TMCnet News
Business News as of 9 a.m. ET(Canadian Press DataFile Via Acquire Media NewsEdge) THURSDAY, July 21 - 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 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 ___ More Americans sought unemployment benefits last week US-Unemployment-Benefits WASHINGTON _ More people in the United States applied for unemployment benefits last week, evidence that layoffs are rising and the American job market is weak.The U.S. Labor Department says applications for unemployment benefits rose by 10,000 to a seasonally adjusted 418,000. The four-week average, a less volatile measure, dipped to 421,250. ___ Home prices rise 4.4 per cent in 2011:RBC RBC-Housing-Outlook TORONTO _ Royal Bank's (TSX:RY) housing market outlook predicts Canadian home resales will grow by 0.9 per cent this year and remain unchanged in 2012, as a hike in interest rates will cool housing demand but not "deep-freeze" it. The bank expects home prices will increase by 4.4 per cent this year and 0.4 per cent in 2012. Mov es Business and National. Will be Updated ___ Encana rises to Q2 profit of $176 million Encana CALGARY _ Encana Corp. (TSX:ECA) rose to a second quarter profit of $176 million, turning around a loss posted at the same time last year.The Calgary-based oil and gas company said the earnings were equal to 21 cents per share, above analyst expectations of 17 cents per share, according to a poll by Thomson Reuters. Will be Updated ___ Loblaw Companies earnings grow, revenue flat Loblaw BRAMPTON _ Loblaw Companies Ltd. (TSX:L) second-quarter earnings grew nearly nine per cent, but missed analysts expectations as Canada's largest supermarket operator grappled with intense competition and an unpredictable retail environment.Income for the quarter ended June 18 was up to $197 million, or 70 cents per share from $181 million or 65 cents per share in the year-earlier period. ___ Eurozone set for Greek deal, bank levy unlikely EU-Europe-Financial-Crisis BRUSSELS _ European leaders are poised to sign off on a second bailout for Greece Thursday even at the potential cost of putting the country into default, a top eurozone official said Thursday.After Germany and France shelved a plan to levy a tax on the banks, investors are worried that an alternative way of getting banks involved in the second bailout of Greece will prompt credit rating agencies to slap a default rating on Greece. The worry is that plans to give Greece more time to repay its bonds to banks and other private investors could potentially threaten Greece's banking system and spark renewed concerns that much bigger economies such as Spain and Italy will get dragged into Europe's debt crisis mire. ___ Express Scripts will buy rival Medco for $29B US-Medco-Express-Scripts NEW YORK _ Express Scripts and Medco Health Solutions, the largest U.S. pharmacy benefits management companies, say they will combine in a deal worth US$29.1 billion in cash and stock.The companies manage prescription drug benefits, and combined, they handled more than 1.7 billion prescriptions in 2010. Will be Updated ___ AT&T stays strong against threat of Verizon iPhone US-Earns-AT&T NEW YORK _ AT&T saw a rebound in the number of new contract subscribers in the second quarter, showing resilience in the face of competition from Verizon's iPhone.The country's largest telecommunications company said Thursday that it added a net 331,000 new subscribers on contract-based plans, up from a record low of 62,000 in the first quarter. Will be Updated ___ Entire Apple stores being faked in China AS-China-Apple BEIJING _ At first, it looks like a sleek Apple store. Sales assistants in blue T-shirts with the company's logo chat to customers. Signs advertising the iPad 2 hang from the white walls. Outside, the famous logo sits next to the words "Apple Store."And that's the clue it's fake. PHOTO. Moving on general news and financial services. ___ Nokia posts $523 million loss, lower sales in Q2 EU-Finland-Earns-Nokia HELSINKI _ Mobile phone maker Nokia Corp. on Thursday posted a loss of euro368 million (US$523 million) as sales slumped in the second quarter amid "greater than expected" challenges.The result was down from a profit of euro227 million in the same period last year. ___ MOVING TODAY Shoppers-Drug TORONTO _ Shoppers Drug Mart Corp. reports second quarter financial results and holds a conference call with analysts at 2 p.m. ET. Reporter LuAnn LaSalle covers the conference call. ___ Money-Monitor Lots of investment options for severance OTTAWA _ Losing your job, taking a buyout or retiring early can be a stressful time can be a stressful moment to make financial decisions, but experts say it is an important time, especially if you are receiving a large servence payment. ___ Canfor-Pulp VANCOUVER _ Canfor Pulp Products Inc. releases second-quarter results after markets close. ___ ALSO IN THE NEWS ___ TSX heads for lower open, oil prices fall Dollar-Markets TORONTO _ The Toronto stock market headed for a negative open Thursday as commodity prices declined in the wake of data showing a slowdown in Chinese manufacturing.Traders also watched for progress on the U.S. government debt limit and Europe's debt crisis. will be updated ___ Canadian dollar surges to 3.5 year high Loonie TORONTO _ The Canadian dollar surged to a three-and-a-half year high Thursday as the Bank of Canada prepares markets for an eventual hike in interest rates while nervous investors diversify some holdings into the loonie.The currency was up 0.43 of a cent to 105.98 cents US, its highest level since late November, 2007. will be updated ___ Nightingale Informatix loss narrows Nightingale-Informatix MARKHAM _ Nightingale Informatix Corp. (TSXV:NGH), an application service provider of electronic medical record software and related services, says its second-quarter loss narrowed to $1 million.That compares to $3.5 million in profit during the same quarter a year ago. ___ Pure Technologies gets work in UAE Pure-Technologies CALGARY _ Pure Technologies Ltd. (TSX:PUR) awarded contracts worth $800,000 to clean and inspect wastewater for the sewage authority of the Ras al-Khaimah government in the United Arab Emirates. ___ Lignol Energy cuts annual loss Lignol-Energy VANCOUVER _ Lignol Energy Corporation (TSXV: LEC, a biofuels and renewable chemicals company, cut its annual losses for the latest fiscal year. ___ (c) 2011 The Canadian Press |