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 Labor leader Klaus Franz rescinded hundreds of millions of euros in cost concessions that workers agreed to on condition that Opel was bought by Magna , the Russian-backed Canadian group long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 offers severances as profit softens
TORONTO (Reuters) - Book and newspaper publisher Torstar Corp plans to cut editorial jobs at Canada's biggest newspaper after reporting a weak quarterly profit. The company, which publishes the Toronto Star, is asking employees to consider voluntary severance packages, the company said on a conference call with analysts.
TransCanada profit drops on weak power results
CALGARY, Alberta (Reuters) - TransCanada Corp , the country's biggest pipeline and power company, said third-quarter profit fell 12 percent as electricity prices and demand eased. The company on Wednesday said net income fell to C$345 million, or 50 Canadian cents per share, from C$390 million, or 67 Canadian cents, a year earlier.
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.
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.
WestJet earnings drop 46 percent on weak demand
TORONTO (Reuters) - WestJet Airlines Ltd posted a 46 percent decrease in third-quarter earnings on Wednesday as the Canadian airline struggled with weak consumer confidence and heightened competition in the industry. Canada's No. 2 airline reported earnings of C$31.4 million ($29.6 million), or 24 Canadian cents a share, for the three months to end-September, down from a profit of C$57.9 million, or 45 Canadian cents, in the same period a year earlier.
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.
Yellow Pages posts Q3 loss on impairment charges
(Reuters) - Canada's Yellow Pages Income Fund posted a quarterly loss on Wednesday, hurt primarily by a goodwill impairment charge. For the latest 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.
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.
Toronto stocks gain with oil, gold prices
TORONTO (Reuters) - Toronto's main stock index advanced broadly at the open on Wednesday as strength in commodity prices boosted oil companies Canadian Natural Resources and Suncor Energy and other resource shares. The S&P/TSX composite index <.GSPTSE> rose 71.54 points, or 0.65 percent, to 11,097.44 at the open.
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