Business News as of 3 p.m. ET
(Canadian Press Broadcast Wire (Canada) Via Acquire Media NewsEdge) THURSDAY, April 19
3 p.m. ET
BUSINESS NEWS ADVISORY
Here are the top Business News stories from The Canadian Press as of 3 p.m. ET. All times are Eastern unless otherwise stated. Coverage plans are included when available. Entries are subject to change as news develops.
Queries should be addressed to the business desk at 416-507-2138. To reach CP Business by email, send messages to business(at)thecanadianpress.com.
TOP BUSINESS NEWS THIS HOUR
New proposed Keystone XL pipeline route unveiled
LINCOLN _ Officials have unveiled a new preferred route for the Nebraska portion of the stalled Keystone XL oil pipeline that avoids the state's groundwater-rich Sandhills region.Nebraska environmental officials released details today about the proposal that would veer east around the Sandhills before looping back to the original route. APNewsNow.
Nokia posts $1.2 billion loss as sales plummet
HELSINKI _ Struggling cellphone maker Nokia has suffered one of its worst quarterly results ever, blaming tough competition for a huge C929 million ($1.2 billion) net loss as sales plunged, especially in the smartphone market.The first-quarter loss compared with a net profit of C344 million in the same period last year and came as revenues slid 30 per cent to C7.4 billion, Nokia Corp. said Thursday. PHOTO.
Garda profit falls due to cost of growth
MONTREAL _ New contracts have put Garda World Security on the path to stronger profits next year as it gets past one-time severance costs and other expenses for airport security workers that trimmed fourth-quarter earnings.The Montreal-based company absorbed $3.5 million in additional costs, including $2 million related to airport screening contracts.
Investors show healthy appetite for Spanish bonds
MADRID _ Investors showed a healthy appetite for Spanish debt Thursday but demanded a higher borrowing rate in an auction that was a key test of confidence in the government's ability to get a handle on its debts.The Treasury auctioned C2.54 billion ($3.33 billion) in two- and 10-year bonds at the top end of targeted demand. It had set a range of C1.5 billion to C2.5 billion for the sale.
EDC remains bullish on Canadian trade
OTTAWA _ The economy is getting a big boost from exports this year despite carrying the burden of a strong Canadian dollar, Export Development Canada predicts in a new forecast released Thursday.The self-funded federal agency said that exports will be a major contributor to the economy both in 2012 and 2013 _ perhaps representing as much as one half of growth _ making up for a soft domestic demand.
US unemployment applications decline slightly
WASHINGTON _ The number of Americans seeking unemployment benefits dipped last week but the overall level remained higher than it's been in recent weeks. The slight rise in applications in the past few weeks could signal that the gains in the job market are uneven.The Labour Department says weekly applications declined 2,000 to a seasonally adjusted 386,000. The previous week's data was revised up 8,000 to 388,000.
Bank of America bad-loan provisions at 2007 level
NEW YORK _ Bank of America said Thursday that it set aside less money to cover bad loans in the first three months of the year than it has since before the 2008 financial crisis.The bank said it earned $653 million in the first quarter, or 3 cents per share. That included an accounting charge of 28 cents per share because the value of Bank of America's debt rose.
US home sales fell in March, as market stays weak
WASHINGTON _ Americans bought fewer previously owned homes in March, a reminder that the housing market remains weak.The National Association of Realtors said Thursday that home sales fell 2.6 per cent last month to a seasonally adjusted annual rate of 4.48 million. That followed a revised 4.6 million sold in February.
Canadian Pacific to report earnings Friday
Canadian Pacific Railway Ltd. (TSX:CP) will make a renewed pitch to shareholders Friday to try to convince them the railway is on the right track when the company reports its latest quarterly results.Locked in a fight with its biggest shareholder, who wants to replace chief executive Fred Green, the railway is expected to report a significant improvement from a year earlier.
COMING LATER TODAY
Tax apps aim to make filing documents a snap
TORONTO _ Tax season deadlines once threw many procrastinating Canadians into a last-minute panic, but a wave of new technological developments aim to make filing taxes almost as easy as snapping a picture on your smartphone. In reality, submitting your taxes isn't quite that simple yet, but this year software developer Intuit has taken a leap towards that goal, adding to a growing list of apps that want to make the job less painful. Weekly Money Monitor
ALSO IN THE NEWS
TSX up amid encouraging Spanish bond auction
TORONTO _ The Toronto stock market held to a modest gain Thursday afternoon as relief over a successful bond auction by debt-strapped Spain competed with some disappointing American economic data.The S&P/TSX composite index gained 12.05 points to 12,140.94 while the TSX Venture Exchange lost 11.63 points to 1,400.2. will be updated
Canadian dollar lower, commodities mixed
TORONTO _ The Canadian dollar was lower Thursday amid mixed commodity prices and relief on financial markets over the success of a key Spanish bond auction.The loonie was down 0.2 of a cent to 100.68 cents US. But the currency is still up about 2/3 of a cent from Monday's close, a day before the Bank of Canada announced it was leaving rates unchanged at one per cent. But the bank hinted that higher rates could be on the way. will be updated
Home bidding wars opposed by majority: poll
TORONTO _ A new Canadian survey reports that one-quarter of those polled would willingly get into a bidding war when buying a home.The web-based survey of 1,000 house and condo owners was conducted last month by Leger Marketing for BMO Bank of Montreal.
Pension board spends $1 billion on toll roads
TORONTO _ The Canada Pension Plan Investment Board is committing $1.14 billion to acquire about half ownership in five major toll roads in Chile, part of its strategy of making long-term investments to support future benefit payments.The rest of the Chilean company will be owned by the Atlantia Group, an international toll company based in Italy that is selling 49.99 per cent of Grupo Costanera to the CPP Investment Board.
Gauge of US economy rose 0.3 per cent in March
WASHINGTON _ A measure of future U.S. economic activity rose in March for the sixth straight month, a sign that the economy is gaining momentum.The Conference Board says its index of leading economic indicators rose 0.3 per cent in March, after a 0.7 per cent increase in the previous month. APNewsNow.
Accounting charge trims Morgan Stanley revenue
NEW YORK _ Morgan Stanley reported a first-quarter loss on a big accounting charge Thursday. But investors ignored the charge and focused instead on how the bank beat Wall Street's forecasts for earnings and revenue, sending the stock higher on a down day for the market.Revenue rose to $8.9 billion from $7.8 billion a year ago excluding the charge, trouncing the $7.6 billion predicted by analysts polled by FactSet.
Lagarde urges direct support for European banks
WASHINGTON _ The head of the International Monetary Fund says the officials managing Europe's debt bailout fund should consider providing financial support directly to European banks that need more capital reserves.IMF Managing Director Christine Lagarde said Thursday that supplying more capital directly to European banks could help ease the debt crisis.
TransForce makes Texas oil patch acquisition
MONTREAL _ TransForce Inc. (TSX: TFI) has acquired an oilfield services operation in Texas from a subsidiary of Nabors Industries Ltd. (NYSE:NBR).The transaction is valued at more than $10 million and adds 75 employees to TransForce, the Montreal-based transportation company said Thursday.
Starbucks to stop using 'crushed bug' dye
NEW YORK _ Starbucks Corp. says it will stop using a red dye in its drinks that is derived from crushed bugs.The Seattle-based coffee chain said in a blog post on its website Thursday that it made the decision to reformulate its drinks after feedback from consumers prompted a ``thorough'' evaluation.
Travel abroad up in February: StatsCan
OTTAWA _ Statistics Canada says Canadian residents made 5.2 million trips abroad in February, a 3.9 per cent increase from January.The agency says 4.4 million of those trips were to the United States, a 4.5 per cent increase over January. PHOTO. Moves Business and National
Direct investment abroad grew in 2011
OTTAWA _ Statistics Canada says Canadian direct investment assets abroad increased 7.0 per in 2011, mainly due to growth in investment in the United States.The agency says the growth reflected large cross-border transactions in the year, as well as the depreciation of the loonie.
IPhone bills boost Verizon 1Q revenue growth
NEW YORK _ Holiday sales of the iPhone 4S started to boost revenue at Verizon Communications Inc. in the latest quarter, as subscribers settled in to paying their new monthly bills.That meant that wireless service revenues grew at their fastest pace in three years at Verizon Wireless. The country's largest cellphone company started selling the iPhone 4 a bit more than a year ago, but sales got a big boost when the 4S model was released in October.
DuPont posts 1Q gain as Danisco pads profits
DOVER _ Strong performances from DuPont's agricultural and performance chemicals units, combined with its acquisition of Danish food maker Danisco last year, contributed to an increase in first-quarter earnings, the company said Thursday.DuPont, based in Wilmington, reported net income of $1.49 billion, or $1.57 per share, for the quarter that ended March 31, compared to $1.43 billion, or $1.52 per share, for the first quarter of last year. PHOTO.
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