Business News Advisory – CP

Source: The Canadian Press
Jan 7, 2016

THURSDAY, JAN. 7, 2016

BUSINESS NEWS ADVISORY

Here are the CP Business Department’s early plans for today. All times Eastern unless otherwise stated. Entries are subject to change as news develops. If you have any questions, please don’t hesitate to email Assistant Business Editor Tara Brautigam at tara.brautigam?thecanadianpress.com, or the department at business?thecanadianpress.com. We can also be reached at 416-507-2138.

COVERING

Alexandra Posadzki is covering the fallout on the markets after trading in China was again pre-emptively halted following a seven per cent slide.

We’ll have a follow-up to TransCanada’s announcement yesterday that it was launching a NAFTA challenge and a lawsuit against the U.S. government over its rejection of Keystone XL.

Andy Blatchford is covering Bank of Canada governor Stephen Poloz, who offers the following advice amid the economic gloom: ride it out.

Sid Banerjee from our Montreal bureau will staff a 10 a.m. event in Montreal with Innovation Minister Navdeep Bains.

David Friend will write thru the story on HBC’s purchase of online retailer Gilt Groupe Holdings.

Ross Marowits is monitoring Jean Coutu’s quarterly results.

Craig Wong will have a Money Monitor about financial resolutions for the new year _ and how to keep them.

___

TOP NEWS:

Impact of low dollar, oil must play out: BoC

BoC-Poloz-Speech

OTTAWA _ The Bank of Canada says overcoming the economic suffering inflicted by the commodity-price shock essentially boils down to one main option: ride it out.Central bank governor Stephen Poloz says some measures can buffer the negative effects from factors like the steep slide in oil prices _ but no simple policy response will fix them. Will be updated; moves National and Business; guard against duplication.

___

Site C protesters dig in, prepare for arrests

Site-C-Construction

VANCOUVER _ First Nations protesting the construction of the $9-billion Site C dam in northeastern British Columbia are preparing for their own arrests while they implore Prime Minister Justin Trudeau intervene to stop the hydroelectric project.Helen Knott of the Prophet River First Nation said in an interview from the protest site that she and six other demonstrators are camped at Rocky Mountain Fort, the former site of a North West Company fur-trading post established in 1794 on the west side of the Moberly River, near Fort St. John. PHOTO. Will be writethru. Moves Business and National. Guard against duplication. 540 words. By Kevin Drews.

___

Luxury home sales in Calgary slow: report

Luxury-Home-Sales

TORONTO _ A new report says sales of homes worth $1 million or more heated up in Toronto and Vancouver last year as the low loonie fuelled demand from foreign buyers.The report from Sotheby’s International Realty Canada says sales of homes worth $1 million or more in the Greater Toronto Area rose 48 per cent in 2015 from the previous year. Moves Business and National. Guard against duplication. 330 words. By Alexandra Posadzki.

___

HBC to buy Gilt online shopping business

HBC-Buying-Gilt

TORONTO _ Hudson’s Bay Co. (TSX:HBC) is preparing to pay US$250 million cash to buy Gilt Groupe Holdings, Inc., a membership-based online retailer that caters to shoppers in the millennial generation.The Toronto-based retailer says Gilt has more than nine million members and the acquisition is expected to add about US$500 million to HBC’s overall revenue this year.

___

Crescent Point Energy cuts back 2016 budget

Crescent-Point

CALGARY _ Crescent Point Energy Corp. (TSX:CPG) says it expects to spend significantly less on capital projects than last year, with a 2016 budget of between $950 million and $1.3 billion.That will be 16 to 39 per cent below 2015 levels, although the Calgary-based oil and gas producer will increase production by about five per cent compared with last year. 110 words.

___

Eurozone jobless rate falls to lowest level in over 4 years

EU-Europe-Economy

LONDON _ Unemployment across the 19-country eurozone has fallen to its lowest rate in a little more than four years, official figures showed Thursday in the latest sign that the economic recovery in the region ended 2015 on a relatively chipper note.Following surveys this week that suggested the eurozone economy is poised for solid growth in 2016, statistics agency Eurostat found that the unemployment rate in the region fell to 10.5 per cent in November from 10.6 per cent the previous month. The rate has not been lower since October 2011, when the eurozone was mired in a debt crisis that raised questions over the future of the single currency bloc. PHOTO.

___

ON THE CALENDAR:

MONTREAL _ Innovation, Science and Economic Development Minister Navdeep Bains meets with representatives of more than 10 Quebec businesses. He will also make an announcement concerning Societe du Quartier de l’innovation Montreal. (3 p.m. at 20 Queen St., 3rd floor)

y-SAINT-HUBERT, Que. _ Economic Development Minister Navdeep Bains visits the Canadian Space Agency. He announces an innovation in Canadian space technology and holds a photo opportunity. (10 a.m. at Canadian Space Agency, 6767 Route de l’Aeroport)

x-VARENNES, Que. _ Drug store chain The Jean Coutu Group Inc. releases third-quarter results prior to markets open followed by a conference call at 9 a.m. Dial 1-866-225-0198 or go to www.jeancoutu.com for the webcast. (9 a.m.)

x-OTTAWA _ Bank of Canada governor Stephen Poloz speaks at the Mayor’s Breakfast Series, organized by the Ottawa Business Journal and the Ottawa Chamber of Commerce. He will hold a press conference at 9:15 a.m. in the Festival Boardroom. (Media lock-up, 6:40 a.m., Bank of Canada head office, 151 O’Connor Street). (8:15 a.m. at Ottawa City Hall, City Council Chambers, 110 Laurier Avenue West)

OTTAWA _ Statistics Canada releases the national tourism indicators for the third quarter. (8:30 a.m. at www.statcan.gc.ca)

x-OTTAWA _ International Development Minister Marie-Claude Bibeau makes an announcement regarding the Syria Emergency Relief Fund. (2:30 p.m. at Global Affairs Canada, lobby, 125 Sussex Drive)

WATERLOO, Ont. _ Network technology provider Sandvine Corp. releases fourth-quarter results prior to markets open followed by a conference call at 8:30 a.m. Dial 1-866-215-5508, passcode: 41455117 or go to www.sandvine.com/investors for the webcast.

VANCOUVER _ The Fraser Institute releases a study examining whether high income Canadians are gaining at the expense of low income Canadians. (5:30 a.m. ET at www.marketwired.com)

___

THE CANADIAN PRESS

INDEX: ADVISORIES BUSINESS