News from Reuters

CA-BUSINESS Summary

04/11/09

GM's U-turn on Opel sale angers Germany, Russia

FRANKFURT/BERLIN (Reuters) - German and Russian leaders seethed and unions tore up a deal to cut costs in protest at General Motors' "completely unacceptable" decision to keep Opel, its European unit, after months of 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 Labor leader Klaus Franz rescinded hundreds of millions of euros in cost concessions that workers agreed to on condition that Opel was bought by Magna , the Russian-backed Canadian group long backed as buyer by Berlin and Moscow.

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.

Yellow Pages posts third quarter loss

(Reuters) - Canada's Yellow Pages Income Fund posted a quarterly loss on Wednesday, hurt primarily by a goodwill impairment charge. For the third quarter, the company reported a loss of C$168.8 million, or 33 Canadian cents per basic unit, compared with a profit of C$146.1 million, or 28 Canadian cents per basic unit, a year earlier.

Molson Coors higher profit tops view, shares rise

CHICAGO (Reuters) - Molson Coors Brewing Co reported a bigger-than-expected rise in quarterly profit on Wednesday, helped by higher prices and cost savings from its MillerCoors U.S. joint venture with SABMiller Plc . The brewer of Coors Light, Molson Canadian and Blue Moon beers said it earned $235.3 million, or $1.26 per share, in the third quarter ended September 26, up from $171.3 million, or 92 cents per share, a year earlier.

TSX set to rise on gold, oil; eye on Fed

TORONTO (Reuters) - Toronto's main stock index could extend gains from the previous session as gold hit a record high above $1,095 per ounce on Wednesday. A firmer oil price is also likely to add support to the main index ahead of a key interest rate decision by the U.S. Federal Reserve.

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.

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.

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.

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