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CA-BUSINESS Summary

25/11/09

TSX pushes higher on golds, financials

TORONTO (Reuters) - Toronto's main stock index was higher on Wednesday morning, as red-hot gold prices boosted shares of resource issues, while financials were helped by mostly healthy U.S. economic data. Gold prices surged to record highs above $1,180 an ounce, boosted by reports India may be interested in buying more bullion from the International Monetary Fund, and by a weaker U.S. dollar that fell against most major currencies .

Canadian dollar at 1-week high on Russia central bank comments

LONDON (Reuters) - The Canadian dollar rose to a one-week high against the U.S. dollar on Wednesday after the Russian central bank said it was preparing to invest some of its foreign exchange reserves in the Canadian currency. "Technical preparations are underway for operations with Canadian dollars. Then there could be a couple of other currencies and this will be it," Russian central bank official Sergei Shvetsov said.

GM to build 2011 Buick Regal in Oshawa, Ontario

TORONTO (Reuters) - General Motors Co said on Wednesday it will build the 2011 Buick Regal in Oshawa, Ontario, as part of a commitment with governments in Canada in exchange for billions in aid money. Canada and the province of Ontario provided GM with $9.5 billion in loans earlier this year to help the company avoid liquidation during the steep downturn in the auto industry.

Ericsson, Kapsch win bid for Nortel's GSM assets

TORONTO/STOCKHOLM (Reuters) - Sweden's Ericsson and Austria's Kapsch CarrierCom AG will acquire certain wireless technology assets from Nortel Networks Corp , the bankrupt Canadian telecom equipment maker said on Wednesday. The $103 million deal is the latest in a series of asset sales announced by Nortel, which filed for bankruptcy protection in January. Instead of restructuring its businesses, the company has opted to auction off assets and pay back debt holders.

Canada resale home prices rise in September: report

TORONTO (Reuters) - Canadian home resale prices rose for a fifth straight month in September on gains in five of six major metropolitan markets surveyed, according to a report on Wednesday. The Teranet-National Bank Composite House Price Index, which measures price changes for repeat sales of single-family homes, showed overall prices were up 1.3 percent in September from August, the smallest rise in four months.

Russia c.bank to add Canadian dollar to reserves

MOSCOW (Reuters) - Russia's Central Bank said on Wednesday it is preparing to invest some of its foreign exchange reserves in Canadian dollars to diversify its portfolio, which helped push the U.S. dollar to its lowest in over a year. Moscow also continued its push for less reliance on the U.S. currency in international trade, saying on Wednesday that Brazil was interested in settling bilateral trade in roubles and real.

QLT shares jump on Visudyne settlement

TORONTO (Reuters) - QLT Inc's shares jumped more than 12 percent on Wednesday after the Canadian eye care company reached a settlement with Massachusetts General Hospital related to QLT's Visudyne anti-blindness treatment. Under the terms of the settlement, QLT will pay $20 million to MGH for royalty obligations. In exchange, the hospital has agreed to drop its lawsuit against the Vancouver-based company.

Cossette rejects Cosmos's new takeover offer

TORONTO (Reuters) - Cossette Inc , Canada's largest home-grown advertising company, urged shareholders on Wednesday not to tender shares to a takeover bid from Canada's Cosmos Capital that matches a rival offer from U.S. private equity group Mill Road Capital. Earlier this month, Mill Road reached an agreement with Cossette to acquire the company for C$7.87 a share, trumping Cosmos's earlier bid of C$5.25 a share. Last week, Cosmos said it would match Mill Road's C$131.5 million ($125.3 million) offer.

GM grapples with Saab, Opel futures

STOCKHOLM/WIESBADEN (Reuters) - General Motors cast around for fresh options for Sweden's loss-making Saab on Wednesday after the collapse of its sale added another dimension to tortuous European restructuring plans. Earlier this month the U.S. automaker backtracked on months of talks to sell a majority stake in Opel to a consortium led by Canada's Magna International , opting to keep and revamp the business itself.

Canada's Constellation to cut jobs at Trapeze ITS unit

(Reuters) - Software and service provider Constellation Software Inc said it is reducing the workforce at its Trapeze ITS business by about 110 employees, primarily at its main office in Neuhausen, Switzerland. "Today's action is in response to changing market conditions. We have carefully reviewed the business and believe that by taking this difficult action now, we can be well positioned for the long term," Managing Director of Trapeze ITS, Hans-Peter Schar, said in a statement.

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