News from Reuters

CA-BUSINESS Summary

21/11/08

BlackBerry Bold selling "really well": RIM co-CEO

TORONTO (Reuters) - Research In Motion's high-end BlackBerry Bold smartphone is selling "really well," the company's co-CEO said on Thursday, even as an analyst warned RIM would not be immune from the slowing economy. Speaking at an investor conference, Jim Balsillie also reiterated it's unlikely that customers will get rid of their mobile phones to save money during the downturn.

TSX bounces higher in volatile session

TORONTO (Reuters) - The Toronto Stock Exchange's main index bounced back into positive territory late Friday morning as financial and resource issues played tug-of-war in a highly volatile market. The TSX opened strongly with an early gain of more than 4.6, then tumbled into negative territory as weak financial issues dragged the market lower after its opening surge.

Inflation eases sharply in October

OTTAWA (Reuters) - Consumer prices registered their sharpest decline in nearly 50 years in October, dropping 1 percent from September as gasoline prices plummeted from recent high levels, Statistics Canada said on Friday. As a result, the annual inflation rate in October eased more than expected to 2.6 percent from 3.4 percent in September. Analysts in a Reuters poll had forecast a rate of 3.1 percent.

Sears Canada operating profit and revenue rise

TORONTO (Reuters) - Sears Canada Inc , Canada's second-biggest department store chain, reported higher operating earnings and revenue on Friday. Net profit declined from a year earlier, when earnings were boosted by big one-time gains from the sale of the company's corporate headquarters.

Citigroup shares drop as CEO plans to keep Smith Barney

NEW YORK (Reuters) - Citigroup Inc shares tumbled for a fifth straight day, as Chief Executive Vikram Pandit tried to downplay speculation the banking giant might sell major businesses to restore its health and investor confidence. Pandit told employees on Friday that Citigroup, the second-largest U.S. bank by assets, does not want to change its business model and plans to keep its Smith Barney brokerage, according to two people who heard him.

Dollar rises as stocks rally lifts commodities

TORONTO (Reuters) - The Canadian dollar rose 0.9 percent against the U.S. dollar on Friday as global equity markets rebounded from the previous day's sharp losses, boosting prices for the commodities Canada exports. Canadian bond prices unwound some recent gains as the rally in stocks cut into bids for relatively stable government debt.

Oil rallies from 3-1/2 year lows

LONDON (Reuters) - Oil rallied from three-and-half-year lows on Friday, spurred partly by gains in global stock markets reflecting hopes that central banks around the world might cut interest rates, including China. Oil has fallen by about $10 this week and by almost $100 from a record high of more than $147 in July, depressed by the global economic downturn and its impact on fuel demand in top energy consumer the United States and other major economies.

Wal-Mart's Scott retiring as CEO, Duke to succeed

NEW YORK (Reuters) - Wal-Mart Stores Inc , the world's largest retailer, said Lee Scott will retire as chief executive early next year and will be succeeded by Mike Duke, who heads its international operations. The retailer also promoted Eduardo Castro-Wright, 53, a rising star who heads its U.S. operation, to vice chairman, effective immediately.

Electronics profits head for 5-year low: report

TORONTO (Reuters) - The weak economy, a slowdown in production growth and declining prices will push profits in Canada's computer and electronics industry to a five-year low in 2009, the Conference Board of Canada said on Friday. Profits are forecast to fall by 22 percent in 2008, to just over C$1.1 billion ($859 million), and will drop another 4.6 percent in 2009, the board said. Although profits will bounce back slightly in 2010, "they will not approach 2007 levels until three years thereafter."

Flaherty presses banks on pension funds

OTTAWA (Reuters) - Finance Minister has given Canadian banks one week to comply with his request they provide seniors with more flexibility when withdrawing pension funds, so they can avoid losses due to the market meltdown. In a letter to federally-regulated banks and other institutions published late Thursday, Flaherty asked them to ensure their clients can make the required minimum withdrawals from their registered retirement income funds (RRIFs) without having to sell assets and therefore take a big loss.

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