TMCnet News
Business News as of 6 p.m. ET(Canadian Press DataFile Via Acquire Media NewsEdge) MONDAY, JAN. 14 6 p.m. ET BUSINESS NEWS ADVISORY Here are the top Business News stories from The Canadian Press as of 6 p.m. ET. 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 ___ Not guilty verdicts in Nortel trial Nortel-Fraud-Trial TORONTO _ The former top brass at Nortel Networks said they finally got "vindication" Monday after being found not guilty of fraud, nearly a decade after being accused of manipulating financial records at the fallen Canadian technology giant. Ontario Superior Court Justice Frank Marrocco acquitted ex-CEO Frank Dunn, ex-CFO Douglas Beatty and ex-controller Michael Gollogly because he was "not satisfied" the evidence showed the men had "deliberately misrepresented" the finances at the now-defunct telecom company in 2002 and 2003. PHOTO. ___ After tough 2012, firms expect better results BoC-Business-Outlook OTTAWA _ After suffering through a rough 2012, Canadian companies are hopeful of a modest turnaround this year that will allow them to hire more workers and increase investment, a new Bank of Canada quarterly survey suggests.However, the central bank's latest business outlook survey also notes that while businesses expect 2013 to be better, their optimism is far from exuberant. PHOTO. Moves Business and National ___ Rogers to buy Shaw's wireless spectrum Rogers-Shaw TORONTO _ Rogers Communications Inc. (TSX:RCI.B) has signed agreements worth about $700 million to buy unused wireless spectrum from Shaw Communications Inc. as well as Shaw's Ontario-based Mountain Cablevision Ltd.Rogers Communications says the agreement with Shaw (TSX:SJR.B) is to secure an option to purchase the Calgary company's AWS spectrum holdings in 2014, and to acquire Shaw's cable system in Hamilton, Ont. Will be updated ___ Lululemon says sales at high end of guidance Lululemon-Outlook VANCOUVER _ Lululemon Athletica Inc. (TSX:LLL) said Monday that fourth-quarter sales are expected to be at the high end of its guidance and that earnings will be better than expected.The athletic clothing retailer said revenue for the key holiday quarter will be near the $475 million to $480 million previously forecast, based on a same-store sales percentage increase in the high single digits on a constant-dollar basis. ARMZ offers to take Uranium One private Uranium-One-ARMZ TORONTO _ The Russian majority shareholder of Uranium One Inc. has made a friendly offer to buy out the minority holders and take the company private for $1.3 billion _ a premium that boosted shares in the company by 15 per cent.ARMZ, which already owns 51.4 per cent of the Toronto-listed uranium company's stock, announced Monday it's offering $2.86 cash per share for the stock that it doesn't already own. PHOTO. ___ Harry Winston sells jewelry unit to Swatch Harry-Winston-Swatch Harry Winston Diamond Corp. (TSX:HW) has signed a deal to sell its namesake retail jewelry and watch division in a deal valued at US$1 billion in cash and assumed debt to Switzerland's Swatch Group.The Toronto-based diamond miner will be renamed Dominion Diamond Corp. after the deal closes. PHOTO. ___ ARMZ offers to take Uranium One private Uranium-One-ARMZ TORONTO _ The Russian majority shareholder of Uranium One Inc. has made a friendly offer to buy out the minority holders and take the company private for $1.3 billion _ a premium that boosted shares in the company by almost 15 per cent.ARMZ, which already owns 51.4 per cent of the Toronto-listed uranium company's stock, announced Monday it's offering $2.86 cash per share for the stock that it doesn't already own. PHOTO. ___ Report: Gulf Coast best market for oilsands IHS-Oilsands CALGARY _ Even though the United States is producing more and more of its own oil, refineries along the U.S. Gulf Coast will remain thirsty for Canadian crude, says a report from economics firm IHS CERA. Production has been booming in regions such as North Dakota's Bakken oil play, causing some to wonder whether the U.S. will become energy independent, forcing Canadian exports to find another home. ___ Harper outlines plan for more venture capital Harper MONTREAL _ Saying Canada's economic well-being depends on companies having the capital they need to create growth, Prime Minister Stephen Harper laid out the details Monday of a plan to bolster venture capital investment in the country.The government's Venture Capital Action Plan, which was announced in the last federal budget, is making $400 million available to help increase private-sector investments in the next seven to 10 years. PHOTO. Moves Business and National; guard against duplication ___ PERSONAL FINANCE ___ Some retirees worry money will run out: poll Retirement-Worries-Poll TORONTO _ A majority of Canadians say their retirement lives are what they had hoped for, but nearly a third admit to being worried that they'll eventually run out of money, says a new poll released Monday. The survey, done for CIBC, found that 69 per cent of those polled say the quality of their retirement is what they had planned. PHOTO. ___ Canadians hit debit and credit hard on Dec. 24 Consumer-Spending-Moneris TORONTO _ New figures from Moneris Solutions show many Canadians waited until the last minute to make their holiday purchases.The debit and credit card processor says shoppers were out in full force on Dec. 24 when Moneris processed a record 453 transactions per second between 2:20 p.m. and 2:25 p.m. ET. ___ BUZZ ___ Coca-Cola to address obesity for first time in ads US-Coca-Cola-Obesity NEW YORK _ Coca-Cola became one of the world's most powerful brands by equating its soft drinks with happiness. Now, for the first time, it's addressing a growing cloud over the industry: obesity. PHOTO. ___ Samsung sells 100 million Galaxy S smartphones AS-TEC-SKorea-Samsung-Galaxy-Sales SEOUL _ Samsung Electronics Co. said Monday that global sales of its Galaxy S smartphones surpassed 100 million units since the first model in the series was released less than three years ago.Samsung said it has sold more than 25 million Galaxy S smartphones, 40 million Galaxy S II smartphones and 41 million Galaxy S III smartphones. PHOTO. ___ ALSO IN THE NEWS __ Toronto inches higher on BlackBerry maker Dollar-Markets TORONTO _ The Toronto stock market ended relatively flat Monday as the information technology sector came out the strongest, helped by shares of BlackBerry-maker Research In Motion.The S&P/TSX composite index crept up 0.91 of a point to 12,603.09 while the TSX Venture Exchange slipped 10.72 points to 1,229.53. PHOTO. ___ Loonie lifts after business confidence report Loonie TORONTO _ The Canadian dollar moved higher Monday after a report showed improved confidence in the domestic business community.The loonie rose 0.07 of a cent to 101.65 cents US. PHOTO. ___ Oil gains on forecasts of cold spell Oil-Prices NEW YORK _ The prospect of chilly temperatures in the northeastern United States gave the price of oil a boost Monday.Benchmark West Texas Intermediate crude rose 58 cents to finish at $94.15 a barrel in New York. PHOTO. ___ Obama demands quick action to raise US debt limit US-Obama WASHINGTON _ President Barack Obama demanded on Monday that lawmakers raise the nation's $16.4 trillion federal debt limit quickly, warning that "Social Security benefits and veterans' checks will be delayed" if they don't and cautioning Republicans not to insist on cuts to government spending in exchange." PHOTO. ___ Dell's stock soars on report of possible buyout US-Dell-Stock ROUND ROCK _ Dell's stock soared 13 per cent Monday on a report that the struggling personal computer maker is in talks to take the company private.Citing unidentified people familiar with the situation, Bloomberg News said Dell has discussed a potential sale with at least two firms that specialize in buying companies whose stocks have fallen out of favour. The report didn't name the interested firms. PHOTO. ___ JPMorgan told to fix controls tied to $6B loss US-JPMorgan-Oversight WASHINGTON _ JPMorgan Chase & Co. has been ordered to take steps to correct poor risk management that led to a surprise trading loss last year of more than $6 billion.U.S. federal regulators also on Monday cited the bank for lapses in control that allowed the bank to be used for money laundering. ___ Raleigh ending bike manufacturing in Canada Raleigh-Canada WATERLOO _ Raleigh Canada Ltd. plans to halt bicycle manufacturing and assembly operations at the company's plant in Waterloo, Que., by the end of the year.Raleigh says the Waterloo facility will remain open as a warehouse, distribution and service centre after manufacturing ceases. ___ CPR steams ahead with new intermodal facility CP-Intermodal-Sask REGINA _ Canadian Pacific (TSX:CP) is pushing full steam ahead with its new intermodal facility at Saskatchewan's Global Transportation Hub in Regina.CP announced the opening of the facility, which is located next to its mainline between Regina and Moose Jaw. Moves business and regional. Guard against duplication. ___ Canadian Satellite Radio gets Chrysler deal XMSirius-Canada-Chrysler TORONTO _ Chrysler Canada has agreed to factory-install SiriusXM commercial-free satellite radios into an unspecified number of vehicles over the next five years.Canadian Satellite Radio Holdings Inc. (TSX:XSR) says Chrysler Canada will include pre-paid 12-month subscriptions to SiriusXM radio. PHOTO. ___ Air Canada crews to fly Bentley brand Bentley-Air-Canada MONTREAL _ Canadian leather goods retailer Bentley says it has signed an exclusive five-year agreement to supply luggage for Air Canada's flight attendants. No financial terms of the deal were provided but Air Canada has about 7,000 flight attendants. A agreement for pilot luggage was renewed last year. PHOTO. ___ Sun Life to expand in Asia, say reports Sun-Life-Malaysia TORONTO _ Sun Life Financial (TSX:SLF) won't confirm reports that it plans to partner with the Malaysian government's investment agency to buy the CIMB Aviva insurance business for $550 million.Media reports say Sun Life plans to expand its Asian footprint by acquiring Aviva's 49 per cent stake in the Malaysian operation while state investor Khazanah Nasional Berhad would buy CIMB's majority stake. PHOTO. ___ (c) 2013 The Canadian Press |