MONDAY, FEB. 3, 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 TD says home prices 10 per cent overvalued Housing-Overvaluation TORONTO _ TD Bank is estimating Canadian home prices are likely about 10 per cent overvalued given the expectations for rising interest rates.The bank says a combination of softer demand and rising supply of homes for sale will likely pull some steam out of home price growth. Will be updated. --- IMF projects slight growth for Canada in 2014 IMF- Canada WASHINGTON _ The International Monetary Fund expects the Canadian economy to improve in 2014, albeit very slightly.The organization has released a projection that Canada's economy will grow 2.2 per cent this year, up from an estimated 1.7 per cent in 2013. Will be updated. --- Valeant to buy PreCision Dermatology Valeant-Pharma-PreCision LAVAL, Que. _ Valeant Pharmaceuticals International Inc. (TSX:VRX) has agreed to pay up to $500 million to acquire PreCision Dermatology in a friendly deal. PreCision, based in Cumberland, R.I. , has about 175 employees and expects to have about $130 million in revenue this year. Under the agreement, Valeant will pay $475 million cash plus an additional $25 million when a sales-based milestone is passed. The transaction is expected to close by the end of June. ___ Chrysler Canada says January sales up Cda-Auto-Sales TORONTO _ Chrysler Canada says its sales for January were up four per cent from a year a ago.The U.S. automaker says it sold 17,698 vehicles last month, up from 17,013 in January 2013 . Will be updated. --- Ford, GM, Toyota fall with January temperatures US-Auto-Sales DETROIT _ Frigid temperatures and snowy weather generally kept buyers away from auto showrooms last month, with Ford, General Motors , Toyota and Volkswagen all reporting declines from a year ago.But Chrysler, Nissan and Subaru dealers were smiling because sales ran counter to the thermometer and were up for all three brands. PHOTO. ___ Oil price falls to near $97 a barrel Oil-Prices The price of oil dropped Monday after a survey released on the weekend showed a slight deterioration in China's manufacturing. Benchmark U.S. crude for March delivery was down 17 cents to $97.32 a barrel at 0600 GMT on the New York Mercantile Exchange . The contract fell 74 cents Friday to close at $97.49 a barrel. ALSO EXPECTED TODAY CALGARY _ Suncor Energy reports fourth-quarter and full-year earnings. Developing from 10 p.m. ET release. ALSO IN THE NEWS Emerging markets concerns to weigh on TSX Dollar-Markets TORONTO _ Worries about emerging markets were expected to weigh on the Toronto stock market again on Monday, as they did last week. The Canadian dollar was up 0.52 of a cent to 90.31 cents US. Will be updated ___ Dollar rises amid Keystone approval optimism Loonie TORONTO _ The Canadian dollar charged ahead Monday amid optimism that the controversial Keystone XL pipeline will get U.S. approval.The loonie rose 0.58 of a cent to 90.36 cents US since the pipeline would boost shipments from the oilsands and give a lift to the Canadian economy. Will be updated. ___ Heroux-Devtek acquires landing gear firm Heroux-Devtek MONTREAL _ Canadian aerospace manufacturer Heroux-Devtek (TSX:HRX) has acquired the British landing-gear company APPH from BBA Aviation PLC for $128 million . The Montreal -area company says APPH will expand its manufacturing reach in Europe , diversify its customer base and give it a greater presence in the lucrative repair and replacement-part business. ___ Jaguar Mining makes progress on restructuring Jaguar-Mining TORONTO _ Jaguar Mining Inc. (TSX:JAG) says it hopes to complete its court-supervised debt restructuring and share offering this month. The gold miner said Monday that 100 per cent of its affected unsecured creditors voted in favour of the plan last week. ___ Husky Energy OKs Ohio refinery upgrade Husky-Energy-Refinery CALGARY _ Husky Energy (TSX:HSE) has given the green light to a $300-million equipment upgrade at its refinery in Lima, Ohio , so it can process heavy crude from Western Canada . The Calgary -based company says the project will allow the refinery to process up to 40,000 barrels per day of heavy crude, starting in 2017. --- US factories expanded at much slower pace in Jan. US-Economy-Manufacturing WASHINGTON _ U.S. manufacturing barely expanded last month as cold weather delayed shipments of raw materials and caused some factories to shut down.The Institute for Supply Management , a trade group of purchasing managers, said Monday that its index of manufacturing activity fell to 51.3 in January from 56.5 in December. It was the lowest reading since May, though any reading above 50 signals growth. Manufacturers said export orders grew at a healthy pace but slightly less than in the previous month.
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