Prep Business Report – CP

The Toronto stock market is at an all-time high after signs that the U-S Federal Reserve likely won’t move on interest rates until 2015.

Toronto’s S-and-P/T-S-X composite index added 53 points yesterday to close at a record 15,109.

In New York, the Dow Jones industrial average ran up 98 points to 16,907.

The Nasdaq composite index gained 25 points to 4,363.

In Tokyo this morning, the Nikkei average closed up 245 points at 15,361.

In Hong Kong, the Hang Seng index slipped 14 points to 23,168.

And the dollar is trading overseas this morning at 92.43 cents U-S — up 26 basis points from yesterday’s close of 92.17.

(World Markets)

Japanese and Australian stocks led Asian markets higher today after the U-S Federal Reserve signalled that interest rates will remain at record lows for now.

Japan’s benchmark Nikkei index jumped 1.6 per cent.

Australia’s A-and-P A-S-X 200 also gained 1.6 per cent.

Hong Kong’s Hang Seng closed slightly lower while South Korea’s Kospi inched up two points.

In mainland China, the Shanghai Composite Index lost 1.5 per cent. (The Associated Press)

(Northern-Gateway)

Enbridge says its proposed Northern Gateway pipeline is a project worth working on, and it believes it can move past the hurdles in its way.

Executive Janet Holder says Canadians are losing billions of dollars a year in revenue without access to the B-C coast for export, and Enbridge and its 10 partners will push forward and find a way to make it work.

That includes engaging aboriginal communities.

Enbridge stock closed down more than 1.1 per cent yesterday at $51.38 a share. (The Canadian Press)

(PrairieSky-Dividend)

PrairieSky Royalty has confirmed its first dividend since its initial public offering will be paid in July.

The company has traded publicly since May after it was spun off by Encana Corporation.

It says it will pay a monthly dividend of 10.58 cents per share on July 15th.

PrairieSky’s shares closed yesterday at 38 dollars, 55 cents, down 55 cents for the day but up from its opening trading price of 35 dollars on May 29th.

The I-P-O price was 28 dollars per share. (The Canadian Press)

(NY-Argentina-Debt-Showdown)

A lawyer for Argentina says authorities from the South American nation will negotiate with U-S hedge funds that are owed 1.5 billion dollars for defaulted bonds.

Lawyer Carmine Boccuzzi told a federal court the authorities from Argentina will travel to New York next week for the negotiations.

Boccuzzi says Argentina wants “to have a dialogue” with bondholders who refused to exchange their bonds for new bonds at a much lower value after 2001.

That’s when Argentina’s economy collapsed. (The Associated Press)

(Japan-Sony)

Sony shareholders have voted to keep Chief Executive Kazuo Hirai and other top executives despite heckling them about the Japanese company’s continuing losses.

Hirai, who took the helm in 2012, apologized for not having acted quickly enough to changes in the business, and promised to fix things.

Sony has lost money in six of the seven past years, and is still forecasting red ink for the fiscal year through March 2015. (The Associated Press)

(APFN-US-American-Apparel-CEO)

The board of American Apparel has voted to oust founder Dov Charney as chairman and has notified him of its intent to remove him as president and chief executive.

The board’s statement says that the firing is for cause, citing an ongoing investigation into alleged misconduct.

It gives no details, but Charney has been the subject of several lawsuits alleging inappropriate sexual conduct with female employees.

Charney founded the Los Angeles-based clothing company in 1998, and it now has about 250 stores and 10-thousand employees in 20 countries. (The Associated Press)

(US-Car-Quality-Rankings)

A Toyota assembly plant in Cambridge, Ontario has received the top ranking in an annual report on the quality of cars produced around the world.

The plant, which makes the Lexus R-X sports utility vehicle, was recognized by Detroit-based J-D Power for having the fewest defects or malfunctions.

A General Motors plant in Ingersoll, Ontario, that makes the Chevrolet Equinox and G-M-C Terrain, came in second in North America and fifth globally.

On a global ranking, Toyota took the top three spots. (The Associated Press)