TSX pushes higher as resources gain
TORONTO (Reuters) - The Toronto Stock Exchange's main index
roared 300.80 points higher on Wednesday, climbing back from
its recent dive in a broad advance led by strength in the
energy and materials sectors. The S&P/TSX composite index
<.GSPTSE> was up 2.48 percent, at 12,447.56.
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.
Lehman plans asset sales after record $4 billion loss
NEW YORK (Reuters) - Lehman Brothers sought to restore
investor confidence with plans to sell a majority stake in its
asset management unit and spin off commercial real estate, but
investors questioned its future after a record $3.93 billion
quarterly loss. Shares of Wall Street's fourth-largest
investment bank failed to rebound on Wednesday, a day after
tumbling 45 percent, reflecting disappointment that Lehman
Brothers Holdings Inc did not announce concrete asset sales.
Lehman will slash its annual dividend, and said it would
consider offers to buy the entire company.
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.
Barrick to tackle costs with oil assets, new mines
TORONTO (Reuters) - Barrick Gold Corp hopes to
hedge nearly one-third of its energy costs through acquisitions
of oil and gas assets, and also expects to control costs
through opening new low-cost mines, a company official said on
Wednesday. Barrick, the world's largest gold producer, recently
acquired Cadence Energy, and will soon close an offer for
certain assets of Daylight Resources , which should
provide the company with about 4,500 barrels of oil equivalent
a day.
TD Ameritrade seeks new business from old clients
TORONTO (Reuters) - Getting more business from existing TD
Ameritrade Holding Corp customers is a big part of the
discount brokerage's growth strategy, but the company is also
well positioned to make acquisitions, Ameritrade's incoming
chief executive said on Wednesday. "We intend to continue to
focus on growth through both means through this cycle," said
Fred Tomczyk, president and chief operating officer.
Gold could hit $1,500 in 2 years-Goldcorp CEO
TORONTO (Reuters) - Goldcorp's chief executive said
on Wednesday gold prices should rebound soon, 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.
Ur-Energy delays Lost Creek launch, shares fall
TORONTO (Reuters) -Shares of Ur-Energy
fell as much as 25 percent on Wednesday after the uranium miner
said it was pushing back the production date for its Lost Creek
project in Wyoming due to a delay in receiving a license from
U.S. regulators. After meeting with officials from the U.S
Nuclear Regulatory Commission (NRC), Ur-Energy said it now
expects to receive the license in the fourth quarter of 2009.
Previously, it had expected the license in the second quarter
of 2009.
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.
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