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The Canadian dollar dropped to its lowest levelin more than a year
Oil falls towards $107 as Gustav fades
LONDON (Reuters) - Oil slid to around $107 a barrel on Tuesdayafter initial reports showed Hurricane Gustav had spared major U.S.Gulf oil facilities. U.S. crude was $107.16 a barrel by 9:21 a.m.EDT, down $8.30 from Friday's close. It touched a session low of$105.46, its lowest since April 2.
Canada dollar falls to lowest level since Aug 2007
TORONTO (Reuters) - The Canadian dollar dropped to its lowest levelin more than a year on Tuesday given the sharp drop in oil pricesafter Hurricane Gustav faded and spared major U.S. Gulf oilfacilities. Domestic bond prices were down but the bulk of thelosses came on the long end of the curve as the slide in oil priceseased some concerns about high commodity prices crimping globaleconomic growth.
GM does not see U.S. sales reviving this year
TALEGAON, India (Reuters) - General Motors does not expect U.S. sales to revive this year as the creditcrunch pressures consumers, with a senior official saying the toppriority was to turn around the North American business. GM, whichhas lost $51 billion over the past three years, will continue toinvest in emerging markets such India and China and was on trackfor full-year profit growth in Asia, officials said.
Google offers video-sharing for businesses
SAN FRANCISCO (Reuters) - Google Inc is adding YouTube-like video communications features to itsbusiness application suite, looking to make video-sharing amongoffice workers as easy as trading e-mails or instant messages.Unlike YouTube, which is aimed at consumers, Google Video forbusiness is designed to be shared among designated users within anorganization's own Web domain, protecting executive speeches,product training, sales meetings or other employee video messagesfrom unauthorized disclosure outside the company.
Oil companies check U.S. facilities in Gustav's wake
HOUSTON (Reuters) - Energy companies started checking their oilrigs, refineries and pipelines for damage on Tuesday, a day afterHurricane Gustav slammed the Gulf Coast in the first big threat toU.S. fuel supplies since 2005. Virtually all energy production inthe Gulf of Mexico -- which accounts for a quarter of the nation'soil output -- remained shut down in the wake of the storm andcompanies said it would be days before they would know how quicklyit could be restarted.
Canada skirts recession in second quarter
OTTAWA (Reuters) - The economy narrowly avoided a recession in thesecond quarter but the tepid 0.3 percent annual growth rate raiseddoubts about how long the Bank of Canada could afford to keepinterest rates on hold. Gross domestic product shrank 0.8 percentin the first quarter, revised from the original estimate of adecline of 0.3 percent, as global demand waned for exports such asautos, forest products and machinery, Statistics Canada said onFriday.
Canadian industrialist Thomas Bata dies
TORONTO (Reuters) - Thomas Bata, the Czech-born industrialist whoheaded the global shoe empire bearing his family's name from the1940s to the 1980s, has died in Toronto, aged 93, the CanadianBroadcasting Corp reported on Monday. Bata, son of the privatelyowned company's founder, came to Canada to expand the familybusiness, starting production in 1940. Later that decade, thecompany's headquarters were moved to Toronto under Bata'sleadership when the family's Czech factories were nationalized bythe communists.
Google set to introduce its own Web browser
SAN FRANCISCO (Reuters) - Google Inc is set to introduce on Tuesday a new Web browser designed to morequickly handle video-rich or other complex Web programs, posing achallenge to browsers designed originally to handle text andgraphics. Google officials confirmed news of long-rumored plans tooffer its own Web browsing software, entitled Google Chrome, in acompany blog post after it mistakenly mailed details of the plan toa Google-watching blog, called Blogoscoped.com.
ConocoPhillips sees minor damage to Magnolia from Gustav
TORONTO (Reuters) - ConocoPhillips said Tuesday its Magnoliaplatform in the Gulf of Mexico sustained only minor damage fromHurricane Gustav, according to a spokesman for the company. "Remotemonitoring showed we came out in pretty good shape," said BillTanner, a spokesman for the company which operates the platform.
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