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 higher on firm commodities, Alcoa results

TORONTO (Reuters)- Toronto's main stock index was higher on Thursday morning as a rise in commodity prices gave a boost to the resource-heavy market, while forecast-beating results from U.S. bellwether Alcoa helped lift sentiment. Aluminum giant Alcoa kicked off the U.S. earnings season on Wednesday by reporting a third consecutive quarterly loss, but it beat estimates by a large margin due to cost cuts.

Shell says may sell or shut Montreal East refinery

CALGARY/LONDON (Reuters) - Royal Dutch Shell Plc said on Thursday it is conducting a strategic review of its Montreal East refinery in Canada, which may lead to a closure or sale as the industry struggles with weak profit margins. The Anglo-Dutch oil major will decide in the coming months 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, a spokesman said.

Indefinite strike at Kinross Chile gold mine: union

SANTIAGO/TORONTO (Reuters) - Striking union workers at miner Kinross Gold Corp's La Coipa gold mine in Chile said they had paralyzed output and would continue their protest indefinitely unless pay demands are met. Kinross, Canada's No. 3 gold producer, said the strike, which began on Wednesday, was affecting output of about 300 ounces of gold production per day, though union leader Nibaldo Orrego said daily production averages around 800 ounces.

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 .

Uranium One says quarterly production rises

TORONTO (Reuters) - Uranium One said on Thursday its quarterly uranium production rose 18 percent on a sequential basis, driven by increased output from its South Inkai mine in Kazakhstan. The company said it produced 833,900 pounds of uranium in the second quarter, up from 708,500 pounds in the first quarter of 2009.

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 drops below $60, gives up early gains

LONDON (Reuters) - Oil reversed early gains and dropped below $60 a barrel on Thursday as a downturn in U.S. equities added to pressure from high U.S. oil inventories and persistent concerns about the timing of any economic recovery. U.S. light crude for August delivery fell 45 cents to $59.69 a barrel by 1428 GMT -- on course for the seventh straight day of declines. London Brent crude eased 11 cents to $60.32 a barrel.

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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