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Business News as of Noon ET(Canadian Press DataFile Via Acquire Media NewsEdge) WEDNESDAY, July 27 - 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 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 ___ Husky Energy Q2 profits rise to $669 million Husky-Energy CALGARY _ Husky Energy Inc. (TSX:HSE) says second-quarter profits nearly quadrupled as the company benefited from higher production.The Calgary-based firm posted earnings of $669 million, or 71 cents per share. Will be updated. ___ Canadian-Pacific CALGARY _ Canadian Pacific Railway Ltd. (TSX:CP) says flooding left a negative impact on its second-quarter results.The Calgary-based company reported that net income fell to $128 million, compared to $166.6 million a year ago. ___ Zarlink has Q1 profit dip but sees growth Zarlink OTTAWA _ Hostile takeover target Zarlink Semiconductor said Wednesday it has substantial growth opportunities in wireless medical devices and network equipment as the Ottawa-based technology company considers acquisition offers."Targeting these market trends, we believe there are immediate and longer-term growth opportunities for Zarlink," chief executive Gary Tanner told the annual shareholders meeting after the company reported its quarterly profit slipped to US$2.4 million. Will be updated. ___ Bell Aliant earns $83M in Q2, revenues fall Bell-Aliant HALIFAX _ Atlantic Canadian phone company Bell Aliant Inc.(TSX:BA) earned a net profit of $83 million or 36 cents a share for the second quarter ended June 30. Revenues in the quarter fell to $693 million from $700 million. The Halifax company raised its revenue guidance for the full year. ___ Boeing 2Q profit beats Street; raises guidance US-Earns-Boeing Boeing Co. says its second-quarter profit rose almost 20 per cent as it delivered more commercial airplanes. The company raised its outlook for the full year.The big airplane maker and defence contractor also says it will not deliver as many of its new 787s and 747-8s this year as previously hoped. It now expects to deliver 25 to 30 of the planes, down from an earlier projection for as many as 40. PHOTO. APNewsNow. Will be Updated ___ US Congress flailing as default deadline nears US-Debt-Showdown WASHINGTON _ The U.S. Congress remained dangerously split Wednesday in the face of an unprecedented American default on its debt in just six days, as Republicans clashed with Democrats _ and with each other _ over raising the federal cap on borrowing.World stock markets watched nervously for a feared downgrade of the United States triple-A bond rating, shedding value across the board. PHOTO. ___ U.S. durable goods orders fall 2.1 per cent in June US-Durable-Goods WASHINGTON _ U.S. businesses cut back on orders for aircraft, autos, heavy machinery and computers in June, sending demand for long-lasting manufactured goods lower for the second month in the past three.The Commerce Department says orders for durable goods fell 2.1 per cent in June, with the weakness led by a big drop in orders for commercial aircraft. A number of other categories also showed weakness including autos and auto parts. A key category that tracks business investment plans fell 0.4 per cent in June. APNewsNow. Will be Updated. ___ COMING TODAY ___ Agnico-Eagle TORONTO _ Agnico-Eagle Mines Ltd. releases second-quarter results after markets close. ___ Cash-Store EDMONTON _ The Cash Store Financial Services Inc. releases third-quarter results after markets close. A conference call will be held on July 28. ___ Goldcorp VANCOUVER _ Goldcorp Inc. releases its second-quarter results after markets close. ___ ALSO IN THE NEWS TSX lower amid U.S. debt worries, lower oil Dollar-Markets TORONTO _ Worries about the effects of a failure on the part of the U.S. to raise its debt limit and sliding prices for oil and metals sent the Toronto stock market sharply lower Wednesday.The S&P/TSX composite index lost ground for a third session, losing 148.35 points to 13,152.21 while the TSX Venture Exchange was off 13.99 points to 2,009.53. Will be updated. ___ Canadian dollar moves lower, commodities dip Loonie TORONTO _ The loonie was perched just under the 106-cent US mark Wednesday morning amid falling commodity prices.The dollar was off 0.1 of a cent 105.97 cents US. PHOTO. ___ Sherritt Q2 profit, revenue up Sherritt TORONTO _ Sherritt International Corp. (TSX:S) says its second-quarter net income was $60.1 million or 20 cents per share, up 20 per cent from a year earlier. Revenue improved to $500.6 million from $406.3 million. Will be Updated ___ Genivar buys Dakins Engineering Genivar MONTREAL _ Genivar Inc. (TSX:GNV) buys automation systems consulting engineering firm Dakins Engineering Group Ltd. for undisclosed amount. ___ Aecon Group gets $64M in highway contracts Aecon-Group TORONTO _ Aecon Group Inc. (TSX:ARE) has been awarded three contracts for highway construction in Ontario valued at $64 million, the company said Wednesday.The contracts include an agreement with the Ontario Ministry of Transportation valued at $29 million that begins this month. ___ MEG Energy nets $42.5 million in Q2 MEG-Energy CALGARY _ MEG Energy Corp. is report second quarter net earnings of $42.5 million, or 21 cents per share, compared to a loss of $34.9 million, or 21 cents per share, in the same quarter last year.The Calgary-based company (TSX:MEG) says its cash flow in the quarter was $88.1 million, up from $51.1 million in the same period last year. ___ Pacific Rim Mining loses $4M in 2011 Pacific-Rim-Mining VANCOUVER _ Pacific Rim Mining Corp. (TSX:PMU) reports a net loss for the fiscal year ended April 30 after discontinued operations of $4 million or three cents a share.That compared with a loss of $5 million or four cents a year earlier. ___ Cantronic earns Q1 profit Cantronic-Systems VANCOUVER _ Cantronic Systems Inc., (TSXV:CTS), a Vancouver-based information technology trainer in video security systems, earned a net profit of about $345,000 or one cent a share from continuing operations for the fiscal 2012 first quarter ended April 30.That reversed a loss of $1.4 million or two cents a year earlier, the company reported Wednesday. ___ Augen says Trelawney bid undervalues company Augen-Gold TORONTO _ Augen Gold Corp. (TSXV:GLD) says its board unanimously recommends shareholders reject a hostile takeover offer by Trelawney Mining and Exploration Inc. (TSXV:TRR). The board said Trelawney's $55 million offer undervalues the company. ___ Oil and gas lead commodity price index lower Commodity-Index TORONTO _ Commodity prices fell slightly in June on lower oil and gas prices, Scotiabank said Wednesday in its commodity price index for the month. ___ Premier Tech buys Malpec Peat Moss Ltd. Premier-Tech RIVIERE-DU-LOUP _ Agricultural products firm Premier Tech said Wednesday it has bought New Brunswick-based Malpec Peat Moss Ltd. for an undisclosed amount.Malpec, based in Rexton, will add 52 people to Premier Tech's employment rolls. The company will be integrated into privately held Premier's horticulture business unit. ___ Private investor boosts stake in Sino-Forest Sino-Forest TORONTO _ A Singapore-based private investment group has increased its stake in stake in beleaguered Chinese forestry firm Sino-Forest (TSX:TRE) to nearly 15 per cent, boosting the price of its battered shares on the Toronto Stock Exchange.The move by the Richard Chandler Corp. is a small show of confidence in Sino-Forest. The company's shares plunged June 2 after a damning analyst report by Muddy Waters Research that raised questions about its financial reporting and operations, accusing it of exaggerating its sales and assets. ___ WSJ: Valeant stalking Meda Valeant TORONTO _ The Wall Street Journal reports that Valeant Pharmaceuticals Inc. (TSX:VRX) has made a takeover approach to Meda AB, a Swedish specialty drug maker.The newspaper, which cited "people familiar with the matter" said Valeant declined to comment and Meda issued a statement saying it hadn't received an approach. ___ (c) 2011 The Canadian Press |