Business News as of 6 p.m. ET
(Canadian Press Broadcast Wire (Canada) Via Acquire Media NewsEdge) THURSDAY, MARCH 21, 6 p.m. ET
BUSINESS NEWS ADVISORY
Here are the top Business News stories from The Canadian Press as of 6 p.m. 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
Feds hope spending brake accelerates growth
OTTAWA _ When Jim Flaherty was a young man, they called it a brake stand _ one foot on the gas and one on the brake, creating lots of noise and plumes of blue smoke but moving the vehicle sideways if at all. Stephen Harper's finance minister is banking that all the torque in his eighth federal budget, delivered Thursday, will propel the Canadian economy forward in a burst sometime next year. PHOTO. With VARS FedBudget; moves Business and National
Flaherty holds line to hit deficit target
OTTAWA _ The new federal budget keeps the Harper government's Holy Grail of eliminating the deficit in time for the next election within reach, but getting there will now depend as much on good fortune as on a good road map. Given the softening economy in the latter half of last year and first months of 2013, Finance Minister Jim Flaherty's target of getting back to balance by 2015 _ after piling up $172 billion in debt in eight years _ will depend on three assumptions all coming to good. PHOTO. Moves National and Business; with VARS FedBudget
VimpelCom to sell Wind Mobile: source
Small wireless carrier Wind Mobile, part of a wave of new companies offering more cellphone competition, is being put up for sale by VimpelCom, its Dutch telecom owner. Wind Mobile founder Anthony Lacavera and Egyptian telecom player Naguib Sawiris, the original financial backer of Wind in Canada, have submitted an offer to buy back Wind, a source familiar with the process told The Canadian Press. PHOTO.
Lululemon says recall will pinch profit
Lululemon Athletica Inc. (TSX:LLL), the Vancouver-based retailer of trendy workout gear, admits the recent recall of its black Luon pants will put the pinch on earnings this year, but says keeping customer loyalty is paramount. ``Delivering the top quality our guests expect is a critical factor in our differentiation in the market place,'' CEO Christine Day said in delivering an upbeat fourth-quarter earnings report Thursday that slightly exceeded expectations but produced a conference call dominated by questions from analysts over the recall. PHOTO. Moves Business and National
Retail sales up in January: StatsCan
OTTAWA _ Retail sales in Canada rose more than expected in January, but economists were cautious as they noted the gains came as shoppers paid higher prices and not because of increased volumes. Statistics Canada said Thursday that retail sales for the first month of the year were up one per cent to $38.9 billion, after a drop in December, spurred by higher sales at motor vehicle and parts dealers. Moves National and Business
Yellow Media searching for a new CEO
MONTREAL _ The CEO of Yellow Media, the company that owns the Yellow Pages directories, is leaving as it continues to struggle with weak print revenues in a digital world. Yellow Media Ltd. (TSX:Y) is looking for a replacement for Marc Tellier, who has been president and chief executive of the company and its predecessors since October 2001.
Bombardier foresees large annual revenue jump
Bombardier says it is positioned to nearly double its annual revenues over the next five years and generate enough cash to boost its dividend and restore its investment grade credit rating, the transportation giant told an investors conference in New York on Thursday. The Montreal-based maker of planes and trains said it expects to add US$10 billion to US$16 billion in new revenue, with up to US$12 billion coming from a recovery in demand for its existing planes and the contribution from new designs such as the CSeries.
If it sounds to good to be true, it likely is
MONTREAL _ Do you get emails saying you've just won $1 million, or you could win a cash prize The hitch is you usually have to pay fees to collect the prize, which can add up to thousands of dollars, and you're handing over personal information to scammers, say fraud experts.
Cyprus has 4 days to find bailout solution
NICOSIA _ Cyprus has four days to agree on a new plan to raise funds to avoid bankruptcy, with the European Central Bank warning Thursday it will pull the plug on the country's banks at the start of next week if no solution is found. Facing the ultimatum, the Cypriot government was racing to cement a new package that will please both Parliament and the country's potential international creditors. PHOTO.
US homes sales highest in more than 3 years
WASHINGTON _ U.S. sales of previously occupied homes rose in February to their fastest pace in more than three years, and more people put their homes on the market. The increases suggest a growing number of Americans believe the housing recovery will strengthen. The National Association of Realtors said Thursday that sales increased 0.8 per cent in February from January to a seasonally adjusted annual rate of 4.98 million. That was the fastest sales pace since November 2009, when a temporary home buyer tax credit had boosted sales. The February sales pace was also 10.2 per cent higher than the same month a year ago. PHOTO.
Nike 3rd quarter net income jumps
BEAVERTON _ Nike Inc. said Thursday its third-quarter net income rose 55 per cent as the athletic gear maker's resurgence in North America and easing material costs helped offset continued weakness in China. The world's largest athletic shoe and clothing company's results beat expectations and its shares jumped 8 per cent in aftermarket trading.
PetroChina 2012 profit drops 13.3 per cent
BEIJING _ State-owned energy company PetroChina Ltd. said Thursday its 2012 profit tumbled 13.3 per cent due to price controls and higher costs for imported gas. The Beijing-based company, the world's biggest oil producer by volume, said it earned 115.3 billion yuan ($18.3 billion), or 0.63 yuan (10 U.S. cents) per share, compared with 132.9 billion yuan the previous year. Revenue rose 9.6 per cent to 2.2 trillion yuan ($384 billion).
Oil slips as Cyprus uncertainty continues
NEW YORK _ The price of oil fell one per cent Thursday as the financial crisis in Cyprus overhung the market. Benchmark oil for May delivery dropped $1.05 to finish at $92.45 a barrel in New York.
ALSO IN THE NEWS
North American markets face Cyprus troubles
TORONTO _ North American markets weakened on Thursday as worries over a fast-approaching deadline for the debt woes in Cyprus intensified, overshadowing economic data on both sides of the border. The S&P/TSX composite was down 78.68 points at 12,747.87, while the TSX Venture Exchange dipped 2.99 of a point to 1,102.98.
Loonie higher after retail sales data
TORONTO _ The Canadian dollar moved slightly higher Thursday as economists sounded a note of caution regarding a rebound in the latest retail sales data. The loonie rose 0.11 of a cent to 97.63 cents U.S, coming off an earlier climb of 0.53 of a cent.'
Company interested in Cape Breton mine
SYDNEY, N.S. _ Officials with Xstrata Coal say the company is in discussions with Morien Resources Corp. about purchasing Xstrata's 75 per cent interest in Cape Breton's Donkin mine. Morien Resources has a 25 per cent interest in the Donkin coal project.
Semafo dips in the red in Q4, full year
MONTREAL _ Semafo Inc. (TSX:SMF) was in the red at the end of 2012 as it booked a huge loss on the sale of an investment in the fourth quarter and revenues weakened due to lower gold sales. The mining company, which reports in U.S. dollars, says net loss attributable to equity shareholders in the three months ended Dec. 31 was US$25.16 million or nine cents per share, reversing net income of $33.28 million or 12 cents per share in the fourth quarter of 2011.
Gaz Metro postpones pipeline expansion
MONTREAL _ Gaz Metro is postponing its 450-kilometre extension of natural gas pipelines to Quebec's north shore region after feasibility studies concluded that weak market conditions for iron ore will make it difficult to reach long-term agreements with major industrial clients. The natural gas distributor, which is partly owned by Valener (TSX:VNR) said Thursday that decisions by mining companies to defer investments and cease operations prevented it from obtaining minimum natural gas volume to launch the project as originally planned.
EI down 1.6 per cent in January: StatsCan
OTTAWA _ Statistics Canada says the number of people receiving regular employment insurance benefits edged down 1.6 per cent in January to 531,100. The agency says most provinces had fewer beneficiaries in January, with the largest percentage decreases occurring in Newfoundland and Labrador, New Brunswick, Alberta and Manitoba. Moves Business and National
Bank overtime class-action cases to go ahead
OTTAWA _ The Supreme Court of Canada has cleared the way for two class-action lawsuits against CIBC and Scotiabank seeking hundreds of millions of dollars for unpaid overtime to go ahead. The banks had sought leave to appeal for a lower court decision allowing the cases, but the Supreme Court dismissed the application. Moves Business and National
Harry Winston gets approvals for Swatch deal
Harry Winston Diamond Corp. (TSX:HW) says it has received all the regulatory approvals required for the sale of its jewelry and timepiece division to the Swatch Group. Under a friendly deal announced in January, Swatch will pay $750 million and assume $250 million in debt to acquire the Harry Winston retail business.
Cheques to be mailed to some ABCP victims
TORONTO _ Millions of dollars worth of cheques will be soon be mailed to eligible investors who bought asset-backed commercial paper through certain Canadian investment firms shortly before the market for the securities collapsed in 2007. According to the regulators overseeing the process, cheques worth a total of nearly $60 million plus accrued interest will be sent to eligible investors who bought the investments.
TD Bank hit by 'targeted' cyber attack
TORONTO _ TD Canada Trust (TSX:TD) says it was hit by a ``targeted'' cyber attack, forcing its banking website and mobile banking service to go offline for several hours. The bank says the denial-of-service attack occurred mid-morning and prevented its customers from logging to its website and mobile site. Moves National and Business
Enbridge inks pipeline deal with Athabasca
CALGARY _ Enbridge Inc. says it will spend about $200 million to transport crude from Athabasca Oil Corp.'s (TSX:ATH) Hangingstone project in northern Alberta. It's the ninth oilsands project to be connected to Enbridge's (TSX:ENB) regional system.
Rusoro Mining files claim against Venezuela
VANCOUVER _ Rusoro Mining Ltd. (TSXV:RML) has filed a US$3.03-billion claim against Venezuela at the World Bank's International Centre for Settlement of Investment Disputes. The mining company alleges Venezuela broke treaty protections by taking over Rusoro's investments in the country without compensation.
THE CANADIAN PRESS
(The Canadian Press)
(c) 2013 The Canadian Press
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