News from Reuters

CA-BUSINESS Summary

09/07/09

Canada housing starts rise 8 percent in June

TORONTO (Reuters) - Canadian housing starts rose 8 percent in June, beating consensus expectations, and was broadly based, encompassing both single and multiple segments, the Canada Mortgage and Housing Corp said on Thursday. Housing starts rose in June to a seasonally adjusted rate of 140,700 units from an upwardly revised 130,300 in May.

TSX opens higher as commodity prices rise

TORONTO (Reuters) - Toronto's main stock index opened higher on Thursday as a rise in commodity prices gave a boost to the resource-heavy index, while forecast-beating results from U.S. bellwether Alcoa helped boost sentiment. The S&P/TSX composite index <.GSPTSE> was up 68.33 points, or 0.71 percent, at 9,721.78 at the open after touching a nine-week low on Wednesday.

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.

Shell says may sell or shut Montreal East refinery

LONDON (Reuters) - Royal Dutch Shell Plc is conducting a strategic review of its Montreal East refinery in Canada, which may lead to the closure or sale of the plant, a spokesman said on Thursday. The Anglo-Dutch oil major will make a decision in the coming months over the future of the 130,000 barrel per day crude processing facility, which could also include its continued operation by Shell or conversion into a terminal.

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.

Astral Media profit rises; subscription sales up

OTTAWA (Reuters) - Television and radio company Astral Media Inc reported a modest increase in quarterly profit on Thursday, as gains in subscription revenue offset declines in advertising. Net earnings rose to C$44.3 million, or 78 Canadian cents per diluted share, in the third quarter ended on May 31 from C$43.3 million, or 75 Canadian cents per share, a year earlier.

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.

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.

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.

© 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.