TMCnet News
Business News as of Noon ET(Canadian Press DataFile Via Acquire Media NewsEdge) THURSDAY, SEPT. 22 - NOON ET BUSINESS NEWS ADVISORY Here are the top Business News stories from The Canadian Press as of Noon ET. 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 ___ Stocks plunge on gloomy economic outlook Dollar-Markets TORONTO _ The Toronto stock market took a nosedive Thursday morning, plunging more than three per cent after yet another gloomy assessment of prospects for the global economy.The S&P/TSX composite index tumbled 417.8 points or 3.5 per cent to 11,496.84, while the junior TSX Venture Exchange lost 89.54 91 points or 5.26 per cent to 1,614.24. PHOTO. Moved National and Business. Will be updated ___ Loonie falls more than two cents Loonie TORONTO _ The loonie tumbled more than two cents in early trading Thursday as investors turned to the U.S. dollar as a safe haven and commodity prices continued to fall.The Canadian dollar was down 2.47 cents to 96.96 cents US on financial markets. Will be updated Moved National and Business ___ Loonie-Consumers TORONTO -- The loonie's sudden drop below parity is a double-edged sword for Canadians _ it makes Canadian workers and goods appear cheaper, helping to spur the economy, but it also highlights the growing fears about another global recession. Moves Business and National. Will be Updated ___ Data suggest Europe on edge of recession EU-Europe-Economy FRANKFURT _ Key economic indicators are sagging in Europe _ more signs that the region's debt crisis has pushed it to the edge of a recession.A measure of consumer optimism from the European Commission fell to a two-year low of minus 18.5 in September in the 17 countries that use the euro, while Eurostat, the EU's statistics office found industrial orders _ key for Europe's manufacturing driven economy _ sliding 2.1 per cent in July. PHOTO. ___ Crisis possible if action not take: Flaherty Flaherty-G20 OTTAWA _ Finance Minister Jim Flaherty is warning of a second financial meltdown on the scale of 2008 if action is not taken, saying he is frustrated by the lack of response from policy-markers.The Canadian finance minister issued the alarm hours before flying to Washington to meet with his G20 colleagues in an 11th hour effort to avert a crisis. PHOTO. Moves Business and National. Will be Updated ___ Ivanhoe, Rio Tinto face new Mongolian demands AS-Mongolia-Mines ULAN BATOR _ Mongolia's government is demanding a bigger stake in the massive gold and copper mine that it's developing with a Canadian mining company and its Anglo-Australian partner.A government statement says the cabinet had asked the ministers of finance and minerals to re-negotiate a 2009 investment agreement in an effort to increase Mongolia's stake in the Oyu Tolgoi copper and gold mine. PHOTO. Will be Updated ___ Public transport grinds to halt in Greek capital EU-Greece-Financial-Crisis ATHENS _ A 24-hour public transport and taxi strike is snarling traffic in the Greek capital, while a work stoppage by air traffic controllers has forced airlines to cancel or reschedule flights as unions lash out against more austerity measures.Thursday's strikes come a day after Greeks were hit with another round of tax hikes and pension cuts as part of the government's scramble to keep international bailout payments flowing and soothe global market fears that Greece will default. PHOTO. Will be Updated ___ Big U.S. aerospace deal boosts CAE value US-United-Technologies-Goodrich LOS ANGELES _ Industrial conglomerate United Technologies Corp. is buying aerospace manufacturer Goodrich Corp. for about $16.4 billion in cash in a deal that will significantly expand its aerospace business.United Technologies already owns jet engine manufacturer Pratt & Whitney as well as Carrier heating and cooling, Otis elevator and other businesses. PHOTO. Moved ___ Retail sales drop in July: StatsCan StatsCan-Retail OTTAWA _ Retail sales declined 0.6 per cent to $37.5 billion in July after three straight monthly increases.Statistics Canada says lower sales were reported in seven of 11 subsectors, with vehicle and parts dealers accounting for most of the decline. Will be updated ___ Paladin says it's preparing new Afexa bid Afexa-Paladin MONTREAL _ Paladin Labs Inc. (TSX:PLB) says it's preparing to make an "enhanced" takeover offer for Afexa Life Sciences Inc. (TSX:FXA) under certain circumstances. Paladin didn't disclose details of its new proposal but said it believes the enhanced bid for the maker of the Cold-FX flu remedy would be superior to a rival offer from Valeant Pharmaceuticals International, Inc. (TSX:VRX). ___ Target's blunder with designer continues US-Target-Blunder NEW YORK _ Target is a victim of its own success.The discounter drummed up so much hype around its exclusive, limited-time line by upscale Italian designer Missoni that its website crashed and was down most of the day on Sept. 13 when the collection was launched, angering customers. More than a week later, some shoppers who bought the Missoni for Target line are posting on social media websites Facebook and Twitter that they won't shop at Target again because their online orders are being delayed _ or worse, cancelled _ by the retailer. PHOTO. ___ Court rules that UBS trader should stay in custody UBS-Trading-Scandal LONDON _ A London court has ordered an alleged renegade trader accused of losing Swiss banking giant UBS about $2.3 billion to be held in jail until a hearing next month.Kweku Adoboli is charged with four offences of fraud and false accounting dating back to 2008 and accused of racking up losses in authorized trades. PHOTO. ___ ALSO COMING TODAY ___ Air-Canada-Rovinescu MONTREAL _ Air Canada CEO Calin Rovinescu speaks to Air & Space Law Conference two days after the company and its flight attendants' union struck a new contract deal.Reporter Ross Marowits covers the speech ___ Mosaid OTTAWA _ Mosaid Technologies Inc. holds its shareholders annual and special meeting. Reporter LuAnn LaSalle monitors a webcast of the meeting. ___ CRTC blocks exclusive deals for TV shows CRTC-TV-Consumers MONTREAL _ Consumers can expect a variety of different content for their TVs, smartphones and tablets after the CRTC blocked companies from offering television programs exclusively to their mobile or Internet subscribers, The regulator ruled late Wednesday that any program broadcast on television, including hockey games and other live events, must be made available to competitors under fair and reasonable terms. Moves Business and National ___ Money-Monitor TORONTO _ Dave, a bewildered American living in Canada turns to an anonymous forum to ask whether, even though he has "nothing more to do with the USA other than my citizenship," he should have filed taxes to Uncle Same for the past decade.The answer, which a majority of the some one million Americans living in Canada appear to have been obvlious to, is yes. ___ ALSO IN THE NEWS Teck to spend $685-million on B.C. operations Teck VANCOUVER _ Teck Resources Ltd. (TSX:TCK.B) plans to spend a total of $685 million on improvements at two of its major metals operations in British Columbia, the Vancouver-based mining company announced Thursday.Teck said it will invest $210 million to increase capacity of an electronic waste recycling operation in Trail, B.C., where Teck has a major zinc smelter and hydroelectric plant. PHOTO. ___ Rusoro says Venezuela wants controlling stake Rusoro-Venezuela VANCOUVER _ Rusoro Mining Ltd. (TSXV:RML) says Venezuela's government intends to form a "mixed interest enterprise" with the company for the development of gold assets in the South American country.It said the message was delivered to Rusoro's president and chief executive Andre Agapov and chairman Vladimir Agapov by Rafael Ramirez, who is president of the Venezuela state owned oil company and minister of energy and petroleum. ___ Economic weakness weighing down confidence Rona MONTREAL _ Canadian home renovation retailer Rona Inc. expects the British Columbia market will remain challenging until the HST is repealed in 18 months.Rona chief executive Robert Dutton told an investor conference Thursday that Canadian consumers continue to be cautious about spending on large renovation projects because of global economic uncertainty. Will be updated. ___ Zarlink agrees to takeover bid by Microsemi Zarlink OTTAWA _ The directors of Zarlink Semiconductor Inc. (TSX:ZL) have dropped their opposition to a takeover by Microsemi Corp. (Nasdaq:MSCC) and unanimously accepted an revised offer, the companies announced jointly Thursday.Under the new proposal, which will require various approvals, California-based Microsemi will pay C$3.98 in cash per share and C$1,624.49 in cash per C$1,000 principal amount of debentures. PHOTO. ___ Franco-Nevada buys Lumina Royalty for $66M Franco-Nevada TORONTO _ Franco-Nevada Corp. (TSX:FNV) said Thursday it has agreed to buy metals royalty company Lumina Royalty Corp. for US$60 million in common shares and $6 million worth of warrants.The deal would see an exchange ratio of 0.03487 Franco-Nevada common shares and 0.01917 Franco-Nevada warrants for each Lumina Royalty share. PHOTO. ___ Premier Tech makes Quebec acquisition e-PremierTech-Acquisi RIVIERE-DU-LOUP _ Premier Tech says it has bought the retail arm of Quebec-based garden supply company Specialties Robert Legault.Financial terms of the deal, announced early Thursday, were not revealed. ___ ProMetic Life gets first Chinese order ProMetic-Life LAVAL _ Biopharmaceutical company ProMetic Life Sciences Inc. (TSX:PLI) receives first order from unnamed leading Chinese biopharma company for a large scale biomanufacturing process, as it pushes ahead with expansion into China. ___ Number receiving EI down, claims up: StatsCan StatsCan-EI-Recipients OTTAWA _ The number of people receiving regular Employment Insurance benefits decreased by 24,800, or 4.4 per cent in July to 535,700, the largest of 10 straight monthly declines. But Statistics Canada reports that, while there were fewer people receiving benefits in July, the number of initial and renewal claims rose by 8,800, or 3.8 per cent, to 243,300. ___ Colorado Resources buys B.C. property Colorado-Resources WEST KELOWNA _ Colorado Resources Ltd. said Wednesday it has signed an agreement to buy land near its Hit gold property in southern British Columbia.The mineral explorer (TSXV:CXO) said it will buy a 100 per cent interest in the 8,546-hectare Aspen Grove South Property from two private individuals. ___ (c) 2011 The Canadian Press |