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Business News as of Noon ET(Canadian Press DataFile Via Acquire Media NewsEdge) FRIDAY, July 22 - Noon ET BUSINESS NEWS ADVISORY Here are the top Business News stories from The Canadian Press as of Noon 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. ___ Revised Maple deal could include lower debt TMX-Maple-Talks TORONTO _ An analyst says the would-be buyer for the operator of the Toronto Stock Exchange may revise its offer to lower the debt included in the deal.TMX Group (TSX:X) and Maple Group Acquisition Corp. say they are now going to hold formal discussions about Maple's $3.7-billion takeover bid. 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 higher on rising commodities, data Dollar-Markets TORONTO _ The Toronto stock market was in positive territory at midday Friday as investors took in rising commodity prices and mixed Canadian economic data.The S&P/TSX composite index added 70.47 points to 13,504.77, with the gold index leading the way higher. The TSX Venture exchange gained 11.03 points to 2,050.08. Will be updated. ___ Loonie loses steam on slow inflation growth Loonie TORONTO _ The Canadian dollar weakened against its U.S. counterpart Friday as traders took in data showing a slower pace of price inflation, which tamped down the urgency to raise interest rates.The loonie fell 0.53 of a cent to 105.25 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. Will be updated after market close. ___ 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 _ Profit 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. ___ Bombardier gets US$41 million rail car order Bombardier BERLIN _ Bombardier Transportation (TSX:BBD.B) has signed a contract to supply 14 rail cars to the Florida Department of Transportation for US$41 million.The company said Friday that the orders are for the Florida SunRail commuter rail project which provides services to the Orlando area. ___ CanaDream net profit falls marginally CanaDream CALGARY _ Recreational vehicle and tourism operator CanaDream Corporation (TSXV:CDN) reports its net profits fell marginally but sales rose 12 per cent in the last fiscal year.The Calgary company said Friday it earned $324,000 or 1.64 cents a share for the fiscal year ended April 30. That was down one per cent from earnings of $326,000 or the previous year. ___ CGI wins new two new technology contracts CGI-EnCana CALGARY _ CGI Group Inc. (TSX:GIB.A), a major provider of information technology and business process services, signs a five-year agreement to provide software development and technology maintenance services for natural gas giant Encana Corp. (TSX:ECA).CGI said Friday it will manage more than 370 custom technology applications Encana needs to run its business. ___ Cobalt wins extension to repay debt Cobalt-Coal CALGARY _ Cobalt Coal Ltd. now has until Sept. 30 to pay $1.2 million to its senior lender that's currently in default, but the extension comes with some conditions.The junior coal miner (TSXV:CCF) said it did not pay its lender a monthly interest payment of $14,986 due June 30 on a loan facility, nor did it make a $23,186 quarterly interest payment to debenture holders. ___ (c) 2011 The Canadian Press |