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Business News as of noon ET(Canadian Press DataFile Via Acquire Media NewsEdge) THURSDAY, MAY 9, 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 Canadian Tires plans $3.5B REIT; Q1 profit up Canadian-Tire-REIT TORONTO _ Canadian Tire Corp. Ltd. (TSX:CTC.a) announced Thursday that it will create a $3.5-billion real estate investment trust to unlock the value of its property holdings, with an initial public offering expected later this year. The move follows on the heels of a similar plan by grocer Loblaw Companies Ltd. (TSX:L). ___ Telus increases dividend, reports profit up Telus MONTREAL _ Telus Corp. (TSX:T) raised its quarterly dividend Thursday and reported an increase in first-quarter profits from a year ago, helped by higher revenue. The Vancouver-based telecommunications company said it will pay a quarterly dividend of 34 cents, up from 32 cents and also announced it will spend up to $500 million to buy back up to 15 million of its shares this year. PHOTO. Will be updated. ___ BCE profit rises 6.6% in Q1; revenue static BCE-Rslts MONTREAL _ BCE Inc. (TSX:BCE) has reported at 6.6 per cent increase in net earnings in the first quarter, although revenue remained almost unchanged year over year. Canada's largest communications company says net earnings attributable to common shareholders were $566 million or 73 cents per share, up from $531 million or 69 cents in the same 2012 period. PHOTO. ___ Bombardier Q1 net profit down; revenue up Bombardier-Rslts MONTREAL _ Bombardier's revenues surged 25 per cent in the first-quarter on higher-than-expected aircraft deliveries, while the aerospace and transportation giant said its CSeries commercial aircraft remains on target for its first flight next month. Chief executive Pierre Beaudoin told the company's annual meeting that Bombardier is at a "pivotal point" as several of its development projects, including the CSeries will begin to generate revenues and profits. PHOTO. ___ Loonie could hit 90 cents US by end of year Loonie-Forecast OTTAWA _ The shine is about the come off the Canadian dollar. TD Bank says in a new forecast the loonie, which has been hovering around parity with the United States, could hit as low as 90 cents US by the end of the year and early 2014. Will be updated. ___ Agrium profit and revenue both down in Q1 Agrium-Rslts CALGARY _ Agrium Inc. (TSX:AGU) has reported a nine per cent decrease in first-quarter earnings as the fertilizer giant saw sales fall 10 per cent. Calgary-based Agrium says net income in the quarter was US$141 million or 94 cents per diluted share, down from US$155 million or 97 cents per share in the same year-earlier period. Sales revenue dropped 10 per cent to US$3.22 billion from $3.57 billion. ___ US jobless aid applications fall to 5-year low US-Unemployment-Benefits WASHINGTON _ The number of Americans who applied for unemployment benefits fell by 4,000 last week to a seasonally adjusted 323,000, a five-year low. Layoffs have returned to pre-recession levels, a trend that could lead to more hiring. The Labor Department said Thursday that the less volatile four-week average dropped 6,250 to 336,750. That the fewest since November 2007, one month before the Great Recession began. PHOTO. ___ Fannie Mae posts record $58.7B net income for Q1 US-Earns-Fannie-Mae- WASHINGTON _ Mortgage giant Fannie Mae earned a record $58.7 billion from January through March, benefiting from a one-time accounting move that allowed the company to lower its tax liability. Fannie reported Thursday that $50.6 billion of its first-quarter net income came in part from losses on delinquent mortgages incurred during the housing crisis that Fannie applied to its 2013 taxes. That helped reduce what the company owed in taxes, and boosted its profit. PHOTO. ___ Retailers report modest gains for April US-Retail-Sales NEW YORK _ Shoppers, encouraged by signs of an improving economy, picked up their spending in April from March despite cold weather that stopped them from buying spring clothes. According to a preliminary tally of 11 retailers by the International Council of Shopping Centers, released Thursday, revenue at stores open at least a year rose 3.4 per cent in April from last year. That's up from a 2.2 per cent gain in March but still shows modest growth. APNewsNow. ___ House passes bill to prioritize US debt payments US-Debt-Showdown WASHINGTON _ The GOP-controlled House has passed a bill to put U.S. bondholders and people on Social Security at the front of the line to be paid if the government hits its borrowing limit. The idea behind the legislation is to lessen the consequences of a U.S. default on its debt obligations. That's if Congress and President Barack Obama can't find a way to lift the government's borrowing limit later this year, in hopes of salvaging the government's credit rating and ability to borrow to pay its bills. APNewsNow. ___ Sony back in black on cheap yen, healthier sales AS-Japan-Earns-Sony TOKYO _ Sony Corp. is back in the black for its fiscal fourth quarter, recording a 93.9 billion yen ($948 million) profit, with big help from a weaker yen that boosts overseas earnings. The Japanese electronics and entertainment company also dragged itself back to profit for the fiscal year ended March 31, following four straight years of red ink. PHOTO. ___ Oil falls as U.S. crude supplies rise Oil-Prices BANGKOK _ The price of oil fell Thursday after reports showed supplies of U.S. crude rose slightly last week. Benchmark oil for June delivery was down 42 cents to US$96.20 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose $1 to finish at $96.62 a barrel on the Nymex on Wednesday. ALSO EXPECTED TODAY MONTREAL _ The CRTC holds a public hearing to consider BCE's purchase of Astral Media Inc. TORONTO _ Money management firm Gluskin Sheff + Associates Inc. releases third-quarter results in the afternoon. A conference call will be held on May 10. VANCOUVER _ Premium Brands Holding Corp., a producer and distributor of speciality food products, releases first-quarter results. ALSO IN THE NEWS Markets fall amid positive U.S. jobs data Dollar-Markets TORONTO _ North American markets fell Thursday as traders appeared to shrug of a rosier-than-expected report on jobless claims in the United States. The S&P/TSX composite index was down 21 points to 12,559.24 due to a weakening in gold prices but balanced by a surge in share price for retailer Canadian Tire, which said it planned to unlock the value of its property holdings by creating a REIT. Will be updated ___ Loonie up slightly after recent gains Loonie TORONTO _ The Canadian dollar made a small gain Thursday after enjoying a recent uptick from rising oil and gold prices. The loonie was up 0.07 of a cent at 99.74 cents US. Will be updated ___ Poor weather cuts into Dorel Q1 profit Dorel-Rslts MONTREAL _ Dorel Industries Inc. (TSX:DII.B) says poor weather in North America and Europe helped put a damper on what was already expected to be a soft first quarter. The manufacturer of infant car seats, bicycles and furniture said Thursday revenue fell 4.3 per cent in its most recent period to US$594.2 million from US$621.1 million in the same 2012 period. ___ Cascades reports first-quarter loss, sales up Cascades KINGSEY FALLS, Que. _ Cascades Inc. (TSX:CAS) said Thursday it lost $8 million in its latest quarter compared with a profit a year ago despite an increase in revenue, but signalled the second half of the year should be better."As we expected, the first quarter of 2013 was similar to what we experienced towards the end of 2012," Cascades executive chairman Alain Lemaire said in a statement. ___ New home prices rose in March: StatsCan StatsCan-House-Prices OTTAWA _ Statistics Canada says its price index for new houses rose 0.1 per cent in March, after a 0.2 per cent increase in February. The agency says month-over-month gains in the index have ranged from 0.1 per cent to 0.3 per cent for the last 12 months. Moves Business and National __ Canadian investment abroad rose in 2012 StatsCan-Investment OTTAWA _ Statistics Canada says Canadian direct investment abroad increased 5.5 per cent in 2012, led by growth in investments in the United States. The agency says the level of foreign direct investment in Canada grew at a similar rate of 5.8 per cent, mainly on higher investment from Europe and the United States. ___ Cineplex profit down from a year ago Cineplex TORONTO _ Cineplex Inc. (TSX:CGX) said Thursday it earned $8.8 million in the latest quarter, down from a year ago, as theatre attendance fell due to a lack of a blockbluster movie to draw audiences. The company said the profit amounted to 14 cents per share for the quarter ended March 31, down from $15.1 million or 26 cents per share a year ago. ___ Boston Pizza sales up from year ago Boston-Pizza VANCOUVER _ Boston Pizza Royalties Income Fund (TSX:BPF.UN) narrowed its loss to $752,000 in its latest quarter as sales at its franchise restaurants gained more than five per cent. The restaurant trust said the loss amounted to five cents per unit for the quarter ended March 31 compared with a loss of $6.9 million or 47 cents per unit a year ago. (c) 2013 The Canadian Press |