News Column

Prep-Business Report

January 29, 2014

The Toronto stock market closed higher yesterday after tumbling 400 points over the past three sessions prompted by emerging market worries. Toronto's S-and-P/T-S-X composite index ran ahead 105 points, to 13,687. In New York , the Dow Jones industrial average rose 90 points, to 15,928. The Nasdaq composite index rose 14 points, to 4,097.96. In Tokyo this morning, the Nikkei index jumped 403 points, to 15,383. In Hong Kong , the Hang Seng index rose 181 points, to 22,141. And our dollar is trading overseas this morning at 89.51 cents U-S -- down 13 basis points from yesterday's close of 89.64 -- a fresh four-and-a-half-year low. ( World Markets ) Most Asian stock markets rose today after an aggressive central bank rake hike in Turkey to stabilize its currency and China's infusion on funds into its banking system. Japan's Nikkei index jumped 2.7 per cent, and Hong Kong's Hang Seng rose 0.8 per cent. Global stock markets are stabilizing after three turbulent days amid investor concerns about growth in China . But by yesterday, the markets regained some calm, lifted by earnings gains from big U-S companies like Pfizer and Comcast . One area of disappointment, though, was Apple, whose weak revenue forecast pushed its stock to the biggest one-day loss in a year. ( Associated Press ) (Lookahead) StatsCan will release a survey this morning on household spending for 2012. Treasury Board president Tony Clement will introduce legislation in Parliament on removing outdated regulations that hobble businesses. I-T company C-G-I Group releases first-quarter results prior to markets open. Fourth-quarter and year-end earnings results will be also be released by investment company AGF Management and Canadian Pacific Railway . The Canadian Labour Congress will release a research study showing that big companies in Canada paid their entire share of taxes to all levels of government by the end of January in 2012. ( The Canadian Press ) (US-State-of-Union) U-S President Barack Obama vowed in his State of the Union address to sidestep Congress where necessary to narrow economic disparities. He unveiled an array of executive actions that included past pleas to increase the minimum wage for some federal contract workers. Obama says other measures will make it easier for millions of low-income Americans to save for retirement. His one new legislation proposal calls for expanding an income tax credit for workers without children. ( Associated Press ) (Red-Tape) New legislation aimed at removing outdated regulations that hobble businesses will be introduced today by the federal government. Prime Minister Harper has called those regulations ``a silent killer of jobs.'' The bill, promised in the throne speech, would require the government to remove one regulation for every new one that's added. Treasury Board president Tony Clement says it's about changing the culture in Ottawa , where regulation is usually the go-to response when issues come up. He says the government has already saved small businesses 20-million dollars in administrative costs by scrapping 19 regulations. ( The Canadian Press ) (Loblaw-Provigo) Supermarket chain Provigo will spend 110-million dollars this year to continue renovations and upgrades to its Quebec stores. The member company of the Loblaw group began giving its locations a significant makeover last year, spending 100-million dollars . It opened a new market-inspired store format called Provigo Le Marche, which highlights fresh foods. Provigo plans to introduce the new concept design at other locations this year. Loblaw says Le Marche stores employ 50 to 100 more employees than a typical Loblaw store. Provigo runs nearly 400 stores in Quebec and employs nearly 30-thousand people, making it Quebec's third-largest employer. ( The Canadian Press ) (Sask-Uranium-Suit) A Saskatchewan magazine is going to court in an effort to get information on a uranium deal with the northern village of Pinehouse . Briarpatch Magazine has been trying to get documents from the village on agreements it has with uranium mining companies Areva and Cameco . Plaintiff Valerie Zink , a former Briarpatch editor, says the village has not complied with the freedom of information request and that's why the lawsuit was filed. The 11-year, 200-million-dollar agreement was signed in December 2012 . ( The Canadian Press ) (Drought-Napa-Valley-Wineries) Napa Valley wine grape growers say an extended drought will yield a smaller 2014 crop. The California growers say some vines are ripening early and farmers are planning fewer crops to save water. ( Associated Press ) (The Business Report by Karen Rebot and Chris Mayberry )

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Source: Canadian Press Broadcast Wire (Canada)

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