News from Reuters

CA-BUSINESS Summary

27/11/08

TSX falls at open with oil prices

TORONTO (Reuters) - The Toronto Stock Exchange's main index fell broadly at the market open on Thursday, led down by the energy group, which followed oil prices lower. The S&P/TSX composite index <.GSPTSE> fell 34.85 points, or 0.4 percent, to 8,608.67.

Oil falls towards $53 as demand worries weigh

LONDON (Reuters) - Oil fell to around $53 a barrel on Thursday as a holiday weekend in the United States and an upcoming OPEC consultative meeting limited trade. Oil fundamentals are weak, with U.S. crude stocks rising sharply and oil demand in the United States falling in September to its lowest level for any month in more than a decade.

Majority of Canadians favor deficit spending: poll

TORONTO (Reuters) - A majority of Canadians are in favor of the government boosting spending to stimulate the economy, even if it means running a deficit, a poll showed on Thursday. A McAllister Opinion Research poll found that 57 percent of Canadians agree that the federal government should follow this route, with 63 percent support coming from hard-hit Ontario residents, while Western Canada respondents were the lowest at 52 percent.

Canadian Storage withdraws InStorage hostile bid

TORONTO (Reuters) - Canadian Storage Partners said on Thursday that it has withdrawn its hostile bid for InStorage as the two companies have made "some progress" at a friendly deal instead. Canadian Storage, a unit of the U.S.-based operator of self-storage warehouses TKG-StorageMart, said it is working toward a cash deal at C$4 per unit that InStorage has said it could support.

World stocks hit 2-week highs

LONDON (Reuters) - Global stocks hit two-week highs on Thursday with European equities playing catch up to strong gains overseas, but more grim economic reports briefly sent government bond yields in Europe to a fresh three-year low. Trading though is seen lackluster with Wall Street staying shut for the Thanksgiving Day holiday.

Canada Liberals demand emergency debate on auto aid

OTTAWA (Reuters) - Pressure on Canada's Conservative government to help the troubled auto sector grew on Wednesday after the main opposition party demanded an emergency debate in Parliament to address the issue. "We feel the government has sat on its hands long enough," Liberal legislator Judy Sgro said in a statement.

UBS says finds some U.S. tax fraud cases

LUCERNE, Switzerland (Reuters) - UBS said on Thursday it has discovered a few cases of tax fraud as part of a U.S. inquiry into whether it helped wealthy Americans dodge taxes through accounts in Switzerland. "Our investigations have uncovered a limited number of cases of tax fraud under both U.S. and Swiss law," Chairman Peter Kurer told 2,400 shareholders gathered to vote on the bank raising 6 billion Swiss francs ($5 billion) with a convertible bond issue to the Swiss state.

China downturn deepens

LONDON/SINGAPORE (Reuters) - China warned on Thursday its economic downturn was deepening and pressure grew on the European Central Bank (ECB) to make a big cut in interest rates to help contain the global financial crisis. In India, emerging Asia's other economic titan, financial markets were closed after Islamist militants killed more than 100 people in the commercial capital Mumbai.

BCE says C$34.8 billion buyout in jeopardy

TORONTO/NEW YORK (Reuters) - BCE Inc's C$34.8 billion ($28.3 billion) leveraged buyout stood on the brink of collapse on Wednesday after accountants ruled that the company that would emerge from the deal would fail a solvency test because of its huge debt load. Shares of BCE, Canada's biggest telecom company, shed more than a third of their value as investors reacted to the latest twist in the saga of a leveraged buyout deal that ranks as the world's largest.

Magna Entertainment to be spun off from parent

TORONTO (Reuters) - Canadian auto parts magnate Frank Stronach will take direct control of Magna Entertainment Corp under a complex plan announced by the struggling racetrack operator and its parent company on Wednesday. Stronach controls the boards of both Magna Entertainment and MI Developments , MEC's controlling shareholder and the real estate arm of autoparts giant Magna International .

© Reuters Limited. All Rights Reserved.
Reproduction or redistribution of Reuters content, including framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.