TSX tumbles as economic and European fears rise
TORONTO (Reuters) ? Toronto's main stock market index sold off nearly 3 percent on Thursday morning as mounting worries about a sluggish global economic recovery and fears that the European debt crisis might spread to the U.S. banking sector shook confidence. All 10 index sectors were down sharply, but weighty safe-haven gold miners edged up 0.6 percent as bullion prices hit a record high, helping the TSX index outperform its U.S. counterparts.
Tembec reaches settlement with employees at Quebec pulp mill
BANGALORE (Reuters) - Canadian forest products-maker Tembec Holdings Inc said it reached a seven-year settlement with employees at its Matane-based pulp mill, ending a three-month strike. Quebec-based Tembec, which supplies the North American housing market with spruce-pine-fir lumber, expects employees to return to work as of August 22 and operations to resume on September 11.
Canada's July leading indicator still up 0.2 pct
OTTAWA (Reuters) - Canada's composite leading indicator rose by 0.2 percent in July, with six of the 10 components advancing, Statistics Canada said on Thursday. June's index rise was revised down to 0.1 percent from 0.2 percent. A median survey of analysts had forecast a 0.1 percent rise for July.
Boomer retirees to shrink Canada work force: study
OTTAWA (Reuters) - As baby boomers retire, the size of the work force will shrink dramatically relative to the number of people drawing pensions, a Statistics Canada study released on Wednesday showed. As of last year, Canada had 4.5 times as many people in the labor force as retirees 65 years old or older. That ratio will shrink to between 2.5 and 2.8 by 2031, the statistics agency estimated.
Analysis: Suncor could face Syria hit, but long-term gain
CALGARY, Alberta (Reuters) - Fresh from a C$514 million writedown on its Libyan oil operations, Suncor Energy Inc could risk another big hit as turmoil sweeps through Syria - and that might not be a bad thing. Suncor's C$1.2 billion Ebla gas project lies in central Syria and produces a small fraction of the company's total oil and gas output.
Hackers hit newspaper site, claim Quebec PM dead
OTTAWA (Reuters) - Hackers attacked the website of a prominent Canadian newspaper early on Tuesday and posted a false news item alleging Quebec Premier Jean Charest had died of a heart attack, the paper said. The fake entry remained on the site of the Le Devoir paper for more than an hour and was repeated by users on the Twittermicroblogging system before engineers were able to delete it.
Carney, Flaherty to offer clues on Canada economy
OTTAWA (Reuters) - Canadian policymakers could provide important clues about spending plans and interest rates on Friday when a rare midsummer parliamentary committee meeting examines market instability and foreign debt crises. Finance Minister Jim Flaherty and Bank of Canada Governor Mark Carney will testify to the House of Commons finance committee, which is looking into the impact on Canada of foreign economic turmoil.
Factory, housing data flash warning signal
TORONTO/OTTAWA (Reuters) - Canadian manufacturing sales slid more than expected in June, while sales of existing homes were flat in July, data on Tuesday showed, offering new signals that the Canadian economy is slowing. Also, the Conference Board of Canada released a survey showing weaker corporate profits in the second half of the year.
Canadian corporate profits seen taking a hit
TORONTO (Reuters) - Canadian corporate profits are expected to fall in the second half of the year as a soft U.S. economy takes its toll on exporters and as consumer confidence weakens, the Conference Board of Canada said on Tuesday. The board's leading indicator of profitability, which tracks 49 industries, contracted for the first time in almost a year, falling 0.1 percent, after flat readings in the previous two months.
Analysis: Canadian financials see opportunity in crisis
TORONTO (Reuters) - While U.S. and European financial institutions brace for another economic slowdown, Canadian firms are noticing the familiar scent of opportunity. With strong balance sheets and encouraged by a relatively robust domestic economy, Canada's banks, insurers, and asset managers are on the lookout for appealing assets that may be shaken loose by financial uncertainty.
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