Business News as of Noon ET
(Canadian Press DataFile Via Acquire Media NewsEdge) TUESDAY, April 24
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 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
Suppliers to blame for price gap: retailers
OTTAWA _ Canada's retailers are blaming their suppliers for the large gap that still exists between their prices and identical goods for sale south of the border, despite the nearly equal value of the two dollars. Diane Brisebois of the Retail Council of Canada says the merchants she represents are being unfairly singled out for having higher prices than their American counterparts. Will be updated
Mediation starts in $9B Nortel bankruptcy
TORONTO _ Mediation over the distribution of almost $9 billion in assets belonging to bankrupt Nortel Networks began Tuesday in one of the most complicated proceedings of its kind.The effort at settling the myriad creditor claims from Canada, the U.S. and around the world kicked off with Ontario's top judge warning of the pitfalls of failure. PHOTO. AP note
Retail sales slipped in February: StatsCan
OTTAWA _ Weaker sales in the auto sector contributed to softer Canadian retail revenues in February compared with the previous month, according to figures released Tuesday by Statistics Canada. The report was disappointing to some analysts who had been expecting a month-to-month increase from January, continuing momentum begun early in the year.
Consumer confidence decreases in Canada
Consumer confidence reversed course in April as Canadians continued to worry about jobs and their personal finances, according to the latest survey by the Conference Board of Canada.After three consecutive months of increase, the index fell 4.5 percentage points from March to 75 in April. PHOTO. Will be updated. Moves National and Business.
Teck Resources posts record Q1 revenue
VANCOUVER _ Teck Resources Ltd. (TSX:TCK.B) reported record-high revenue for its first quarter even as it saw lower prices for several of its key commodities including copper, zinc and molybdenum.The Vancouver-based mining company said Tuesday it earned a net profit attributable to shareholders of $218 million or 37 cents per share for the quarter, compared with a profit of $461 million or 78 cents per share a year ago. PHOTO.
ALSO IN THE NEWS
Toronto stock market rebounds at midday
TORONTO _ The Toronto Stock Exchange rebounded slightly Tuesday as traders took in rising commodity prices along with the impact of mixed North American corporate earnings and weak consumer data.The TSX/S&P composite index added 19.5 points to 12,008.4 after falling 160 points on Monday as investor concerns about the European debt crisis spread around the globe. PHOTO. Will be updated
Loonie makes slight gains against U.S. dollar
TORONTO _ The Canadian dollar made slight gains against its U.S. counterpart Tuesday morning as commodity prices rebounded and traders took in some disappointing retail sales figures .The loonie added 0.2 of a cent to 100.93 cents US. PHOTO.
Celestica says Q1 was better than expected
TORONTO _ High-tech manufacturer Celestica Inc. (TSX:CLS) says its first-quarter results were at the top end of its expectations or better .The Toronto-based outsourcing company, which makes computer, communications and personal electronics products at factories around the world, says its revenue for the three months ended March 31 was nearly US$1.7 billion. PHOTO.
Canfor Pulp Q1 earnings, revenue decline
VANCOUVER _ Canfor Pulp Products Inc. (TSX:CFX) has cited weaker prices and a stronger dollar for a sharp decline in its first-quarter profit and revenue .The Vancouver-based pulp and paper producer, which has its operations in the B.C. Interior, said its net income for the quarter ended March 31 was $10.3 million or 13 cents per on revenue of $220 million. PHOTO.
Oil hovers near US$103 as markets stabilize
LONDON _ Oil prices hovered above US$103 a barrel Tuesday as financial markets stabilized after sharp losses the previous day, when investors worried Europe's debt crisis would undermine economic growth and energy consumption .Benchmark West Texas Intermediate crude for June delivery was up 10 cents at US$103.21 a barrel by early morning European time in electronic trading on the New York Mercantile Exchange. The contract had fallen 77 cents to settle at US$103.11 in New York on Monday. PHOTO.
Germany's Merkel defends budget discipline drive
BERLIN _ Germany defended its pro-austerity stance on Tuesday, with Chancellor Angela Merkel and two ministers pressing for Europe to stick with a policy of fiscal discipline in spite of the latest bout of political uncertainty.Financial markets in the 17 countries that use the euro were shaken Monday by concerns that an agreement on strict deficit targets agreed to by European leaders earlier this year was beginning to unravel. PHOTO.
ProMetic UK subsidiary signs agreement
LAVAL _ ProMetic Life Sciences Inc. says it will receive $1.4 million in "initial revenues" after its UK subsidiary signed a deal to help a European biotechnology manufacturing company develop generic drugs.The Montreal-area company will use its drug purification process to manufacture and supply an affinity resin for the commercial production of an undisclosed product. PHOTO.
RadioShack posts 1Q loss, stock at all-time low
NEW YORK _ RadioShack Corp. lost money in its first quarter as sales dropped, particularly in U.S. stores. The electronics seller's stock plummeted to an all-time low Tuesday morning.The loss is another sign of a brick-and-mortar electronics business that is flailing. Retailers like RadioShack and Best Buy Co. have struggled as buying habits increasingly move away from devices like computers and cameras to tablets and smartphones, which are less profitable for the retailer. Stores are also dealing with consumers "window shopping" then buying products for less from online competitors such as Amazon.com Inc. PHOTO.
United Tech 1Q profit up minus units on the block
HARTFORD _ United Technologies' net income from continuing operations rose more than 19 per cent during the first quarter even as the company acknowledged some drag from slowing economic growth in the United States, China and Europe.The diversified manufacturer posted earnings from continuing operations of $1.26 billion, or $1.31 per share, if the businesses that it put up for sale are factored out. That compares with those same operations last year of $1.05 billion, or $1.06 per share. PHOTO.
IBM raises dividend, approves stock buyback
IBM says it is raising its quarterly dividend and repurchasing $7 billion more of its stock under a new buyback program.IBM Corp. said Tuesday that it is raising its quarterly dividend by 10 cents, or 13 per cent, to 85 cents. The technology products and services company says this is the 17th year in a row it has increased its dividend. PHOTO.
New wireless subscribers down sharply at AT&T
NEW YORK _ When Verizon Wireless started selling the iPhone, AT&T sounded a defiant note, saying that its customers would remain loyal. A year later, it's clear that the Verizon iPhone has crimped AT&T's stride.Verizon had little problem attracting new customers before it started selling the iPhone. In fact, it was the only wireless carrier that managed to keep up with AT&T's iPhone-fueled growth. PHOTO.
US new-home sales off 7 per cent in March
WASHINGTON _ Sales of new homes fell in March by the largest amount in more than a year, indicating that the U.S. housing market remains under strain despite some modest signs of improvement.The Commerce Department said Tuesday that sales dropped 7.1 per cent in March to a seasonally adjusted annual rate of 328,000 units. That followed a 7.3 per cent increase in sales in February. This figure was revised up from an initial estimate that February sales had fallen 1.6 per cent. PHOTO.
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