Prep Business Report – CP

Source: The Canadian Press – Broadcast wire
Sep 9, 2015

North American stock markets began the holiday-shortened trading week in an upbeat mood as a rebound on China’s main index appeared to cheer investors, and Japan’s market surged this morning.

Toronto’s S-and-P / T-S-X index soared by 152 points, to close yesterday at 13,630.

In New York, the Dow Jones industrial average gained 390 points to 16,492.

And the Nasdaq gained 128 points to 4,811.

In Tokyo this morning, the Nikkei index shot up 13-hundred-and-43 points, to 18,770.

Hong Kong’s Hang Seng index rose 872 points, to 22,131.

And our dollar is trading overseas this morning at 75.64 cents U-S — down nine-100ths of-a-cent from yesterday’s close of 75.73.

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(World Markets)

Japanese stocks posted their biggest gain in seven years today, leading other regional indexes higher, as Asian policymakers sought to counter pessimism about prospects for markets and economic growth.

Japan’s Nikkei index jumped 7.7 per cent, its biggest one-day rise since October 2008.

China’s Shanghai Composite Index rose 2.3 per cent, while Hong Kong’s Hang Seng climbed 4.1 per cent.

The Nikkei bounced after comments by Prime Minister Shinzo Abe (AH-‘bay) raised expectations of more policy measures, including corporate tax cuts, to shore up economic growth under his stimulus program.

China’s Ministry of Finance helped with a new round of measures to revive growth, including infrastructure spending and tax reform for small businesses. (Associated Press)

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(Lookahead)

Canada Mortgage and Housing Corporation releases data today on August housing starts and StatsCan will update building permits for July and university tuition fees.

The Bank of Canada releases its decision on the target for the key overnight interest rate, currently at 0.5 per cent.

C-E-O’s of Canada’s big banks — BMO, Royal Bank, CIBC, TD Bank, National Bank and Laurentian Bank — will appear today at the Scotiabank Financials Summit 2015 in Toronto.

Alberta Environment Minister Shannon Phillips to deliver keynote address at the Pembina Institute 2015 climate summit.

Simon Fraser University President Andrew Petter officially launches the school’s 50th anniversary year in Burnaby, BC.

Tea store chain Davids Tea releases second-quarter results after markets close. (The Canadian Press)

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(Fracking-First-Nation)

A First Nation with a treaty in the heart of B-C’s oil and gas territory says the province can’t allow companies to dry up waterways to support fracking operations.

Fort Nelson First Nation Chief Liz Logan says B-C’s Environmental Appeal Board sided with her members and overturned a water licence granted to Nexen.

That means the Calgary-based company is no longer allowed to pump water from Tsea Lake — it can only use water it has stored in area pits.

The First Nation appealed the decision two years ago, after Nexen was permitted to use billions of litres of water for shale gas fracking in northeast B-C.

The board ruled the licence was based on “serious technical flaws” and flaws in the consultation process. (The Canadian Press)

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(Foreign-Shipworkers)

The Harper government may have thought it had squelched the political fire that raged this spring over the temporary foreign workers program.

But a legal challenge filed Tuesday in Federal Court threatens to rekindle the controversy.

The Seafarers International Union of Canada wants a judge to review permits granted to foreign sailors on international ships that have operated in Canadian waters.

A high-profile makeover to the controversial program earlier this year allows labour market impact assessments on request, and also requires employers to demonstrate no Canadians were available to take the jobs.

The court challenge claims there are hundreds of qualified, unemployed Canadian crew members who could have filled those jobs. (The Canadian Press)

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(Taxi-Petition)

A Toronto cab company is calling on the city to lower fares as it deals with falling ridership in the face of competition from upstarts like Uber.

Cities set the price of a taxi trip and Beck Taxi says Toronto’s rates are some of the highest in North America.

The success of Uber’s ride-hailing platform led Toronto to launch a wide-ranging review of its transportation policies in July.

Beck is organizing a petition to submit to the review asking for more affordable fares, arguing taxi companies need to be able to compete with Uber on price in order to halt the slide in ridership. (The Canadian Press)

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(Tiffany-Costco)

A federal court in the U-S says Costco violated trademark laws when it sold engagement rings labelled “Tiffany.”

High-end retailer Tiffany & Co. sued Costco in 2013 over the matter.

Costco claimed in a countersuit that “Tiffany” is a generic term for a pronged ring, but the court rejected that argument Tuesday.

The New York-based jeweller is seeking punitive damages, which will be determined later by a jury. (Associated Press)

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(Netflix-Asia)

Netflix says it’s planning to enter four more Asian markets next year as the Internet video streaming service steps up its international expansion.

The company said early today that it will extend its services to South Korea, Singapore, Hong Kong and Taiwan starting in early 2016.

The announcement comes a month after the California-based company announced plans to expand into Japan.

It already operates in Australia and New Zealand. (Associated Press)

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(Business Report by Adam Burns and Karen Rebot)

(The Canadian Press)

INDEX: BUSINESS