News from Reuters

CA-BUSINESS Summary

08/07/09

Economy fears hit global stocks

LONDON (Reuters) - Economy jitters continued to sweep financial markets on Wednesday, weakening stocks, propelling the Japanese yen to a six-week high and dragging oil down to around $62 a barrel. Investors have begun worrying that global economic recovery will not be as quick or robust as many had hoped.

Google takes aim at Microsoft with new PC platform

SUN VALLEY, Idaho (Reuters) - Google Inc is planning a direct attack on Microsoft Corp's core business by taking on the software giant's globally dominant Windows operating system for personal computers. Google, which already offers a suite of e-mail, Web and other software products that compete with Microsoft, said on Tuesday it would launch a new operating system that will initially be targeted at netbooks.

Amcor closing in on Rio's non-U.S. packaging assets

SYDNEY (Reuters) - Australian packaging group Amcor Ltd is nearing a purchase of some of Rio Tinto Ltd's assets, sources said, in a deal that could be valued at up to $2.4 billion. The deal, talk of which drove Amcor's shares up more than 8 percent on Wednesday, would follow Rio's move earlier this week to sell its U.S. food packaging unit to Bemis Co for $1.2 billion. Analysts said that sale demonstrated Rio's seriousness in getting rid of its non-core assets.

What does Alcoa's expected loss mean for the economy?

NEW YORK (Reuters) - Alcoa Inc , whose results are traditionally viewed as an indicator of the country's economic health, is expected to post a third consecutive quarterly loss this week. But many on Wall Street no longer see the aluminum producer's numbers as a bellwether portending either a deeper recession or an easing of the global downturn.

Canada purchasing, building plans soar unexpectedly

OTTAWA (Reuters) - Canadian purchasing activity and building intentions leapt back to life in June and May, respectively, soaring past expectations and suggesting the pace of economic contraction is slowing. However, bankruptcies by companies and individuals jumped 31 percent in May from a year earlier, though they were down nearly 10 percent from the previous month, according to official statistics.

U.S antitrust regulators approve Nokia-Nortel deal

WASHINGTON (Reuters) - U.S. antitrust regulators have approved a Nokia Siemens bid for a portion of Canada's bankrupt Nortel Networks Inc , the Federal Trade Commission said on Tuesday. Nortel had said Nokia Siemens Networks -- a joint venture of Nokia and Siemens -- would offer $650 million for Nortel's CDMA and LTE wireless technology businesses and act as the "stalking horse bidder."

RBC Capital Markets named U.S. primary dealer

WASHINGTON (Reuters) - RBC Capital Markets won the right to be a U.S. primary dealer of Treasury securities starting on Wednesday, part of a push by the unit of Canada's largest bank to win more U.S. and European business. The addition of RBC will increase the number of firms that deal directly with the U.S. Federal Reserve to 17 from a record low of 16. Primary dealers are required to bid at Treasury auctions and the Fed regularly consults with them as it gathers market intelligence.

Oil falls for 6th day on economic doubts

LONDON (Reuters) - Oil fell more than $1 to $62 on Wednesday, on course for its sixth consecutive fall and longest losing streak since mid-December, after doubts grew about the strength of the global economy. Figures from the American Petroleum Institute (API) on Tuesday showed distillate stocks jumping by a much higher-than-expected 3.4 million barrels, while gasoline inventories rose 767,000 barrels against a forecast 600,000-barrel build.

Genworth, Magma close IPOs in Canada capital push

TORONTO (Reuters) - Canadian companies raised at least C$950 million ($819 million) in two initial public offerings that closed on Tuesday, potentially signaling an end to a long dry spell in IPO activity in the Canadian marketplace. Genworth MI Canada Inc , a private home mortgage insurer, closed an IPO worth at least C$850 million, the largest in Canada since Franco-Nevada Corp raised C$1.3 billion in a 2007 offering.

Apotex goes to court to get Alzheimer's drug OK

TORONTO (Reuters) - Canada's Apotex Inc is asking a U.S. court to rule that it did not infringe Eisai Co's <4523.T> patents on Aricept, the world's No. 1 Alzheimer's disease treatment. A favorable ruling would pave the way for the U.S. Food and Drug Administration to approve Apotex's application to market its generic version of donepezil hydrochloride -- the bio-equivalent of Eisai's drug Aricept.

© Reuters Limited. All Rights Reserved.
Reproduction or redistribution of Reuters content, including framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.