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CA-BUSINESS Summary

12/01/09

Fertilizer company Mosaic cuts 1,000 Canada workers

TORONTO (Reuters) - North American fertilizer company Mosaic Co is cutting about 1,000 jobs at a pair of potash mines in the Canadian province of Saskatchewan, a company spokesman said on Monday. "The economy is weak," spokesman Brad DeLorey said, adding the U.S.-based company is trying to "match supply with demand." Layoffs are to start in February and March. Mosaic has about 1,500 employees in Saskatchewan.

HudBay says opposes new effort at shareholder vote

TORONTO (Reuters) - HudBay Minerals Inc said on Monday that two shareholders have asked a court to get HudBay to hold a special meeting of shareholders to consider the proposed takeover of Lundin Mining . The base metals mining firm said in a statement that the SRM Global Master Fund Limited Partnership and Corriente Master Fund Limited Partnership made the application to the court.

Bell Aliant to eliminate 500 management jobs

TORONTO (Reuters) - Bell Aliant said on Monday it will cut about 500 management jobs, or about 5 percent of its total work force, to reduce costs and help it make decisions more quickly. The cuts represent about 15 percent of Bell Aliant's management, the regional Canadian telecom group said on Monday.

TSX gets slapped as commodity prices fall hard

TORONTO (Reuters) - Toronto's main stock index fell more than 3 percent on Monday as tumbling commodity prices rattled the resource-heavy index and knocked it to its lowest closing level in two weeks. The market tumbled more than 100 points at the open and was never able to recover as prices for key Canadian exports such as oil and gold were hammered throughout the session.

Yamana to spend up to $350 million in '09

CALGARY, Alberta (Reuters) - Yamana Gold Inc said on Monday it would spend up to $350 million this year and $400 million in 2010 to boost production, while cutting its dividend by half to help fund its expenditures. Yamana said its production is expected to be 1.3 million to 1.4 million gold equivalent ounces in 2009 and 1.4 million to 1.5 million in 2010 from mines now in production.

Federal panel urges national securities regulator

OTTAWA (Reuters) - Canada should push ahead with efforts to create a national securities regulator without necessarily waiting for consent from provinces opposed to the idea, a government-commissioned panel recommended on Monday. The panel said the global financial crisis highlights the need for a single Canadian regulator that can move with greater speed to address financial instability.

Too little, too late for "green" Big 3?

DETROIT (Reuters) - Automakers at the world's premier auto show have pinned their hopes on "green" models but for some companies the immediate future is shaping up as a battle for survival. U.S. auto sales dropped by 18 percent in 2008 to a 16-year low of 13.2 million, pushing financially strapped General Motors Corp and Chrysler to the brink of collapse.

Alcoa reports loss as economy hits demand

NEW YORK (Reuters) - Aluminum producer Alcoa Inc , which is slashing 15,000 jobs, posted a fourth-quarter loss on Monday, as the global economic crisis sent revenue plummeting on lower demand and declining metal prices. Although Wall Street was expecting the loss -- Alcoa's first in six years -- it was bigger than forecast, but revenue was $700 million higher than expected, and the company's stock was little changed after-hours.

Glencore set to take controlling Katanga stake

TORONTO (Reuters) - Glencore International is set to take a controlling stake in base metals producer Katanga Mining , after Katanga's shareholders approved a stock issue on Monday that the company will use to secure a $265 million loan from Glencore At a meeting in Toronto, shareholders voted in favor of a massive increase in the company's authorized share capital, which will allow Katanga to issue 953 million shares to back the convertible loans and could give Swiss-based Glencore as much as an 88 percent stake in the troubled company.

Oil falls towards $37 on nagging demand worries

PERTH (Reuters) - Oil slipped toward $37 a barrel on Tuesday, extending its near 8 percent overnight loss, as investors grew more pessimistic about energy demand on predictions that the world economy will slow down sharply. Worsening recessionary signs forced investors to flee risky assets such as commodities and take refuge in the safe haven of U.S. Treasury bonds on Monday, while Asian shares fell on concerns about the United States sinking further into recession.

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