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CA-BUSINESS Summary

07/11/09

Britain gives impetus to global tax on banks

ST ANDREWS, Scotland (Reuters) - World governments should consider urgently a levy on banks to fund future bailouts, British Prime Minister Gordon Brown said on Saturday, departing from London's longstanding resistance to a global tax. France and Germany have led the way in Europe in seeking to force the financial sector to return some of the billions of public money plowed into banks over a year of crisis.

Canada October job losses reverse positive trend

OTTAWA (Reuters) - Canada lost more jobs in October than even the gloomiest analyst had predicted, dashing hopes for a quick economic rebound and suggesting a recovery in the labor market may have gotten off to a false start. The economy unexpectedly lost 43,200 jobs in the month after two months of gains, pushing the jobless rate up to 8.6 percent from 8.4 percent, Statistics Canada said on Friday.

Gold miners pull TSX out of jobs-linked funk

TORONTO (Reuters) - Toronto's main stock index ended higher for a fourth straight session on Friday as gold miners rallied around record high bullion prices, offsetting the index's fall at the outset on weak jobs data that fueled worry about economic recovery. Shares of Barrick Gold Corp , one of the biggest contributors to the TSX's rise, were up 3.1 percent at C$44.83, while Goldcorp shares rose 3 percent to C$44.48.

Air Canada posts net profit, sees recovery signs

OTTAWA (Reuters) - Air Canada reported a quarterly net profit on Friday and said it sees signs the bottom of the recession is behind it although it does not expect a full recovery for another 12 to 18 months. The country's biggest airline said its results continue to be bruised by economic weakness and declines in passenger and cargo revenue, but conditions are no longer deteriorating.

CF rejects Agrium's sweetened proposal

TORONTO (Reuters) - U.S. fertilizer maker CF Industries said on Friday its board rejected rival Agrium Inc's sweetened bid worth about $4.5 billion, arguing the proposal substantially undervalues the company. CF has been fending-off Agrium's hostile bid since February, as it pursues its own hostile bid for smaller U.S. rival Terra Industries .

Canadian dollar stung by unexpectedly weak jobs data

TORONTO (Reuters) - Canada's currency skidded to its lowest closing level in nearly a week on Friday, stung by U.S. and Canadian jobs data that fell short of estimates and left investors with a reduced appetite for riskier assets. After reclaiming all of the post-jobs-data losses suffered during early stages of Friday's session, the Canadian currency ran into a fresh wave of selling heading into the close of the North American session.

Suncor aims to sell up to $3.8 billion in assets in 2010

CALGARY, Alberta (Reuters) - Suncor Energy Inc aims to jettison up to C$4 billion ($3.8 billion) in assets, including a third of its natural gas holdings, in 2010 as it looks to cut debt after its takeover of Petro-Canada, its chief executive said on Friday. The sales by Canada's biggest oil company will reduce its overall production by 10 percent, but that will be made up quickly as Suncor embarks on new projects as industry conditions improve during the economic recovery, CEO Rick George said.

Catch the Wind stock set to soar, analyst says

OTTAWA (Reuters) - Shares of Catch the Wind Ltd took flight this week, gaining as much as 14 percent as an analyst recommended investors buy the stock because the wind turbine equipment maker is poised for lofty growth. With a current market capitalization of about C$110 million ($102.8 million), tiny Catch the Wind is focused on a $1.4 billion wind turbine retrofit market, said Dundee Securities analyst Ian Tharp in a note out on Thursday.

Telus posts lower profit, cuts earnings outlook

TORONTO (Reuters) - Telus Corp , Canada's No. 2 phone company, said on Friday quarterly profit dipped and it lowered its earnings outlook for the year because of a weak economy and stepped-up competition in wireless. The company also revealed it had cut an equivalent of about 1,750 full-time jobs since December to reduce costs. Telus currently employs about 35,000 people.

Magna shares race higher on earnings, Opel fallout

TORONTO (Reuters) - Shares of Magna International Inc surged nearly 15 percent on Friday, a day after it posted a surprise quarterly profit and said it would focus on its core auto-parts business after the collapse of its deal to buy a stake in General Motors Co's Opel unit. Magna, the world's third-biggest auto parts maker, reported its third-quarter results after market close on Thursday and said they benefited from cost cuts, as well as strong sales and margins in North America.

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