Lehman plans sales, sees $3.9 billion loss
NEW YORK (Reuters) - Lehman Brothers Holdings Inc
said it plans to sell a majority stake in its investment
management division and spin off commercial real estate assets
as the struggling U.S. investment bank fights to raise capital.
Wall Street's fourth-largest investment bank also reported a
much-larger-than-expected third-quarter loss of $3.93 billion,
hurt by $5.6 billion of net write-downs.
Disappointing Lehman results hit world stocks
LONDON (Reuters) - World stocks fell on Wednesday while
safe-haven government bonds and the yen rose after U.S.
investment bank Lehman Brothers disappointed investors
with a bigger-than-expected quarterly loss. Lehman, a casualty
of the credit crunch, posted a preliminary quarterly loss of
$5.92 a share, compared with Reuters Estimates of a loss of
$3.43.
RIM launches first flip-phone version of BlackBerry
TORONTO (Reuters) - Research In Motion Ltd
is launching a flip version of its popular BlackBerry Pearl
smartphone, a move that reasserts its push into the retail
consumer market. Like RIM's original Pearl model, the
first-ever flip BlackBerry comes loaded with multimedia
features such as a video and music player and a 2-megapixel
camera with flash, as well as a Web browser and an abridged
keyboard.
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.
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.
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.
Canadian dollar gets boost from higher oil prices
TORONTO (Reuters) - The Canadian dollar rose slightly
versus the U.S. dollar on Wednesday given a slight rebound in
commodity prices and overseas stock market losses that were
much lighter than in North America. Domestic bond prices, with
no key domestic economic data to influence a move, were flat
and clinging to slim gains on the short end of the curve
following a quarterly loss reported by U.S. investment bank
Lehman Brothers.
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.
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