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Business News as of 6 p.m. ET
(Canadian Press DataFile Via Acquire Media NewsEdge) Friday, Nov. 9
6 p.m. ET
BUSINESS NEWS ADVISORY
Here are the top Business News stories from The Canadian Press as of 6 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.
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TOP BUSINESS NEWS THIS HOUR
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President-CEO of Rona stepping down
Rona
MONTREAL _ One of Rona's largest shareholders says the home-improvement retailer's board should reopen discussions with U.S. rival Lowe's following the sudden departure of long-time chief executive Robert Dutton.Irwin Michael, portfolio manager of Toronto-based ABC Funds, said Rona needs to undertake major change in the face of years of poor results and a weak retailing environment. PHOTO. Will be updated.
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Telus smartphone users drive up data revenue
Telus
Telus Corp.'s profit surged in the third quarter as its smartphone customers used more wireless data services, continuing a trend that has been fuelling revenue growth for the telecom company.Telus (TSX:T) said wireless data revenue accounted about $546 million in revenue during the quarter, up $102 million or 23 per cent from a year earlier. PHOTO.
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Canada to lead G7 in growth next 50 years
OECD-Canada-Future
OTTAWA _ The 21st century may not exactly belong to Canada, but according to a major world economic body the country is going to do pretty well.In fact, the Paris-based Organization for Economic Co-operation and Development sees Canada among the world's leading economic lights over the next 50 years. PHOTO. Moves Business and National.
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TMX Group to eliminate 100 positions
TMX-Group
TORONTO _ TMX Group Ltd. (TSX:X) plans to cut 100 jobs over the next 12 months as part of its integration of a clearing house and rival exchange it acquired as part of a takeover by a group of Canadian financial services players.The stock exchange operator's president and chief executive, Thomas Kloet, announced the job cuts on Friday in a quarterly conference call with analysts. PHOTO. Will be updated.
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Obama: Americans agree with my approach on deficit
US-Obama-Fiscal-Cliff
WASHINGTON _ President Barack Obama, laying down his marker for grueling "fiscal cliff" negotiations, said Friday he won't accept any approach to federal deficit reduction that doesn't ask the wealthy to pay more in taxes."This was a central question during the election," Obama said in his first postelection comments on the economy. "The majority of Americans agree with my approach." PHOTO.
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Lockheed Martin ousts CEO-to-be over relationship
US-Lockheed-Martin-CEO
BETHESDA _ Lockheed Martin has ousted its president and anticipated CEO over a relationship with a subordinate.The company said Friday that its board of directors asked for and received the resignation of Christopher Kubasik from his role as vice chairman, president and chief operating officer. APNewsNow.
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Niko shares plummet on Indonesia results
Niko
CALGARY _ Shares in Niko Resources Ltd. (TSX:NKO) plummeted Friday after the international oil and gas explorer announced a dry well in Indonesia. The stock was down almost 20 per cent at $9.50 near midday on the Toronto Stock Exchange _ a mere shadow of its 52-week high of about $55.
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Sunwing criticized by Canadian competitors
Sunwing-Foreign-Pilots
MONTREAL _ The Canadian Transportation Agency's decision to allow Sunwing to integrate four Czech planes into its fleet this winter has raised the ire of rivals Transat (TSX:TRZ.B), Air Canada (TSX:AC.B) and WestJet (TSX:WJ).Sunwing asked the agency last month to approve the use of four Boeing 737 Travel Service planes and their pilots. The request came 13 days before the planned first flight.
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Mark Carney to attend premiers meeting
Premiers-Meeting-Economy
HALIFAX _ The governor of the Bank of Canada will attend a meeting with the premiers in Halifax later this month to discuss the economy. Nova Scotia Premier Darrell Dexter says Mark Carney will present the bank's outlook for the global and Canadian economies and inflation in Canada. Moves National and Business; please guard against duplication
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Heroux-Devtek to pay special dividend
Heroux-Devtek
MONTREAL _ Heroux-Devtek's shares hit an all-time high Friday after the aircraft equipment maker announced a special cash distribution that will net its CEO nearly $19 million.The shares (TSX:HRX) closed up 36 cents, or 2.75 per cent, at $13.49 on the Toronto Stock Exchange after having reached an intraday high of $13.99. PHOTO.
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ALSO IN THE NEWS
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TSX slightly higher amid fiscal cliff fears
Dollar-Markets
TORONTO _ The Toronto stock market closed higher after two days of losses amid worries about the knock-on effects from the U.S. economy going over the so-called fiscal cliff.The S&P/TSX composite index climbed 5.75 points to 12,196.8 while the TSX Venture Exchange added 2.24 points to 1,300.92. PHOTO.
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Loonie down amid fiscal cliff concerns
Loonie
TORONTO _ The Canadian dollar closed below parity with the U.S. dollar Friday on worries about the fallout from a string of tax hikes and deep spending cuts set to automatically go into effect in the U.S. in the new year.The loonie was down 0.09 of a cent at 99.87 cents US as worries about the knock-on effects from those hikes and cuts sent traders to the perceived safe haven of U.S. Treasuries. PHOTO.
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Oil rises as 'fiscal cliff' talks resume
Oil-Prices
NEW YORK _ The price of oil rose Friday as U.S. legislators began postelection talks on how to avoid the so-called fiscal cliff, and a report showed Americans' view of the economy is improving.Benchmark crude gained 85 cents to $85.94 a barrel in afternoon trading on the New York Mercantile Exchange. Brent crude, used to price international varieties of oil, rose $1.69 to $108.94 a barrel on the ICE Futures exchange in London.
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Thompson Creek swings to Q3 loss on charge
Thompson-Creek
DENVER _ Thompson Creek Metals Company Inc. (TSX:TCM) reports it swung to a loss of $48.2 million in the third-quarter as it booked a $47 million goodwill charge and saw lower production and higher unit costs from its mines.The diversified miner with operations in both the U.S. and Canada said that loss amounts to 29 cents share compared to net income of $45.6 million, or 27 cents per share, during the same quarter of 2011.
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GMP Q3 loss narrows on higher revenue
GMP-Capital-Q3
TORONTO _ GMP Capital Inc. (TSX:GMP) says its third-quarter net loss narrowed to $400,000 as revenues grew 25 per cent.The Toronto-based investment firm said its quarterly loss amounted to three cents per share, compared to a net loss of $4.6 million, or nine cents per share, in the third quarter of 2011.
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Juice company Lassonde has profit of $10.3M
Lassonde-Industries
MONTREAL _ Juice maker Lassonde Industries (TSX:LAS.A) has posted a third-quarter profit of $10.3 million, up from $8.2 million in the same quarter last year.Earnings per share were $1.48 versus $1.20 year-over-year, the company said Friday.
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Desjardins earns $443 million in Q3
Desjardins-Group
LEVIS _ The Desjardins financial co-operative, Quebec's largest financial institution, said its surplus earnings were stable at $443 million in the third quarter even though it experienced a double-digit drop in revenue.Desjardins earnings were down 0.4 per cent from $445 million recorded a year ago.
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CPPIB Fund produces Q2 return of 1.9%
CPPIB
TORONTO _ The CPP Investment Board says its investment portfolio produced a return of 1.9 per cent in the second quarter.The board, which invests funds on behalf of the Canada Pension Plan, reported Friday that the CPP Fund had net assets of $170.1 billion as of Sept. 30, up from $165.8 billion at the end of the previous quarter. PHOTO. Moved Business and National
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ClubLink revenue, earnings lower in Q3
ClubLink
KING CITY _ Golf course owner and operator ClubLink Enterprises Ltd. (TSX:CLK) is citing a lower property tax refund for hurting its bottom line.The Ontario-based concern which also operates rail, tourism and port operations based in Skagway, Alaska, said Friday that net earnings in the three months ended Sept. 30 were $16.5 million or 63 cents per share.
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More Muskrat Falls studies released
Muskrat-Falls
ST. JOHN'S _ Newfoundland and Labrador has released new studies in its latest effort to persuade the public that the Muskrat Falls hydroelectric project is in the province's best interests.One study examined whether it would be better for the province to develop Gull Island, another hydroelectric development in Labrador, but it says that is not feasible. Moves Atlantic and Business; please guard against duplication
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Stella-Jones posts solid Q3 results
Stella-Jones
MONTREAL _ Stella-Jones Inc. (TSX:SJ) booked solid results for the third quarter, helped by strong sales from a facility in the southern United States that the Montreal-based company acquired late last year. The manufacturer of railway ties and utility poles earned $20.7 million or $1.29 per share in the quarter ended Sept. 30.
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Brookfield Asset Management profit rises
Brookfield
TORONTO _ Brookfield Asset Management Inc. (TSX:BAM.A) had $872 million of net income in the third quarter, of which $334 million is attributable to common shareholders.The diversified Toronto-based company said its earnings per share rose to 48 cents from 36 cents a year earlier when Brookfield's revenue totalled $4.7 billion.
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US wholesale stockpiles grew 1.1 pct. in September
US-Wholesale-Inventories
WASHINGTON _ U.S. wholesale businesses increased their stockpiles in September at the fastest pace in nine months and their sales jumped by the largest amount in 18 months. The increases suggest the U.S. economy grew faster over the summer than first estimated.Wholesale stockpiles grew 1.1 per cent in September, the Commerce Department said Friday. That's up from a 0.8 per cent increase in August, which was revised higher. PHOTO.
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Chrysler recalls 919,000 SUVs to fix air bags
US-JeepRecall
DETROIT _ Chrysler is recalling more than 919,000 older-model Jeep SUVs worldwide, including more than 49,000 in Canada, because the air bags can inflate while people are driving.The U.S. National Highway Traffic Safety Administration said Friday that the recall affects Jeep Grand Cherokees from the 2002 through 2004 model years. Also covered are Jeep Libertys from model years 2002 and 2003. PHOTO.
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Explosion rocks Bombardier Ski-Doo plant
Bombardier-Explosion
VALCOURT _ Bombardier Recreational Products has closed its complex in Quebec's Eastern Townships until it determines the cause of an explosion early Friday that left two people with serious burns.Quebec provincial police said the blast occurred about 20 minutes after midnight and appeared to come from a lab in the facility's research centre in Valcourt. PHOTO.
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Steekworkers at CP Rail ratify contract
Canadian-Pacific-Union
CALGARY _ Some 800 workers represented by the United Steelworkers union have ratified a new, five-year labour agreement with Canadian Pacfic Railway (TSX:CP)In a joint announcement, the two sides say 87 per cent of the membership voted in favour of the deal. PHOTO.
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China's factory output rises in sign of recovery
AS-China-Economy
BEIJING _ China's auto sales, consumer spending and factory output improved in October in a new sign of economic recovery as the Communist Party prepared to install a new generation of leaders.Growth in factory output accelerated to 9.6 per cent over a year earlier from the previous month's 9.2 per cent, the government reported Friday. Retail sales rose 14.5 per cent, up from September's 14.2 per cent. PHOTO.
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China's factory output rises in sign of recovery
AS-China-Economy
BEIJING _ China's auto sales, consumer spending and factory output improved in October in a new sign of economic recovery as the Communist Party prepared to install a new generation of leaders.Growth in factory output accelerated to 9.6 per cent over a year earlier from the previous month's 9.2 per cent, the government reported Friday. Retail sales rose 14.5 per cent, up from September's 14.2 per cent. PHOTO.
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(c) 2012 The Canadian Press
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