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CA-BUSINESS Summary

23/11/09

TSX end higher on resource issues, banks

TORONTO (Reuters) - Toronto's main stock index pared early gains but ended higher on Monday, touching its highest level in nearly 14 months as an early rally in oil prices powered energy stocks, while financials gained ground ahead of a flood of bank earnings reports. Despite a late retreat by oil prices -- which ended marginally higher after being up as much as $2 a barrel -- the energy sector closed up 0.71 percent.

Ciena beats NSN to buy Nortel's businesses for $769 mln

HELSINKI/NEW YORK (Reuters) - Ciena Corp agreed to buy the optical networking and ethernet equipment businesses of bankrupt Nortel Networks for $769 million after trumping a bid from Nokia Siemens Networks. The deal, which ends a three-day auction, will vault Ciena to third place in the optical network equipment market, boosting it against bigger rival Alcatel-Lucent and Huawei Technologies Co .

Agrium to continue pursuit of CF Industries

TORONTO (Reuters) - Canadian fertilizer maker Agrium Inc said on Monday it would persist in its hostile bid for U.S. rival CF Industries Holdings , a move that could prolong the already drawn-out three-way merger battle in the sector. CF has been fending off Agrium's overtures since February and is itself locked in a hostile campaign to acquire U.S. fertilizer maker Terra Industries . Agrium's roughly $5 billion bid for CF is contingent on CF dropping its bid for Terra.

N.Y. sentencing of Canadian insider trader delayed

NEW YORK (Reuters) - A Canadian attorney behind what U.S. prosecutors describe as the largest insider trading scheme in Canadian history was denied entry to the United States and could not be sentenced on Monday. Canadian Stanko Grmovsek admitted in a Toronto court earlier this year to making $9 million with a law school friend in a 14-year illegal scheme, including laundering money by gambling wads of cash on games such as blackjack in Las Vegas's world-famous casino strip.

Canadian retail sales continue climb in September

OTTAWA (Reuters) - Canadian retail sales grew twice as much as expected in September as consumers ramped up spending on a wide range of goods, suggesting the economy grew at a healthy clip in the month. Retail sales jumped 1 percent from August with the biggest gains in the auto sector and at supermarkets, Statistics Canada said on Monday, which beat market expectations for a 0.5 percent increase. Sales were still 3.3 percent lower than a year earlier.

Canada farmers earning less income in 2009

WINNIPEG, Manitoba (Reuters) - Canadian farmers are earning less so far in 2009 as grain prices have slipped and the United States is buying less Canadian livestock, Statistics Canada said on Monday. Farm cash receipts, which include crop and livestock revenues plus payments from government programs, dropped 4.2 percent to C$32.8 billion ($30.9 billion) from January through September compared with the same period a year ago.

Stocks gain, gold hits new high as dollar eases

NEW YORK (Reuters) - Gold scaled a record high on a weak dollar and global stocks jumped on Monday after better-than-expected U.S. home sales data and rosy economic news in the euro zone bolstered appetite for riskier assets. The Dow surged to a 52-week high before paring gains as a rally on Wall Street reversed most of the losses from a three-day sell-off last week.

Cadbury hits new high as bidders circle

LONDON (Reuters) - Speculation about a bid battle for Cadbury among Kraft Foods and other rivals lifted shares in the British confectioner to a new high on Monday but analysts doubt whether a competing bid will emerge. Most of the other big players in the global confectionery industry -- U.S.-based Hershey Co , Italy's Ferrero and Switzerland's Nestle AG -- are now weighing bids themselves, according to Reuters sources and media reports.

"Black Friday" deals may not signal retail comeback

CHICAGO (Reuters) - When the U.S. holiday shopping season kicks off on the day after Thanksgiving, retailers can expect to see millions of less frightened, but even more bargain-hungry customers cross their thresholds. Industry experts expect a strong turnout on Black Friday, which falls on November 27 this year, as deep discounts lure shoppers after more than a year of subdued spending. But they caution it will not mean a bumper holiday season in the weeks leading up to Christmas since consumers still remain cautious.

Gold hits record above $1,170/oz as dollar slides

NEW YORK/LONDON (Reuters) - Gold scaled a record high at $1,173.50 an ounce on Monday as a weaker dollar boosted buying in gold as a hedge against depreciation of paper currencies. Expectations of prolonged low U.S. interest rates also supported bullion's investment demand.

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