Canada’s dollar rose for a second day as crude oil prices jumped and the world’s equity markets advanced, bolstering prospects for the currency. The Canadian dollar has fallen almost 1 percent since July 25, when it reached a 30-year high, as investors unwound so- called carry trades.
[B]CIBC to Take $290M Hit in U.S. Subprime Mess
[/B]The Canadian Imperial Bank of Commerce says it has about $1.7 billion US at risk in bets on the troubled U.S. mortgage market ? as much as $1 billion of it relating to subprime, or junk, mortgages. In a statement early Monday, the bank sought to minimize the problem. It said it will write off about $290 million of the total in its next quarterly earnings report and still show better profits than analysts had been predicting.
http://www.cbc.ca/money/story/2007/08/13/cibc-subprime.html
Source: CBC
[B]Nortel Focus Turns to Asia
[/B]Nortel Networks Corp. is focusing on its existing business, including lifting Asia’s share of its revenues, and takeovers could also help a return to profitability, Chief Executive Mike Zafirovski said on Monday. Toronto-based Nortel, North America’s biggest maker of telephone equipment, has been cutting costs and trying to boost revenues. Nortel reported a loss of $37-million for its second quarter. http://www.canada.com/nationalpost/financialpost/story.html?id=00498723-1675-4f50-a356-65123d9887d9&k=62866
Source: Financial Post
[B]Canadian Dollar Gains for 2nd Day on Crude Oil, Equity Advance[/B]Canada’s dollar rose for a second day as crude oil prices jumped and the world’s equity markets advanced, bolstering prospects for the currency. The Canadian dollar has fallen almost 1 percent since July 25, when it reached a 30-year high, as investors unwound so- called carry trades. That’s the strategy in which yen from Japan, where the benchmark lending rate is 0.5 percent, is used to buy higher-yielding assets in economies such as Canada, where the lending rate is 4.50 percent.
Bloomberg - Are you a robot?
Source: Bloomberg