Business News as of 7 p.m. ET
(Canadian Press DataFile Via Acquire Media NewsEdge) Friday, Feb. 15
7 p.m. ET
BUSINESS NEWS ADVISORY
Here are the top Business News stories from The Canadian Press as of 7 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
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 Transfer 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 Dallas-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. PHOTO.
January home sales down from year earlier
OTTAWA _ The number of homes sold in Canada 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 Canadian Real Estate Association said Friday.The January national average sales price compiled by the industry group was $354,754, up two per cent from a year earlier. PHOTO. Moves Business and National
Telus expects to meet financial goals in 2013
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 and expects to meet its financial goals in 2013.Net earnings were $291 million, or 89 cents per share, in the three months ended Dec. 31, Telus said Friday.
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 a gross investment return of three per cent in its fiscal 2013 third quarter, but that wasn't what pleased new CEO Mark Wiseman the most."Obviously we're happy with the investment results, but as we've said in the past, we don't judge our successes or our failures 90 days at a time," Wiseman said in an interview Friday. PHOTO. Moved Business and National
Putin urges G20 ministers to consider social cost
MOSCOW _ Russia's President Vladimir Putin on Friday called on financial chiefs of the world's leading industrial and developing nations to consider the political and social implications of their crucial policy decisions.Putin was hosting financial ministers and heads of central banks of the G20 group of nations ahead of their key meeting this weekend. PHOTO.
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.
Canadian manufacturers pause in December
OTTAWA _ A seasonal pause by Ontario's auto industry, combined with weakness in a broad range of other sectors, pushed Canada's manufacturing sales in December to the biggest month-to-month decline in nearly four years.Statistics Canada said Friday that sales fell in 16 of 21 industries, representing 82 per cent of the manufacturing sector.
Report: SEC investigating trading in Heinz deal
NEW YORK _ Federal regulators have opened an insider trading inquiry on the $23 billion acquisition of H.J. Heinz, according to a publish report.Citing an unnamed source who was briefed on the matter, The New York Times reported Friday that the Securities and Exchange Commission is looking at "unusual trading" surrounding the deal for Heinz to be purchased by Warren Buffett's Berkshire Hathaway and 3G Capital, an investment firm that also recently bought Burger King. The report said regulators first noticed a suspicious spike in trading on Wednesday.
ALSO IN THE NEWS
TSX moves lower ahead of G20 meeting
TORONTO _ The Toronto stock market closed lower Friday as traders hoped a weekend meeting of G20 finance ministers would tackle worries that some countries are using their currencies for economic gain. The S&P/TSX composite index was down 35.16 points to 12,686.63, led by steep declines for gold stocks while the TSX Venture Exchange slipped 10.91 points to 1,185.65. PHOTO.
Loonie lower as manufacturing sales slide
TORONTO _ The Canadian dollar closed lower Friday as G20 finance ministers met to discuss tensions over currencies and data showed that Canadian manufacturing sales posted the largest decline in nearly four years in December. The loonie fell 0.49 of a cent to 99.39 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.
Oil under $96 a barrel on US industrial data
NEW YORK _ Oil prices fell below US$96 a barrel Friday after disappointing U.S. industrial production data fed concerns about the nation's economic recovery.Benchmark West Texas Intermediate crude for March fell US$2, or 2 per cent, to US$95.31 a barrel on the New York Mercantile Exchange in afternoon trading. Brent crude, used to price many varieties of foreign oil, fell 61 cents to US$117.39 per barrel in London. PHOTO.
Sunwing attendants reach tentative deal
A tentative deal has been reached between Sunwing Airlines and the union representing its 900 flight attendants. The deal, which still needs to be ratified at a vote in March, is the first collective agreement for the flight attendants after they joined the Canadian Union of Public Employees last year. Details of the agreement were not made public.
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.
(c) 2013 The Canadian Press
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