Business News as of 6 p.m. ET
(Canadian Press DataFile Via Acquire Media NewsEdge) Tuesday, Feb.@@ 5
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.
TOP BUSINESS NEWS THIS HOUR@
New BlackBerry hits Canadian shelves
TORONTO _ There weren't any lineups around the block, but Canadians finally had a chance to get their hands on the new BlackBerry smartphone Tuesday as the device went on sale across the country. The company behind the once-dominant phone joined with Rogers Communications (TSX:RCI.B) to hold a media event in downtown Toronto, where a small number of customers who preordered the BlackBerry Z10 activated their devices in front of the cameras. PHOTO. Will be writethru.
BlackBerry loses its home-country advantage
TORONTO _ There was a time when Research in Motion could say it enjoyed a strong home-country advantage and thrived with the support of patriotic smartphone-carrying Canadians.Not anymore. In fact, according to analysts at IDC, BlackBerry now has a smaller slice of the smartphone market in Canada than it does globally. PHOTO.
Moment coming for Carney to shine in England
OTTAWA _ From Britain's point of view, Mark Carney is already sending coded messages about how he intends to govern the Bank of England when he becomes the first foreigner to take over the storied institution.So when the Bank of Canada governor testifies before the Treasury Select committee on Thursday _ another first among the many his appointment represents _ MPs will have plenty to inquire about during what is essentially a two-hour job interview. PHOTO. Moves Business and National
Dell to go private in $24.4B deal led by founder
SAN FRANCISCO _ Slumping personal computer maker Dell is bowing out of the stock market in a $24.4 billion buyout that represents the largest deal of its kind since the Great Recession dried up the financing for such risky manoeuvrs.The complex agreement announced Tuesday will allow Dell Inc.'s management, including eponymous founder Michael Dell, to attempt a company turnaround away from the glare and financial pressures of Wall Street. PHOTO.
Rio Tinto group abandons Quebec plant
MONTREAL _ Rio Tinto's iron and titanium subsidiary has abandoned plans to build a $4 billion plant in Becancour, Que., that would have created up to 400 jobs.The decision comes amid a collapse of titanium prices and follows the replacement of the global mining giant's chief executive.
Silver Wheaton strikes deal with Vale S.A.
VANCOUVER _ Silver Wheaton Corp. (TSX:SLW) says it has a binding agreement with a subsidiary of mining giant Vale SA to receive gold production from mines in Brazil and Sudbury, Ont.The Vancouver-based company says the deal will see it receive 25 per cent of the gold production from Vale's Salobo mine in Brazil for the life of the mine.
Development outpacing environment: audit
OTTAWA _ Canada's aggressive pursuit of resource development is exposing the country to heightened environmental and financial risks that are not being properly handled by federal regulators, a new audit says. PHOTO. Moves Business and National
KingSett group, H&R REIT to share Primaris
TORONTO _ The two rival groups that have been competing to buy Primaris Retail Real Estate Investment Trust (TSX:PMZ.UN), one of Canada's largest shopping mall operators, have reached a $4.6-billion compromise.Under the deal announced Tuesday, some of the Primaris properties will be bought by the KingSett Capital consortium but H&R Real Estate Investment Trust (TSX:HR.UN) will end up owning Primaris and the rest of its portfolio.
Yellow Media reports lower earnings, revenue
MONTREAL _ Yellow Media Ltd. (TSX:Y), a print and online publisher that has been undergoing major financial restructuring as it adapts to changing markets, is reporting adjusted net earnings of 70 cents per share in the fourth quarter.The $24 million adjusted profit, before impairment charges and a major gain on settlement of debt, were down from net earnings from continuing operations of $48.2 million or $1.53 in the same 2011 period.
Dollarama enters into deal in Latin America
MONTREAL _ Dollarama is looking beyond Canada to potentially fuel its long-term growth by partnering with discount chain Dollar City to expand its network of stores in Latin America while cautiously testing a southern expansion.Under the eight-year agreement announced Tuesday, the Montreal-based company will share its business expertise and allow Dollar City to source from the thousands of products it sells in Canada.
Consumer debt up at year's end: TransUnion
TORONTO _ A new report says the level of Canadian consumer debt at the end of 2012 _ not counting mortgages _ was up nearly six per cent from a year earlier.TransUnion says the $1,525 jump from the end of 2011 was the biggest year-to-year fourth-quarter increase since 2008.
Investors can be afraid of strategy change
MONTREAL _ A new poll suggests low interest rates have been taking a toll on investors, but more than half were afraid to make changes to increase their returns.The CIBC poll found that 54 per cent of investors with low-yield investments said they weren't considering changes, with the main reason being "too risky."
ALSO IN THE NEWS
Economic data helps send TSX higher
TORONTO _ The Toronto stock market closed modestly higher Tuesday amid data that indicated the eurozone economy is improving and a positive reception for BlackBerry's new Z10 smartphone.The S&P/TSX composite index was off early highs partly because of declining gold stocks but still ahead 28.02 points to 12,745.65 while the TSX Venture Exchange was down 1.23 points at 1,215.27.
Loonie up amid strong economic data
TORONTO _ The Canadian dollar closed higher Tuesday as traders took in data suggesting that the eurozone and Chinese economies are improving.The currency gained 0.24 of a cent to 100.38 cents US after Markit, a financial information group, said its purchasing managers' index for the eurozone economy rose to a 10-month high of 48.6 in January from 47.2 in December.
Oil gains on economic news
NEW YORK _ Oil regained some of its loss from Monday as Tuesday's economic data helped improve the outlook for energy demand.Benchmark West Intermediate crude for March delivery rose 47 cents to finish at US$96.64 a barrel on the New York Mercantile Exchange. Crude dropped by US$1.60 to finish at US$96.17 a barrel on Monday, the biggest drop of the year so far.
CN to spend $1.9B on tracks, other upgrades
MONTREAL _ Canadian National Railway (TSX:CNR) plans a slight increase in capital spending to about $1.9 billion this year as it moves to upgrade its railway network in both Canada and the United States.Montreal-based CN said more than $1 billion will be spent on track infrastructure and to improve the productivity and fluidity of its network.
Indigo says book, e-reader sales down in Q3
TORONTO _ Indigo Books & Music Inc. (TSX:IDG) says declining sales of both books and e-readers took a toll on revenue during the most recent quarter, which included the holiday sales period. The consumer shift to digital reading and the lack of any hit books on offer was offset somewhat by the continuing growth of its gift, lifestyle and toy business, the Toronto-based retailer said.
Bell Aliant expects growth from TV, Internet
Regional telecom company Bell Aliant expects growth from its Internet and TV offerings will largely offset declines in its traditional telephone services in 2013. Chief executive Karen Sheriff said Tuesday that Aliant, which operates throughout the four Atlantic provinces and parts of Ontario and Quebec, is following a strategy it laid out for growth in 2009.
Help-wanted index points to fewer jobs
OTTAWA _ The Conference Board of Canada says its help-wanted index suggests the economy might have lost jobs in January.With new government labour data due out Friday, the private think-tank says its reading of labour markets suggests the economy lost 16,600 jobs last month.
WestJet, Air Canada post record load factors
MONTREAL _ Canada's two largest airlines reported record monthly load factors in January, demonstrating continued momentum as they start what industry observers expect will be a profitable year.Air Canada (TSX:AC.B) flew with 79.4 per cent of its seats filled across its broad network, up from 79.1 per cent a year ago.
Desjardins to buy stake in Qtrade Financial
LEVIS _ Financial co-operative Desjardins Group announced plans Tuesday to buy a minority stake in Vancouver-based discount trading firm Qtrade Financial Group for an undisclosed price. Desjardins said it would initially purchase between 25 and 40 per cent of the outstanding Qtrade shares from current security holders.
Mine project backers told to go deep
REGINA _ A study says Vancouver-based Encanto Potash Corp. (TSXV:EPO) should forge ahead with plans to develop a joint-venture potash mine on a Saskatchewan First Nation.The independent prefeasibility study by Novopro Projects Inc., recommends Encanto move the project forward to the feasibility study phase as soon as possible. MOVES West regional, Business; avoid duplication
Mitsubishi recalls i-MiEV for brake problem
DETROIT _ Mitsubishi is recalling 14,700 of its i-MiEV electric cars worldwide, including a number in Canada, because a brake pump can fail.The automaker said Tuesday that the recall affects 2012 models made from Dec. 2, 2011 through Sept. 7, 2012.
CAE announces $100M in military contracts
MONTREAL _ CAE Inc. (TSX:CAE) has announced more than $100 million in new contracts for training devices and services to the defence forces of 15 countries. The Montreal-based flight training and flight simulator maker says most of the contracts were awarded during CAE's fiscal year 2013 third quarter and partially at the start of its current fourth quarter.
US sues S&P over pre-crisis mortgage ratings
WASHINGTON _ The U.S. government is accusing the debt rating agency Standard & Poor's of fraud for giving high ratings to risky mortgage bonds that helped bring about the financial crisis.The government filed a civil complaint late Monday against S&P, the first enforcement action the government has taken against a major rating agency related to the financial crisis. PHOTO.
Yum expects big 1Q profit hit from chicken scare
NEW YORK _ KFC parent company Yum Brands expects a controversy over its chicken suppliers in China to hammer its first-quarter earnings per share by 25 per cent, but the company says it plans to forge ahead with its expansion in the country.The company, which also owns Pizza Hut and Taco Bell, has been reeling from the chicken supplier issue since a December report on Chinese television. The report said suppliers had been ignoring regulations and giving chickens unapproved levels of antibiotics. APNewsNow.
Pringles pop boosts Kellogg's sales
NEW YORK _ Kellogg reported a fourth-quarter loss on a pension-related charge, but its underlying earnings rose as its recently acquired Pringles chips helped boost sales.The maker of Froot Loops, Eggo waffles and Pop Tarts said net sales for the period rose 18 per cent to $3.56 billion. Sales of existing products, without the impact of foreign currency translations, rose 5 per cent.
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