Ottawa raises "serious concerns" about TMX deal
TORONTO (Reuters) ? Canada's competition regulator has "serious concerns" about a C$3.8 billion ($3.7 billion) proposal to take over TMX Group, a deal that would bring most of the country's financial exchanges under one roof. Maple Group's bid would unite the Toronto Stock Exchange and the TSX Venture Exchange for small-cap stocks with their largest competitor, Alpha Group, a so-called alternative trading system. Maple is also seeking to put the exchanges under the same umbrella as CDS, which clears and settles all trades in Canada.
TSX jumps 2 percent on Europe hopes, China move
TORONTO (Reuters) - Toronto's main stock index rose more than 2 percent on Wednesday morning as resource issues jumped on an agreement by global central banks to tackle the euro zone debt crisis and a move by China to ease credit strains. Commodity prices, particularly for oil, gold and base metals, rose on renewed investor optimism for the global economy, lifting the TSX's heavily weighted materials sector, which rose more than 3 percent.
Oil sands opponents turn focus to Enbridge project
CALGARY, Alberta (Reuters) - Enbridge Inc's proposed C$5.5 billion ($5.3 billion) pipeline to British Columbia poses a raft of environmental risks, according to a new report that signals the project will become the next battleground over the future of Canada's oil sands. The study by a trio of environmental groups, released on Tuesday, comes on the heels of a U.S. decision to push back approval of TransCanada Corp's Alberta-to-Texas Keystone XL pipeline by more than a year.
Cenovus say research proves Weyburn CO2 project safe
(Reuters) - Cenovus Energy Inc said on Tuesday studies have confirmed that carbon dioxide sequestered underground at its Weyburn, Saskatchewan, field has not been leaking or causing high concentration of the gas at a neighboring property. The company said independent research proved that carbon dioxide injected into its oil field to boost production and remove the gas from the atmosphere was not escaping.
Canada mum on telecom spectrum rules, ownership
TORONTO (Reuters) - Canada has yet to decide whether it will loosen foreign ownership restrictions in the telecom sector, Industry Minister Christian Paradis said on Tuesday. Nor has the Conservative government decided if it will set aside airwaves for recent wireless entrants in next year's spectrum auction as a way to boost competition, Paradis said.
Fulcrum to stay the course as Canada independent
TORONTO (Reuters) - Fulcrum Capital plans to stay the course with its meat-and-potatoes approach to investing in resources now that it has completed a spin-off from HSBC and embarked as an independent Canadian private equity fund. "What we have done in the past, and which I'm sure we would do in the future, is investments in these traditional industries where for the most part you don't need a PhD to understand them," David Mullen, the fund's chairman and managing partner, said in an interview. "Our target market is the middle market in Canada."
Analysis: Low rates put Canadian insurers under pressure
TORONTO (Reuters) - The prospect of a prolonged period of stagnant or falling interest rates could force Canada's life insurers into a long-term struggle to raise the value of their shares from their current 2-1/2 year lows. Because they are not reaping sufficient funds from investments, the insurers could be forced to go to markets to raise more capital, or to cut dividends, which would tend to push stock prices down even further. A dividend cut at Sun Life Financial is a possibility in the near term, analysts say.
Bill to scrap Canadian Wheat Board monopoly advances
WINNIPEG, Manitoba (Reuters) - A government bill to scrap the Canadian Wheat Board's grain marketing monopoly cleared the final stage of approval by Canada's House of Commons on Monday, leaving it all but certain to become law next month. The bill would end the Wheat Board's six-decade old marketing monopoly for Western Canada's wheat and barley for milling or export, as of August 2012, the start of the 2012/13 crop marketing year.
Liberals return to second place in poll
OTTAWA (Reuters) - The Liberals have returned to the position they had held for the past several years as the most popular opposition party, a poll released on Monday showed. The federal election in May had reduced the center-left Liberals to a distant third place behind the governing Conservatives and the leftist New Democratic Party, but the Nanos poll now has them edging out the NDP.
Canada won't confirm it's pulling out of Kyoto
OTTAWA (Reuters) - Canada dismissed the Kyoto Protocol on climate change on Monday as a thing of the past, but declined to confirm a media report it will formally pull out of the international treaty before the end of this year. Although the Conservative government walked away from its Kyoto obligations years ago, a formal withdrawal would deal a symbolic blow to global talks to save the agreement, which opened in Durban, South Africa on Monday.
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