News from Reuters

CA-BUSINESS Summary

19/06/09

TSX up 1 percent as resource issues climb

TORONTO (Reuters) - Toronto's main stock index rose 1 percent on Friday morning on a rise in commodities prices, extending gains made in the previous session. But Research In Motion was a top net loser as its shares fell after the company offered an outlook late on Thursday that disappointed the market.

Retail sales flop unexpectedly in April

OTTAWA (Reuters) - Canadian retail sales slid unexpectedly in April as consumers sharply scaled back purchases of cars, gasoline and food -- a sign of weakening demand amid the worst recession in nearly two decades. Retail sales fell 0.8 percent in the month, Statistics Canada said on Friday, proving analysts overly optimistic with their median forecast of a 0.1 percent gain.

Decline in world economy moderating: IMF's Lipsky

BODRUM, Turkey (Reuters) - The International Monetary Fund is likely to revise its 2010 growth forecast for the world economy up with signs the rate of decline in global output has moderated, a senior IMF official said on Friday. Addressing a Turkish business conference in this southern Turkish resort, IMF First Deputy Managing Director John Lipsky, however, warned it was far too early to declare victory, with financial conditions far from normal and the world economy still in recession.

Bombardier Transportation wins $120 million contract

(Reuters) - Rail technology provider Bombardier Transportation, a unit of Canada's Bombardier Inc , said it won a contract valued at about $120 million to modernize 156 passenger rail cars in Brazil. Bombardier Transportation led a consortium that included two Brazilian partners to win the modernization project, whose total value is about $193 million.

HudBay says acquisitions "top priority"

TORONTO (Reuters) - HudBay Minerals said on Friday that a significant acquisition or joint venture is a top priority for the company, and a return of cash to shareholders is not currently being considered. The news pulled the company's shares down about 1.8 percent, or 14 Canadian cents, to C$7.70 on the Toronto Stock Exchange.

RIM shares fall over 1 percent on outlook

TORONTO (Reuters) - Shares of Blackberry maker Research In Motion fell more than 1 percent on Friday morning, a day after the company gave an outlook that fell short of some investors' expectations. RIM shares were down 1.36 percent at $75.51 on the Nasdaq shortly after the opening bell. On the Toronto Stock Exchange, the shares fell 1.56 percent to C$85.45.

Canadian Superior to acquire Challenger Energy

(Reuters) - Canadian Superior Energy Inc on Friday said it would acquire all outstanding shares of oil and gas explorer Challenger Energy Corp for about C$77.8 million ($68.85 million), including debt. Canadian Superior, a diversified energy company, said it would issue 0.51 share, or C$0.4345, for each Challenger share, which represents a premium of about 36 percent to Challenger's closing price on Thursday.

Smaller crowds greet new iPhone

SAN FRANCISCO/NEW YORK (Reuters) - Apple Inc's latest iPhone hit stores on Friday with new features and faster speeds, drawing some fans, but not the crowds that had swarmed the previous iPhone launches. At the company's flagship New York store in Midtown Manhattan, hundreds of shoppers lined up before the 7 a.m. opening to buy the iPhone 3GS, but the line was shorter than for the first iPhone in 2007 and for last year's 3G model.

Oil pulled lower by gasoline sell-off

NEW YORK (Reuters) - Oil prices fell a dollar on Friday, pulled lower by a sell-off in the gasoline market as dealers bet there would ample fuel supply in the United States to meet demand from summer vacationers. U.S. crude fell $1.00 to $70.37 a barrel by 12:35 p.m. EDT, led by a nearly 7-cent per gallon drop in gasoline futures. Brent crude fell 97 cents to $70.09 a barrel.

Loonie gains cut, bonds firm after retail sales flop

TORONTO (Reuters) - The Canadian dollar pared gains versus the U.S. dollar on Friday after government data showed an unexpected drop in retail sales, casting doubt on the strength of the economic recovery. Canadian retail sales slid in April by 0.8 percent as consumers sharply scaled back purchases of vehicles, gasoline and food, proving analysts overly optimistic with a median forecast of a 0.1 percent gain.

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