Business News as of 3 p.m. ET
(Canadian Press DataFile Via Acquire Media NewsEdge) Friday, Jan. 18
3 p.m. ET
BUSINESS NEWS ADVISORY
Here are the top Business News stories from The Canadian Press as of 3 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
Carrier Wind Mobile to become foreign owned
Small Canadian wireless player Wind Mobile has signed a deal to be fully foreign owned and controlled by a global telecom company.The agreement is with VimpelCom subsidiary Orascom, which already owns 65.1 per cent of the company and was an original financial backer of Wind Mobile, chairman and CEO Anthony Lacavera said Friday. PHOTO. Will be updated
Research In Motion stock continues to rise
TORONTO _ Shares of Research In Motion (TSX:RIM) raced higher on Friday as one of the company's most prominent analysts gave a stronger vote of confidence to the new BlackBerry launch.The Waterloo, Ont.-based company's stock gained 4.5 per cent, or 66 cents, to $15.34 on the Toronto Stock Exchange shortly after markets opened, pushing towards levels it hasn't seen in more than a year. Will be updated.
SNC-Lavalin shakes up senior management
MONTREAL _ SNC-Lavalin is shaking up its senior management team and creating a new organizational structure for the global engineering company as it tries to turn the page on the controversy that has sullied its reputation.The most significant change is the creation of a new resources and environment business unit to be headed by Neil Bruce, a former operations chief at AMEC. Will be updated
Manufacturing rebounds in November: StatsCan
OTTAWA _ Canada's factories rebounded strongly in November, hammering out a surprisingly strong 1.7 per cent gain that should add a floor to the expected soft economy during the end of last year.Statistics Canada reported Friday that manufacturing sales increased to $49.9 billion, the highest level since May, after falling 1.2 per cent in October.
GE earnings rise on emerging market growth
NEW YORK _ General Electric Co. has been re-energized.Performance at all of the conglomerate's industrial segments is improving thanks to cost cutting, a shift in strategy and growth in emerging markets. PHOTO.
Toronto miner's workers abducted in Colombia
BOGOTA _ Toronto-based Braeval Mining (TSX:BVL) says three employees and two consultants working at the company's Snow Mine project in Colombia were abducted Friday. Colombian authorities say the five abducted workers include a Canadian, two Peruvians and two Colombians.
Algeria: 12 hostages have died in the siege
AIN AMENAS _ The bloody three-day hostage standoff at a natural gas plant in the Sahara took a dramatic turn Friday as Algeria's state news service reported that nearly 100 of the 132 foreign workers kidnapped by Islamic militants had been freed. PHOTO.
Provinces bulk up on generic drugs to save
REGINA _ Nine provinces and all three territories say they'll bulk buy some generic drugs used to treat everything from high cholesterol to depression.The regions are working together to get lower prices for six drugs, which represent about 20 per cent of the publicly funded spending on generic drugs in Canada. Moves business and national; GUARD against duplication
ALSO IN THE NEWS
TSX up on Chinese growth data, RIM upgrade
TORONTO _ The Toronto stock market was higher Friday amid further indications that China continues to recover from a recent economic slump and an analyst upgrade for BlackBerry-maker Research In Motion Ltd.The S&P/TSX composite index gained 70.28 points to 12,745.01, its best level in almost a year, while the TSX Venture Exchange dipped 0.23 of a point to 1,233.89. will be updated
Loonie lower despite solid economic data
TORONTO _ The Canadian dollar was sharply lower Friday as the commodity-sensitive currency failed to benefit from solid Canadian and Chinese economic data.The loonie was down 0.89 of a cent to 100.56 cents US ahead of next week's Bank of Canada interest rate announcement. will be updated
Number of people on EI down in November
OTTAWA _ Statistics Canada says the number of people receiving regular employment insurance benefits edged down 0.8 per cent in November to 528,000. The number of beneficiaries decreased slightly in Nova Scotia, British Columbia, Ontario and Quebec, while the numbers rose slightly in Alberta, Saskatchewan and Newfoundland and Labrador. Moves National and Business
Brookfield Renewable increases distribution
HAMILTON _ Brookfield Renewable Energy Partners L.P. (TSX:BEP.UN) announced Friday it is increasing its annual distribution to unitholders to US$1.45 per unit.The move amounts to a quarterly distribution of 36.25 cents per unit, payable on April 30 to all those holding units until the end of the close of the markets on March 31.
Transcripts show Fed underestimated crisis in 2007
WASHINGTON _ Federal Reserve officials in 2007 underestimated the scope of the approaching financial crisis and how it would tip the U.S. economy into the worst recession since the Great Depression, transcripts of the Fed's policy meetings that year show.The meetings occurred as the country was on the brink of the worst financial crisis since the 1930s. As the year went on, Fed officials shifted their focus away from the risk of inflation as they slowly began to recognize the severity of the crisis.
Honda issues recall because of airbag problem
TORRANCE _ Honda says it's recalling 748,000 Pilot and Odyssey vehicles because of a possible problem with their driver's-side airbags.Honda says that the airbags may have been assembled without some of the rivets needed to secure their cover. That could keep them from deploying properly in the event of a crash and increase the possibility of injury. APNewsNow.
GOP official: House to vote to lift debt limit
WASHINGTON _ The Republican-controlled House will vote next week to permit the government to borrow more money to meet its obligations, a move aimed at heading off a market-rattling confrontation with President Barack Obama over the so-called debt limit.Full details aren't settled yet, but the measure would give the government about three more months of borrowing authority beyond a deadline expected to hit as early as mid-February, a Republican official said Friday. PHOTO.
AuRico Gold on track for production targets
TORONTO _ Canadian gold producer AuRico Gold says it expects to produce up to 220,000 ounces of gold this year, which would be 73 per cent above its output in 2012.AuRico Gold (TSX:AUQ) said Friday it expects to produce 190,000 to 220,000 ounces this year, mostly from its Young-Davidson mine near Matachewan, Ont.
GMP sells chunk of business to Fiera
TORONTO _ Fiera Capital Corp. (TSX:FSZ) has a deal to acquire part of the investment management business of GMP Capital Inc. (TSX:GMP).Jason Marks, who has been the CEO and chief investment officer of the GMP Investment Management unit, will join a newly created subsidiary of Fiera Capital that will manage about $570 million in assets included in the deal.
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