BMO profit up 16 pct, to buy Diners Club business
TORONTO (Reuters) - Bank of Montreal reported a higher-than-expected quarterly profit on Tuesday and said it was buying the Diners Club North America credit card business to double its corporate card portfolio. The deal, combined with a 16 percent rise in quarterly earnings, emphasizes the relative strength of Canada's big lenders as they emerge from the financial crisis with excess capital and solid balance sheets.
George Weston results hurt by forex charge
TORONTO (Reuters) - North American food processor George Weston Ltd said on Tuesday its quarterly profit dropped 52 percent, hurt by foreign exchange charges. The company, which owns No. 1 Canadian supermarket chain Loblaw Co , earned C$86 million ($81.3 million), or 56 Canadian cents a share, for its third quarter, down from C$180 million, or C$1.29 a share, for the same period a year earlier.
Union mulling options after CN Rail imposes terms
VANCOUVER, British Columbia (Reuters) - A union representing train engineers at Canadian National Railway Co is unhappy with the railway's decision to impose labor contract terms on its members and may consider the move tantamount to a lockout, the union's president said on Tuesday. The Teamsters Canada Rail Conference, which represents 1,700 engineers at Canada's biggest railroad, is getting advice from its lawyers and will likely issue a statement later in the day, President Daniel Shewchuk said.
TSX falls on commodities, but banks rise
TORONTO (Reuters) - Toronto's main stock index was lower on Tuesday morning due to weakness in commodity shares and evidence of a slow recovery in the U.S. economy. Strength in banking stocks stemming from firm Bank of Montreal quarterly results cushioned the fall. The top five spots the market's list of risers were held by big banks.
Agrium expands retail presence in Texas, New Mexico
TORONTO (Reuters) - Canadian fertilizer maker and agricultural products retailer Agrium Inc said on Tuesday it has expanded its retail operations in Texas and New Mexico with the acquisition of 24 retail outlets from Agriliance. The terms of the transaction were not disclosed.
Dollar softer as oil dips, bounces from overnight low
TORONTO (Reuters) - The Canadian dollar was lower versus the U.S. currency on Tuesday, hurt by a weaker oil price and soft equity markets, but some upbeat overseas data helped it bounce off an overnight low. Overnight the Canadian currency fell as low as C$1.0645 to the U.S. dollar, or 93.94 U.S. cents, on the heels of a rally on Monday that snapped four-session skid in the currency.
Telus says wins court order against Rogers claim
TORONTO (Reuters) - Telus Corp said on Tuesday it had obtained a court injunction preventing rival Rogers Communications from claiming its wireless network is the most reliable in Canada. The injunction is part of a lawsuit Telus recently filed against Rogers, which also challenged Rogers' claims that its network is the country's fastest.
MKS Q2 profit rises 19 pct, appoints new CEO
(Reuters) - Canada's MKS Inc's second-quarter profit rose 19 percent, helped by higher maintenance revenue, and the software and services provider appointed a new chief executive. MKS, which increased its quarterly dividend by 20 percent to 15 cents a share, said Chief Operating Officer Michael Harris has been appointed as CEO.
GM pays back Germany, signals fewer job cuts
DUESSELDORF/BERLIN (Reuters) - General Motors has paid back a loan from Germany and slightly lowered its target for job cuts at struggling European unit Opel. Nick Reilly, the boss brought in from GM's thriving Asian operations to help revamp Opel, told reporters in Duesseldorf on Tuesday that his plans now call for cutting 9,000 to 9,500 jobs at Opel and British sister brand Vauxhall.
Manulife to buy China fund manager stake
TORONTO (Reuters) - Canada's top life insurer Manulife Financial Corp said late on Monday 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.
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