News from Reuters

CA-BUSINESS Summary

04/11/09

GM's U-turn on Opel sale sparks German backlash

FRANKFURT/BERLIN (Reuters) - German politicians seethed and unions tore up a deal to cut costs in protest at General Motors' "completely unacceptable" decision not to sell Opel, its European unit, after months of painstaking talks. Labor leader Klaus Franz rescinded hundreds of millions of euros in cost concessions that workers agreed to on condition that Opel was bought by Magna, the Canadian group the Berlin government had long favored as buyer.

Torstar posts lower third quarter profit

(Reuters) - Book and newspaper publisher Torstar Corp reported a 76 percent drop in quarterly profit from continuing operations, hurt by restructuring charges and weakness at its newspapers and digital segment. "We continue to anticipate newspapers and digital revenue to be soft for the balance of 2009," Chief Executive David Holland said in a statement.

Agrium third-quarter profit plummets

TORONTO (Reuters) - Canadian fertilizer maker and agricultural products retailer Agrium Inc reported a 93 percent decline in its third-quarter profit on Wednesday, largely due to lower prices and margins on crop nutrient sales. Agrium, which is locked in a lengthy battle to take over U.S. rival CF Industries Holdings Inc , said it earned $26 million or 16 cents a share in the quarter, compared with a year-earlier profit of $367 million or $2.31 a share.

Dollar hits highest in more than a week

TORONTO (Reuters) - The Canadian dollar hit its highest level in more than week against the U.S. dollar on Wednesday morning, building on gains made on the back of rising oil and record gold prices ahead of a key interest rate decision by the U.S. Federal Reserve. The gains follow two straight higher closes this week, as gold prices cruised to a record high above $1,095 an ounce and as climbing oil prices also lifted the commodity-linked currency.

Oil rises above $80 on crude stocks, dollar

LONDON (Reuters) - Oil rose above $80 a barrel on Wednesday, extending the previous session's near 2 percent gain, following a U.S. industry report showing an unexpected fall in crude stocks and supported by a weaker dollar. The U.S. dollar fell against a basket of currencies on Wednesday <.DXY>, helping to send gold prices to record highs and lifting oil. A weaker dollar makes commodities like oil cheaper for those holding other currencies.

Enbridge Q3 profit tops estimate, raises outlook

(Reuters) - Enbridge Inc , Canada's No. 2 pipeline company, reported a better-than expected third-quarter profit and raised its full-year adjusted earnings outlook on strength in its liquid pipelines and natural gas businesses. The company expects full-year earnings of C$2.30 to C$2.36 a share, an increase of more than 20 percent over last year. It had previously expected C$2.18 to C$2.32 per share.

Iamgold quarterly profit rises sharply

TORONTO (Reuters) - Canada's Iamgold Corp said on Wednesday its third-quarter earnings more than tripled, driven by lower mining costs and a higher realized gold price. Net income in the quarter ended September 30 rose to $64.9 million, or 18 cents a share, up from $18.8 million, or 6 cents a share, a year earlier.

Global stocks rise, dollar slides ahead of Fed

LONDON (Reuters) - World stocks rose from the previous day's four-week low on Wednesday while the dollar slipped ahead of a policy decision by the Federal Reserve, expected to affirm its commitment to ultra-low interest rates. Wall Street looked set for a positive start.

Imperial Oil CEO "dismayed" by Mackenzie reports

CALGARY, Alberta (Reuters) - Ottawa has said nothing to sway Imperial Oil Ltd from plans for the Mackenzie Valley gas pipeline, despite a media report that appeared to cast the C$16.2 billion ($15.1 billion) project into more doubt, Imperial's chief executive said on Tuesday. Imperial, lead partner in the Arctic pipeline proposal, is proceeding with the groundwork and waiting for a crucial regulatory report due next month, CEO Bruce March said.

Canada auto sales have best month in a year in October

DETROIT (Reuters) - Canadian auto sales had their best performance in the past year in October, just narrowly missing positive territory, according to industry figures released on Tuesday. Overall Canadian sales were down 1 percent from a year earlier at 121,500 units, according to data from DesRosiers Automotive Consultants Inc.

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