Business News as of 6 P.M. ET

The Canadian Press, February 27, 2013 | Go to article overview

Business News as of 6 P.M. ET


Business News as of 6 p.m. ET

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WEDNESDAY, FEB. 27

6 p.m. ET

BUSINESS NEWS ADVISORY

Here are the top Business News stories from The Canadian Press as of 6 p.m. 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@thecanadianpress.com.

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TOP BUSINESS NEWS THIS HOUR

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Canada struggles to maintain bank protections

Cda-EU-Trade

OTTAWA -- A leaked draft of part of the Canada-Europe trade talks shows that Canada's vaunted banking system is on the negotiating table.The Canadian Press has obtained the Feb. 1 version of the services chapter of the Canada-Europe trade deal that Europe has circulated to its member states. Moves National and Business

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Caisse generates 9.6 per cent return in 2012

Caisse-de-depot

MONTREAL -- The Caisse de depot et placement du Quebec continued to make progress in rebuilding assets last year, generating above benchmark returns and claiming the title as Canada's largest pension fund manager.The Canadian investment giant said Wednesday that it generated a 9.6 per cent return on investments in 2012, raising its assets to $176.2 billion from $159 billion in 2011. PHOTO.

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Business signals cautious approach on spending

StatsCan-Investment

OTTAWA -- Canada's corporations appear to be taking a wait-and-see approach to capital investments this year, a position that could dampen already modest expectations for economic growth in 2013.The annual survey of private and public investment intentions by Statistics Canada indicates such spending will rise a mere 1.7 per cent to $398.2 billion this year -- the slowest non-recession pace since 1995 and well down from 7.2 per cent last year.

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Apple CEO promises investors 'great stuff' to come

US-Apple-Shareholders

CUPERTINO -- Apple CEO Tim Cook sought to reassure shareholders worried about the company's sagging stock price that the iPhone and iPad maker is on the verge of inventing more breakthrough products that will prove it hasn't lost its creative edge."The company is working as hard as ever, and we have some great stuff coming," Cook told shareholders Wednesday before taking their questions during Apple's annual meeting at its Cupertino, Calif., headquarters. PHOTO.

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Shell suspends drilling for Arctic Ocean in 2013

US-Shell-Arctic-Offshore-Drilling

ANCHORAGE -- An effort to give the United States a new source of domestic oil and refill the trans-Alaska pipeline took a hit Wednesday when Royal Dutch Shell PLC announced it will suspend offshore petroleum drilling in the Arctic Ocean for 2013.Shell drilled last year in both the Chukchi Sea off Alaska's northwest coast and in the Beaufort Sea off the state's north coast.

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Sherritt misses Q4 profit estimates

Sherritt

TORONTO -- Sherritt International Corp. is focused on ramping up production at its Ambatovy project in Madagascar this year as the nickel mine heads toward commercial production."While the exact timing is difficult to predict because of the natural and uncertain nature of ramp-ups, at this point we are highly confident of our ability to get the project up to nameplate capacity and hopefully beyond," Sherritt chief executive David Pathe told a conference call with analysts. PHOTO.

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Target earnings affected by Canadian launch

US-Earns-Target

TORONTO -- As Target Corp. prepares to open its Canadian discount-chic stores in the coming months, the company says the cost of its national rollout has hurt its fourth-quarter profits. The retailer said Wednesday that net income dipped two per cent as it dealt with intense competition during the crucial holiday season, while its launch in Canada remains on track to begin in late March. …

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