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Prep-Business Report
[February 15, 2013]

Prep-Business Report

(Canadian Press Broadcast Wire (Canada) Via Acquire Media NewsEdge) The Toronto stock market closed lower amid signs the struggling European economy is taking a turn for the worse.

The S-and-P T-S-X fell 53-points to 12-thousand 722.

The Dow Jones lost 10-points to 13-thousand 973.

The Nasdaq gained two-points to 31-hundred and 99.

The Nikkei Index in Tokyo lost 133-points to 11-thousand 174.

In Hong Kong, the Hang Seng Index picked up 31-points to 23-thousand 445.

And, the dollar is trading this morning at 99.90 cents U-S -- up two-100ths of-a-cent from yesterday's close.

(BIZ-Rogers-CEO-Retires)Rogers Communications says Nadir Mohamed will retire as the firm's president and C-E-O next January.

Mohamed has spent 30 years in the communications industry, and joined Rogers in 2000.

It was in March of 2009 that he became C-E-O of Rogers, Canada's largest wireless carrier. (Canadian Press) (BIZ-Rogers Results) Rogers Communications says its net income grew to 455-million dollars in the final quarter of last year.

That's up 30 per cent from the same time a year earlier.

Part of the increase is attributed to a record quarter for smartphone sales. (Canadian Press) (BIZ-I-M-F Canada) The International Monetary Fund has a mixed forecast for Canada.

The I-M-F says economic growth here should increase to 2.5 per cent by 2014-15.

However, it warns the Canadian economy is vulnerable to a downturn because of high household debt and high housing prices. (Canadian Press) (BIZ-G-M Shares) Shares of General Motors dropped 3.2 per cent to close at $27.75.

The drop came after G-M reported a profit of 4.9-billion dollars last year -- down 36 per cent from 2011.

G-M lost 1.8-billion dollars in Europe, where sales are soft amid a struggling economy. (Associated Press) (BIZ-Airbus Batteries) Airbus says it won't use lithium-ion batteries in its new A-350 jetliner.

Questions over the safety of those batteries led to the grounding of the Boeing 7-87 last month.

Airbus says it will use conventional nickel-cadmium batteries in the A-350, which is expected to make its first flight in a few months. (Associated Press) (BIZ-Trump Plaza Sale) The Trump Plaza in Atlantic City, New Jersey has sold for 20-million dollars.

It's the lowest price ever for a casino in the struggling New Jersey seaside resort.

The building was bought by a California company which plans to drop the name Trump. (Associated Press) (Business Report by Bill Marshall) (c) 2013 The Canadian Press

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