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Prep Business Report – CP

The Toronto stock market closed lower yesterday amid pressure from the mining sector and mixed earnings reports from two of the big Canadian banks.

Toronto’s S-and-P/T-S-X composite index dropped 47points, to close at 14,611.

In New York, the Dow Jones industrial average gave back 42 points, to 16,633.

The Nasdaq composite index slipped 12 points, to 4,225.

In Tokyo this morning, the Nikkei index rose 10 points, to 14,681.

In Hong Hong, the Hang Seng index fell 69 points, to 23,010.

And our dollar is trading overseas this morning at 92.07 cents U-S — up 12 basis points from yesterday’s close of 91.95 cents U-S.

(World Markets)

Asian stock markets were lacklustre today ahead of U-S government reports on jobs and economic growth.

Traders were cautious ahead of data which might revise first-quarter growth to show a 0.7 per cent contraction.

Japan’s Nikkei index slipped less than 0.1 per cent, while Hong Kong’s Hang Seng index fell 0.3 per cent.

U-S stocks edged lower for the first time in five days yesterday.

Most action was in the bond market, where the yield on the 10-year Treasury note fell to its lowest level in 11 months. (Associated Press)


The last of Canada`s big six banks, C-I-B-C, will report its second-quarter earnings this morning before the markets open.

And PwC hosts a conference in Calgary today on Canada’s future as an L-N-G producer. (The Canadian Press)


Rogers Communications has signed its first major sponsor since it acquired multi-media rights to N-H-L games beginning this fall.

Rogers has signed the Bank of Nova Scotia to a six-year deal, which Rogers will only say is worth millions.

Scotiabank will sponsor certain Sunday and Wednesday hockey broadcasts and still be visible on the prime Saturday night hockey telecasts through 2020. (The Canadian Press)

(Barrick Gold-Chile-Pascua-Lama)

Toront-based Barrick Gold has reached a preliminary deal with a Chilean indigenous group that it hopes will help restart its Pascua-Lama mine in the Andes.

The world’s biggest gold producer says the six-month agreement was worked out with 15 native communities near the mine straddling the Argentina-Chile border.

After natives said Pascua-Lama threatens their water supply, Chile blocked work at Pascua-Lama last May, citing serious violations of its work permit.

In October, Barrick said it would suspend work of the 8.5-billion-dollar mine. (The Canadian Press)

(Peoples Trust Suit)

A proposed class-action lawsuit has been launched against Vancouver-based Peoples Trust and Peoples Card Services.

The suit alleges the small financial services company broke consumer protection laws by charging unauthorized and illegal fees on prepaid credit cards they sold.

The suit, launched in Ontario, seeks 100-million dollars in damages. (The Canadian Press)

(Via Rail)

The new president of Via Rail says the passenger rail carrier is committed to improving service and reducing its dependency on taxpayer dollars.

Yves Desjardins-Siciliano made the vow after formally taking over the company’s top job.

Desjardins-Siciliano says he`ll meet with Via employees and the public to get their opinions on how service can be improved. (The Canadian Press)


A survey suggests if major banks want to attract millennials as customers, they’d better increase their online and mobile presence.

It shows people between the ages of 18 and 34 are almost twice as likely as older people to consider switching to a branch less bank like Tangerine, or opt to bank with a major tech player like Google or Apple if that option were available.

The survey was done by Accenture, a global management consulting company. (The Canadian Press)

(Apple-Beats Acquisition)

It`s the most expensive acquisition in Apple`s 38-year history.

The company is spending three-billion dollars to acquire Beats Electronics, a headphone and music streaming specialist.

The deal is aimed at countering a threat faced by Apple`s iTunes and iTunes Radio. (Associated Press)


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