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Business News as of 9 a.m. ET(Canadian Press DataFile Via Acquire Media NewsEdge) FRIDAY, July 22 - 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 business editor John Valorzi at 416-507-22146 or 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 ___ Inflation unexpectedly slowed in June Inflation OTTAWA _ The pace of inflation unexpectedly cooled in June, despite jumps in the cost of gasoline and basic foodstuffs.Statistics Canada said the annual inflation rate was 3.1 per cent in June, down from 3.7 per cent in May. Moves Business and National. Moves with Inflation-Provinces, Inflation-Cities. Will be writethru. ___ Retail sales up slightly in May: StatsCan Retail-Sales OTTAWA _ Statistics Canada says retail sales crept up 0.1 per cent in May to $37.5 billion, despite declines at car dealers and food and beverage stores.Volumes remained flat. Will be writethru. ___ Amid debt talks, House budget plan faces Senate US-Debt-Showdown WASHINGTON _ The Senate is moving to cast away House Republicans' budget-cutting plan Friday, clearing the way for increasingly urgent talks over raising the nation's debt limit. President Barack Obama and House Speaker John Boehner searched once more for an ambitious $4 trillion grand bargain, but officials said wide differences remained.Less than two weeks from an Aug. 2 deadline that could precipitate a first-ever government default, the continuing Obama-Boehner talks kept alive the possibility of substantial deficit reduction that would combine cuts in spending on major benefit programs like Medicare and Medicaid and revenue increases through a broad overhaul of the tax code. PHOTO. ___ Fitch: Greek deal to put country in default EU-Europe-Financial-Crisis BRUSSELS _ Greece will be ruled in default on its debt as a result of a new eurozone plan asking investors to take losses on the country's bonds, Fitch ratings agency said Friday.However, the move is unlikely to trigger payment of bond insurance _ easing a key concern for Greek and European leaders seeking to contain the continent's debt crisis. PHOTO. ___ GE profit up as financial arm improves US-Earns-General-Electric NEW YORK _ General Electric Co. said Friday that earnings grew 21 per cent in the second quarter as its GE Capital lending arm continued to recover from the recession.The industrial and financial giant reported income of US$3.76 billion, or 35 cents per share, for the three months ended June 30. That compares with $3.11 billion, or 28 cents per share, for the same part of last year. PHOTO. ___ McDonald's net income rises 15 pct on strong sales US-Earns-McDonald's OAK BROOK _ McDonald's Corp. says its net income rose 15 per cent in the second quarter to $1.4 billion on rising sales around the world.The world's largest burger chain reported net income of $1.4 billion, or $1.35 per share, up from $1.2 billion, or $1.13 per share in last year's second quarter. Revenue rose 16 per cent to $6.9 billion. APNewsNow. ___ ALSO IN THE NEWS ___ TSX, loonie headed lower, inflation slows Dollar-Markets TORONTO _ The Toronto stock market opened higher Friday morning as investors took in rising commodity prices and Canadian economic data showing inflation slowed, but retail sales were higher in May.The S&P/TSX composite index added 49.7 points to 13,484, with the gold index leading the way. The TSX Venture exchange gained 9.04 points to 2048.99. Will be updated. ___ Loonie lower after weak inflation data Loonie TORONTO _ The Canadian dollar was lower early Friday as traders weighed the impact of slightly higher retail sales against data that showed slowing inflation.The loonie fell 0.35 of a cent to 105.43 cents US following the lower than expected consumer price index data. That came a day after it ran up as high as 106.11 cents US Thursday, its highest level since late November 2007, partly on the prospect of higher interest rates. ___ Precision Drilling rises to Q2 profit Precision-Drilling CALGARY _ Oil and gas drilling services company Precision Drilling Corp. (TSX:PD) reported Friday a profit of $16.4 million in the second quarter on the back of much stronger revenues.The Calgary-based company said earnings were equal to 28 cents per share and reversed a year-earlier loss of $69.4 million, or five cents per share. ___ Celestica Q2 profits grow to $45.7 million Celestica TORONTO _ Profits at electronics manufacturer Celestica Inc. (TSX:CLS) rose to US$45.7 million in the second quarter from a year-earlier $13 million as revenue increased 15 per cent.The Toronto-based company, which reports results in U.S. dollars, said it earned 21 cents per share, compared to six cents a share, in the same period a year earlier. Will be updated. ___ Manuweb to buy Advantive Information Manuweb-Software VANCOUVER _ Manuweb Software Systems Inc. (CNSX:AIV) of Vancouver says it plans to acquire full control of Advantive Information Management Systems Inc. and has struck a separate deal to buy VisualVault Technologies Inc.Manuweb said Friday its board had agreed to exercise the company's option to buy the remaining 90 per cent of Phoenix, Ariz-based Advantive it doesn't own in return for issuing 68.1 million Manuweb shares. ___ Anglo gets new farm-out deal in Alberta Anglo-Canadian CALGARY _ Junior energy company Anglo Canadian Oil Corp. (TSXV:ACG) has entered into a farm-out agreement on its Mannville lands in Alberta.Under Friday's deal, Anglo Canadian said Vesta Energy Ltd. will commit to drilling a well into the Mannville-area Crown lands leased from the Alberta government earlier this year. ___ Centric Health to buy Performance Medical CentricAcquisition TORONTO _ Centric Health Corporation (TSX:CHH), a diversified healthcare company, says it has struck a deal to acquire 75 per cent of Performance Medical Group, an Ontario-based company which sells foot orthotic services, medical braces, laser and shockwave therapy.The value of the cash and share deal announced Friday is about $10 million _ made up of $3 million in cash and three million Centric Health common shares at $2.33 each. ___ (c) 2011 The Canadian Press |