Reuters Canada Business Summary

www.morningstar.ca 31 Jan 03(12:22 PM) |  E-mail Article to a Friend

TD May Sell or Close Int'l Waterhouse Units-Report

TORONTO (Reuters) - Unhappy with the performance at some of its discount brokerage units, Toronto-Dominion Bank <TD.TO> may sell or close TD Waterhouse arms in Europe, Asia and Australia, according to a newspaper report. Ed Clark, chief executive at Canada's third largest bank, told the Financial Post he was not prepared to tolerate any more losses at the discount brokerage units outside of North America beyond this year.

Toronto Stocks Down on Weak Golds at Mid-Morning

TORONTO (Reuters) - Toronto stocks slipped at mid-morning Friday, including weaker gold issues, while mounting worry about a possible U.S.-led war against Iraq had market players avoiding placing big bets going into the weekend. About an hour into the session, the Toronto Stock Exchange's S&P/TSX composite index <.GSPTSE> was down 19.38 points, or 0.3 percent, at 6526.95.

U.S. Blue Chips Rise; Techs Flutter Near Unchanged

NEW YORK (Reuters) - Blue chips climbed Friday after a report showed encouraging growth in manufacturing in the Midwest, but a warning of weak orders from chip equipment giant Applied Materials <AMAT.O> kept a lid on technology shares. Major market gauges erased early losses and headed higher. The technology-loaded Nasdaq Composite <.IXIC> wobbled around the unchanged mark, rising 1 point, or 0.12 percent, to 1,323 after climbing out of negative ground. The blue-chip Dow Jones Industrial average <.DJI> rallied 97 points, or 1.23 percent, to 8,042. The broad Standard & Poor's 500 index <.SPX> added 8 points, or 1.03 percent, to 853.

Canada's Red-Hot Economic Growth Eases in November

OTTAWA (Reuters) - Canada's economy slowed further from its sizzling pace as 2002 drew to a close, with gross domestic product growing just 0.1 percent in November, Statistics Canada said Friday. The latest data confirmed analyst expectations for the month, with the pace of growth easing from October's 0.3 percent gain.

Transalta Reports Loss on Steep One-Time Charges

CALGARY, Alberta (Reuters) - TransAlta <TA.TO>, Canada's biggest investor-owned power generator, said Friday it recorded a fourth-quarter loss because of one-time charges related to maintenance, order cancellations and phased decommissioning of a coal-fired plant. TransAlta, which this week expanded U.S. operations by acquiring a half stake in several power plants from El Paso <EP.N>, lost C$54.3 million ($35.5 million), or 32 Canadian cents a share, down from an year-earlier profit of C$46.5 million, or 27 Canadian cents a share.

Sierra Wireless Shares Drop on Lackluster Guidance

TORONTO (Reuters) - Sierra Wireless <SW.TO> tipped sharply lower Friday, as investors looked beyond better-than-expected profit and revenue to focus on a tepid outlook for the maker of wireless modems. Sierra was down 80 Canadian cents, or 11 percent, at C$6.50 a share just before midday on the Toronto Stock Exchange. In New York, the shares were down 53 cents at $4.23.

Newfoundland Power Reports Lower 2002 Profits

ST. JOHN'S, Newfoundland (Reuters) - Newfoundland Power <FTS.TO> reported slightly lower profits for fiscal 2002 Friday, stressing that last year's results included resolution of a long-standing tax case. The provincial power utility said it turned a profit of C$28.8 million ($18.8 million) in 2002, against C$28.9 million in 2001.

Ryanair Orders Boeing Jets, Swoops on Buzz

DUBLIN (Reuters) - Ryanair leapfrogged back to the top of Europe's budget airline industry Friday with the purchase of smaller rival 'buzz' from KLM and a multi-billion-dollar order for new planes from Boeing The Irish carrier said it had bought buzz for 23.9 million euros ($25.86 million) from KLM Royal Dutch Airlines to gain key routes in France and Germany, adding pressure on already struggling full-service European carriers.

Commerce Dept Delays Canada Wheat Duty Ruling

WASHINGTON (Reuters) - An initial U.S. decision on possible anti-dumping duties against Canadian durum and spring wheat has been delayed from mid-March until May 1, the U.S. Commerce Department said Friday. The agency cited the intricacies of a case that challenges the Canadian Wheat Board's marketing practices for durum and hard red spring wheat. Last year, the Commerce Department launched countervailing and anti-dumping duty investigations. North Dakota wheat farmers have asked the Bush administration to impose combined duties of as much as 37.5 percent against Canada's monopoly grain exporter.

Oil Steady, Awaits Bush, Blair on Iraq Showdown

LONDON (Reuters) - Oil prices took a breather from the week's gains Friday amid indications of a further recovery in oil production from strike-ridden Venezuela. But trading volume was relatively low as dealers were closely monitoring the latest Iraq talks between U.S. and British leaders for any signs of an impending war in Iraq.