News from Reuters

Reuters Canada Business Summary

20/08/08

CORRECTED: Gas prices boost Canada 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 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.

Chevron's Hebron field to start up in 8-10 years

CALGARY, Alberta (Reuters) - The Hebron oil field, Newfoundland's fourth offshore project, will start producing in the next eight to 10 years after the operator, Chevron Corp , and the Canadian province agreed to formal terms. Under the deal, the C$4 billion to C$6 billion ($3.8 billion to $5.7 billion) project will produce 150,000 barrels a day at its peak, the partners said on Wednesday at a signing ceremony in St. John's, Newfoundland.

Resources lead broad rally by Toronto stocks

TORONTO (Reuters) - The Toronto Stock Exchange's main index was sharply higher on Wednesday morning as bargain-hunting investors scooped up energy and mining stocks. The index's key energy sector was up 2.3 percent on oil prices, which rose early in the session but then eased after the release of U.S. weekly oil stockpile data.

New RIM handset good but not revolutionary: analyst

TORONTO (Reuters) - Research In Motion's powerful new BlackBerry Bold is a "strong product," but it isn't revolutionary, according to an analyst who reviewed the smartphone ahead of its North American launch. Citi Investment Research analyst Jim Suva wrote in a note to clients on Wednesday that he has tested numerous features of the device, including its Web browsing, GPS, e-mail, video and music capabilities.

An EA merger with Take-Two gets U.S. antitrust OK

WASHINGTON (Reuters) - U.S. antitrust authorities would approve a combination of Electronic Arts Inc with rival video game publisher Take-Two Interactive Software, according to letters from the Federal Trade Commission posted on the agency's web site. On Monday, Electronic Arts Inc said it would allow its hostile $2 billion bid for rival video game publisher Take-Two Interactive Software Inc to expire and instead pursue private talks with the company.

Lavalin says 12 workers killed in Algeria

OTTAWA (Reuters) - A car bomb in Algeria on Wednesday killed 12 Algerian employees of Canadian engineering and construction firm SNC-Lavalin Group Inc and wounded about 15 others, the company said. "It is with the greatest sadness that SNC-Lavalin learned of a terrorist attack earlier today on a bus carrying its Algerian employees to work on the Koudiat Acerdoune water treatment plant and distribution project in Algeria," it said.

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 drops as U.S. crude stocks surge

NEW YORK (Reuters) - Oil prices dropped more than $1 on Wednesday after a U.S. government report showed the biggest weekly increase in the nation's crude inventories since 2001 amid a rebound in storm-delayed imports. The slide reversed earlier gains that had been triggered by a forecast from Goldman Sachs , the biggest investment bank in the commodities market, that oil prices would hit $149 a barrel by the end of the year.

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.

© Reuters Limited. All Rights Reserved.
Reproduction or redistribution of Reuters content, including framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.