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Reuters Canada Business Summary

10/09/08

Nokia in corporate e-mail deal with Microsoft

HELSINKI (Reuters) - Nokia Oyj said on Wednesday it has signed a deal with Microsoft to expand corporate e-mail access to 80 million Nokia phones as the world's top handset maker battles Blackberry-maker RIM . Nokia said it will enable access to Microsoft's Exchange ActiveSync e-mail from all Nokia phones using latest edition of S60 software, with around 80 million such phones sold so far.

KDB seeking control of Lehman for $6 billion: report

SEOUL (Reuters) - State-run Korea Development Bank is seeking a controlling stake in Lehman Brothers for about $6 billion, Yonhap reported on Wednesday, citing a high ranking KDB official. South Korean news agency Yonhap quoted the unnamed official as saying the two sides were negotiating and the deal's size was larger than the 25 percent stake mentioned in previous reports.

Toronto stocks hit hard by slumping commodities

TORONTO (Reuters) - The Toronto Stock Exchange's main index plunged more than 3 percent on Tuesday, weighed down by falling commodity prices and closing in on January's 2008 low. The heavyweight materials and energy sectors led the way down. Oil prices tumbled on expectations OPEC would leave output targets unchanged and as the hurricane threat to U.S oil operations in the Gulf of Mexico eased.

CAW launches effort to unionize WestJet employees

CALGARY, Alberta (Reuters) - The Canadian Auto Workers union said on Tuesday it has begun preliminary talks to unionize employees at WestJet Airlines Ltd , which has attributed a big part of its success to a nonunion work force. The union kicked off its efforts at Canada's second-largest airline following inquiries from a number of WestJet employees, said John Aman, director of organizing at the CAW.

Harry Winston profit doubles on forex gain, sales

TORONTO (Reuters) - Harry Winston Diamond Corp said on Tuesday its second-quarter profit more than doubled, helped by a foreign exchange gain as well as higher revenue and wider margins. The company, which operates the high-end diamond retailer Harry Winston and has a 40 percent stake in the Diavik diamond mine in Canada's Northwest Territories, earned $49.9 million, or 81 cents a share, in the period ended July 31.

Lehman shares sink, to make announcement Wednesday

NEW YORK (Reuters) - Lehman Brothers Holdings Inc shares sank as much as 46 percent on Tuesday on growing concern the fourth-largest Wall Street investment bank won't be able to raise the capital it desperately needs to survive the global credit crisis. In a sign of the severity of its predicament Lehman brought forward the release of "key strategic initiatives" and quarterly results by a week to 7:30 a.m. New York time (EDT) on Wednesday. Major Wall Street banks, including Goldman Sachs, issued statements saying they were still trading with the firm.

CN Rail weighing next step after EJ&E ruling

VANCOUVER, British Columbia (Reuters) - Canadian National Railway is weighing its next step after being rebuffed in the latest regulatory ruling on its planned purchase of the Chicago area's Elgin, Joliet & Eastern Railway Co. The U.S. Surface Transportation Board on Monday rejected CN's request that regulators rule on the transportation merits of the deal before completion of an environmental review that has become mired in a heated U.S. political debate.

Dollar drops with commodities, stocks

TORONTO (Reuters) - The Canadian dollar fell more than half a cent against the U.S. dollar on Tuesday as commodity prices weakened, leading to Toronto stocks taking a drubbing and a drop in demand for the currency to buy Canadian assets. Bond prices rose on a safe haven bid as Canadian stocks fell sharply on the commodity slump, causing 30-year government bond yields to touch a record low.

Yamana Gold not seeking takeovers: CEO

TORONTO (Reuters) - Yamana Gold is not on the hunt for acquisitions, the company's chief executive said on Tuesday. "We're committed to growth, but it is organic growth for this company for the next year to couple of years, at least," CEO Peter Marrone said at the Denver Gold Forum.

Barrick confirms cost view, no imminent M&A deal

DENVER (Reuters) - A senior executive of Barrick Gold said on Tuesday that the world's largest gold producer will meet its cost expectations for this year, and that no big merger and acquisition plan was imminent. When asked if Barrick will meet its full-year cost outlook of $425 to $455 an ounce, Alex Davidson, executive vice president for exploration and corporate development, told Reuters in an interview at the Denver Gold Forum that "We will definitely make the guidance."

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