TORONTO (Reuters) – The Canadian dollar weakened to a session low versus the U.S. currency on Wednesday after data showed the Canadian economy unexpectedly contracted in August. At 8:34 a.m. (1234 GMT) the Canadian dollar was trading at C$1.0002 to the greenback, or $0.9998, compared with C$0.9985 just before the data and C$0.9993, or $1.0007, at Tuesday’s North American close. (Reporting by Alastair Sharp; Editing by Jeffrey Hodgson)
Canada economy shrinks in August as oil, mining slump
OTTAWA (Reuters) – The Canadian economy unexpectedly shrank by 0.1 percent in August from July, pointing to slower growth in the third quarter than in the first half of the year and supporting the central bank’s message that interest rate hikes are less imminent. Analysts had expected the economy to expand 0.2 percent in the month, according to the median forecast in a Reuters poll. The contraction was largely caused by decreased production in the natural resources sectors – oil and gas extraction and mining – as well as in manufacturing, Statistics Canada said in a report on Wednesday. …
Iran leader warns against public political clashes
Iran’s Supreme Leader has warned government officials and politicians against turning their disputes into a public discussion, calling it “treason” against the state.
PVH takes control of Calvin Klein clothing with Warnaco buy
(Reuters) – PVH Corp will buy lingerie and sportswear maker Warnaco Group Inc for about $2.8 billion in a cash-and-stock deal to bring the Calvin Klein clothing brand under one roof. PVH, which owns and makes formal wear and sportswear under the Calvin Klein brand, will gain the underwear and jeans businesses that have been under license to Warnaco since 1997. PVH expects the combined businesses to generate $8 billion in revenue for the full year. … Cameron faces damaging rebellion over European budget
LONDON (Reuters) – Prime Minister David Cameron faced a revolt in parliament on Wednesday from members of his Conservative Party demanding in a parliamentary vote that he push for a cut in the European Union’s budget next month. Although the vote’s result will be non-binding, defeat would damage Cameron by exposing enduring Conservative rifts over Europe and further undermining his authority after a punishing period for his coalition government. Many Britons regard the EU as an incompetent, spendthrift source of bureaucracy. …
Maple Leaf Foods profit falls 24 percent
(Reuters) – Canadian food processor Maple Leaf Foods reported a 24 percent fall in quarterly profit on Wednesday, under pressure from weak consumer bread demand and a slumping pork market. Net earnings for the third quarter ended September 30 fell to C$32.6 million ($32.6 million), or 22 Canadian cents per share, from C$43 million, or 29 Canadian cents, a year ago. On an adjusted basis, earnings per share were 29 Canadian cents, compared to analyst expectations of 31 cents, according to Thomson Reuters I/B/E/S. ($1=$1. …
Greek government narrowly wins privatization vote
ATHENS (Reuters) – Greece's government scraped through a parliamentary vote on a contentious article in a privatization law dema nded by lenders on Wednesday, highlighting the fragility of the ruling coalition. The article, which intends to scrap the government's obligation to own a minimum stake in a string of former state companies, passed with 148 deputies backing it and 139 deputies against the measure. Support for the measure fell far short of the 176-seat majority Prime Minister Antonis Samaras's three-party coalition enjoys in parliament. … 
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