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CA-BUSINESS Summary

09/07/09

TSX may open higher as commodities recover

TORONTO (Reuters) - Toronto's main stock market index looked set to open higher on Thursday, as commodity prices recovered after a three day beating. Better-than-expected quarterly results from U.S. bellwether Alcoa helped lift European stocks and draw global equities out of the red, while currency markets reversed some of their recent cautious patterns.

China says Rio Tinto staff hurt interests

BEIJING/SYDNEY (Reuters) - China said on Thursday detained staff from Australian miner Rio Tinto had harmed China's economic interests in a case that has rattled currency markets and raised questions about China-Australia relations. Beijing confirmed on Thursday the detention of an Australian mining executive and three other Shanghai-based employees of global miner Rio Tinto .

Investors bet on quick deal in UBS tax row

ZURICH (Reuters) - Investors bet on Thursday the United States would not go as far as shutting down UBS there in a dispute over tax, instead expecting the Swiss bank to be hit by a hefty fine as part of a swift out-of-court settlement. Shares in UBS were higher midmorning after a U.S. judge late on Wednesday ordered the U.S. government to say if it was prepared to seize the bank's assets in the United States, and were roughly in line with the European bank sector.

Kinross says workers strike at La Coipa

TORONTO (Reuters) - Canada's Kinross Gold Corp said union workers at its La Coipa gold mine in Chile have launched a strike, affecting output of about 300 ounces of gold production per day. The employees' strike at Compania Minera Mantos de Oro, a subsidiary of Kinross began after unsuccessful contract negotiations between the union and the company, Kinross said in a statement late on Wednesday.

Loonie gets boost as risk aversion fades

TORONTO (Reuters) - Canada's currency surged versus the U.S. dollar on Thursday as higher commodity prices and a rebound in global equities helped reduce risk aversion. The rise in the Canadian dollar, which rallied as high as C$1.1555 to the U.S. dollar, or 86.54 U.S. cents, lifted it comfortably off the seven-week low it tumbled to on Wednesday.

Canada home resales revive as affordability up: RBC

TORONTO (Reuters) - The resale housing market in major Canadian cities is in the midst of revival following a winter freeze-up, with buyers attracted by increased affordability, a report by RBC Economics said on Wednesday. In its quarterly trends and affordability report, the economics unit of Royal Bank of Canada said aggressive economic measures taken by the federal government and softening home prices have helped increase affordability and that there are signs that the housing market has stabilized coast to coast.

Oil rebounds, snaps six-day losing streak

LONDON (Reuters) - Oil rose by more than $1 on Thursday to trade above $61 a barrel, halting a six-session losing streak which has seen prices decline by 15 percent on concerns about the timing of any economic recovery. Prices hit a seven-week low just above $60 a barrel the previous day on bearish U.S. oil data, which highlighted how weak demand is in the world's largest energy consumer.

TD Bank in talks to become primary dealer: source

NEW YORK (Reuters) - Canada's Toronto Dominion Bank is in talks with the U.S. Federal Reserve about becoming a primary dealer, a source at the bank said on Wednesday. If approved, TD Bank would be the second Canadian bank, following Royal Bank of Canada on Tuesday, to be added to the network of top institutions that deal directly with the Fed, the U.S. central bank.

Air Canada says still confident in lender talks

RICHMOND, British Columbia (Reuters) - Air Canada is finding some support from lenders as it struggles to solve its financial Rubik's Cube, the cash-strapped airline's chief executive said on Wednesday. Tight credit markets have complicated discussions with the lenders that Canada's largest airline has approached for short-term financing, Calin Rovinescu told reporters.

Sandvine posts wider Q2 loss as expenses rise

(Reuters) - Canada's network equipment maker Sandvine Corp posted a wider loss for the second quarter, partly on increased expenses. The company reported net loss of C$5.6 million or 4 Canadian cents per share, compared with C$4.6 million or 3 Canadian cents, a year earlier.

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