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Prep-Business Report
[February 13, 2013]

Prep-Business Report

(Canadian Press Broadcast Wire (Canada) Via Acquire Media NewsEdge) The Toronto stock market closed higher yesterday amid rising prices for oil and metals and disappointing earnings from pipeline giant TransCanada.

Toronto's S-and-P/T-S-X composite index gained 41 points, to 12,789.

In New York, the Dow Jones industrial average rose 47 points, to 14,018.

And the Nasdaq composite index lost five points, to 3,186 In Tokyo this morning, the Nikkei index fell 117 points, to 11,251, Hong Kong markets were also closed today for the Lunar New Year holiday.

And the dollar is trading overseas this morning at 99.74 cents U-S -- up one basis point from yesterday's close of 99.73.

(World Markets) Asian stock markets rose today after strong U-S corporate earnings sent the Dow Jones near its record high.

But Japanese shares faltered as the yen strengthened against the U-S dollar.

This followed a pledge by finance ministers from the world's major advanced economies to refrain from intentionally weakening their currencies.

Japan's benchmark Nikkei index tumbled one per cent.

Markets in mainland China, Hong Kong, Taiwan and Vietnam remain closed for Lunar New Year holidays. (Associated Press) (Apple-Stock) New York's Nasdaq stock index was dragged down a bit yesterday by a 2.5 per cent decline in Apple stock after C-E-O Tim Cook said that the tech giant is ``seriously'' looking at ways to hand out more cash to shareholders.

At the same time, he called a shareholder lawsuit against the company a ``silly sideshow.'' Investor David Einhorn sued Apple last week, saying a proposal slated for a vote at the company's upcoming annual meeting would make it more difficult to enact his plan to reward shareholders by distributing a new class of shares. (The Canadian Press) (TransCanada) Calgary-based pipeline giant TransCanada says by the end of this year, it plans to apply for a proposed west-to-east oil pipeline.

The plan would see part of its under-used natural gas pipeline converted to carry up to one-million barrels of Alberta oil per day to refineries in Quebec and Atlantic Canada, which now process foreign crude.

The plan is embraced by the federal and New Brunswick governments, and TransCanada is now in the midst of gauging shipper interest in the project.

Meantime, TransCanada is still waiting for U-S approval for its proposed Keystone X-L pipeline, which would would carry oilsands crude from Alberta to Texas.

The company admits the State Department decision isn't likely to come before April. (The Canadian Press) (Nortel-Fraud Trial) Crown prosecutors in Ontario say they won't appeal the not-guilty verdicts in the Nortel fraud case.

Last month, ex-C-E-O Frank Dunn, former C-F-O Douglas Beatty, and ex-controller Michael Golloghy were each acquitted of two counts of fraud.

A spokesman for the Ontario Ministry of the Attorney General says the Crown has determined there is no basis for an appeal.

Nortel, which used to be a telecom giant, filed for bankruptcy protection in January 2009. (The Canadian Press) (BC-Legislature-Resumes) British Columbia Premier Christy Clark has announced the formation of a B-C Prosperity Fund.

She says it could accumulate up to 260-billion dollars over the next 30 years with money from liquefied natural-gas royalties and businesses taxes.

Clark says the money will be used to pay down the 56-billion dollar provincial debt. (The Canadian Press) (GE-Leaves T-V) General Electric is getting out of the T-V business earlier than expected.

G-E is selling its 49-per-cent stake in N-B-C-Universal to Comcast, America's biggest cable T-V company, in a deal worth 16.7-billion dollars.

Comcast says it wants to take advantage of low interest rates.

It also agreed to pay G-E another 1.4 billion dollars for other assets that include A New York landmark -- N-B-C headquarters at 30 Rockefeller Plaza.

G-E wants to focus on such ventures as manufacturing medical imaging equipment, jet aircraft engines, and electrical generators. (Associated Press) (Heineken-Earns) Netherlands-based brewer Heineken reports its profit doubled in 2012 following a re-appraisal of its Asian businesses.

Reported net profit was 3.9-billion dollars.

Revenue grew 7.6 per cent to 24.7-billion dollars. (Associated Press) (Lookahead) Dairy and cheese maker Saputo Inc. release third quarter results.

Among the companies due to report fourth-quarter earnings today are Brookfield Asset Management , Talisman Energy, insurer Sun Life Financial, and Kinross Gold Corporation. (The Canadian Press) (The Business Report by Karen Rebot and Bill Marshall) (c) 2013 The Canadian Press

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