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CA-BUSINESS Summary

04/09/09

Suncor says to cut 1,000 staff after takeover

CALGARY, Alberta (Reuters) - Suncor Energy Inc said on Thursday it expects to cut 1,000 jobs by the middle of next month as it consolidates operations and reduces costs after its C$22.7 billion ($20.4 billion) acquisition of Petro-Canada last month. The company, Canada's largest oil exploration and refining firm, said it will make the cuts by laying off staff, having some retire and ending contract positions.

TSX jumps on gold rally, rising banks

TORONTO (Reuters) - Toronto's main stock index closed higher for a second straight day on Thursday as surging bullion prices lifted gold miners and a strong performance in Chinese stocks further brightened market sentiment. Top gainers included Barrick Gold , up 4.1 percent at C$43.66, and Goldcorp Inc , up 4.2 percent at C$45.68, as the precious metal neared $1,000 an ounce.

Greyhound Canada to cut bus routes, wants aid

VANCOUVER, British Columbia (Reuters) - Greyhound Canada will pull out of Manitoba and northern Ontario starting next month and warned on Thursday it may end bus service across Western Canada unless it receives government assistance. Canada's largest intercity bus line, which is a unit of Britain's FirstGroup , blamed federal and provincial government regulations for the cuts, saying it is forced to operate routes in rural areas at a loss.

Canada's La Presse paper threatens to close: report

TORONTO (Reuters) - Montreal's La Presse daily newspaper, the biggest French-language broadsheet in North America, is threatening to cease publication on December 1, the Canadian Press reported on Thursday. A newspaper spokeswoman told the news agency in an interview that staff were informed Thursday that management and the union have three months to reach an agreement on cutting costs.

Aecon awarded C$47 million contract, second win in week

OTTAWA (Reuters) - Aecon Group Inc said on Thursday it has won a C$46.7 million ($42.42 million) bridge reconstruction project in Quebec, the second multi-million dollar contract announced this week by Canada's biggest publicly traded construction company. The Quebec contract involves the reconstruction of the Carbonneau Bridge in St-Felicien near Roberval, Lac St-Jean.

German economy minister wants Opel decision next week

BERLIN (Reuters) - German Economy Minister Karl-Theodor zu Guttenberg said on Friday the government expected the board of General Motors to make a "fundamental decision" on the future of Opel next week. Speaking on German ARD television, Guttenberg said there were offers for Opel which were ready to be signed and that it was time for its U.S. parent to "give in."

Canadian Western Bank, Laurentian beat Street

TORONTO (Reuters) - Two Canadian regional banks, Canadian Western Bank and Laurentian Bank , reported better-than-expected quarterly profits on Thursday, sending their shares higher. Continuing a string of upside surprises by Canada's major banks in the third quarter, Edmonton, Alberta-based CWB and Montreal-based Laurentian Bank reported stronger profits, after one-time items are excluded, as loan growth and relatively low exposure to credit risk boosted revenues.

EU opens in-depth probe into Oracle, Sun deal

BRUSSELS (Reuters) - European Union antitrust regulators launched an in-depth probe on Thursday into Oracle Corp's $7 billion takeover of Sun Microsystems Inc on concerns the deal could dent competition in the database market. The delay could hurt Sun, the No. 4 maker of computer servers, by allowing its rivals more time to poach customers before Sun became part of Oracle, the world's No. 3 software maker, and thus became able to take advantage of its sales resources, analysts said.

Loonie edges higher ahead of Friday's key jobs data

TORONTO (Reuters) - Canada's currency rose slightly against the greenback on Thursday, boosted by stronger equities, but investors largely avoided big bets ahead of key domestic and U.S. jobs data that will give a glimpse into the health of the two economies. If the reports out Friday show more jobs were shed than expected, traders could unload the Canadian dollar and flock to the U.S. dollar given its status as a safe haven play. But a strong reading could boost the Canadian currency.

Oil steady above $68, awaits U.S. jobs data

SINGAPORE (Reuters) - Oil hovered above $68 a barrel on Friday, eyeing a U.S. jobs report due later for some clarity on the economy of the world's top energy user as it struggles to emerge from recession. The U.S. non-farm payrolls report for August is expected to show employers expected cut jobs by the least amount in a year. [nN01485399]

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