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Business News as of 5 p.m. ET – CP

Source: The Canadian Press 
Jul 16, 2014 17:10 

WEDNESDAY, JULY 16, 2014, 5 p.m. ET

BUSINESS NEWS ADVISORY

Here are the top Business News stories from The Canadian Press as of 5 p.m. 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.

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TOP BUSINESS NEWS THIS HOUR

BoC keeps overnight interest rate at 1%

BoC-Interest-Rates

OTTAWA _ Bank of Canada governor Stephen Poloz says the economy is still not strong enough to stand on its own and will likely need the boost from super-low interest rates for longer than he thought even three months ago.The central banker said at a news conference following release of the institution’s monetary policy report and interest rate announcement Wednesday that the long-expected global recovery has been a “serial disappointment.” PHOTO. Moves Business and National.

Tim-Hortons-Future

TORONTO – Tim Hortons (TSX:THI) lifts the curtain on a new concept store, part of an invite-only event for store owners that the company hopes will get ideas percolating about how the iconic coffee and doughnut chain will look years from now. HOLD FOR RELEASE UNTIL 6 A.M. ET THURSDAY, JULY 17. DO NOT POST ONLINE, BROADCAST OR PUBLISH BEFORE 6 A.M. ET THURSDAY.

Onex buys York Risk Management for US$1.33B

Onex-Corp

TORONTO _ Onex Corp. (TSX:OCX) is increasing its stake in the insurance sector by acquiring risk management firm York Risk Services Group Inc. for US$1.33 billion, the Toronto-based private equity firm said Wednesday.York Risk Services provides property, casualty and workers’ compensation insurance to more than 6,300 clients in the United States. PHOTO.

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Barrick Gold CEO Jamie Sokalsky to step down

Barrick-Gold-CEO

TORONTO _ Barrick Gold Corp. (TSX:ABX) shook up its executive suite on Wednesday and announced the departure of president and CEO Jamie Sokalsky.The gold miner said Sokalsky will be replaced by senior executive vice-president Kelvin Dushnisky and executive vice-president Jim Gowans who will serve as co-presidents of the company. PHOTO.

Minimum wage unchanged between 1975 and 2013

StatsCan-Minimum-Wage

TORONTO _ The average minimum wage has remained unchanged in real terms for almost four decades, but economists say increases made in recent years are likely to continue. Statistics Canada said Wednesday the average minimum wage was $10.14 in 2013 and the 1975 wage, expressed in 2013 dollars, was $10.13. PHOTO. Moves Business and National.

Bank of America takes $4 billion litigation hit

US-Earns-Bank-of-America

NEW YORK _ Bank of America said Wednesday that its second-quarter earnings were hit by higher litigation expenses. The Charlotte, N.C.-based bank earned $2 billion in the second quarter after payments to preferred shareholders, compared with $3.6 billion in the same period a year earlier, a decline of 43 per cent. PHOTO.

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Murdoch’s Fox makes bid for Time Warner

US-Twenty-First-Century-Fox-Time-Warner-Bid

Rupert Murdoch’s Twenty-First Century Fox said Time Warner has rejected an offer it made last month to combine the two media and entertainment giants. Twenty-First Century Fox Inc. also said Wednesday in a brief statement that it is not currently in discussions with Time Warner.

Oil price rises after China growth ticks higher

Oil-Prices

Oil prices rose Wednesday after China reported a slight improvement in economic growth for the second quarter that allayed fears its slowdown was continuing.The benchmark U.S. crude for August delivery was up $1.11 cents at US$101.07 a barrel on the New York Mercantile Exchange. PHOTO.

ALSO IN THE NEWS

TSX at record high on strong Chinese data

Dollar-Markets

TORONTO _ Figures showing that the Chinese economy is on track for solid growth helped lift the Toronto stock market to a record-high close Wednesday.The S&P/TSX composite index ran ahead 145.02 points to 15,226.34 after data showed that the annual pace of Chinese economic growth rose to 7.5 per cent in the three months ended June 30, up from the previous quarter’s 7.4 per cent. PHOTO.

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Loonie rises, BoC leaves rates unchanged

Loonie

TORONTO _ The Canadian dollar closed higher Wednesday even as the Bank of Canada left its key interest rate unchanged and warned that economic growth won’t be as strong as expected.The loonie was up 0.11 of a cent to 93.06 cents US after earlier going as low as 92.66 cents as the central bank said it would keep the rate at one per cent, where it’s been for almost four years as the global economy recovers from the severe economic slowdown that followed the 2008 financial collapse. PHOTO.

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Shares of BlackBerry move back on Apple deal

BlackBerry

TORONTO _ Shares of BlackBerry (TSX:BB) were taking a beating after details emerged on partnership between two of the world’s biggest technology companies _ Apple and IBM _ that will cater to business customers.BlackBerry shares were down more than eight per cent, or $1 to $11.14, at midday on the Toronto Stock Exchange. Earlier in the session shares had fallen as much as $1.29 per share. PHOTO.

Industries poised for wave of smarter tech

Industry-Gets-Smarts

TORONTO _ A new wave of intelligent sensors, cameras and tracking devices is expected to sweep across Canada over the next few years, quickly transforming how business is done _ much as smartphones took communications to a new level of performance.The forecast prepared by IDC Canada and funded by Telus Corp. (TSX:T) shows companies are prepared to dramatically increase spending to collect and analyse data on complex issues like city traffic flows, pipeline safety and health care.

First Nation pulls out of pipeline hearings

Pipeline-Hearings-ACFN

CALGARY _ An aboriginal group that lives in northern Alberta’s oilsands region has withdrawn from a regulatory hearing into the proposed Grand Rapids crude pipeline, but the Athabasca Chipewyan First Nation vowed to explore other ways to fight the $3-billion project.The ACFN announced late Tuesday it would no longer be participating in the Alberta Energy Regulator’s process, which it criticized as too rushed and skewed in favour of the oil industry. Landowners along the proposed route raised similar concerns when hearings kicked off last month. Moves Business and Prairies-West Regional.

Industries poised for wave of smarter tech

Industry-Gets-Smarts

TORONTO _ A new wave of intelligent sensors, cameras and tracking devices is expected to sweep across Canada over the next few years, quickly transforming how business is done _ much as smartphones took communications to a new level of performance.The forecast prepared by IDC Canada and funded by Telus Corp. (TSX:T) shows companies are prepared to dramatically increase spending to collect and analyse data on complex issues like city traffic flows, pipeline safety and health care.

Bombardier wins tentative aircraft orders

Bombardier-Airshow

MONTREAL _ Bombardier has secured tentative interest from two unnamed buyers for up to 18 CSeries aircraft, but the manufacturer continues to await new firm commitments for its new commercial airliner.One customer placed a conditional order for seven CS300 aircraft valued at US$553 million, and purchase rights for six more planes. PHOTO. Will be updated.

Manufacturingsales up in May: StatsCan

StatsCan-Manufacturing

OTTAWA _ Statistics Canada says manufacturing sales rose 1.6 per cent in May to $51.6 billion, the fourth increase in five months. Economists had expected a gain of 1.0 per cent, according to Thomson Reuters.

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Scotiabank opens Colombian equities brokerage

Scotiabank-Colombia

TORONTO _ Scotiabank (TSX:BNS) is building on its presence in Latin America with a new trading and equities brokerage in Colombia. The bank says the opening is part of placing a priority on key countries in the region, which also include Peru, Mexico and Chile. PHOTO.

VW passes GM in global auto sales race

US-Global-Auto-Sales

DETROIT _ Volkswagen bumped General Motors out of second place in the global auto sales race during the first half of the year, but Toyota is expected to stay in first place.GM said Wednesday that it sold 4.92 million cars and trucks worldwide from January through June. But VW said it sold 4.97 million. Toyota won’t release first-half numbers until later this month. But it was in first place at the end of the first quarter and it expects to sell 10.1 million vehicles this year.

Maine lobster fishing season off to slow start

ME-Slow-Lobster-Season

ROCKLAND _ The cold winter is still being felt in the waters off Maine, where the nation’s largest lobster fishery is off to a slow start.The season typically picks up after the bulk of the lobster population sheds its shells and reaches legal harvesting size. That occurred in late June last year and mid-June in 2012, but state officials and lobstermen say it hasn’t happened yet this year, leading to small catches. PHOTO.

Pets’ amenities rising trend for homebuilders

US-Pets-Sweet-Dog-Suites

LOS ANGELES _ These homes are set apart by their amenities _ for dogs.Standard Pacific Homes is building and selling homes in 27 developments from Florida to California and is believed to be the first to offer a pet suite as an option in every one. PHOTO.

THE CANADIAN PRESS

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