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Business News as of 6 p.m. ET(Canadian Press DataFile Via Acquire Media NewsEdge) THURSDAY, OCT. 20 - 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 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 ___ Greek lawmakers pass austerity bill despite riots EU-Greece-Financial-Crisis ATHENS _ Greek lawmakers have passed a deeply resented austerity bill that has led to violent protests on the streets of Athens, despite some dissent from one Socialist lawmaker.The new measures include pay and staff cuts in the civil service as well as pension cuts and tax hikes for all Greeks. The bill passed by majority vote in the 300-member parliament. PHOTO. ___ Microsoft fiscal 1Q earnings match analyst views US-Earns-Microsoft REDMOND _ Microsoft's earnings for the latest quarter edged up 6 per cent to match analyst estimates.The results for the July-September period were highlighted by revived growth in the division that includes the software maker's Windows franchise. It's the first time that Microsoft has posted a year-over-year gain in Windows revenue since the end of 2010. Will be Updated ___ Biography sheds new light on Steve Jobs' life US-TEC-Steve-Jobs-Book SAN FRANCISCO _ Steve Jobs had a disdain for people who put profits first. In an upcoming authorized biography of the late Apple CEO, he calls the crop of executives brought in to run Apple after his ouster in 1985 "corrupt people" with "corrupt values" who cared only about making money.Jobs was often bullied in school and stopped going to church at age 13, according to "Steve Jobs," by Walter Isaacson, which will be published Monday by Simon & Schuster. The Associated Press purchased a copy Thursday. Advanced sales of the biography have topped bestseller lists since Jobs died Oct. 5 after a long battle with cancer at age 56. PHOTO. ___ Air Canada union to protest in Ottawa Air-Canada-Protest MONTREAL _ The union representing Air Canada flight attendants is taking its fight to preserve free collective bargaining to Parliament Hill.The Canadian Union of Public Employees has invited other unions to join the protest, which begins at noon on Friday. Moves National and Business ___ Union hopes for buyers at old Maple Leaf plants Maple-Leaf TORONTO _ The head of the union representing most of the 1,550 employees who could lose their jobs in an overhaul at Maple Leaf Foods says he hopes Canada's largest food processor can sell plants it wants to shut down.Finding buyers is crucial for workers in four provinces who will lose their jobs and communities where the plants are located, said Wayne Hanley, national director of the United Food and Commercial Workers International Union. ___ Conference Board says no slump for Canada Economy-Outlook OTTAWA _ The Canadian economy will likely be able to avoid a double-dip recession, predicts a new report as fresh evidence emerged that Canadians have more than recouped the hit to their pocketbooks from the last one.The new projection from the Conference Board predicting the economy will expand by 2.4 per cent next year and 3.3 per cent in 2013 was noteworthy because it came from a body that was among the most pessimistic on growth for this year. ___ Cenovus sells B.C. marine terminal to Shell Cenovus-Shell-Terminal UNDATED _ Cenovus Energy (TSX:CVE) has sold its marine terminal near Kitimat, B.C., to Royal Dutch Shell, which has been looking into possibly building a liquefied natural gas plant on the province's north coast.Financial terms of the deal were not disclosed. ___ Celestica says uncertainty will hit its sales Celestica TORONTO _ Electronics manufacturer Celestica Inc. (TSX:CLS) expects revenue to fall about three per cent in its fourth quarter as many customers slash orders amid economic uncertainty."It's the uncertainty _ obviously companies are very cautious at this point," president and CEO Craig Muhlhauser said on a conference call with analysts Wednesday to discuss its improved third-quarter results. ___ Agnico-Eagle doubles cash portion of offer Agnico-Eagle Agnico-Eagle Mines Ltd. (TSX:AEM) has doubled the cash portion of its stock-and-cash takeover offer for Grayd Resource Corp. (TSXV:GYD) to partially make up for a sharp drop in the gold miner's stock price. Based on the announcement Thursday and Agnico-Eagle's latest share price, the revised deal was worth about $227 million, down from $275 million when the friendly deal was first announced in September. ___ Scotiabank expands in Colombia with $1B deal Scotiabank TORONTO _ Scotiabank (TSX:BNS) has agreed to pay about US$1 billion in cash and stock to buy 51 per cent of Banco Colpatria in Colombia, part of the Canadian bank's ongoing expansion in Latin America. Canada's most international bank will pay US$500 million cash and 10 million of its common shares, worth C$517.3 million when the deal was announced Thursday. Will be updated ___ Holiday sales growth to be weaker: BMO Holiday-Retail-Outlook TORONTO _ A report by the Bank of Montreal predicts that the growth in holiday sales in Canada will be weaker than last year, but still decent. Sales will be restrained by high household debt, modest wage growth, turbulent equity markets and cross-border shopping, the bank said. ___ Shaw revenue up, profit takes a hit Shaw-Communications CALGARY _ Shaw Communications Inc. saw its overall fourth-quarter profit fall by 32 per cent, as losses from an abandoned wireless strategy offset gains elsewhere, according to the Calgary-based company's financial report Thursday. The cable, Internet and satellite TV provider had $82.5 million in net income, or 18 cents per share, down from $121.6 million or 28 cents per share last year. ___ Encana operating profit beats street Encana CALGARY _ Natural gas giant Encana Corp. on Thursday reported better-than-expected third-quarter earnings, and said its plans to boost liquids production, sell assets and find joint-venture partners are progressing well. The Calgary-based company said operating earnings, which strip out one-time items, were $171 million, or 23 cents per share, compared to $85 million, or 12 cents per share. Encana keeps its books in U.S. dollars. ___ Canada's pension plan going after Yahoo? CPPIB-Yahoo TORONTO _ The investment wing of Canada's pension plan is reported to be involved in a group including tech heavyweight Microsoft that is planning to take a shot at buying troubled Internet portal and search engine company Yahoo. The Canada Pension Plan Investment Board is considering partnering with Microsoft (NASDAQ:MSFT) and private equity fund Silver Lake Partners to take a run at Yahoo, sources told the Wall Street Journal. Will be updated. ___ Divorce takes a financial toll on seniors Money-Monitor MONTREAL _ Divorce is hard enough but seniors who split up in retirement, especially women, can lower their lifestyles and end up in debt and even poverty, say experts. "It's so difficult for couples financially to divorce to begin with," said financial planner Marta Stiteler of the Pillar Retirement Group in Hamilton, Ont. "When you do it in retirement, it's like a double whammy." ___ IN THE NEWS ___ TSX lower, eurozone to hold second summit Dollar-Markets TORONTO _ The Toronto stock market was little changed after Germany and France called for a second emergency summit on government debt next week.Leaders arranged for a second meeting Wednesday after it became clear that they would not be able to bridge their differences in resolving the government debt crisis in time for the meeting Sunday. ___ Loonie up, eurozone to hold second summit Loonie TORONTO _ The Canadian dollar closed higher Thursday as Germany and France announced a second summit that will be held next week to hopefully come up with a comprehensive resolution to the European government debt crisis.There was also relief that the Greek parliament passed an austerity bill including more pay and staff cuts in the civil service as well as pension cuts and tax hikes for all Greeks, opening the way for a second round of bailouts to hopefully keep the country from defaulting. PHOTO. ___ Wholesale trade edges up in August: StatsCan StatsCan-Wholesale OTTAWA _ Wholesale sales edged up 0.2 per cent in August to $48.4 billion. Increases were reported in all subsectors except the miscellaneous, and the building material and supplies subsectors. ___ Score Media says sports TV still thriving Score-Media TORONTO _ The head of sports broadcaster Score Media says the business of televised sports is still thriving, despite the threatened turbulence of an NBA strike and the ever-changing state of Canada's broadcasting industry."If you look at the broadcast landscape, there's probably nowhere you'd rather be than the sports business," Score chairman and CEO John Levy said in an interview Thursday. Moves on Business and Sports wires. Will be updated. ___ Air Canada signs deal with SriLankan Airlines Air-Canada-SriLankan MONTREAL _ Air Canada (TSX:AC.B) has announced a code-share agreement with SriLankan Airlines that will make it more convenient to fly between Canada and the island country in the Indian Ocean. Canada is home to Sri Lanka's largest expatriate community with hundreds of thousands of Sri Lankan immigrants living primarily in the Toronto area. ___ Aecon Group wins contracts worth $132 million Aecon-Group TORONTO _ Aecon Group Inc. (TSX:ARE) said Thursday it won two fabrication and module assembly contracts worth $132 million at an unspecified oilsands project near Fort McMurray, Alta. The first of the contracts involves the company fabricating pipe spools and assembling 90 wellpad modules. The second project involves Aecon handling all the off-module fabrication for the project's plant facility. ___ Edleun Group appoints Ty Durekas as CEO Edleun-Group CALGARY _ Daycare operator Edleun Group Inc. (TSXV:EDU) says Ty Durekas will become its new president and chief executive officer. The Calgary-based company said Thursday that Durekas has 20 years of experience in the child care industry, which included founding the Children's Creative Learning Centers Inc. in Sunnyvale, Calif. ___ Eastern Platinum output cut by strike Eastern-Platinum VANCOUVER _ Eastern Platinum Limited (TSX:ELR), a Vancouver company which operates in Africa, says a strike at the Crocodile River Mine in South Africa has cut output by 50 per cent. Canada's largest producer of platinum group metals widely used in industry said Thursday that talks between contractor JIC Mining Services and the National Union of Mineworkers had failed. ___ Hanwei gets Chinese pipe contract Hanwei VANCOUVER _ Hanwei Energy Services Corp. (TSX:HE), a Canadian-listed company which makes pipelines in China, says it has won C$3.4 million in pipe supply contracts. The company said Thursday it will supply the pipe for new salt mining applications in China. ___ Perpetual Energy shares drop 30 per cent Perpetual-Energy TORONTO _ Perpetual Energy Inc. (TSX:PMT) shares drop more than 30 per cent after company suspended future dividend payments until future notice after market close on Wednesday. ___ NovaGold signs deal with Alaska native group NovaGold-Alaska VANCOUVER _ NovaGold Resources Inc. (TSX:NG) has signed a deal with NANA Regional Corp. Inc., an Alaska Native corporation, regarding the mining company's Ambler project. The agreement consolidates NovaGold's and NANA's land holdings into a 180,000-hectare land package and provides a framework for the exploration and development of region. ___ MacDonald, Dettwiler wins US$17M contract MacDonald-Dettwiler RICHMOND _ MacDonald, Dettwiler and Associates Ltd. (TSX:MDA) announced Thursday that it has signed a US$17-million land-cover surveillance contract with the U.S. National Geospatial Intelligence Agency.Under the initial 12 months contract, MDA will deliver data on land-cover changes on more than 100 million square kilometres of the Earth's land surface. The contract includes two option years, valued at US$4 million each. ___ CN employees in U.S. ratify agreement CN-Agreement CHICAGO _ Canadian National Railway says 430 conductors and brakemen in the U.S. Upper Midwest region have ratified a labour agreement that will generate operating efficiencies for the freight hauler.The agreement implements the creation of one bargaining unit once CN merges two smaller regional railways with its Wisconsin Central Ltd. unit on Jan.1. (c) 2011 The Canadian Press |