Business News as of 5 p.m. ET – CP

Source: The Canadian Press
Dec 17, 2014 17:13

WEDNESDAY, DEC. 17, 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.

____

TOP BUSINESS NEWS THIS HOUR

Latest BlackBerry isn’t a ‘rehash,’ says CEO

BlackBerry-Classic-Launch

While BlackBerry’s latest smartphone might look familiar, chief executive John Chen said Wednesday the new Classic model is hardly a “rehash” of old technology.The head of the Waterloo, Ont.-based company stood before an audience in New York on Wednesday and told them he was responding to requests from some of BlackBerry’s most loyal customers, such as the leaders of major U.S. banks. PHOTO. With Cyberfile-BlackBerry-Classic-Review.

—

Review: BlackBerry Classic designed for Bold, Curve users

Cyberfile-BlackBerry-Classic-Review

TORONTO _ Attention BlackBerry Curve and Bold users: BlackBerry wants you to ditch your ancient phone and upgrade to something familiar yet new.With the new BlackBerry Classic, the Waterloo, Ont.-based company is targeting the “millions and millions” of loyal customers still clinging onto their antiquated, not-quite-smart phones. PHOTO.

—

Husky Energy trims capital budget for 2015

Husky-Energy

CALGARY _ Husky Energy Inc. (TSX:HSE) says its 2015 capital budget will be about one third lower than what it expects to spend this year as it responds to weak oil prices and wraps up spending on projects in the South China Sea and the oilsands.Next year’s capital expenditures are projected to be about $3.4 billion, down from the $5.1 billion Husky expects to spend in 2014.

—

More spending cuts in the oilpatch for 2015

Oilpatch-Spending

CALGARY _ Three Canadian oil and gas firms say they’ll be reining in spending next year in the face of free-falling oil prices.Shares in Penn West Petroleum Ltd. (TSX:PWT), Husky Energy Inc. (TSX:HSE) and MEG Energy Corp. (TSX:MEG) were all significantly higher on the Toronto Stock Exchange on Wednesday after they announced tighter capital budgets for 2015. The sector as a whole was up about seven per cent.

—

How would cozier U.S.-Cuba ties affect Canada?

Cuba-US-Canada-Business

OTTAWA _ Experts believe closer ties between the United States and Cuba will eventually make economic waves for Canadian business.But as the U.S. moves to rebuild broken diplomatic relations with Cuba, it remains unclear how Canadian companies stand to benefit _ or lose out _ from a cozier U.S.-Cuba bond. PHOTO. Moves Business and National; guard against duplication; will be writethru. With Cuba-US vars.

—

Fed to be ‘patient’ about a rate hike; stocks soar

US-Federal-Reserve

WASHINGTON _ The Federal Reserve is edging closer to raising interest rates from record lows given a strengthening U.S. economy. But it will be “patient” in deciding when to do so.That was the message sent Wednesday as the Fed ended a meeting amid heightened expectation about a forthcoming rate increase. At a news conference afterward, Chair Janet Yellen said she foresaw no rate hike in the first quarter of 2015. PHOTO.

—

ALSO IN THE NEWS

TSX surges, traders get Fed rate reassurance

Dollar-Markets

TORONTO _ The Toronto stock market soared more than 300 points Wednesday with sentiment helped along by reassurance on interest rates from the U.S. Federal Reserve.The S&P/TSX composite index jumped 351.87 points to 14,213.39, its second straight triple-digit advance and the biggest one-day gain since November 2011 as traders continued to buy up stocks oversold in the course of a steep fall sell-off triggered by plunging oil prices. Will be updated.

—

Loonie dips, Fed to be patient in hiking rates

Loonie

TORONTO _ The Canadian dollar closed lower Wednesday as the U.S. Federal Reserve offered some reassurance that it is in no hurry to raise short-term rates near zero, where they have been since the 2008 financial crisis.The loonie was off 0.02 of a cent at 85.92 cents US as the greenback strengthened after the Federal Reserve promised to be “patient” in determining when to raise its key interest rate. The Fed said that this “patient” approach is consistent with what it called its “previous” guidance that it expected to keep the rate near zero for a “considerable time.”

—

Shopping centres here to stay: First Capital

First-Capital-Realty

TORONTO _ The rise in online shopping may have raised concerns for retail property owners, but the chief executive at First Capital Realty (TSX:FCR) says he doesn’t foresee the day brick-and-mortar shops vanish from cities.“We strongly believe that in the next 10 years, you’re not going to go to the dentist online,” Dori Segal told reporters during a roundtable event in Toronto on Wednesday.

—

Federal Court grants order against Apple

Apple-Competition-Bureau

TORONTO _ Apple Canada Inc. has been ordered to hand over “relevant” documents to the Competition Bureau related to an investigation into whether Apple uses anti-competitive clauses to push the sale of its iPhones.Wednesday’s ruling by Chief Justice Paul Crampton of the Federal Court of Canada came about a week after the bureau filed an application to require the Canadian subsidiary of the U.S. computer giant and smarphone maker to provide written records. Moved Business and National.

—

Wholesale sales up in October: StatCan

StatsCan-Wholesale-Trade

OTTAWA _ Statistics Canada says wholesale sales increased 0.1 per cent to $54.2 billion in October.The federal agency says it is the second month in a row that wholesale sales have gone up.

—

Rogers attempts to block Glentel sale to BCE

Glentel-Injunction

TORONTO _ Rogers Communications (TSX:RCI.B) has filed an application to block its rival, BCE Inc., from buying wireless phone retailer Glentel Inc. in a previously announced deal valued at $670 million in stock, cash and debt.The country’s largest wireless carrier filed the proposed injunction Wednesday with the Ontario Superior Court of Justice.

—

Oilsands exporters dodge European vote

Oil-Sands

OTTAWA _ Canadian oilsands exporters narrowly survived a vote in the European Parliament on Wednesday that could have once again penalized Alberta bitumen as dirty oil.A proposed fuel quality directive for European Union refineries has been the subject of a well-funded Canadian lobbying campaign for more than two years. Moves Business and National, guard against duplication.

—

HBC names U.S. retail veteran as CEO

HBC- Executive-Shuffle

TORONTO _ Hudson’s Bay Co. (TSX:HBC) says it will have a new chief executive officer starting next month, although Richard Baker will continue as governor and executive chairman of the retailing company. Gerald (Jerry) Storch becomes CEO effective Jan. 6. Storch has previously been a chairman and CEO of Toys R Us, and a vice-chairman of Target. He will be responsible for HBC’s overall business, which includes Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue, Home Outfitters and HBC Digital.

—

Indian airline SpiceJet resumes flights

AS-India-Airline-Grounded

MONTREAL _ Export Development Canada and Bombardier both say they won’t take a big financial hit as a result of financial troubles facing SpiceJet, India’s low-cost airline.The EDC, a federal credit agency which helped finance the lease of 15 Bombardier Q400 turboprops by the airline, said its investment is protected since the planes would be remarketed elsewhere if SpiceJet ultimately folds.

—

FedEx misses Street 2Q forecasts, but profit jumps 23 pct

US-Earns-FedEx

FedEx’s second-quarter earnings soared 23 per cent, but the package delivery company missed Wall Street forecasts due partially to a lower-than-expected benefit from falling fuel prices.FedEx also said Wednesday that a jump in plane maintenance blunted gains the company reaped from managing costs, lowering its pension expense and growing its export package revenue. PHOTO.

—

Ruble volatile as Russians rush to stores

EU-Russia-Economy

MOSCOW _ The Russian government looked at ways of easing the selling pressure on the ruble Wednesday amid fears the country may face a full-blown bank run and as consumers look to buy big-ticket items before prices rise.Deputy Finance Minister Alexei Moiseyev was quoted by the Interfax news agency as saying that the government is going to sell foreign currency “as much as necessary and as long as necessary.” That, the hope is, would relieve the pressure on the ruble, particularly against the dollar. PHOTO.

—