TUESDAY, FEB. 11, 2014, Noon ET
BUSINESS NEWS ADVISORY
Here are the top Business News stories from The Canadian Press as of Noon. 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
Cineplex results miss estimates, stock down
TORONTO _ Cineplex Inc. (TSX:CGX) turned in mixed financial results in the fourth quarter, with the national theatre chain's revenue up significantly but earnings falling short of estimates due to higher expenses.The quarter ended a year of growth for Cineplex, which bought most of the Empire theatre chain to expand into Atlantic Canada and acquired indoor sign operator EK3 Technologies.
Yellen: Continued pullback in Fed stimulus likely
WASHINGTON _ Federal Reserve Chair Janet Yellen said Tuesday that if the economy keeps improving, the Fed will take "further measured steps" to reduce the support it's providing through monthly bond purchases.In her first public comments since taking over the top Fed job last week, Yellen said that she expects a "great deal of continuity" with her predecessor, Ben Bernanke. She signalled that she supports Bernanke's view that the economy is strengthening enough to withstand a pullback in stimulus but that rates should stay low to further improve a still-lacklustre economy. PHOTO.
Oil below $100 ahead of Yellen testimony
The price of oil slipped below US$100 a barrel Tuesday ahead of congressional testimony by the U.S. Federal Reserve's new chief. Benchmark U.S. crude for March delivery was down 8 cents to $99.97 a barrel at 3 a.m. ET in electronic trading on the New York Mercantile Exchange. Oil gained 18 cents to close at $100.06 on Monday. PHOTO.
ALSO EXPECTED TODAY
OTTAWA _ Finance Minister Jim Flaherty tables the budget in the Commons. (4 p.m.)
ALSO IN THE NEWS
TSX rises, traders look to Fed chair
TORONTO _ The Toronto stock market registered a solid gain Tuesday following the debut appearance before Congress by the new chairwoman of the U.S. Federal Reserve.The S&P/TSX composite index was ahead 72.49 points to 13,866.67 as Janet Yellen said she expects a "great deal of continuity" with her predecessor, Ben Bernanke. will be updated.
Loonie up ahead of budget, Yellin testimony
TORONTO _ The Canadian dollar advanced Tuesday morning while traders looked ahead to the release of the federal government's new budget. The loonie was ahead 0.15 of a cent to 90.61 cents US as the U.S. dollar backed off ahead of the other major market event of the day _ testimony later in the morning by the new chair of the Federal Reserve. PHOTO. will be updated.
Quebec mining investment fell 37% in 2013
MONTREAL _ Investments in Quebec's mining sector plunged deeper than expected last year, declining nearly 37 per cent from a record year in 2012 and marking the first annual drop in a decade.Quebec's provincial statistics agency said Tuesday that preliminary numbers suggest investments in the sector fell to $3.25 billion from $5.13 billion a year earlier, due largely to lower gold prices and softer demand in China and emerging markets. Will be updated.
CAE Q3 profit, revenue up
MONTREAL _ Flight simulator and training company CAE says it earned $46.1 million in its fiscal third quarter, up 23 per cent from a year ago when it absorbed millions of dollars in restructuring and acquisition costs.The Montreal-based company earned 18 cents per share for the period ended Dec. 31, up from 14 cents per share a year earlier. Last year's $37.5 million in net income attributable to equity holders included $13.4 million in one-time costs. Will be updated.