Group seeks to block Chrysler/Fiat as Opel heats up
NEW YORK/BERLIN (Reuters) - A group of investment funds sought on Monday to block Chrysler's planned alliance with Fiat SpA , while the Italian automaker advanced its bid to overhaul the industry by setting its sights on Germany's Opel. The dissenting lenders led by Oppenheimer Funds and Stairway Capital argued in a New York bankruptcy court that the sale proposal was "orchestrated entirely by the U.S. Treasury and foisted upon the debtors."
RIM plans next-gen Storm as it eyes untapped market
TORONTO (Reuters) - Research In Motion is planning a next-generation version of its touchscreen BlackBerry Storm smartphone as part of a continuing push into the retail market, its co-CEO said on Monday. "We see this very large and untapped consumer market," Jim Balsillie said during a presentation to analysts and investors, adding that more than half of RIM's 25 million subscribers now fall into the non-corporate category.
Resources push TSX higher
TORONTO (Reuters) - Toronto's main stock index jumped more than 2 percent on Monday to hit its highest level in nearly six months on strength in resources and financials, the biggest components of the index. Resource-based issues advanced as the price of oil neared $54 a barrel and gold rallied above $900 an ounce. The materials group gained 3.9 percent, while the oil and gas group rose 2.1 percent.
GM takes $500 million in Canadian loans
TORONTO (Reuters) - General Motors Corp's Canadian unit accepted C$500 million ($424 million) in short-term loans from Canada and the province of Ontario on Monday to help it restructure in time to qualify for longer-term aid. The funding, part of an interim bridge loan announced in December, is to be used only for working capital while GM revamps ahead of a June 1 deadline imposed by Washington and Ottawa.
Sprint posts strong growth in prepaid subscribers
NEW YORK (Reuters) - Sprint Nextel Corp posted a surprise quarterly profit excluding items, thanks to cost cuts and strong growth in a new service where customers pay for calls in advance, sending its shares up 12 percent. However, the No. 3 U.S. mobile service suffered its worst ever loss of valuable monthly bill-paying customers, who sign contracts of up to two years, as they defected to rivals. Business clients also left due to the weak economy.
Air Canada asks unions for pension deal
TORONTO (Reuters) - Air Canada said on Monday it was seeking support from its unions for "a moratorium and other conditions on funding" its pension deficit, which is more than $3 billion. Canada's biggest airline said the moratorium would allow it to establish financial certainty over the next several years and help it maintain its defined benefit pension plans.
Acadia in pact with Biovail for Parkinson's drug
BANGALORE (Reuters) - Acadia Pharmaceuticals Inc said it entered into an agreement with a Biovail Corp unit to co-develop and commercialize its experimental drug to treat Parkinson's disease psychosis (PDP) in the United States and Canada. Shares of Acadia almost tripled to $2.97 in morning trade.
Oil rises to five-week high near $54
NEW YORK (Reuters) - Oil prices rose to a five-week high near $54 a barrel on Monday on hopes an easing of the global economic recession could pave the way for a recovery in world energy demand. U.S. crude futures rose 32 cents to $53.52 a barrel by 12:20 p.m. EDT after rising as high as $53.94 -- the highest since late March. London Brent rose 73 cents to $53.58.
Loonie touches four-month high, bonds weaken
TORONTO (Reuters) - The Canadian dollar jumped to a four-month high against the greenback on Monday as equity markets soared and oil prices rose on growing optimism the global economy may be on the road to stabilizing. The Canadian dollar rallied as high as C$1.1763 to the U.S. dollar, or 85.00 U.S. cents, its highest level since January 6, as crude, a key Canadian export, pushed above $53 a barrel.
HP and RIM form alliance on BlackBerry
(Reuters) - Hewlett-Packard Co and BlackBerry maker Research In Motion Ltd said they have formed an alliance to provide services for the BlackBerry. Among the services are HP CloudPrint for BlackBerry smartphones, which allows users to print e-mails and documents at the nearest printer using the Internet.
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