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Business News as of Noon ET(Canadian Press DataFile Via Acquire Media NewsEdge) MONDAY, SEPT. 12 - Noon ET BUSINESS NEWS ADVISORY Here are the top Business News stories from The Canadian Press as of Noon. All times 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 ___ RBC downgrades Canadian GDP growth RBC-Economic-Outlook OTTAWA _ Here come the revisions _ the Royal Bank has dramatically downgraded its forecast for the Canadian economy, and others are either preparing to follow suit or have informally done so already. The world doesn't look nearly as safe as it did a few months ago, they say, and they are keeping fingers crossed that the picture doesn't deteriorate further. PRECEDES Montreal. ___ Canadian dollar briefly slips below parity Loonie TORONTO _ The Canadian dollar slipped briefly below parity with its U.S. counterpart before heading back to a sliver above the greenback, where it hovered at midday.The loonie was ahead 0.04 of a cent to 100.44 cents US at noon after the earlier decline. In pre-market trading it had fallen as low as 99.87 cents US, marking its first time below parity since Jan. 31. PHOTO. Will be updated. ___ Enbridge to spend $1.2B on pipeline expansion Enbridge CALGARY _ Oil and gas pipeline operator Enbridge Inc. (TSX:ENB) says it will spend about $1.2 billion to expand the southern section of the Athabasca Pipeline, adding capacity to handle increased production from the Kirby oilsands area.The project will see the twinning of an existing Alberta pipeline that runs south from Kirby Lake to the crude oil processing hub in Hardisty. The 345 kilometres of new pipe will boost capacity by about 450,000 barrels per day, with the potential to expand that to 800,000 barrels per day. ___ Central bankers see slowdown but no recession EU-Global-Economy BASEL _ The world's leading central bankers agree that the global economy is slowing, but do not expect it to enter recession.European Central Bank chief Jean-Claude Trichet said central bankers agreed Monday they "have the weaponry to provide liquidity" to banks as needed worldwide, and on an unlimited basis at fixed rates in the eurozone. ___ Euro, bank stocks hit by Greek default fears EU-Europe-Financial-Crisis LONDON _ Mounting fears over the possibility of a Greek debt default and signs of division within Europe's policymaking circles over how to deal with the crippling crisis combined Monday to send the euro briefly down to seven-month lows against the dollar and bank stocks plunging.In morning trading, the euro had hit $1.3495 _ its lowest level since the middle of February _ before stabilizing somewhat to trade 0.1 per cent lower at $1.3595. ___ McGraw-Hill sets plan to split into 2 companies US-McGraw-Hill-Split NEW YORK _ McGraw-Hill Cos. will split up into two public companies with one focused on education and the other centred on markets, featuring the Standard & Poor's unit.The decision, which has been expected, follows a yearlong review of the company's business. Investors have pushed the New York company to boost the company's stock price, which has dropped by more than 40 per cent since 2006. PHOTO. ___ OPEC cuts oil demand forecast on growth concerns ML-OPEC-Oil-Demand CAIRO _ OPEC sharply revised down its forecast for world oil demand for this year and expected consumption would remain weak in 2012, citing on Monday waning economic growth in key industrialized nations and a weak U.S. driving season.The 12-nation group that supplies about a third of the world's crude oil slashed its global oil demand forecast by 150,000 barrels per day for 2011 and by 40,000 barrels per day for 2012, saying "turbulence in world economic recovery has resulted in considerable uncertainty for demand growth next year." PHOTO. ___ Broadcom to acquire NetLogic for about $3.7B US-Broadcom-Acquisition NEW YORK _ Broadcom has agreed to acquire NetLogic Microsystems Inc. for what the chip maker says is about $3.7 billion in cash.Broadcom chips are used in products ranging from cable boxes to cellphones. It says NetLogic will extend its product line with a number of new processors. Will be Updated ___ German politician: Greece could leave eurozone EU-Germany-Financial-Crisis BERLIN _ The general secretary of German Chancellor Angela Merkel's junior coalition partner says the possibility of Greece leaving the eurozone cannot be ruled out.Christian Lindner said Monday in an interview on ZDF television that the goal is to keep Greece in the eurozone and if the country continues its austerity measures and other changes, European bailout money would keep coming. Will be Upated ___ Suzuki cuts ties with Volkswagen AS-Japan-Suzuki-Volkswagen TOKYO _ Suzuki Motor Corp. said Monday it will abort its alliance with Volkswagen AG, ending a nearly two-year marriage that never worked and eventually escalated into a public feud.Suzuki's board of directors decided to dissolve its partnership and cross-shareholding relationship with the German automaker because of concerns that it would lose autonomy, it said in a statement. Volkswagen owns a nearly 20 per cent stake in Suzuki, while Suzuki holds about 1.5 per cent of Volkswagen. ___ Union takes bankruptcy action against Saab EU-Sweden-Saab STOCKHOLM _ White-collar labour union Unionen says it will take bankruptcy action against troubled automaker Saab Automobile because its members still haven't received their August salaries.Unionen says it will file bankruptcy proceedings against Saab on Monday. PHOTO. Will be Updated ___ COMING LATER TODAY ___ Astral president speaks at Canadian Club Astral MONTREAL _ Ian Greenberg, president and CEO of Astral Media, speaks at the Canadian Club of Montreal. (1 p.m. at Hilton Montreal Bonaventure Hotel) ___ ALSO IN THE NEWS ___ TSX posts triple digit loss Monday morning Dollar-Markets TORONTO _ The Toronto stock market posted a triple-digit loss Monday morning amid weaker commodity prices and fresh anxiety over a potential default by the Greek government on its loans.The S&P/TSX composite index was down 118.8 points at 12,268.7. The TSX Venture Exchange lost 16.83 points to 1,768.18. PHOTO. Will be updated ___ Prairie farmers vote in favour of wheat board Wheat-Board-Vote WINNIPEG _ Prairie farmers have voted in favour of the Canadian Wheat Board's monopoly over wheat and barley sales.Just over 60 per cent of wheat growers and 51 per cent of barley growers voted in favour of maintaining the board's monopoly. Some 55 per cent of wheat growers and 47 per cent of barley growers voted in the plebiscite. Moves on national and business wires. Guard against duplication. ___ Caisse puts another $200M in Industrial Caisse-Industrial-Alliance MONTREAL _ The Caisse de depot et placement du Quebec has bought another six million common shares of Industrial Alliance Insurance and Financial Services Inc.The share purchase, announced Monday, represents an additional investment of close to $200 million in this Quebec City company (TSX:IAG). ___ Mosaid looks at alternatives to Wi-LAN offer Wi-LAN-Mosaid OTTAWA _ Mosaid Technologies Inc. (TSX:MSD) says it is exploring a "broad range of alternatives" to the $480-million hostile takeover bid by Wi-LAN Inc. (TSX:WIN) and is in discussions with several other parties."Mosaid and its financial advisers have been approached by and have initiated contact with several third parties with respect to these prospective alternatives," Mosaid chairman Carl Schlachte said in a release Monday. ___ Americas Petrogas reports Argentine oil find Petrogas-Gran-Tierra CALGARY _ Americas Petrogas (TSXV:BOE) and partner Gran Tierra Energy (TSX:GTE) make "significant discovery of oil" in the first of three exploration wells on the Rinconada Norte block in the Neuquen Basin of Argentina. ___ 20-20 Technologies third-quarter profit drops 20-20-Technologies LAVAL _ 20-20 Technologies Inc. (TSX:TWT) says its net earnings dropped to US$403,000 in the third quarter.The maker of design and manufacturing software for the furniture industry said Monday that the results were equal to two cents per share. ___ Homburg Invest faces delisting review Homburg-Invest TORONTO _ Stock in Homburg Invest Inc. has been suspended from trading as the restructuring real estate firm faces a delisting review by the Toronto Stock Exchange.The TSX said Monday that the review is being conducted because the company has failed to meet the requirements for continued listing. PHOTO. ___ Immunization names John Trizzino as new CEO Immunovaccine HALIFAX _ Immunovaccine Inc. (TSXV:IMV) announced the appointment Monday of John Trizzino as chief executive officer, effective Oct. 1.As a senior executive with more than 25 years of broad industry experience, Trizzino has focused his career on vaccine development, manufacturing and distribution in the U.S. and worldwide, Immunovaccine said in a release. PHOTO. ___ Hardwoods to buy Frank Paxton Lumber Hardwoods-Distribution LANGLEY _ Hardwoods Distribution Inc. (TSX:HWD) has reached an agreement to purchase the assets of Frank Paxton Lumber Co., a U.S.-based lumber provider, for US$13 million.The distributor of hardwood and lumber products, based in Langley, B.C., said the acquisition of the Frank Paxton is expected to bring in $45 million in new annual sales. ___ (c) 2011 The Canadian Press |