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Prep Business Report – CP
by ahnationtalk on October 7, 2015255 Views
Source: The Canadian Press – Broadcast wire
Oct 7, 2015
The Toronto stock market advanced for a third straight session yesterday as sharply rising oil prices supported a continuing rally in the energy sector.
Toronto’s S-and-P / T-S-X index closed 95 points higher at 13,647.
In New York, the Dow Jones rose 13 points to 16,790.
And the Nasdaq gave back 32 points to 4,748.
In Tokyo this morning, the Nikkei index rose 136 points to 18,322.
Hong Kong’s Hang Seng index surged 684 points to 22,515.
And our dollar is trading overseas this morning at 76.93 cents U-S — 17-100ths of a cent from yesterday’s close of 76.76.
Asian stock markets and oil prices rose today, taking in stride the I-M-F’s lower global growth forecast and Japan’s central bank deciding today to leave its monetary policy unchanged.
Japan’s Nikkei index gained 0.75 per cent, while Hong Kong’s Hang Seng jumped by 3.1 per cent.
The International Monetary Fund says China’s slowdown and tumbling commodity prices will push global economic growth this year to 3.1 per cent — the lowest level since the 2009 recession. (Associated Press)
Benchmark U-S crude is up $1.01 this morning at $49.54 U-S a barrel in electronic trading on the New York Mercantile Exchange.
The contract jumped $2.27 yesterday as it continued to rebound from below 45-bucks just a week ago. (Associated Press)
Quebec-based drug store chain The Jean Coutu Group will release its second-quarter earnings this morning.
StatsCan will release the value of building permits for August.
Canadian gas distributor and oil pipeline company Enbridge holds investor open houses in Toronto and New York.
Eighteen First Nation and environmental groups will be in the Federal Court of Appeal in Vancouver again today to challenge the federal government’s approval of the Enbridge Northern Gateway pipeline. (The Canadian Press)
Stock in Bombardier surged 15 per cent on the Toronto Stock Exchange yesterday following a report that the Montreal-based plane maker has approached Europe’s Airbus to sell a majority stake in its CSeries jet.
The share-price rise came after Reuters reported Airbus would help Bombardier complete development of the 110- to 160-seat aircraft in exchange for a controlling stake in the program.
In a statement last night, Bombardier confirmed that “such discussions occurred” but are “no longer being pursued” and that it will continue to explore initiatives such as a potential participation in industry consolidation.
The 5.4-billion-dollar (US) CSeries program is billions of dollars over budget and a couple of years late and it hasn’t attracted a new firm order for the plane in more than a year. (The Canadian Press)
Belgium-based Anheuser-Busch InBev has made a third offer for the shares of British-based rival SABMiller in its quest to create a global beer behemoth.
AB InBev said today that it has increased its proposal to 42.15 British pounds ($64.35 U-S) per share in cash, after earlier proposals of 38 pounds and 40 pounds were rejected.
If SABMiller accepts the offer and the merger passes regulatory approval, it would create a beer company with 31 per cent of the global market and would dwarf the next-biggest player, Heineken, which has nine per cent. (The Associated Press)
Experts say Prime Minister Stephen Harper’s billion-dollar pledge to help the auto sector in the wake of the massive Pacific Rim trade deal is a crucial step after his government exposed the industry to more foreign competition.
Harper said yesterday that a re-elected Conservative government would provide a one-billion-dollar package over a decade by extending the government’s Automotive Innovation Fund.
The Conservatives agreed to phase out its 6.1 per cent tariff on imported vehicles over five years when it signed the 12-country Trans-Pacific Partnership.
The Canadian auto workers’ union Unifor warns it will kill thousands of auto-sector jobs and that Harper’s pledge to extend the innovation fund is a pittance compared to the economic cost of lost, good-paying jobs.
But the head of the Automotive Parts Manufacturers’ Association sees Harper’s pledge as a signal the Tories are committed to the auto industry. (The Canadian Press)
The clock is ticking for negotiators in Detroit between the United Auto Workers union and Fiat Chrysler.
The union’s membership rejected a proposed deal with the company last week and authorized a strike.
The current contract runs out at 11:59 p-m tonight and the union says on its website that negotiations are continuing with F-C-A.
Members called for an end to a two-tier pay structure and more specific guarantees of new vehicles for U-S factories. (Associated Press)
Shares of South Korea’s Samsung Electronics closed up nearly nine per cent today, marking its biggest daily gain since January 2009, after announcing a forecast-beating profit for the third quarter.
But analysts said strong component sales and favourable currency exchange rates masked persistent weakness in its smartphone business.
The world’s largest smartphone maker estimated July-to-September operating profit was 6.3-billion dollars, on a seven-per-cent rise in sales to 44-billion dollars.
Samsung will announce its actual earnings later this month. (Associated Press)
Starbucks is joining a growing number of companies helping customers vault long lineups.
Next week, Starbucks Canada will launch an update to its popular payment app that will allow people to jump the queue by placing orders before they even step inside one of its cafes.
The new service is intended to reduce the amount of time spent standing around waiting for a cashier, especially during peak hours.
Starbucks’ new Mobile Order and Pay option rolls out across 300 stores in the Toronto area October 13th. (The Canadian Press)
(Business Report by The Canadian Press)
(The Canadian Press)
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