News from Reuters

CA-BUSINESS Summary

24/11/09

Dollar ticks up, Asia shares slip as risk shunned

HONG KONG (Reuters) - The dollar recouped some of its overnight losses on Tuesday, while Asian shares slipped as investors shrugged off upbeat U.S. home sale data and took light profits on recent rallies. Financial bookmakers expected shares in Europe to open lower while U.S. equity futures were down 0.2 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 .

Manulife to buy China fund manager stake

TORONTO (Reuters) - Canada's top life insurer Manulife Financial Corp said late on Wednesday it agreed to buy a 49 percent stake in ABN AMRO TEDA Fund Management Co in China for $156 million in cash, following up on pledges to hit the acquisition trail. Manulife said it bought the stake from Fortis Bank SA, which is in turn controlled by BNP Paribas , France's largest bank.

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.

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 eases, investors take profits after records hit

TOKYO (Reuters) - Gold eased on Tuesday as investors booked profits after prices hit record highs the day before, but sentiment was underpinned by a weak dollar which makes bullion cheaper for holders of other currencies and boosts its appeal as an alternative asset. Traders said gold may slide to as low as $1,145-$1,150 in a near-term correction, but the market was bound to recover given no change in supportive factors such as the weak dollar, expectations for low U.S. interest rates and bullish sentiment after gold purchases by some central banks.

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.

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