News from Reuters

CA-BUSINESS Summary

10/07/09

Canada job losses mild in June, factories hurting

OTTAWA (Reuters) - Fewer Canadians lost their jobs in June than expected even as the unemployment rate hit an 11-year high, adding credence to the view that the economy is no longer in freefall and that the worst of the recession may be over. Statistics Canada on Friday said net job losses in June totaled 7,400 and the unemployment rate rose to 8.6 percent from 8.4 percent in May -- the highest since February 1998.

With good assets sold, "New GM" exits bankruptcy

DETROIT (Reuters) - A new General Motors emerged from bankruptcy protection on Friday, far more quickly than most industry watchers had expected, as a leaner automaker aiming to win back American consumers and pay back taxpayers. A whirlwind 40-day bankruptcy for GM concluded with the closing of a deal that sold key operations and core brands, including Chevrolet and Cadillac, to a new company that will be majority owned by the U.S. Treasury.

TSX may open lower on weak commodities

TORONTO (Reuters) - Toronto's main stock market index could open lower on Friday, as weaker commodity prices, including oil, weigh on the resource-heavy market. Uncertainty on company earnings and economic recovery prospects hobbled global markets.

Canada posts record trade deficit in May

OTTAWA (Reuters) - Plummeting energy and autos exports pushed Canada into its largest trade deficit ever in May at C$1.42 billion ($1.22 billion), up from a deficit of C$389 million in April, Statistics Canada said on Friday. The trade gap was far wider than analysts' expectations of a C$500 million deficit and the biggest, in current dollars, since Statscan began collecting the data in 1971.

Canwest loss grows on charge, sales drop

OTTAWA (Reuters) - Canwest Global Communications reported a bigger quarterly loss on Friday as the Canadian media company, struggling to stave off bankruptcy, was hit by a big writedown and declining revenue. Trying to stay afloat, as it wrestles with a debt load of close to C$4 billion ($3.4 billion), the company said it is in default under terms of its credit facilities and continues work on a recapitalization plan.

Canada eyes broader forum in addition to G8

L'AQUILA, Italy (Reuters) - Canada, which takes over G8 presidency next year, plans to create a broader forum to accompany deliberations of the eight major industrialized nations, Canadian Prime Minister Stephen Harper said on Friday. Separately, Harper also pledged not to hike taxes to end the deficit and said he saw evidence that job losses were slowing.

Loonie lower despite brief boost from jobs data

TORONTO (Reuters) - The Canadian dollar was lower versus the U.S. currency on Friday as early gains made after a domestic jobs report beat expectations were handed back as a closer look at details of the report revealed weakness. Canada's currency rallied as high as C$1.1615 to the U.S. dollar, or 86.09 U.S. cents, after data showed fewer Canadians lost their jobs in June than expected.

Corel swings to Q2 net loss

(Reuters) - Corel Corp , which makes graphics, digital media and office software, swung to a second-quarter net loss as product revenue sank 27 percent. The Ottawa-based company said it lost $4.1 million, or 16 cents a share, in the period ended May 31. That compares with a net income of $930,000, or 4 cents per share, a year ago. Revenue fell 25 percent to $50.4 million, dragged by product revenue that dropped to $44.3 million.

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.

Chevron says Q2 hit by U.S. refining, weak dollar

SAN FRANCISCO (Reuters) - Chevron Corp warned that second-quarter earnings would be hit by a sharp decline in U.S. refining margins and that any benefits from higher oil prices were largely offset by a weaker dollar, sending its shares down 1.8 percent. The outlook from the second-largest U.S. oil company only contributed to the gloom surrounding the country's refiners in the face of toughening regulation and a depressed fuel market.

© 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.