada Business Summary

20/08/08

Gas prices boost June retail sales

OTTAWA (Reuters) - Soaring energy prices helped push up Canadian retail sales in June by 0.5 percent from May and by an unexpectedly steep 1.4 percent if auto and gasoline sales are excluded, Statistics Canada said on Wednesday. Stripping out the price effects, sales actually fell 0.4 percent in volume terms in the month.

Toronto stock index up 1.6 pct on oil's rise

TORONTO (Reuters) - The Toronto Stock Exchange's main index rose more than 200 points on Wednesday morning, paced by energy shares, which rose on stronger oil prices. The S&P/TSX composite index <.GSPTSE> was up 213.05 points, or 1.6 percent, at 13,276.90.

BAA must sell 3 airports, 2 in London

LONDON (Reuters) - Spain's Ferrovial must sell three of the seven British airports it bought for 10 billion pounds ($18 billion) two years ago under a tougher-than-expected ruling on Wednesday. Two must be in London -- meaning Heathrow, Gatwick or Stansted -- and one in Scotland, said the UK Competition Commission, which will decide which ones go early next year.

June leading indicator flat, housing falls

OTTAWA (Reuters) - Canada's composite leading indicator was unchanged in July as the sharpest drop in the housing index since June 2002 offset gains in most other components, Statistics Canada said on Wednesday. Analysts in a Reuters poll had forecast a 0.1 percent rise in the index after a flat reading in June.

Oil pares gain on big rise in U.S. inventories

LONDON (Reuters) - Oil traded near $115 a barrel on Wednesday, paring an earlier gain, after a U.S. government report showed crude oil inventories rose much more than expected in the world's largest consumer. Crude oil stocks rose 9.4 million barrels, far more than the 800,000 barrel increase analysts expected. Gasoline stocks fell by 6.2 million barrels, more than the forecast for a 2.7 million-barrel decline.

Canadian dollar gets boost from higher oil prices

TORONTO (Reuters) - The Canadian dollar rose against the U.S. dollar on Wednesday, strengthening overnight on higher oil prices, then falling off from its high for the day as June retail sales data showed a drop in sales volumes. Canadian bond prices were mixed, but mostly lower, as the data pointed to some domestic strength in the economy.

Strong auto sales boosts June wholesale trade

OTTAWA (Reuters) - A surge in auto sales helped Canadian wholesale trade rise by 2.0 percent in June -- the largest margin since February -- and beat market expectations, according to Statistics Canada data on Tuesday. Automotive sector sales rose 10.6 percent from May and helped give a 4.2 percent boost to the struggling manufacturing province of Ontario.

Ford Canada CEO leaving after just six months

TORONTO (Reuters) - Ford Motor Co of Canada said on Tuesday it will appoint a new chief executive to replace Barry Engle, who is leaving the company effective Sept 8, after just six months in the job. Engle, who has served in a variety of positions at Ford in the United States, Mexico, Japan, Brazil and Canada, is leaving to become president and CEO of New Holland Agricultural Equipment SpA, a unit of CNH Global NV , and will be based in his native Pennsylvania.

Russian-Canadian energy deals possibly at risk

OTTAWA (Reuters) - Canadian Prime Minister Stephen Harper allowed on Tuesday for the possibility of commercial natural gas deals with Russia being put at risk by Russia's military actions in neighboring Georgia. Asked at a news conference if such deals could be at risk, Harper said: "We're examining obviously all aspects of our relationship. We're obviously focusing on aspects that have to with the strategic and military situation, but we will of course review everything."

Ex-hedge fund manager ordered to pay $300 million

BOSTON (Reuters) - A former hedge fund manager was ordered to pay nearly $300 million for having cheated clients by sending out fake account statements, the Commodity Futures Trading Commission said on Tuesday. Paul Eustace, the founder of Philadelphia Alternative Asset Management Company, must return more than $279 million to clients and pay about $12 million in civil penalties, the regulator said.

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