Prep Business Report – CP

The Toronto stock market closed higher yesterday as violence in Iraq pushed up most commodities, even as the price of oil retreated slightly from recent gains.

Toronto’s S-and-P/T-S-X composite index added 38 points, to close yesterday at 15,040.

In New York, the Dow Jones industrial average gained five points, to 16,781.

The Nasdaq composite index added 10 points, to 4,321.

In Tokyo this morning, the Nikkei index rose 42 points, to 14,976.

In Hong Kong, the Hang Seng index lost 97 points, to 23,203.

And our dollar is trading overseas this morning at 92.11 cents U-S — down 13 basis points from yesterday’s close of 92.24.

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(World Markets)

Asian stocks were mixed today as investors prepared for the latest U-S economic forecasts from the U-S Federal Reserve.

The outlook for the U-S became cloudier after the International Monetary Fund lowered its 2014 forecast to a two percent, from 2.7 per cent.

The Fed may follow suit, after government data last month showed the economy shrank in the first quarter due to a severe winter.

Japan’s benchmark Nikkei index rose 0.3 per cent, rebounding from a sharp 1.1 per cent drop the day before as the yen weakened.

Hong Kong’s Hang Seng index shed 0.4 per cent. (Associated Press)

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(Lookahead)

Hudson’s Bay Company holds its annual general meeting in Toronto.

Valeant Pharmaceuticals will hold a presentation in Quebec to refute recent assertions made by Allergan in Valeant’s 53-billion-dollar takeover bid.

The 2014 Rail Conference will open in Montreal, with Quebec’s transport minister and the heads of Montreal transit and regional transit.

The 2014 Canadian Telecom Summit continues in Toronto through to June 18th.

Speakers include the CEO of Wind Mobile, and COO of Shaw Communications. (The Canadian Press)

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(Northern-Gateway)

Ottawa`s decision on the Northern Gateway pipeline is due to be delivered today after the stock markets close.

At stake is whether the 12-hundred-kilometre pipeline should be built to link the Alberta oilsands to a marine terminal in Kitimat, B-C.

The seven-billion-dollar project is worth an estimated 300-billion in gross domestic product over 30 years, but faces much opposition from environmental groups and First Nations in B-C. (The Canadian Press)

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(Oliver-Economy)

Finance Minister Joe Oliver is urging Ontario Premier Kathleen Wynne to aggressively take on the province’s growing deficit in next month’s budget.

Wynne’s Liberals, who won a majority government in last week’s election, are expected to re-introduce essentially the same budget as before the election.

That document called for adding more than one-billion dollars to the deficit to take it to 12.5-billion. (The Canadian Press)

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(US-GM-Recall)

G-M says it needs to change or replace the keys for nearly 3.4-million more cars, including 188-thousand in Canada and some later model ones.

The keys could also cause ignition-switch problems similar to the ones behind another recent massive recall.

G-M’s repairs on the ignition switches that led to the recall of 2.67-million older cars are going slowly.

More than four months after starting the recall, G-M has repaired only seven per cent of the vehicles. (Associated Press)

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(BC-Chilliwack-Cattle-Saputo)

Montreal-based dairy food giant Saputo is no longer accepting milk from Chilliwack Cattle Sales.

The British Columbia farm was where a number of employees were recently captured on video beating cattle.

Saputo says it is leading the charge for reform in animal treatment and has reached out to several political and industry stakeholders.

Saputo says it wants to ensure immediate consequences for those involved and enforceable legal measures to prevent future animal abuse. (The Canadian Press)

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(US-Domino’s-Voice-Ordering)

Domino’s is introducing its own version of Siri.

The pizza chain is introducing a function on its mobile app that lets customers place orders by speaking with a computer-generated voice named “Dom.”

The company says the updated app will deliver a “human-like, conversational” experience, but notes that it will take some time to work out the kinks.

Mobile and online orders account for 40 per cent of Domino’s sales in the U-S. ( Associated Press)