TSX falls on resource prices, U.S. data
TORONTO (Reuters) - Toronto's main stock market index fell sharply on Wednesday morning as falling oil and gold prices put downward pressure on the resource-laden index and U.S. data dampened optimism about economic recovery. A major driver to the downside was a drop in the price of oil to below $68 a barrel after a recent rally.
TD Bank traders probed for market rumors
TORONTO (Reuters) - Toronto-Dominion Bank said on Wednesday that it was looking into allegations that a handful of traders improperly passed on rumors to clients about a stock, believed to be Canadian oil sands company OPTI Canada . While Canada's second-largest bank declined to disclose any details about the investigation reported by the Globe and Mail newspaper, TD spokeswoman Simone Philogene said the company knew about the incident.
Gold Fields sells stake in Sino Gold for $282 million
JOHANNESBURG (Reuters) - Gold Fields , the world's fourth-biggest gold producer, said on Wednesday it had sold for $282 million its 19.9 percent stake in Sino Gold Mining Ltd. to Canada's Eldorado Gold Corp . Under the deal, South Africa's Gold Fields will receive a share exchange ratio of 48 Eldorado shares for every 100 Sino Gold shares, resulting in Gold Fields holding 27.8 million shares in Eldorado or about 7 percent in the gold producer with exploration mainly in Brazil, China, Greece and Turkey.
Bank of Canada says no amount transacted in TLF
TORONTO (Reuters) - The Bank of Canada said on Wednesday no cash amount was transacted at its term loan facility operation due July 3. Last week, the bank said it would conduct a C$2 billion ($1.8 billion), 29-day TLF operation.
Stocks under pressure; dollar rebounds
LONDON (Reuters) - European stocks fell and Wall Street was set for a weaker start on Wednesday as investors turned cautious after economic optimism pushed world stocks to fresh 7-1/2 month highs and sterling to 2009 peaks earlier. The dollar rose against European currencies after officials told Reuters Asia's richest central banks would shrug off losses from a possible U.S. sovereign credit rating downgrade and continue to buy Treasuries to keep markets stable.
GM, Chrysler to face Senate scrutiny on dealers
WASHINGTON (Reuters) - General Motors Corp and Chrysler LLC, both bankrupt, will try on Wednesday to ease congressional concern, and in some cases anger, over their plans to slash more than 2,400 dealerships. Members of the Senate Commerce Committee plan to grill GM Chief Executive Fritz Henderson and Chrysler President Jim Press about the lone aspect of restructuring that has triggered a broad response from Congress since dealers are nationwide.
Domtar says plans to offer $250 million senior notes
(Reuters) - Canadian forestry firm Domtar Corp said it planned to offer $250 million worth senior notes and plans to use the money to buy back its notes which are due in 2011. The remaining proceeds from the offering, which will be due in 2017, will be used for general and corporate purposes, the company said.
Agrium reaffirms offer to buy CF, extends deadline
TORONTO (Reuters) - Agricultural products retailer and fertilizer maker Agrium Inc on Wednesday reaffirmed its offer to buy U.S. rival CF Industries in a bid to increase the size of its fertilizer business and expand its distribution network. CF has repeatedly rejected Agrium's overtures, contending that the offer substantially undervalues the company and is not in the best interests of its stockholders.
U.S. court agrees to hear appeal on Chrysler sale
NEW YORK (Reuters) - A U.S. Court of Appeals agreed on Tuesday to hear a challenge to Chrysler LLC's sale of most of its assets to a group led by Italian automaker Fiat , in a move that could potentially delay the deal. The federal circuit court granted a request by a group of Indiana pension funds that hold a small portion of Chrysler's secured debt to "stay" the sale order to allow the circuit court to hear the expedited appeal.
Magna sees Opel deal completion in September
FRANKFURT (Reuters) - Canadian auto supplier Magna International aims to close a deal with General Motors over its Opel unit in September, Magna's co-Chief Executive Siegfried Wolf said Wednesday. The comments come in the wake of a deal struck over the weekend between Magna, General Motors and the U.S. government for the sale of parts of its Opel unit.
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