Lehman plans sales, posts $4 billion quarterly loss
NEW YORK (Reuters) - Lehman Brothers Holdings Inc
plans to sell a majority stake in its asset management unit and
spin off commercial real estate holdings, hoping to restore
investor confidence and ensure its survival after reporting a
record quarterly loss of about $4 billion. Shares failed to
rebound on Wednesday morning after plunging 45 percent a day
earlier, reflecting Wall Street disappointment that Lehman did
not announce more concrete actions.
Ford cuts 500 more Ontario jobs U.S. sales slide
TORONTO (Reuters) - Ford Canada said on Wednesday it
will cut another 500 jobs at its Oakville, Ontario, assembly
plant as U.S. sales continue to deteriorate. Ford will scrap
the third shift in the paint and body areas of the plant, where
it makes the Ford Edge, the Lincoln MKX and the Ford Flex.
Stocks rise on bargain-hunting, OPEC
TORONTO (Reuters) - The Toronto Stock Exchange's main index
rose on Wednesday, led by strength in oil shares after a
surprise decision by OPEC to cut production and by
bargain-hunting after a near 4-percent selloff on Tuesday. The
heavyweight energy sector was up 2.2 percent following the
decision by the Organization of the Petroleum Exporting
Countries to cut production by half a million barrels a day.
Oil prices slipped, however, on slowing demand and as fears
over Hurricane Ike receded.
Manulife's Canadian bank 'contributing strongly'
TORONTO (Reuters) - Manulife Bank of Canada, a growing unit
of international life insurer Manulife Financial , has
started "contributing strongly" to the Canadian division's
bottom line, the head of the division said on Wednesday. The
branchless chartered bank, established in 1993, is becoming
more significant as loan volumes grow, Paul Rooney, president
and chief executive of Manulife Canada, told a financial
services conference.
RIM launches first BlackBerry flip phone
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.
Transat reports quarterly loss as high fuel hits
TORONTO (Reuters) - Transat AT Inc said on
Wednesday it fell to a third-quarter loss as the holiday travel
firm was hurt by rising fuel costs. The parent company of Air
Transat lost C$2.4 million, or 7 Canadian cents a share, in the
period ended July 31, down from a profit of C$16.1 million, or
47 Canadian cents a share in the same period last year.
Gold could hit $1,500 in 2 years: Goldcorp CEO
TORONTO (Reuters) - Goldcorp's chief executive said
on Wednesday gold prices should soon rebound, and could nearly
double to $1,500 an ounce over the next two years. "We're going
to see gold over $1000, I like to say $1500 gold over the next
18-24 month period," Kevin McArthur, CEO of the Canadian gold
senior, said at the Denver Gold Forum. Spot gold was at $763 on
Wednesday.
Canadian bank shares look more appealing: Dundee
TORONTO (Reuters) - Shares of Canadian banks are oversold
and now would be a good time load up on the stocks even though
bank earnings may remain under pressure through 2009, Dundee
Capital Markets said on Wednesday. Following a fall in bank
share prices over the past year, Dundee analyst John Aiken
views most of them as oversold on a relative basis and expects
them to continue to outperform the market as they have in
recent weeks.
Viterra profit, sales surge with commodity tide
WINNIPEG, Manitoba (Reuters) - Viterra Inc profit
rose 69 percent in the quarter ended July 31 on strong
fertilizer and chemical sales amid the commodity boom, Canada's
largest grain handler said on Wednesday. Viterra, formerly
known as Saskatchewan Wheat Pool, earned C$166.7 million
($155.8 million), or 71 Canadian cents a share, up from C$98.5
million, or 58 Canadian cents a share, in the equivalent
quarter of 2007, when it acquired rival Agricore United for
C$1.8 billion.
World stocks hit lowest since July 2006
LONDON (Reuters) - World stocks fell to their lowest level
in more than two years on Wednesday as concerns about the
financial sector and the global economy sapped investor
appetite for risky assets. MSCI main world equity index fell
0.6 percent to 313.76 <.MIWD00000PUS>, its lowest since July
2006.
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