Business News as of Noon ET
(Canadian Press DataFile Via Acquire Media NewsEdge) Friday, Feb. 15
BUSINESS NEWS ADVISORY
Here are the top Business News stories from The Canadian Press as of Noon 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
Rogers CEO leaving in early 2014
Rogers Communications Inc.'s investors have a double-dose of news to digest, strong financial results including a dividend increase and plans for its CEO to retire in a year.Nadir Mohamed, who succeeded founder Ted Rogers as head of the Toronto-based telecom company in March 2009 after heading the important wireless division for several years, said he'll retire in January 2014. PHOTO. Moves Business and National
Enbridge, Energy Partners to team on pipeline
CALGARY _ Enbridge Inc. and a partner are planning to spend up to US$3.4 billion to reconfigure a natural gas pipeline to carry oil to the eastern Gulf Coast, a market that currently relies on rail and barge for crude shipments.Enbridge (TSX:ENB) and Houston-based Energy Transfer Partners would each own 50 per cent of the project, which would stretch more than 1,100 kilometres from an oil hub at Patoka, Ill., to the St. James hub in Louisiana.
January home sales down from year earlier
OTTAWA _ The Canadian Real Estate Association says the number of homes sold by its members last month was down 5.2 per cent from January 2012, although about half of the country's local markets saw an improvement from December.The January national average sales price compiled by the industry group was $354,754, up two per cent from a year.
Telus reports profits up 22.8% in Q4
VANCOUVER _ Telus Corp. (TSX:T) has capped what its CEO is calling an "exceptional year" with an almost 23 per cent increase in fourth-quarter profit, fuelled by a six per cent increase in revenue.The Vancouver-based provider of wireless, wireline, data, Internet and television services, says net earnings were $291 million, or 89 cents per share, in the three months ended Dec. 31.
CPP Investment Board reports 3% return in Q3
TORONTO _ The fund that invests on behalf of more than 18 million contributors and beneficiaries of the Canada Pension Plan has reported gross investment returns of three per cent in its fiscal 2013 third quarter."We continued to see solid returns this quarter due to strong increases in global public equity markets and income generated by the portfolio's private assets," said CPPIB president and CEO Mark Wiseman said in announcing the fund's results Friday. PHOTO. Moved Business and National
Brookfield Asset profits weaken, revenue up
TORONTO _ Brookfield Asset Management Inc. (TSX:BAM.A) said Friday that fourth-quarter net income decreased to $776 million from $960 million as it faced higher costs.The diversified Toronto-based company also boosted its quarterly dividend by seven per cent to 15 cents per share.
Manufacturing down in December: StatsCan
OTTAWA _ Statistics Canada says manufacturing sales fell 3.1 per cent in December to $48 billion, the largest decline since May 2009 and worse than expected.It says about half of the decrease reflected lower sales in the transportation equipment industry, while sales were also down in the chemical, petroleum and coal product as well as the fabricated metal product industries.
ALSO IN THE NEWS
TSX moves lower ahead of G20 meeting
TORONTO _ The Toronto stock market was lower Friday as traders look to a weekend meeting of G20 finance ministers who are expected to tackle worries that some countries are using their currencies for economic gain.The S&P/TSX composite index was down 15.1 points to 12,706.69 while the TSX Venture Exchange slipped 9.78 points to 1,186.78. will be updated
Loonie lower as manufacturing sales slide
TORONTO _ The Canadian dollar was lower Friday as G20 finance ministers met to discuss tensions over currencies and data showed that Canadian manufacturing sales posted the biggest decline in almost four years in December.The loonie fell 0.52 of a cent to 99.36 cents US as Statistics Canada reported that sales fell 3.1 per cent to $48 billion, led by lower sales in the transportation equipment sector. Will be updated
Oil under $97 a barrel as Europe economy slumps
Oil prices fell below $97 Friday a day after disappointing European economic figures highlighted the region's parlous growth outlook.By early afternoon in Europe, benchmark oil for March delivery was down 74 cents to $96.57 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 30 cents to finish at $97.31 per barrel on the Nymex on Thursday.
Industrial Alliance swings to profit in Q4
QUEBEC CITY _ Industrial Alliance capped a record year in 2012 by swinging to a profit available to common shareholders of $73.8-million in the fourth quarter, the first period since it sold its U.S. annuities business.The Quebec City-based insurance giant earned 78 cents per share for the period ended Dec. 31, compared with a loss of 90 cents per share the previous year when net losses reached $81.2 million. Revenues decreased 24 per cent to $1.76 billion, including $1.2 billion for net premiums.
Cease trade order issued against Poseidon
CALGARY _ A cease trade order has been issued against Poseidon Concepts Corp. (TSX:PSN) after the oilfield services company said up to $106 million in revenue should not have been recorded as such in 2012.The Calgary-based company says it will restate its financial results for the first, second and third quarters of last year.
Vatican's new bank chief has military ship links
VATICAN CITY _ The Vatican was drawn into a new controversy over its embattled bank Friday after acknowledging that the institution's new president is also chairman of a shipbuilder making warships for Germany.The Vatican announced to great fanfare Friday that Pope Benedict XVI had signed off on one of the last major appointments of his papacy, approving Ernst von Freyberg as president of the Vatican's bank, officially known as the Institute for Religious Works (IOR).
Burger King feels heat as rivals focus on value
NEW YORK _ A revamped menu helped boost Burger King's profit in the fourth quarter but now the world's second biggest hamburger chain says it needs to play up value more aggressively to compete with rivals.The Miami-based chain said Friday that sales in the new year are trending "modestly negative" as the broader fast-food industry fights to attract cash-strapped diners with cheap eats. PHOTO.
Kraft Foods expects 4Q adj. profit to top Street
NORTHFIELD _ Kraft Foods expects fourth-quarter adjusted earnings above analysts' current estimates, but foresees lower revenue than a year ago.The company, whose brands include Oscar Mayer and Miracle Whip, also raised its 2013 earnings forecast Friday and announced that it will look to level out annual pension contributions after this year. PHOTO.
Lebanon to begin oil, gas exploration in 2015
BEIRUT _ Energy Minister Gibran Bassil says Lebanon will begin oil and gas exploration within two years.Bassil spoke on Friday while launching a pre-qualification process for companies that want to get licenses for oil and gas work off the Lebanese coast. APNewsNow.
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