Business News as of Noon ET
(Canadian Press DataFile Via Acquire Media NewsEdge) THURSDAY, JAN. 10
BUSINESS NEWS ADVISORY
Here are the top Business News stories from The Canadian Press as of Noon ET. All times 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
Astral Media profit beats estimates
MONTREAL _ Astral Media Inc. (TSX:ACM.A) says its first-quarter profit was $59.6 million or $1.05 per share, beating analyst estimates. The Montreal-based television, radio and billboard company says its revenue for the three months ended Nov. 30 rose to $274.5 million. Will be updated
Jean Coutu Q3 profit beats estimates
MONTREAL _ Jean Coutu expects that next week's elimination of protection for dozens of brand-name drugs in Quebec will boost its growing generic drug company and continue to help offset future government price decreases.The provincial government announced in its November budget the elimination of safeguards implemented in 1994 that protect brand-name drug producers from generic alternatives for 15 years.
Building plans dropped in November: StatsCan
OTTAWA _ Signs that the Canadian housing market is losing steam grew Thursday as builders appeared to be slowing down their construction plans as new building permits hit their lowest level since January 2012. Statistics Canada said municipalities issued building permits worth $6.2 billion in November, down 17.9 per cent from October, a much steeper drop than the 7.6 per cent month-to-month decline economists had been expecting.
Nokia: Q4 mobile phone sales beat own forecast
HELSINKI _ Nokia Corp. says fourth-quarter mobile phone sales exceeded its own expectations, sparking a sharp rise in the company's share price.The struggling Finnish phone manufacturer says it sold a total 86.3 million devices in the last three months of 2012, including 4.4 million Lumia smart phones, while revenues amounted to some (euro)3.9 billion. APNewsNow.
ALSO IN THE NEWS
Strong Chinese trade data drives TSX higher
TORONTO _ Resource stocks powered the Toronto stock market higher Thursday as prices for oil and copper ran ahead in the wake of strong Chinese trade data.The S&P/TSX composite index climbed 41.87 points to 12,564.11 while the TSX Venture Exchange was ahead 11.12 points to 1,240.23. will be updated
Loonie rises in wake of strong Chinese data
TORONTO _ The Canadian dollar was higher Thursday morning as strong Chinese trade data improved risk sentiment on financial markets.The commodity-sensitive currency gained 0.13 of a cent to 101.38 cents US as prices for oil and metals ran ahead after data showed that China's exports and imports grew substantially last month. will be updated
Oil up as China trade, US earnings show recovery
NEW YORK _ The price of oil rose to $94 a barrel Thursday, propelled by a rebound in China's trade growth and an encouraging start to the U.S. corporate earnings season. Benchmark oil gained 91 cents to $94.01 a barrel in morning trading in New York. It has now risen more than 9 per cent in the past month.
Draghi says eurozone not past turning point yet
FRANKFURT _ European Central Bank head Mario Draghi says the struggling euro area should start growing again later this year _ but warned that the region has yet to reach a turning point in its struggle with recession and too much debt.Draghi said Thursday at a news conference that some indicators "have broadly stabilized" although at low levels and financial markets have steadied. He said "economic activity should gradually recover" later this year. APNewsNow.
Postmedia Q1 revenue, profit fall
TORONTO _ Postmedia Network Canada Corp. (TSX:PNC.A) had $8.3 million of net income and $26.7 million of operating income in its latest quarter, both down from a year earlier.The Toronto-based publisher's revenue also fell, dropping to $211.7 million in the three months ended Nov. 30 from $231 million a year earlier.
Sandvine turns unexpected profit
WATERLOO _ Sandvine Corp. (TSX:SVC) revenue hit US$27.5 million in the fourth quarter, up 26 per cent from a year earlier and $4 million above analyst estimates. The Waterloo, Ont.-based technology company, which reports in U.S. currency, had $6.5 million or 4.6 cents per share of net income. Moves Business and Ontario regional
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