News from Reuters

CA-BUSINESS Summary

08/01/09

Asia stocks drop as economic fear grips investors

HONG KONG (Reuters) - Asian stocks and emerging market currencies fell on Thursday, after dire U.S. private employment data and fears about corporate earnings cooled investor willingness to take risks for higher returns. Major European stocks markets were expected to fall as much as 1.2 percent, according to financial bookmakers, following a 3 percent drop in U.S. stocks overnight.

Kinross plots 32 percent jump in '09 gold output

CALGARY, Alberta (Reuters) - Kinross Gold Corp said on Wednesday it plans to spend $460 million this year boosting production by 32 percent to as much as 2.5 million ounces. Kinross also said it would record a goodwill impairment charge of $900 million to $1.2 billion for year-end 2008, related mostly to its acquisition of Bema in 2007. It had previously said it was assessing such a charge.

Oil eyes $43 on Mideast conflict

SINGAPORE (Reuters) - Oil edged toward $43 on Thursday on escalating violence in the Middle East, after diving 12 percent overnight, its largest percentage drop in seven years, as crude stocks in the United States rose more than expected. The market will be eyeing weekly U.S. jobless claims due later in the day, and December non-farm payroll and unemployment data on Friday, which are likely to be dismal, for further clues on future demand.

Scotiabank to offer C$200 million in preferred shares

VANCOUVER, British Columbia (Reuters) - Bank of Nova Scotia on Wednesday became the latest of Canada's big banks to announce a preferred share offer to bolster its capital ratio. Scotiabank's C$200 million ($168 million) offer is for 8 million noncumulative five-year rate-reset preferred shares at a price of $25 per share.

Yahoo unveils partners for Web TV push

Las Vegas (Reuters) - Yahoo Inc unveiled on Wednesday a list of partners to aid its push to bring the Internet and television together, hoping their joint effort will finally connect with consumers. At the Consumer Electronics Show in Las Vegas, Yahoo said it has forged deals with companies including Samsung Electronics Co Ltd <005930.KS>, LG Electronics Inc <066570.KS>, Sony Corp <6758.T> and Vizio, which will make high-definition TVs that support Yahoo's online service.

TSX falls hard on oil price, profit-taking

TORONTO (Reuters) - Toronto's main stock index dropped 3.7 percent on Wednesday as oil and gold shares slid with commodity prices and profit-taking set in after six sessions of gains. Startling job losses in the United States and a warning from tech bellwether Intel Corp added to the gloomy investor sentiment and heightened fears of an extended recession.

Biovail reaches settlement with Canada regulator

TORONTO (Reuters) - Biovail Corp has reached a settlement with Canadian stock regulators over an investigation into the company's accounting and disclosure practices, the drug company said on Wednesday. The settlement is confidential and its terms will be made public if and when the Ontario Securities Commission approves it, Biovail said in a short statement.

Job losses may be modest in December

OTTAWA (Reuters) - Canadian employers continued to lay off workers in December but the domestic labor market has yet to feel the full force of the U.S. recession, analysts said on Wednesday. Analysts surveyed by Reuters forecast a December unemployment rate of 6.5 percent, the highest level since August 2006 and up from 6.3 percent in November.

Canada to see "pretty terrible" start to '09: panel

TORONTO (Reuters) - The Canadian economy is in for a rough ride through the first half of the year and will see little or no growth in 2009 as the recession takes hold, top economists from Canada's largest banks said on Wednesday. The economy will also continue to shed thousands of jobs and the unemployment rate will move higher as fallout from the global financial crisis takes its toll.

Dollar slumps on oil, U.S. economic gloom

TORONTO (Reuters) - The Canadian dollar fell against the U.S. currency on Wednesday as the price of oil tumbled 12 percent on a buildup in inventory and as bleak U.S. employment data raised concerns about a deeper recession. Bonds were flat on the short end of the curve as the ADP private sector employment data showed U.S. employers cut more jobs in December than expected.

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