Business News Advisory – CP

Source: The Canadian Press
Oct 27, 2015

TUESDAY, OCT. 27, 2015

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 Business Editor Lee-Anne Goodman at lee-anne.goodman?thecanadianpress.com, 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

Ross Marowits is monitoring for any further fallout stemming from the Valeant Pharmaceuticals situation. He is also reporting on CN’s third quarter report, which will be released after markets close, followed by its conference call at 4:30 p.m. ET.

Ross has also had a story this morning about how the low loonie has taken a bite out of cross-border flights.

Craig Wong is monitoring a speech by Timothy Lane, a deputy governor with the Bank of Canada, about inflation targeting. The speech is at 11:30 a.m. ET.

David Friend is reporting on the third quarter results for Restaurant Brands International, the parent company of Tim Hortons, which is seeing the effects of a low Canadian dollar dig into its bottom line.

Our Alberta bureau will report on the provincial budget, which comes down between 5 p.m. and 5:30 p.m. ET.

___

NEWS NOW:

Loonie taking bite out of cross-border flying

Loonie-Border-Flying

MONTREAL _ The weak Canadian dollar isn’t just hurting cross-border shopping.U.S. airports that enjoyed a surge in the number of Canadian passenger levels when the loonie was valued higher than the American dollar are now seeing the flip side of currency swings. Moves Business and National; guard against duplication. 560 words. By Ross Marowits.

___

Tim Hortons parent has US$49.6-million profit

Tim-Hortons-RBI

OAKVILLE _ Restaurant Brands International Inc. (TSX:QSR) had US$1.02 billion of revenue in the third quarter, a decline from last year as currency fluctuation took a bite out of Tim Hortons results.Tim Hortons contributed US$737.7 million of revenue, which was down from US$834.1 million a year earlier _ mainly because of the impact of a weaker Canadian dollar. Will be updated.

___

GOP, Dems, Obama reach accord on 2-year budget deal

US-Congress-Budget

WASHINGTON _ Congressional leaders are throwing their collective weight behind a hard-won, two-year bipartisan budget plan aimed at heading off a looming government debt crisis and forestalling a government shutdown in December.The pact, which would take these volatile issues off the table until after the 2016 presidential election, emerged in behind-the-scenes negotiations late Monday on Capitol Hill. It-would give both the Pentagon and domestic agencies $80 billion in debt relief in exchange for cuts elsewhere in the budget. PHOTO. 730 words.

___

GM recalling 1.4M cars; oil leaks can cause engine fires

US-General-Motors-Engine-Fires

DETROIT _ For the third time in seven years, General Motors is recalling cars that can leak oil and catch fire, in some instances damaging garages and homes.The recall, which covers 1.4 million vehicles dating to the 1997 model year, is needed because repairs from the first two recalls didn’t work. More than 1,300 cars caught fire after they were fixed by dealers, the company said. PHOTO. 440 words.

___

Fiat Chrysler recalls nearly 94,000 Jeeps due to fire risk

US-Fiat-Chrysler-Recalls

DETROIT _ Fiat Chrysler is recalling nearly 94,000 SUVs because the air conditioning lines are too close to the exhaust manifold and could catch fire.The company looked into the problem after U.S. regulators got two complaints about smoke and fire in certain 2015 Jeep Cherokees. 180 words.

___

Ford 3Q earnings more than double on North America results

US-Earns-Ford

DEARBORN _ Pickup trucks powered Ford Motor Co. to record North American results in the third quarter.Ford earned $2.7 billion in North America, up 89 per cent from a year ago, largely on higher sales of its new F-150 pickup truck. Ford introduced the aluminum-sided truck last fall, but didn’t reach full production at its two U.S. factories until June. PHOTO. 260 words.

___

Oil company BP reports 96 per cent drop in 3Q profit

EU-Britain-Earns-BP

LONDON _ Oil giant BP reported a 96-per cent drop in third-quarter profit Tuesday and announced further efforts to curtail spending as it prepares for a prolonged period of low oil prices.The London-based company said net income fell to $46 million from $1.29 billion in the third quarter of 2014. So-called underlying replacement cost profit, BP’s preferred measure of performance, fell 40 per cent to $1.82 billion. 400 words.

___

UK economy slows amid concerns over global growth

EU-Britain-Economy

LONDON _ Britain’s economy slowed in the July-September period amid broader concerns over the global economy.The Office of National Statistics said Tuesday the economy grew 0.5 per cent compared with the previous quarter, when growth was 0.7 per cent. The rate was below expectations of 0.6 per cent. APNewsNow. 140 words.

___

Mega beer merger bets on the rise of African drinkers

EU-Beer-Merger-Africa

LONDON _ Charles Kwara and his friends sit around an earthenware pot, sipping a frothy grey drink through long straws as laughter fills the Charismatic Club in the slums of Kampala, Uganda’s capital.The men joke that the crude brew of fermented millet known as “malwa” makes them feel both high and as if they’d just eaten. It’s also what they can afford: they can drink malwa all evening for the cost of a single bottle of branded beer. PHOTO. 1,150 words.

___

CALENDAR:

HALIFAX _ The Nova Scotia government holds a trade show to help entrepreneurs and businesses find opportunities to sell goods and services to the public sector. (9 a.m. at Pier 21, 1209 Marginal Rd.)

HALIFAX _ Bank of Canada deputy governor Timothy Lane speaks before the CFA Society Atlantic Canada. (12:45 p.m., Delta Halifax, Baronet Ballroom, 1990 Barrington Street). (At 10:30 a.m. ET, copies of the speech will be made available to journalists, under embargo at the Bank’s head office in Ottawa, 151 O’Connor Street).

MERIGOMISH, N.S. _ Food retailer Sobeys hosts an event with local growers and producers that features a live cooking demonstration by celebrity chef Jamie Oliver. (10:30 a.m. at Cameron’s Farm, 397 Shore Road)

y-MONTREAL _ Vermont Governor Peter Shumlin and Quebec Premier Philippe Couillard attend an event where a co-operation agreement is signed aimed at strengthening trade between the state and the province. Several dignitaries and stakeholders are to be present. (10 a.m. at Club Mont-Royal, 1175 Sherbrooke Street West)

MONTREAL _ Canadian National Railway Co. holds a webcast to discuss third-quarter results. (4:30 p.m.)

OTTAWA _ Statistics Canada releases a study on recent changes in demographic trends in Canada. (8:30 a.m. at www.statcan.gc.ca)

OTTAWA _ The Conference Board of Canada holds a conference on “Public Sector Social Media,” which will look into the latest developments in using social media to improve communications and engagement. Through Oct. 28. (Shaw Centre, 55 Colonel By Drive)

OAKVILLE, Ont. _ Restaurant Brands International Inc. releases
third-quarter results prior to markets open followed by a conference
call at 8:30 a.m. Dial 1-877-317-6711 or go to
http://investor.rbi.com for the webcast.

TORONTO _ The Public Affairs Association of Canada holds a panel discussion on the election, key turning points and what the results mean for Canadian public policy. Speakers include: Amanda Alvaro (Liberals), Marit Stiles (NDP) and Stephen Lecce (Conservative). (8 a.m. at Bordern Ladner Gervais LLP. 49 King Street West, 44th Floor)

y-TORONTO _ Prime Minister-designate Justin Trudeau to meet with Ontario Premier Kathleen Wynne. (1 p.m. at Queen’s Park, Room 208)

TORONTO _ DH Corp., business technology company formerly known as Davis + Henderson, releases third-quarter results after markets close. A conference call will be held on Oct. 28.

TORONTO _ Mining company Sherritt International Corp. releases third-quarter results after markets close. A conference call will be held on Oct. 28.

TORONTO _ Centerra Gold Inc. releases third-quarter results after markets close. A conference call will be held on Oct. 28.

TORONTO _ Commercial real estate services company Colliers International Group Inc. releases third-quarter results at 7:30 a.m. followed by a conference call at 11 a.m. Dial 416-623-0333 or 1-855-353-9183, passcode: passcode 30080(pound key).

TORONTO _ Ontario Premier Kathleen Wynne’s itinerary: 8:30 a.m., delivers opening remarks at the CANDO National Conference alongside Minister Zimmer, (Chelsea Hotel Toronto, 33 Gerrard St. W.); 9:45 a.m., joins Lt.-Gov. Elizabeth Dowdeswell and the Speaker Dave Levac for a meeting with the Earl of Wessex, (Lieutenant Governor’s Lounge, Queen’s Park); 10:25 a.m., joins Lt.-Gov. Elizabeth Dowdeswell and the Earl of Wessex for a tour of Think To Thing, (483 Bay St.); 1 p.m., meets with Prime Minister-Designate Justin Trudeau, (Queen’s Park, Room 281); 2 p.m., attends a funeral service for Ken Taylor, (Timothy Eaton Memorial Church, 230 St.Clair Ave. W.).

xy-EDMONTON _ Alberta Finance Minister Joe Ceci tables the 2015-16 provincial budget. Embargoed technical briefing 9:30 a.m. (Room 512, legislature). Embargoed news conference with Ceci 12:30 p.m. (Room 512, legislature). (Legislature)

NIVERVILLE, Man. _ Manitoba Pork fall producers meeting. (12:30 p.m. at Heritage Centre)

KAMLOOPS, B.C. _ The Lower Nicola Indian Band hosts the First Nations and Oil Pipeline Development Summit examining the impact of oil pipelines on First Nations in Canada. Through Oct. 28. (Kamloops Coast Hotel and Convention Centre, 1250 Rogers Way)

SURREY, B.C. _ Fraser Health Authority CEO Michael Marchbank and others attend Surrey Board of Trade’s fourth and final Business and Health Care dialogue. (8 a.m. at Guildford Golf Course, 7929 152 Street)

y-VANCOUVER _ Princess Astrid of Belgium leads a 200-delegate trade mission to B.C. Through Oct. 28.

VANCOUVER _ Lumber producer West Fraser Timber Co. holds a third-quarter earnings conference call. Dial 1-800-355-4959 or go to www.westfraser.com for the webcast. (8:30 a.m.)

VANCOUVER _ Tsleil-Waututh leadership and supporters will discuss their case against U.S. pipeline company Kinder Morgan and what it will mean under the Trudeau government. (8:30 a.m. at Four Seasons Hotel, 791 W. Georgia St., Aspen Room )

VANCOUVER _ Acadian Timber Corp. releases third-quarter results after markets close. A conference call will be held on Oct. 28.

___

INDEX: ADVISORIES BUSINESS