BMO profit up 16 percent, 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.
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 challenges Rogers' claims that its network is the country's fastest.
TSX drops on commodity weakness, U.S. data
TORONTO (Reuters) - Toronto's main stock index fell on Tuesday, pulled lower by weakness in energy and metals producers, and weighed down by data showing a slow economic recovery in the United States. Bank stocks ended mixed after an early rise spurred by a 16 percent jump in Bank of Montreal's quarterly profit. All Big Five bank stocks topped the market's list of risers in the morning but those gains eroded as the market weighed BMO's results against U.S. data that showed slower-than-expected growth.
Canada private equity braces for double dip
TORONTO (Reuters) - Private equity investors are planning for the possibility Canada's economy will struggle to emerge from recession, even if it turns in a positive third-quarter performance, money managers said on Tuesday. Canada's economy has proven to be one of the most resilient in the developed world to the global economic crisis, and the Bank of Canada predicted in August that the country may emerge from recession as early as the third quarter.
Teck says debt falling as China coal demand soars
OTTAWA (Reuters) - Teck Resources , which has spent the past year digging itself out from a mountain of debt taken on to purchase Fording Canadian Coal Trust, expects to have debt levels back within target ranges soon, the company's chief executive said on Tuesday. Speaking in Ottawa, Teck CEO Don Lindsay also said a ten-fold increase in Chinese imports of metallurgical coal was underpinning demand. The coal is used in steelmaking.
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.
Canadian dollar ends weaker, stung by commodity price fall
TORONTO (Reuters) - Canada's dollar fell versus the greenback on Tuesday, hurt by lower commodity prices, with upbeat overseas data and signs the U.S. Federal Reserve is confident in a recovery providing some support. A lack of risk appetite during the overnight session had dragged the domestic currency to as low as C$1.0645 to the U.S. dollar, or 93.94 U.S. cents, before it began a rebound.
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.
Aeterna stock jumps, ebbs after cancer trial data
TORONTO (Reuters) - Shares of Aeterna Zentaris jumped 16 percent early on Tuesday after the biotech company said its uterus cancer treatment met its primary goal in a mid-stage trial. But shares pared gains on doubts about the significance of the data. The Quebec City-based company said its compound to treat endometrial cancer, which affects the lining of the uterus, exceeded its goal of a positive response in five or more patients.
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.
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