TSX rises at open on strengthening resources
TORONTO (Reuters) - Toronto's main stock index opened higher on Monday, buoyed by economic hopes and firmer prices on key commodities such as oil. The S&P/TSX composite index <.GSPTSE> rose 28.94 points, or 0.27 percent, to 10,860.12. Eight of the index's 10 main groups advanced.
Canada retail sales surpass expectations in June
OTTAWA (Reuters) - Canadian retail sales grew much faster than expected in June but much of the gain was due to higher prices in the month, especially for gasoline, Statistics Canada said on Monday. Sales jumped 1 percent from May, far surpassing the consensus forecast for a 0.2 percent increase. Consumers nevertheless bought 4.4 percent less in June than they did a year earlier, having scaled back spending throughout the recession which began late last year.
Germany to invite GM this week on Opel
BERLIN (Reuters) - Germany is ready for further talks with General Motors on the sale of European carmaker Opel and wants to avoid confrontation with the U.S. firm on the matter, a government spokesman said on Monday. "It is important not to resort to confrontation," government spokesman Ulrich Wilhelm said at a regular government news conference, adding the government aimed to invite a member of the GM board to Germany to discuss Opel this week.
Canpages to buy social media site GigPark
(Reuters) - Canpages Inc, a Canadian local search and directories publisher, said it agreed to acquire GigPark.com, an online social media platform, to beef up its local search website. GigPark, which allows users to find local businesses and service providers through recommendations from friends, will help Canpages incorporate user recommendations into its search platform canpages.ca, Canpages said in a statement.
Loonie gets boost from upbeat retail sales data
TORONTO (Reuters) - Canada's dollar rose to its highest level in over two weeks versus the U.S. currency on Monday after domestic retail sales data topped expectations. The latest domestic data showed retail sales in Canada rose 1 percent from May, far surpassing the consensus forecast for a 0.2 percent increase.
Warner Chilcott buying P&G drug unit for $3.1 billion
NEW YORK (Reuters) - Warner Chilcott
Recession may start wearing on Canada's banks
TORONTO (Reuters) - When Canadian banks trot out yet another set of healthy profits and fat dividends this week, it might be tempting to think of the industry as forever immune to the ravages of recession. But headline figures are often deceptive, analysts say. Just below the surface, the banks are likely to start showing some wear and tear, even as they cling to their well-earned reputation as the strongest survivors of the global financial meltdown. Loan losses are looming, analysts say, and as consequence, banking shares look heady.
Roubini warns of double-dip recession: report
NEW YORK (Reuters) - Nouriel Roubini, one of the few economists who accurately predicted the magnitude of the world's recent financial troubles, sees a "big risk" of a double-dip recession, according to an opinion piece posted on the Financial Times' website on Sunday. Roubini, a professor at New York University's Stern School of Business, said it appears the global economy will bottom out in the second half of this year, and that U.S. and western European economies will likely experience "anemic" and "below trend" growth for at least a couple of years.
Central banks may need new money rules: Bank of Canada
TORONTO (Reuters) - Central banks may have to find new ways to steer monetary policy and prevent new crises, perhaps changing the ways they look at price levels, the head of the Bank of Canada said on Saturday. Stressing that his musings had no impact on current Canadian monetary policy, Governor Mark Carney told bankers at Jackson Hole, Wyoming, that central banks needed to understand the dynamics of the financial system better than at present.
Oil rises towards $75 on recovery hopes
LONDON (Reuters) - Oil rose toward $75 a barrel on Monday, within sight of a 10-month high, supported by optimism that an economic recovery will spur a rebound in global energy demand. Euro zone industrial new orders rebounded more than expected in June against the previous month, adding to signs of recovery. China's implied oil demand rose 3.5 percent in July from a year earlier.
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