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Canexus reports Q2 profit of $9.5 million on $110.8 million in revenue

CALGARY - Canexus Income Fund (TSX:CUS.UN) said Thursday it operating subsidiary earned $9.5 million in its latest quarter compared with $17.5 million a year ago. Updated 8:30 PM

1. South Korea's economy grew 0.8 per cent in second quarter

   SEOUL, South Korea - South Korea's economy grew 0.8 per cent in the second quarter boosted by gains in exports and manufacturing, the Bank of Korea said Friday. Updated 8:15 PM

2. Genentech convenes committee to consider Roche bid of US$89 per share

   SOUTH SAN FRANCISCO, Calif. - Genentech Inc. says the company has officially formed a special committee consisting of its three independent board members to consider Roche Holding's takeover bid. Updated 7:25 PM

3. Brookfield Properties sells stake in TD Canada Trust Tower to OMERS

   TORONTO - Brookfield Properties Corp. (TSX:BPO) sold its 50 per cent stake in the TD Canada Trust Tower on Thursday to OMERS Realty Corp., the co-owner in the building, for $425 million or $721 per square foot. Updated 7:00 PM

4. Canfor Pulp Income Fund says operating partnership earned $18.2 million

   VANCOUVER - Canfor Pulp Income Fund (TSX:CFX.UN) said Thursday that its operating company earned a second-quarter profit of $18.2 million, down from $35.9 million a year ago. Updated 7:00 PM

5. New York attorney general sues banking giant UBS for securities fraud

   NEW YORK - New York Attorney General Andrew Cuomo sued UBS AG on Thursday, accusing the Swiss banking giant of fraudulently promoting tens of billions of dollars of auction-rate securities as safe when it knew a crisis was brewing. Updated 7:00 PM

6. Canexus reports Q2 profit of $9.5 million on $110.8 million in revenue

   Canexus Income Fund (TSX:CUS.UN) said Thursday it operating subsidiary earned $9.5 million in its latest quarter compared with $17.5 million a year ago. Updated 6:25 PM

7. Wynn Resorts second-quarter profit more than triples to US$272M

   NEW YORK - Wynn Resorts Ltd. reported Thursday that its second-quarter earnings more than tripled compared to last year due to a hefty tax benefit and strong revenue growth at the Las Vegas-based casino operator's Macau property. Updated 6:05 PM

8. Husky increases quarterly dividend to 50 cents a share, expects record year

   CALGARY - Husky Energy Inc. (TSX:HSE) is expecting another record year after posting a big jump in quarterly profits and increasing its quarterly dividend by 25 per cent. Updated 5:30 PM

9. Interfor reports Q2 loss of $29.4 million on restructuring charge

   VANCOUVER - International Forest Products Ltd. (TSX: IFP.A) said Thursday it lost $29.4 million in the second quarter, hit by a $33-million restructuring charge related to the permanent closure of its Queensboro sawmill. Updated 5:30 PM

10. Bleeding cash, U.S. icon Ford Motor Co. looks to Europe for help

    DEARBORN, Mich. - Bleeding cash and with its very survival uncertain, Ford Motor Co., an icon of American automaking, will try to import some of its success from across the Atlantic. Updated 8:15 PM

11. Davis and Henderson reports Q2 profit of $25.4 million, down from year ago

    TORONTO - Davis and Henderson (TSX:DHF.UN) said Thursday it earned a second-quarter profit of $25.4 million, down from $26.5 million a year ago, as revenue slipped nearly five per cent. Updated 4:45 PM

12. Southwest Airlines second-quarter profit up, sales rise 11 per cent

    DALLAS - Joe DiMaggio's hitting streak ended, so did Cal Ripken Jr.'s string of consecutive games. Will Southwest Airlines' mark of 69 straight profitable quarters be the next record to fall? Updated 4:45 PM

13. Juniper Networks second-quarter profit climbs 40 per cent, helped by new products

    SUNNYVALE, Calif. - Juniper Networks Inc., the maker of networking equipment, Thursday reported a 40 per cent increase in earnings for the second quarter, helped by a new product line. Updated 4:20 PM

14. Celestica posts Q2 earnings of US$39.8M, reversing a year-ago loss of US$19.2M

    TORONTO - Celestica Inc. (TSX:CLS), a global provider of electronics manufacturing services, turned out second-quarter earnings of US$39.8 million while demand for its products slid lower. Updated 5:45 PM

15. Loring Ward deems US$18 per share offer by Werba Reinhard 'superior proposal'

    NEW YORK - The board of Loring Ward International Ltd. (TSX:LW) has given a US$18 a share offer by Werba Reinhard Inc. a "superior proposal" stamp under the conditions set out by an earlier bid by Friedman Fleischer and Lowe. Updated 2:55 PM

16. Creators of Scrabble knockoff on Facebook sued by Hasbro Inc.

    NEW YORK - T-R-O-U-B-L-E could be looming for a Scrabble knockoff that has become one of the most popular activities on Facebook. Updated 2:45 PM

17. NovaGold hopes to announce sale of some non-core assets by end of Q3

    VANCOUVER - NovaGold Resources Inc. (TSX:NG) hopes to announce soon the sale of some of its non-core assets, including its green power business and exploration assets such as the Ambler project. Updated 4:30 PM

18. Optiver accused of energy price manipulation

    DENVER - Federal regulators accused a Dutch trading firm, its chief executive and two other top employees Thursday of manipulating energy futures contracts on the New York Mercantile Exchange. Updated 2:35 PM

19. Republicans kill effort to release oil from U.S. government stockpile

    WASHINGTON - House Republicans have killed a Democratic effort to release 70 million barrels of oil from the government's emergency stockpile. Updated 2:10 PM

20. Ginch Gonch Fashion is acquired By Montreal's New Equity Capital

    MONTREAL - New Equity Capital, the Montreal investment company founded by Le Chateau Inc. (TSX:CTU.A) founder and former CEO Herschel Segal, and business partner Josh Ronn, says it has acquired Vancouver-based underwear maker, Ginch Gonch Fashion. Updated 1:55 PM

21. Winpak Q2 earnings bulk up 38 per cent to $7.2M as sales rise to $127.6M

    WINNIPEG - Winpak Ltd. (TSX:WPK) has wrapped up a 38 per cent increase in second-quarter profit as sales grew 11.4 per cent from a year earlier. Updated 1:25 PM

22. Vital Resources signs bauxite deal in western Cameroon Africa

    CALGARY - Vital Resources Corp. (CNQ:VITL), a Calgary-based resource development company, says it has negotiated a memorandum of understanding with Camus Resources SA. to give Vital 100 per cent ownership of key bauxite deposits in Western Cameroon, Africa. Updated 1:15 PM

23. Agnico-Eagle reports sharp drop in second-quarter profits related to zinc price

    TORONTO - A dramatic fall in realized zinc prices and falling production of the metal cut into second-quarter earnings at Agnico-Eagle Mines Ltd. (TSX:AEM), though the company said it is becoming less reliant on zinc as gold and silver revenues build. Updated 2:45 PM

24. Globalive to acquire Telehop for $10.7 million; stock rises 25 per cent

    TORONTO - Globalive Communications Corp. plans to acquire cut-price phone services operator Telehop Communications Inc.(TSXV:HOP) in a $10.7-million friendly cash deal. Updated 12:10 PM

25. International sales boost Post-it maker 3M second-quarter results

    WASHINGTON - 3M Co., the maker of Post-its and Scotch tape, said Thursday its second-quarter profit rose slightly on double-digit growth in international markets, led by sales in Latin America. Updated 11:40 AM

26. TD economist Drummond named to federal-provincial labour advisory panel

    OTTAWA - TD Bank chief economist Don Drummond will chair an advisory panel on labour market information that will report to federal and provincial governments. Updated 11:40 AM

27. UBS faces charges in auction-rate securities mess

    NEW YORK - Banking giant UBS AG faces securities-fraud charges in New York over its conduct in the auction-rate securities market. Updated 11:35 AM

28. SEC's Cox says investment banks play unique role

    WASHINGTON - Having investment banks follow the same rules as commercial banks would hurt the U.S. financial system and drive risk-taking business outside of government oversight, the head of the Securities and Exchange Commission said Thursday. Updated 11:35 AM

29. Hammond second quarter profits fall to $104,000 from $432,999 but revenues rise

    GUELPH, Ont. - Hammond Manufacturing Company Ltd. (TSX:HMM.A), a maker of electrical products, says its second quarter profits fell to $104,000 or one cent a share from $432,000 or four cents last year. Updated 11:35 AM

30. Functional Technologies buys P.E.I.-based product development facility

    VANCOUVER - Functional Technologies Corp. (TSXV:FEB) has purchased a new plant in Montague, P.E.I., for an undisclosed amount. Updated 11:10 AM

31. EDC forecasts oil prices tumbling, and Canadian exports falling

    OTTAWA - Canada is entering a turbulent period of falling exports and declining commodity prices that will partially reverse the East-West split in economic fortunes, says a new Export Development Canada report. Updated 4:50 PM

32. Air Canada to partner with Continental to provide enhanced service to U.S.

    MONTREAL - Air Canada (TSX:AC.B) expects to boost its access to the heavily populated New York area and gain much-needed revenues to offset rising fuel costs by partnering with Continental Airlines, the fourth-largest U.S. carrier. Updated 6:05 PM

33. Viterra debt upgraded to investment grade by DBRS: 'exceeded expectations’

    TORONTO - DBRS has upgraded the credit rating of Viterra Inc. (TSX:VT) to investment grade, giving the grain distributor's senior notes and bank debt a ranking of BBB (low), up from BB (high). Updated 11:05 AM

34. Brighter Minds Media turns Q2 profit of US$44,000 as revenues rise

    TORONTO - Educational entertainment company Brighter Minds Media Inc. (TSXV:BRI) says it logged a second quarter net profit of US$44,000 on higher revenues. Updated 11:00 AM

35. Satellite radio companies to pay US$19.7 million to settle rules violations

    WASHINGTON - America's two satellite radio companies have agreed to pay US$19.7 million to settle rules violations, a move that is expected to lead to quick approval of their merger. Updated 10:50 AM

36. Drug maker Elan says second-quarter sales grow 30 per cent

    DUBLIN, Ireland - Biopharmaceutical company Elan Corp. PLC reported growing sales and narrowing losses in second-quarter results Thursday, citing momentum for its multiple sclerosis-fighting drug, Tysabri. Updated 10:50 AM

37. Union Pacific second-quarter profit rises' per cent, beats views

    NEW YORK - Booming shipments of coal, grain and fertilizer coupled to improved productivity drove Union Pacific Corp.'s second-quarter earnings up' per cent, despite the impact of rising fuel costs and Midwest floods. Updated 10:45 AM

38. Lee Enterprises news co. third-quarter profit falls 87 per cent

    NEW YORK - U.S. newspaper publisher Lee Enterprises Inc. said Thursday its fiscal third-quarter profit fell 87.4 per cent, partly on one-time impairment charges. Updated 10:45 AM

39. Report: U.S. grand jury investigating subprime mortgage lenders

    LOS ANGELES - A U.S. federal grand jury reportedly is investigating the nation's largest subprime mortgage lenders, Countrywide Financial Corp., New Century Financial Corp. and IndyMac Federal Bank. Updated 10:45 AM

40. New layoff filings in the U.S. jump as companies retrench

    WASHINGTON - Two cornerstones of the U.S. economy - jobs and housing - sank to new depths Thursday, with unemployment claims bolting higher and home prices recording one of their steepest drops on record. Updated 7:35 PM

41. Existing home sales in the United States fall 2.6 per cent in June

    WASHINGTON - Sales of existing homes in the United States fell more sharply than expected in June as the housing industry continued to be bruised by the worst slump in more than two decades. Updated 10:40 AM

42. Amazon.com shares take leap on strong quarterly earnings report

    NEW YORK - Amazon.com Inc. shares leaped- per cent Thursday after the Internet retailer showed that it doesn't seem to be bothered by the sputtering U.S. economy. Updated 10:35 AM

43. Xerox second-quarter profit declines' per cent, but meets views

    SAN FRANCISCO - Xerox Corp.'s second-quarter profit skidded' per cent, but matched Wall Street's forecast, as the office-equipment maker was hurt by restructuring charges while its cash-cow supplies and services business hummed along smoothly. Updated 10:35 AM

44. Nova Chemicals net profit in second quarter falls to US$18 million from $80 million

    PITTSBURGH, Pa. - Nova Chemicals Corp. (TSX:NCX), a Canadian-American plastics and petrochemicals producer, reported higher revenues but a 78 per cent drop in second quarter profits as the company took a non-cash charge on its raw material hedging contracts. Updated 10:30 AM

45. Big gold producer Newmont Mining swings to second-quarter profit

    DENVER - Newmont Mining Corp. (NYSE:NEM), one of the world's largest gold producers, said Thursday it turned a profit in the second quarter as it sold more gold at higher prices. Updated 10:30 AM

46. Dow Chemical reports decline in second quarter profit

    GRAND RAPIDS, Mich. - Dow Chemical Co. said Thursday that despite record sales and two double-digit price increases unveiled in the second quarter, its profit for the period fell 27 per cent, in large part because of sharply higher costs for energy and raw materials. Updated 12:05 PM

47. Ohio-centred National City posts Q2 loss of $1.8B as loan loss provisions swell

    NEW YORK - National City Corp. has reported a $1.76-billion loss for the second quarter, as mortgage loans soured and the Ohio-centred regional bank took a big charge related to previous acquisitions. Updated 10:25 AM

48. Maple Leaf Q2 loss widens to $9.4M but food company says turnaround ahead

    TORONTO - Rising commodity costs increased second-quarter losses at Maple Leaf Foods Inc. (TSX:MFI) but the company believes it will make a recovery before year's end as it passes cost increases through to customers - and hopes they'll quickly accept the changes. Updated 1:50 PM

49. Oil price revives after steep drops, but analysts foresee further slippage

    NEW YORK - Energy market investors managed to win back modest gains Thursday following oil's big drop a day earlier, but again drive natural gas prices sharply lower as a three-week sell-off of that fuel continued unabated. Updated 3:20 PM

50. AutoNation profit skids as sales fall- per cent; 1,300 job cuts planned

    FORT LAUDERDALE, Fla. - AutoNation Inc. said Thursday its second-quarter profit tumbled 33 per cent as sales fell on a drop in demand for new vehicles. Updated 10:05 AM

51. Daimler's second-quarter profit slips to nearly US$2.2 billion

    FRANKFURT, Germany - Car maker Daimler AG said Thursday its second-quarter profit slipped mainly on charges related to Daimler's interest in Chrysler LLC, and blamed its reduced full-year earnings outlook on a slowing global economy and higher production costs. Updated 10:05 AM

52. Eli Lilly second-quarter earnings rise 44 per cent as sales increase

    INDIANAPOLIS - Drug and medical device maker Eli Lilly & Co. posted a 44 per cent increase in second-quarter earnings as sales growth was helped in part by the weaker dollar. Updated 8:25 AM

53. Occidental Petroleum second-quarter profit sets record, up 62 per cent

    HOUSTON - Oil producer Occidental Petroleum Corp. said Thursday its second-quarter profit rose 62 per cent, as record crude prices and higher production boosted results. Updated 10:30 AM

54. Stock market outlook mixed amid torrent of earnings reports, shaky U.S. data

    TORONTO - A selloff in the financial sector pushed the Toronto stock market's key index down by more than 300 points Thursday while sentiment against commodity stocks overshadowed strong earnings reports from the likes of market heavies EnCana Corp. (TSX:ECA) and Potash Corp. (TSX:POT). Updated 3:50 PM

55. UK retail sales drop 3.9 per cent in June as British consumers cut back

    LONDON - Retail sales in the U.K. slumped in June by the biggest margin in more than 20 years, indicating that British consumers are cutting back spending amid accelerating inflation and slowing economic growth. Updated 8:15 AM

56. Cellphone chip maker Qualcomm outlook falls short of expectations

    NEW YORK - Qualcomm, the world's largest maker of chips that run cellphones, issued fourth-quarter and full-year earnings guidance Thursday that fell short of Wall Street targets, but the stock soared on a broad-ranging legal settlement. Updated 10:40 AM

57. Number receiving EI benefits hit lowest level since 2000 last year

    OTTAWA - The number of Canadians who received regular Employment Insurance benefits in 2007 hit its lowest level since 2000. Updated 8:10 AM

58. Total boosts offer for oilsands operator Synenco to $10.25 per share

    CALGARY - French energy giant Total SA has increased its bid for oilsands operator Synenco Energy Inc. (TSX:SYN) to $10.25 cash per share, an offer that values the company at about $530.5 million. Updated 8:20 AM

59. Suncor Energy's Q2 earnings rise to $829 million on high oil prices

    CALGARY - Planned maintenance and unexpected repairs caused Suncor Energy Inc.'s (TSX:SU) production to slip during the second quarter, but earnings rose 12 per cent for Canada's No. 2 oilsands producer thanks to high crude prices. Updated 3:20 PM

60. Ottawa should resist balancing budget at all costs, accounting group says

    TORONTO - Ottawa should resist balancing the federal budget at all costs, a new report by the Certified General Accountants Association of Canada suggests. Updated 7:25 AM

61. Kinross strikes deal to take over Aurelian Resources: transaction valued at $1.2B

    TORONTO - Kinross Gold Corp. (TSX:K) is taking over Aurelian Resources Inc. (TSX:ARU) in a $1.2 billion transaction that one analyst says has likely left Kinross shareholders "a little mystified" because it expands the Toronto company's operations in a risky South American country. Updated 1:35 PM

62. PotashCorp Q2 profit blooms 220 per cent over year ago to $905.1M

    SASKATOON - Potash Corp. of Saskatchewan Inc. (TSX:POT) more than tripled its second-quarter earnings and raised its full-year profit guidance Thursday amid strong demand and pricing in a global agriculture boom. Updated 4:30 PM

63. Petro-Canada profit surges up 77 per cent to $1.5B in 'strong quarter'

    CALGARY - Riding the runup in oil, Petro-Canada's (TSX:PCA) second-quarter earnings surged 77 per cent, but its refining business plummeted by $249 million despite record pump prices. Updated 3:20 PM

64. EnCana Q2 revenue up 30 per cent to $7.3b; net cut to $1.2B by hedging losses

    CALGARY - EnCana Corp. (TSX:ECA) said Thursday its second-quarter natural gas production was up 10 per cent from a year ago, but oil output fell 12 per cent because of a longer-than-expected maintenance shutdown at its Foster Creek oilsands operations. Updated 3:50 PM

65. Ford posts $8.7B Q2 loss on asset writedowns

    DEARBORN, Mich. - Ford Motor Co. (NYSE:F) posted the worst quarterly performance in its history Thursday, losing US$8.67 billion in the second quarter. Updated 1:40 PM

66. Visa survey shows Canada number one foreign destination for Americans

    NEW YORK - The weak U.S. dollar has not dissuaded Americans from planning trips abroad this year, but they may be heading to destinations closer to home, according to a survey released Thursday by Visa Inc. Updated 2:00 AM

67. Sony challenges Amazon, opens up e-book Reader to other booksellers

    NEW YORK - With the market for electronic books still relatively sleepy, Sony Corp. is trying a new tack: untethering the latest model of its e-book reading device from its own online bookstore. Updated 12:00 AM

68. Famed Sunshine Mine in northern Idaho to change hands

    BOISE, Idaho - The famed Sunshine Mine in northern Idaho is changing hands, as Canadian mining company Minco Silver Corp. said Wednesday it will pay $62.3 million for the mine's owner, Sterling Mining Co. Updated 10:10 PM 07/23/08

69. Fate of Alaska gas pipeline with state Senate

    JUNEAU, Alaska - The fate of a multibillion dollar pipeline that could unlock-0 billion cubic metres of North Slope gas reserves daily and power North American homes and businesses for decades now rests in the hands of 20 Alaska state senators. Updated 10:10 PM 07/23/08

70. Japan trade surplus tumbles 88.9 per cent in June as imports grew

    TOKYO - Japan's trade surplus fell 88.9 per cent in June from a year earlier as imports grew amid soaring prices for oil prices and other commodities, the government announced Thursday. Updated 9:15 PM 07/23/08

71. Petro-Canada increases quarterly dividend by 54 per cent to 20 cents per share

    CALGARY - Petro-Canada (TSX:PCA) increased its quarterly dividend on Wednesday from- cents to 20 cents per share. Updated 9:15 PM 07/23/08

72. Toymaker Mattel could seek US$1.6 billion in Bratz case, court documents say

    LOS ANGELES - The maker of Bratz dolls has asked a judge to block testimony from an expert witness expected to claim Mattel Inc. is owed some US$1.6 billion in lost profits and other damages from the popular dolls, according to court documents filed in the case. Updated 9:15 PM 07/23/08

73. Fording Canadian Coal Trust reports Q2 profit of $373M, up from $117M a year ago

    CALGARY - Fording Canadian Coal Trust (TSX:FDG.UN) said Wednesday it earned a second-quarter profit of $373 million, up from $117 million a year ago, as higher coal prices more than offset strength in the Canadian dollar. Updated 8:40 PM 07/23/08

74. Ainsworth Lumber reports Q2 loss of $34.2M compared with profit a year ago

    VANCOUVER - Ainsworth Lumber Co. Ltd. (TSX:ANS), which is undergoing a restructuring, said Wednesday it lost $34.2 million in its most recent quarter compared with a profit a year ago as revenue fell nearly 30 per cent. Updated 8:40 PM 07/23/08

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