Business News as of 6 p.m. ET
(Canadian Press DataFile Via Acquire Media NewsEdge) Wednesday, Jan. 30@
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.
BLACKBERRY 10 LAUNCH
The Canadian Press is providing extensive coverage of today's unveiling of Research In Motion's new BlackBerry 10 operating system and smartphones. CP reporter David Friend is in New York City, where RIM chief executive Thorsten Heins showcased the new devices to the world.
The full coverage plan is outlined in a separate advisory.
If there are any questions, contact Business Editor Greg Bonnell at 416-507-2025, or gregory.bonnell(at)thecanadianpress.com.
New BlackBerry phone in stores next week
NEW YORK _ After numerous delays that cast doubt on whether a new BlackBerry would ever see the light of day, Canada's smartphone pioneer revealed its new phones Wednesday _ products it hopes will revitalize its competitive edge. The company formerly known as Research In Motion _ and now simply BlackBerry _ will unleash a new smartphone in Canadian stores next Tuesday, chief executive Thorsten Heins told an eager crowd of fans in New York. PHOTO.
First impressions: BlackBerry is back with the Z10. RIM-BlackBerry-First-Impressions
Five cool things about BlackBerry 10. RIM-BlackBerry10-Five-Things
Waterloo crowd cheers as BlackBerry 10 revealed. RIM-Waterloo
Research In Motion rebrands as BlackBerry. RIM-Name
BlackBerry launch sets Internet abuzz. RIM-Social-Media
Official Ottawa still hooked on BlackBerrys. RIM-Parliament-Hill
OTHER TOP BUSINESS NEWS THIS HOUR
Potash producers settle U.S. antitrust cases
CALGARY _ The three biggest Saskatchewan potash producers have settled antitrust lawsuits in the United States, but deny they did anything wrong.Saskatoon-based Potash (TSX:POT) and Plymouth, Minn.-based Mosaic Co. said in separate releases Wednesday they will each pay a total of $43.75 million to settle the claims, which have been pending since 2008.
Fed says growth pause temporary, keeps up stimulus
WASHINGTON _ The Federal Reserve said Wednesday that the U.S. economy "paused" in recent months because of temporary factors and reaffirmed its commitment to try to stimulate growth by keeping borrowing costs low for the foreseeable future.The Fed took no new action at its two-day policy meeting. But it stood behind aggressive steps it launched in December to try to reduce unemployment, in a statement released after the meeting. PHOTO.
US economy shrinks 0.1 pct., 1st time in 3 1/2 years
WASHINGTON _ The U.S. economy unexpectedly shrank from October through December, the first quarterly drop since 2009 and a reminder of the economy's vulnerability as automatic cuts in government spending loom.The Commerce Department said the economy shrank at an annual rate of 0.1 per cent mainly because companies restocked at a slower rate and the government slashed defence spending. Those trends partly reflected uncertainty late last year about the fiscal cliff, which Congress averted in a deal reached Jan. 1. PHOTO.
CGI foresees Asia-Pacific expansion
MONTREAL _ After more than doubling its size over the past five years, CGI Group expects to pursue new ways to leverage its acquisition of U.K.-based information technology provider Logica and expand its presence in the Asia-Pacific region.The Montreal-based company will conduct planning sessions in June to map out its goals for the coming three years, but CEO Michael Roach said Wednesday that Asia will likely be a focus for expansion.
Canadian auto sales returning to near peak
OTTAWA _ Canadian and North American car sales will hit new post-recession peaks this year, predicts a new Scotiabank report, in another indication the hard-hit auto industry is recovering after being on the verge of collapse four years ago.Scotiabank's latest global auto report predicts vehicle sales in Canada will increase to 1.69 million units in 2013 _ just shy of the 1.7 million record set in 2002 _ following a strong six per cent pick up in 2012.
Chrysler now a rising star among automakers
DETROIT _ In just three years, Chrysler has gone from government ward to rising star.The No. 3 U.S. automaker made $1.7 billion last year thanks to big gains for its much-improved cars and trucks, and it's expecting profits to reach $2.2 billion this year. PHOTO.
Boeing focuses on 787 fix; 4Q profit tops estimate
Boeing Co. said Wednesday that its top priority this year is fixing the battery problems that grounded its 787.The company made the pledge while reporting a fourth-quarter profit that topped Wall Street estimates, as rising profits from commercial jets offset a smaller profit from defence work.
ALSO IN THE NEWS
TSX lower, RIM down after new product launch
TORONTO _ The Toronto stock market was lower Wednesday as Research In Motion Ltd. stock fell following the launch of its long-awaited BlackBerry 10 products and data showed a surprising weakening of the U.S. economy in the fourth quarter.The S&P/TSX composite index dropped 36.11 points to 12,794.44 while the TSX Venture Exchange was down 9.57 points at 1,222.35.
Loonie makes gains as traders take in U.S. economic data
TORONTO _ The Canadian dollar closed higher Wednesday as traders took in data showing the U.S. economy unexpectedly shrank in the fourth quarter and the Federal Reserve ended its two-day meeting on interest rates.The loonie closed up 0.09 of a cent to 99.85 cents US. This is a corrected story. An earlier version said the loonie closed down.
Rogers Sugar Q1 earns $16.1 million
MONTREAL _ Rogers Sugar says it will pay shareholders nearly $34 million through a 36 cents per share special dividend next month on top of its regular payout as it distributes a portion of free cash flow generated over five years.The Montreal-based company said the special dividend will be paid by Feb. 28 to shareholders of record on Feb. 8. It's on top of the regular quarterly dividend of nine cents per share payable by April.
Average home spent $55,151 last year
OTTAWA _ Statistics Canada says the country's households spent an average of $55,151 on goods and services in 2011, up 2.7 per cent from 2010 .The increase was slightly below the rate of inflation of 2.9 per cent as measured by the consumer price index.
Payroll earnings up in November: StatsCan
OTTAWA _ Statistics Canada says average weekly earnings of non-farm payroll employees were $911 in November, up 0.5 per cent from the previous month. It says earnings were up 3.2 per cent on a year-over-year basis. Moves Business and National
Wynne linked to cancelled gas plants: Tories
TORONTO _ Ontario's opposition parties stepped up the pressure Wednesday on incoming premier Kathleen Wynne to agree to some form of hearings into cancelled gas plants in Oakville and Mississauga, which cost taxpayers at least $230 million.As Liberal campaign co-chair in 2011, Wynne was involved in the politically-motivated decisions to cancel the two energy projects to save Liberals seats in the suburbs west of Toronto, said Progressive Conservative critic Rob Leone.
New Brunswick targets recent grads for jobs
FREDERICTON _ Companies that hire recent post-secondary graduates in New Brunswick could be eligible for a wage subsidy under a new provincial government program. Premier David Alward says slow global growth means businesses are having difficulty creating jobs. Moves Atlantic and Business.
Danier Leather reports profits steady in Q2
TORONTO _ Danier Leather Inc. (TSX:DL) has reported little change in net earnings in its fiscal 2013 second quarter, although Boxing Week sales helped boost revenue by 11 per cent.The Toronto-based designer, manufacturer and retailer of leather apparel and accessories said Wednesday that net earnings in the 13 weeks ended Dec. 29 were $8.4 million or $1.86 per diluted share.
Private US job survey shows stronger job hiring
WASHINGTON _ A private survey shows U.S. businesses increased hiring in January compared with a revised December reading. Payroll processor ADP says employers added 192,000 jobs in January. That's more than December's revised number of 185,000, which had initially been reported at 215,000. APNewsNow.
PotashCorp raising dividend by 33 per cent
SASKATOON _ Potash Corp. of Saskatchewan (TSX:POT), which successfully fended off a hostile takeover by mining giant BHP Billiton in late 2010, is raising the cash dividend it pays to shareholders by 33 per cent starting with the May 2 payout.The dividend will rise to 28 cents per common share per quarter, an increase of seven cents per share.
AGF reports lower revenue, profit in Q4
TORONTO _ AGF Management Ltd. (TSX:AGF.B) has reported a 37.5 per cent drop in fourth-quarter profits amid an almost 10 per cent decline in revenue.The Toronto-based wealth manager and mutual fund company said Wednesday that net income attributable to equity owners declined to $15.7 million, or 17 cents per diluted share, in the three months ended Nov. 30.
Toyota recalls 157,000 vehicles in Canada
TORONTO _ Toyota Canada said Wednesday it is recalling more than 157,000 vehicles to fix airbags and window wipers.They include more than 140,000 Corolla and Matrix cars from 2003 and 2004 and almost 17,000 Lexus IS models from 2006 through 2012. PHOTO.
CCL to acquire Avery label business
TORONTO _ CCL Industries Inc. (TSX:CCL.B) announced its largest acquisition ever on Wednesday, a US$500-million cash deal to acquire the Avery line of labelling products and other assets from California-based Avery Dennison.The Toronto-based label and container maker is buying two business units with US910 million in combined annual revenue in calendar 2012, about equal to what CCL generates from its current operations around the world.
New Brunswick targets recent grads for jobs
FREDERICTON _ Companies that hire recent post-secondary graduates in New Brunswick could be eligible for a wage subsidy under a new provincial government program.Premier David Alward says slow global growth means businesses are having trouble creating jobs. Moves Atlantic and Business. Guard against duplication.
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