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Business News as of 9 a.m. ET(Canadian Press DataFile Via Acquire Media NewsEdge) MONDAY, July 4 - 9 a.m. ET BUSINESS NEWS ADVISORY Here are the top Business News stories from The Canadian Press as of 9 a.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 assistant business editor Andrew Flynn at 416-507-2016 or David Friend on 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 ___ Sun Life CEO Donald Stewart to retire Sun-Life-Financial TORONTO _ The president and chief executive officer of Sun Life Financial Inc. (TSX:SLF), Donald Stewart, will retire on Nov. 30, the company announced Monday.Stewart, who under company policy will also retire from the Sun Life board, is being replaced as by Dean Connor, currently Sun Life's chief operating officer. Connor has also been appointed to the Sun Life board. ___ S&P warns bank plan would cause Greek default EU-Greece-Financial-Crisis LONDON _ A leading credit ratings agency warned on Monday that Greece would be considered to be in default if banks rolled over their holdings in the country's debt as proposed recently in a French plan.Standard & Poor's said in a statement that two proposals by an association of French banks "would likely amount to a default" under its criteria because both options offer "less value than the promise of the original securities." ___ Romarco seeks gold mine environmental review Romarco-Gold-Project TORONTO _ Executives of Toronto-based miner Romarco Minerals Inc. (TSX:R) hold a conference call to discuss an environmental impact review on wetlands near its proposed Haile gold mine in South Carolina requested by the U.S. Army Corps of Engineers. The move will add about a year to the proposed development schedule for the project, Romarco said in a release Saturday. ___ ALSO IN THE NEWS ___ TSX to head higher amid U.S. economic data Dollar-Markets TORONTO _ The Toronto stock market headed for a positive start to trading as investors return to work following the Canada Day holiday and react to a strong U.S. manufacturing report from Friday and higher oil and gold prices.The Canadian dollar was up 0.5 of a cent 104.18 cents US. Will be updated. ___ Canadian dollar heads higher following data Loonie TORONTO _ The Canadian dollar was higher Monday in the wake of strong economic reports last week that could persuade the Bank of Canada to raise its key interest rates later in the year.The loonie was up 0.51 of a cent from Thursday's close to 104.19 cents US. The Bank of Canada was closed Friday for Canada Day holiday. Will be updated. ___ Industrial products, raw materials prices down StatsCan-Prices OTTAWA _ Statistics Canada is reporting that prices both for industrial products and raw materials slipped in May.The agency says its Industrial Product Price Index edged down 0.2 per cent, while the Raw Materials Price Index fell 5.2. ___ Wi-LAN ends lawsuit with Texas Instruments Wi-LAN OTTAWA _ Canadian patent house Wi-LAN Inc. (TSX:WIN) said Monday it has settled a lawsuit with Texas Instruments Inc. over Bluetooth technology for an undisclosed amount.The company did not disclose further details of the settlement. ___ Whiterock REIT acquires office towers Whiterock-REIT TORONTO _ Whiterock Real Estate Investment Trust (TSX:WRK.UN) is acquiring an office tower complex just outside Toronto and another in London, Ont., in co-ownership with another company for a combined $218 million.The Toronto-based company said Monday $157 million is being paid for a two-tower office complex in Mississauga, Ont., called the Sussex Centre. ___ McCoy Corp. sells Rebel Metal subsidiary McCoy EDMONTON _ McCoy Corp. (TSX:MCB) announced Monday it has sold its wholly-owned subsidiary, Rebel Metal Fabricators Ltd., to another Alberta concern.McCoy did not disclose financial terms or the identity of the purchaser, other than to say it was an Alberta-based party with extensive experience in the vac and hydrovac industry. ___ (c) 2011 The Canadian Press |