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Business News as of Noon ET(Canadian Press DataFile Via Acquire Media NewsEdge) FRIDAY, SEPT. 9 - Noon ET BUSINESS NEWS ADVISORY Here are the top Business News stories from The Canadian Press as of Noon. All times e Eastern unless otherwise stated. Coverage plans are included when available. Entries are subject to change as news develops. Queries should be addressed to 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 ___ Unemployment rate ticks up to 7.3 per cent Jobs OTTAWA _ Canada's economy shed jobs for the first time in five months in August, pushing the unemployment rate up a tick to 7.3 per cent as workers in construction, transportation and warehousing struggled to find employment.The loss of employment was small _ 5,500 _ but it was the second consecutive month that jobs growth was virtually non-existent in Canada, a clear signal that the economy continues to struggle. Moved Business and National. Will be Updated ___ Scotiabank to buy stake in Bank of Guangzhou Scotiabank-China TORONTO _ Scotiabank (TSX:BNS) is buying nearly 20 per cent of a Chinese bank in a deal worth about $719 million expanding its presence in one of the world's fastest growing economies.The big Canadian bank said early Friday it had been chose as the winning bidder to acquire 19.99 per cent of the Bank of Guangzhou (BGZ). Will be updated. ___ Patheon posts Q3 loss, revenues higher Patheon TORONTO _ Contract drug manufacturer Patheon Inc. (TSX:PTI) may spin off or sell its packaging facility in Burlington, Ont., as part of an ongoing restructuring of global operations intended to return the company to profitability.Patheon CEO James Mullen told analysts and media Friday that the Burlington packaging operation has had "modest" revenue that will sustain its current workforce for now, but that it hasn't been a core operation. Moves Business and Ontario regional. ___ Bell Media partners with CBC for Olympic bid OLY-TV-Canada-Olympic TORONTO _ Bell Media says it will partner with the CBC in a bid for the Canadian broadcasting rights to the 2014 and 2016 Olympic Games.The telecommunications company, which owns CTV and the TSN sports network, announced the pairing with the Canadian Broadcasting Corp. Friday, a day after Bell's current partner Rogers decided to bow out of a future partnership. Kirstine in para 8 is correct. Will be updated. ___ Reports: Bank of America considers huge job cuts US-Bank-Of-America-Job-Cuts NEW YORK _ Bank of America is considering cutting at least 10 per cent of its workforce _ tens of thousands of jobs _ as part of a massive restructuring, according to published reports.The Wall Street Journal said that officials at the Charlotte, N.C. bank have discussed cutting 40,000 employees, or 14 per cent of its 288,000 total staff. Bloomberg put the job cuts at about 10 per cent. They each cited people that were not identified by name. PHOTO. ___ Pace of Canadian home construction slows CMHC-Housing OTTAWA _ The pace of home construction in Canada slowed last month as builders started work on fewer condominiums and apartments, Canada Mortgage and Housing Corp. says.Housing starts in August fell to a seasonally adjusted annual rate of 184,700 units _ down from 204,500 in July, the agency said Friday. ___ Canada wants eurozone to boost bailout fund EU-G7-Finance MARSEILLE _ Canada's finance minister says the eurozone's bailout fund should be bigger than the current euro440 billion (US$618 billion).Jim Flaherty said Friday that the 17 countries that use the euro should also quickly push through changes to the fund's powers, which have to be ratified by most national parliaments. PHOTO. ___ China's inflation rate eases as economy cools AS-China-Inflation SHANGHAI _ China's inflation rate retreated from a three-year high in August as food price increases moderated, suggesting Beijing may be able to hold off on further monetary tightening as it copes with a slowing global economy.Consumer prices in the world's second-largest economy rose 6.2 per cent over a year earlier, cooling from 6.5 per cent in July, the National Statistics Bureau said Friday. PHOTO. ___ Stocks lower ahead of G-7 meeting World-Markets LONDON _ The failure of Federal Reserve chairman Ben Bernanke to outline new monetary stimulus weighed on markets Friday ahead of a meeting of finance ministers of the Group of Seven top industrialized countries where pro-growth measures are set to be discussed.Hopes that Bernanke would use a speech Thursday to hint at another round of stimulus were not met and fueled a bout of selling in markets after a week when most stocks have managed to hold their own. PHOTO. ___ Japan economy shrank more than initial report AS-Japan-Economy TOKYO _ Japan's economy contracted the April-June quarter at an annual rate of 2.1 per cent, worse than the initial estimate, the government said Friday, underlining the damage from the March earthquake disaster.The Cabinet Office numbers give a more dismal view than the earlier report that had said Japan's gross domestic product, or the measure of a nation's goods and services, contracted at an annual rate of 1.3 per cent. PHOTO. ___ Top ECB official Stark resigns unexpectedly EU-European-Central-Bank FRANKFURT _ Top European Central Bank official Juergen Stark is resigning well before the end of his term, removing a key voice for higher interest rates and raising questions about the bank's course during Europe's debt crisis.Stark's departure comes amid controversy over the central bank's program to purchase government bonds in the open market, a risky practice that has provoked strong criticism in Stark's home country Germany. PHOTO. ___ ALSO IN THE NEWS ___ TSX drops after weak jobs data reported Dollar-Markets TORONTO _ The Toronto stock market tumbled nearly 100 points at midday Friday as investors took in weaker than expected Canadian jobs figures and appeared unmoved by speeches from the U.S. President and Federal Reserve Chairman.The S&P/TSX composite index lost 94.4 points to 12,589.5. The TSX Venture exchange lost 6.17 points to 1,797.97. Will be updated. ___ Loonie sinks on weak August jobs data Loonie TORONTO _ The Canadian dollar plunged nearly a cent against its U.S. counterpart at midday Thursday after data showed the Canadian economy lost jobs in August.The Canadian dollar fell 0.91 of a cent to 100.30 cents US after data showed Canada's economy shed jobs for the first time in five months in August. Will be updated ___ Wi-LAN 'disappointed' on Mosaid rejection Wi-LAN-Mosaid OTTAWA _ Wi-LAN Inc. (TSX:WIN) said Friday it's evaluating its $480-million hostile takeover bid for rival patent company Mosaid Technologies Inc. due to the possible negative financial impact of a new family of patents that Mosaid has acquired.Wi-LAN said that Mosaid's recent deal is "not attractive from a financial or business perspective" and the company hasn't provided enough information about its full financial impact. ___ Labour productivity drops in Q2: StatsCan StatsCan-Productivity OTTAWA _ The labour productivity of Canadian businesses fell 0.9 per cent in the second quarter, after increasing 0.4 in the first.Statistics Canada notes the decline comes against a backdrop of temporary factors which affected output more than labour, including wildfires in Northern Alberta and a tsunami in Japan. ___ Desjardins group increases stake in Ivanhoe Caisse-Desjardins MONTREAL _ The Desjardins Group Pension Plan is investing $145 million to increase its ownership stake in Ivanhoe Cambridge, the real estate company of Quebec pension fund manager, the Caisse de depot. ___ Afexa give thumbs-up to Valeant takeover bid Afexa-Valeant EDMONTON _ The board of Cold-FX flu remedy maker Afexa Life Sciences Inc. (TSX:FXA) has given its final stamp of approval to a friendly $76-million takeover bid by Valeant Pharmaceuticals International Inc. (TSX:VRX).Afexa said Friday it has also named William White as its interim chief executive officer, to replace current CEO Jack Moffatt after his contract expires on Sept. 30. ___ Deep Panuke first gas suffers delay Deep-Panuke-Delay HALIFAX _ The company that owns the Deep Panuke production platform off Nova Scotia says it could be the middle of next year before natural gas is flowing from the $960-million project.That's another six months behind schedule for the EnCana Corp. (TSX:ECA) project that was originally slated to produce first gas a year ago. Moved Regional (A) and Business from member copy. Halifax Chronicle-Herald ___ Whiterock REIT buys Ontario mall for $7.5M Whiterock-REIT TORONTO _ Whiterock Real Estate Investment Trust (TSX:WRK.UN) says it has acquired a Sobeys long-term leased shopping centre in Tillsonburg, Ont. for about $7.5 million.The property owner said Friday the purchase of the Tillsonburg Gateway Shopping Centre in southwestern Ontario was made with ROI Capital Ltd., with Whiterock providing exclusive property management services. ___ Versatile cuts annual net loss sharply Versatile-Systems VANCOUVER _ Corporate software provider Versatile Systems Inc. (TSXV:VV) cut its annual losses sharply in the most recent fiscal year on higher revenues.The Vancouver company said Friday it lost US$98,762 or nil per share for the year ended June 30, down from a loss of about $1.2 million or one cent the previous year. ___ Homburg Invest files for CCAA protection Homburg-Restructuring MONTREAL _ Homburg Invest Inc. (TSX:HII.A, TSX:HII.B) announced Friday that it has filed for court protection under the Companies' Creditors Arrangement Act.The Halifax-based real estate and investment company said it wants to restructure its activities "in an orderly fashion." Will be updated. ___ Co-presidents to lead The Canadian Press CRAFT-CP-Presidents TORONTO _ Two of the principal architects of a new strategic vision for The Canadian Press are taking the company's helm as co-presidents, the national news agency announced today.Jim Jennings and Neil Campbell, emissaries of a new ownership group that includes the parent companies of the Globe and Mail, the Toronto Star and Montreal's La Presse newspapers, have been engaged since May in a comprehensive review of the company's operations. PHOTO. Will be writethru. ___ (c) 2011 The Canadian Press |