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by The Canadian Press - Story: 105107

Dec 20, 2013 / 2:38 am





TORONTO - Some of the most active companies traded Thursday on the Toronto Stock Exchange and the TSX Venture Exchange:


Toronto Stock Exchange (13,392.20 up 57.47 points):


Martinrea International Inc. (TSX:MRE): Down $1.94, or 20.59 per cent, to $7.48 on 6.76 million shares. The auto parts maker warned that fourth-quarter net earnings will likely fall short of previous guidance. Among other things, it pointed to an issue with the financial reporting of one of its Canadian plants.


B2Gold Corp. (TSX:BTO). Miner. Down seven cents, or 3.20 per cent, to $2.12 on 5.07 million shares. The February gold contract on the New York Mercantile Exchange fell $41.40 to US$1,193.60 an ounce, its lowest close since Aug. 3, 2010. Gold prices are down 29 per cent so far this year while the TSX Global Gold sector has tumbled about 50 per cent.


Detour Gold Corp. (TSX:DGC): Miner. Down 46 cents, or 10.24 per cent, to $4.03 on 4.66 million shares.


Canadian Natural Resources Ltd. (TSX:CNQ): Oil and gas. Up 60 cents, or 1.74 per cent, to $35.02 on 4.53 million shares. January crude gained 97 cents to US$98.77 a barrel and the energy sector gained 0.74 per cent.


Turquoise Hill Resources Ltd. (TSX:TRQ.RT). Miner. Up one cent, or 1.18 per cent, to 86 cents on 4.43 million shares.


Osisko Mining Corp. (TSX: OSK): Miner. Down 10 cents, or 2.15 per cent, to $4.55 on 4.23 million shares.


Toronto Venture Exchange (887.17 down 3.60 points):


Zedi Inc. (TSXV:ZED). Up five cents, or 5.15 per cent, at $1.02 on 8.87 million shares.


Border Petroleum Corp. (TSXV:BOR). Oil and gas. Down 0.25 of a cent, or 33.33 per cent, to 0.5 of a cent on 5.08 million shares.


Companies reporting major news:


BlackBerry Ltd. (TSX:BB), Wireless communications. Up 20 cents, or 3.09 per cent, at $6.67 on 2.05 million shares. The smartphone maker releases its latest earnings on Friday.


Enbridge Inc. (TSX:ENB). Oil and gas. Up 48 cents, or 1.07 per cent, to $45.33 on 1.16 million shares. After markets closed, a review panel recommended that the company's proposed Northern Gateway pipeline that would connect the Alberta oilsands to tankers on the B.C. coast go ahead. But the panel attached 209 conditions to the project.



The Canadian Press

by The Canadian Press - Story: 105109

Dec 20, 2013 / 2:38 am






The price of oil rose one per cent Thursday as stockpiles declined and there were new indications that demand is rising in the United States, the world's largest crude consumer.


Meanwhile, natural gas soared nearly five per cent to close at US$4.46 per thousand cubic feet — the highest price since July of 2011 — after the government reported a huge draw in supplies, the result of cold temperatures across the U.S. in recent weeks.


The Energy Department said Thursday that natural gas supplies dropped by 285 billion cubic feet last week and are 261 billion cubic feet below the five-year average.


Benchmark U.S. crude for January delivery rose 97 cents to close at US$98.77 a barrel. Brent crude for February delivery, a benchmark used to price international varieties used by many U.S. refiners, rose 66 cents to close at US$110.29.


Oil prices rose despite a decision Wednesday by the U.S. Federal Reserve to reduce its stimulus spending, which analysts believe will eventually lead to lower oil prices. A reduction in stimulus spending increases the value of the dollar compared with other currencies. That makes commodities such as oil, which are priced in dollars, more expensive and less attractive to those using other currencies.


"A stronger U.S. dollar will play against commodities and will add to price pressure from the well-supplied oil picture for 2014," said Olivier Jakob of Petromatrix in Switzerland, noting that some investors had put money into oil futures exclusively because of the Fed's stimulus measures.


"On the basis of investment flows and of the U.S. dollar, we therefore take the tapering as a negative input for oil prices in 2014."


But the Fed reduced stimulus because the U.S. economy is improving, and that may increase demand for gasoline and diesel. The Fed announcement "conjured up images of an improving U.S. economy capable of standing on its own sooner than generally expected," said energy analyst Jim Ritterbusch in a report.


The American Petroleum Institute, an industry group, said oil deliveries, a measure of demand, rose 4.9 per cent in November. The U.S. Energy Department said Wednesday crude oil supplies fell by 2.9 million barrels last week.


In other energy futures trading, wholesale gasoline rose 4.3 cents to close at US$2.740 a U.S. gallon (3.79 litres), while heating oil rose 1.8 cents to close at US$3.025 a gallon.


(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS), (TSX:CVE)



The Canadian Press

by The Canadian Press - Story: 105102

Dec 20, 2013 / 2:38 am






ATLANTA - Finding a knockoff version of the fur you want under the Christmas tree would ordinarily be a disappointment.


Not this year.


Faux is the new black this season for holiday gifts. But this isn't the "pleather" of the 1980s — that cheap, plastic-looking material made popular by Michael Jackson during his "Thriller" days.


A $198 fuzzy brown coat at Banana Republic has a prominently placed tag that reads "faux fur." Dresses with "vegan leather" accents are flying off virtual shelves at shopbop.com. And at luxury retailer Barney's, a Marni faux leather three-quarter sleeve jacket sells for $1,900.


Faux is gaining popularity in part because there have been advances in technology enabling designers to make better-looking fakes. In a still-shaky economy that has made Americans more frugal, faux also can be seen as a good way to be trendy without breaking the bank. And a movement toward socially conscious shopping makes some people feel better about faux purchases.


It helps that some A-listers have given faux their seal of approval. Models have been seen on the runway wearing faux leather pieces in shows for big-name designers like Tom Ford and Rag & Bone. And actresses Anne Hathaway and Kate Hudson have strutted on the red carpet in faux leather and fur.


While it's difficult to pin down overall sales for faux goods, retailers say they are benefiting from their growing popularity. Banana Republic's $69.50 faux-fur neckwarmer and faux-fur leopard vests have been bestsellers. Target says faux fur home goods like pillows and throws are performing "exceptionally well." And Macy's says new techniques used with faux leather, like scalloping and quilted stitching, have given tops and jackets "new relevance."


"It used to be that 'faux' meant less expensive and quality less than desirable, but not any longer," said Josh Saterman, vice-president and fashion director for millennials at Macy's. "Faux is a part of our next evolution to our fashion 'must-haves.'"


Andrew Dent, who is a vice-president at global materials consultancy Material Connexion, says that the trend is being fueled by the fact that faux fur and leather are nearly indistinguishable from the real thing nowadays. He said that's because designers are replacing older plastic like PVC with improved polyurethane that is more leather-like to the touch. They're also tapering synthetic fibers to make faux fur seem more luxe and softer.


The improved quality is what spurred Brandon Vidal, 28, to buy two faux fur blankets as Christmas presents this year for his mother and a roommate. "They feel great," said Vidal, who lives in Calgary. "They're warm and cozy and it is freezing up here in Canada."


In addition to better technology, a growing social consciousness about buying fabric that doesn't involve cruelty to animals has made faux fashion more acceptable. "The fact that this is the season's big trend has to do with a social movement toward greater acceptability of faux versus real," said Alison Levy, senior manager at consulting firm Kurt Salmon. "It's seen as the right and responsible choice as opposed to cheaper value choice."


That message certainly struck a chord with Kristin Birkey's 7-year-old son after he asked for a real leather jacket for Christmas.


"I explained to him what had to be done to make a leather jacket and he nearly started crying," said Birkey, 26, a marketing professional in Kokomo, Ind.


Birkey happened to be wearing a faux leather jacket at the time. So her son asked for one like that instead.


But for others, buying faux is a matter of simple mathematics. A $69.50 faux fur neckwarmer is much cheaper than a designer version with real fur, which can run as much as $1,000. And real leather jackets can be hundreds or thousands of dollars, while department-store faux versions rarely top $100. Kristen Clerkin, 23, from Whitney Point, N.Y., is hoping to get faux pearls for Christmas this year because she thinks they're classic and classy, not to mention more affordable than real ones.


"Even though they're faux, they look real, and they're bigger than you can get if they were real," she said. "Plus, they're a lot cheaper."



The Canadian Press

by The Canadian Press - Story: 105086

Dec 20, 2013 / 2:38 am






HALIFAX - Nova Scotia's finances have dramatically sunk into the red as the Liberal government announced Thursday that an $18.3 million surplus predicted by the former NDP government has turned into a $481.7 million deficit.


The NDP forecast the slim surplus in the last fiscal update in August, shortly before former premier Darrell Dexter called October's provincial election.


In delivering her first quarterly update, Finance Minister Diana Whalen partly blamed the new deficit number for 2013-14 on a $318 million accounting adjustment in the public service pension plan, as well as a drop in government revenue.


Whalen said she added a pension charge to this year's budget at the recommendation of auditor general Jacques Lapointe, which results in a one-time $280-million hit to the bottom line.


Taking care of the unfunded pension liability now also helps the government in the future, she said.


"I think we are in better condition right away for next year," said Whalen.


Revenue from personal income taxes is down by $71.7 million while HST revenue is down by $30.2 million than was predicted in the spring's $9.5-billion budget, she said.


Overall, revenue is down by a total of $157.8 million from the budget forecast while total expenses are forecast to be $328.5 million higher.


Acting NDP Leader Maureen MacDonald said the Liberals inflated the budget to make the books look worse than they actually are, adding that it wasn't necessary to add the pension payment to the budget in one year.


But she also conceded that the province's finances are legitimately in deficit.


"I do accept that the revenue is down, that's clear, and that's based on information that comes in," said MacDonald, who was the NDP's finance minister.


Tim Houston of the Progressive Conservatives expressed disappointment at the size of the deficit, saying the government needs a plan to balance the books and that everything the government spends money on should be reviewed.


"Look through the budgets line-by-line and see where we can find efficiencies," said Houston. "It's not going to be an easy job. There's going to be some tough decisions that will have to be made."


Whalen said spending by government departments increased by $85.6 million, although $36.4 million of that figure is offset by funding received from Ottawa and municipalities. Another $9.2 million cost was added to the budget to account for the government's support for a new ferry between Yarmouth and Maine.


Whalen wouldn't speculate on whether program cuts are coming in the spring budget, but she said the government will stick to its pledge to reduce departmental spending by one per cent, except for Health and Education.


"We'll be looking at all the tools we have at hand to try to rein in spending and to be fiscally conservative," she said.


The government will be helped, Whalen said, by forecasts that show an improvement in economic growth next year because of the federal shipbuilding contract and increased activity in the province's offshore oil and gas sectors.


As has been expected, Whalen confirmed that the government will repeal NDP legislation that would have started cutting the HST next year because it cannot afford the loss in revenue.


Under the law, the HST would have been cut by one percentage point next year and again in 2015, bringing the tax rate down to 13 per cent. Each percentage point cut is worth about $190 million in revenue for the province.


Before the deficit announcement, Premier Stephen McNeil said the updated finances shouldn't be a surprise because the NDP's budget was too optimistic.


"Every Nova Scotian questioned the revenue numbers that were put forward by the previous government, we all said they were too rosy. The numbers now that have come in and that have been verified confirm that," he said.



The Canadian Press

by The Canadian Press - Story: 105133

Dec 20, 2013 / 2:38 am





PARIS - The Standard & Poor's rating agency says it has downgraded the European Union's credit rating, stripping it of the highest grade of AAA.


The agency said Friday that a bitter battle over the EU budget and worsening creditworthiness of its members are behind the decision to downgrade the bloc's long-term issuer credit rating to AA+. The outlook is stable.


A downgrade can sometimes make it more expensive to borrow money on bond markets. But a rating of AA+ is still considered very solid, so the new rating is likely to have little more than symbolic effect.


The EU borrows money to lend to member states, other countries and some programs. S&P said loans to Ireland and Portugal — which received bailouts — represent 80 per cent of the EU's outstanding loans.



The Canadian Press

by The Canadian Press - Story: 105069

Dec 20, 2013 / 2:26 am






TORONTO - The Toronto stock market closed higher Thursday, a day after markets responded enthusiastically to the U.S. Federal Reserve's decision to modestly cut back on a key stimulus program. The Fed also emphasized that short-term rates aren't going up any time soon.


The S&P/TSX composite index gained 57.47 points to 13,392.2 following a 155-point jump Wednesday, with gains Thursday limited by the gold sector as precious metal stocks added to the steep declines chalked up this year while bullion closed at a three-year low.


The Fed said Wednesday that it was cutting its US$85 billion of monthly bond purchases by $10 billion starting in January. Further cuts will depend on economic data, particularly jobless levels and inflation.


The Canadian dollar erased early losses and closed up 0.21 of a cent at 93.76 cents US. A stronger American currency had pushed the loonie down almost three-quarters of a US cent on Wednesday.


U.S. indexes were mixed in the wake of big gains Wednesday, with the Dow Jones industrials up 11.11 points to 16,179.08 after charging ahead almost 300 points the previous session.


"It’s a good news story," said Sadiq Adatia, chief investment officer of Sun Life Global Investment, who thinks the Fed removed a major impediment to further market gains.


"They’ve actually opened the door for the next couple of months for us to really have no uncertainty about what’s going on in the market. And I think that provides some good opportunities for people to feel more comfortable about the markets."


The Nasdaq declined 11.93 points to 4,058.13 and the S&P 500 index was 1.05 points lower at 1,809.6.


The Fed has been using quantitative easing since the financial crises of 2008, with the latest instalment, which began in September 2012, having kept long-term rates low and supporting strong gains on equity markets.


The TSX was weighed down by a drop of almost two per cent in the much-battered gold sector as bullion prices resumed sliding after the Fed move.


QE had supported gold prices because of inflationary fears. But inflation is tame in many countries and data out earlier this week showed the U.S. consumer price index rising at an annual rate of only 1.2 per cent, significantly below the Fed’s inflation target of two per cent.


The February gold contract on the New York Mercantile Exchange fell $41.40 to US$1,193.60 an ounce, its lowest close since Aug. 3, 2010. Gold prices are down 29 per cent so far this year while the TSX Global Gold sector has tumbled about 50 per cent. On Thursday, Barrick Gold (TSX:ABX) shed 40 cents to C$17.68 and Goldcorp (TSX:G) faded 36 cents to $7.92.


Elsewhere on commodity markets, the base metals component moved 2.8 per cent higher even as March copper slipped two cents to US$3.30 a pound. Teck Resources (TSX:TCK.B) climbed 92 cents to C$25.66 while HudBay Mineralos (TSX:HBM) ran up 36 cents to $7.92.


January crude gained 97 cents to US$98.77 a barrel and the energy sector gained 0.74 per cent. Canadian Natural Resources (TSX:CNQ) was ahead 60 cents at C$35.02.


Tech stocks also lifted the TSX with CGI Group (TSX:GIB.A) ahead 94 cents to $37.99. BlackBerry (TSX:BB) rose 20 cents to $6.67 a day before the smartphone maker releases its latest earnings.


Financials put in a strong showing, particularly insurers with Manulife Financial (TSX:MFC) ahead 52 cents to $20.75 after earlier hitting a fresh 52-week high of $20.79. Sun Life Financial (TSX:SLF) climbed 54 cents to $36.97.


A major decliner was auto parts company Martinrea International (TSX:MRE), which warned that fourth-quarter net earnings will likely fall short of previous guidance. Among other things, it pointed to an issue with the financial reporting of one of its Canadian plants. It said "it appears at this point that the plant misreported its financial statements over a number of years dating back to 2005."


Its stock fell $1.94 or 20.59 per cent to $7.48.


In other corporate news, retailer Target says that about 40 million credit and debit card accounts may have been affected by a data breach. The chain, which has 1,797 U.S. stores and 124 in Canada, said that customers who made purchases using their cards at its U.S. stores between Nov. 27 and Dec. 15 may have been exposed. Target shares declined $1.40 to $62.15.


Meanwhile, after markets closed, a joint review panel gave the thumbs up to Enbridge Inc.'s proposed Northern Gateway pipeline that would connect the Alberta oilsands to tankers on the B.C. coast.


However, the panel attached 209 conditions to the controversial $6-billion project, which pitted Calgary-based Enbridge (TSX:ENB) against environmental groups and several First Nations. The final decision rests with the federal government, which has roughly six months to respond to the report.


On the Toronto Stock Exchange, Enbridge shares closed up 48 cents at $45.33.



The Canadian Press

19662


by The Canadian Press - Story: 105132

Dec 20, 2013 / 1:10 am






TORONTO - There are only five shopping days left until Christmas, and it looks like they'll be busy ones.


A new poll says that as of earlier this week, 69 per cent of Canadians had not yet finished their holiday shopping — and 22 per cent admitted they hadn't even started.


The CIBC-Harris/Decima survey also suggests the weekend is going to be expensive, with Canadians shelling out more this year than in 2012.


For example, those who had started shopping say they had already spent an average of $986 up to Dec. 16. That's considerably higher than the $692 Canadians said they spent last year heading into the final weekend before Christmas.


In fact, shopping bills to date are already higher than the average of $852 in holiday spending Canadians had budgeted for in a similar poll done just last month.


And while more than half believe they can still meet their budget this year, 20 per cent said they feared going over by the time the last gift is wrapped.


"As Canadians dash to stores to complete their holiday shopping . . . it's important that they monitor their spending and keep their budgets in mind," said Barry Gollom, vice-president of consumer deposits at CIBC.


"To start the new year off right financially you need to ensure you don't overextend yourself during the holidays and exceed your budget."


He also suggests people use their smartphones when shopping to check in with mobile banking and stay on top of how much is being spent.


The poll found that shoppers in Quebec, Manitoba and Saskatchewan were among the most likely to say they had not yet started shopping.


Meanwhile, those in Quebec who have started checking people off their list appeared to be the most thrifty, with an average of $503 spent. Those in Alberta had spent the most — $1,586 on average.


The telephone survey was based on a sample of 1,017 respondents between Dec. 12 and Dec. 16.



The Canadian Press

by The Canadian Press - Story: 105070

Dec 20, 2013 / 1:04 am





TORONTO - The Canadian dollar erased early losses to close higher Thursday, clawing back some of the substantial loss it suffered after the Fed moved to start winding up a key stimulus program.


The loonie was up 0.21 of a cent at 93.76 cents US following a tumble of almost three-quarters of a cent Wednesday after the Federal Reserve's announcement that it would cut back on bond purchases sent the U.S. currency higher. The loonie had drifted below 93.3 cents US earlier Thursday to a 3 1/2-year low.


The Fed said it was cutting its monthly bond and asset purchases to $75 billion starting in January, down $10 billion from where they have been. The U.S. central bank said further cuts would depend on economic data, particularly jobless levels and inflation.


The Fed also emphasized that short-term rates aren't going up any time soon.


The tapering of asset purchases will be the first step toward winding down a program that has been in place since the 2008 financial crisis.


The quantitative easing kept long-term rates low and supported strong gains on many equity markets this year.


U.S. bond prices fell, sending yields higher. The yield on the 10-year Treasury note rose to 2.94 per cent, up from 2.87 per cent prior to the Fed’s announcement.


On the commodity markets, bullion prices resumed sliding after the Fed move. QE had supported gold prices because of inflationary fears. But inflation is tame in many countries and data out earlier this week showed the U.S. consumer price index rising at an annual rate of only 1.2 per cent, significantly below the Fed’s inflation target of two per cent.


The February gold contract on the New York Mercantile Exchange fell $41.40 to US$1,193.60 an ounce, its lowest close since Aug. 3, 2010. Gold prices are down 29 per cent so far this year


Elsewhere, January crude gained 97 cents to US$98.77 a barrel while March copper slipped two cents to US$3.30 a pound.



The Canadian Press

by The Canadian Press - Story: 105131

Dec 20, 2013 / 12:28 am






MOSCOW - Russian President Vladimir Putin has signed a decree to pardon jailed tycoon Mikhail Khodorkovsky.


Khodorkovsky has spent the last 10 years in prison on charges of tax evasion and embezzlement.


His arrest in 2003 and the subsequent prosecution have been widely considered to be Putin's retribution for Khodorkovsky's political ambitions.


The decree published on the Kremlin's website Friday said Putin was pardoning him for humanitarian reasons.


The development, along with an amnesty for two jailed members of the Pussy Riot punk band and the 30-member crew of a Greenpeace protest ship, appeared aimed at easing international criticism of Russia's human rights record ahead of February's Winter Olympics in Sochi, Putin's pet project.



The Canadian Press

by The Canadian Press - Story: 105100

Dec 19, 2013 / 10:06 pm





WASHINGTON - Ocwen Financial Corp. will reduce struggling borrowers' loan balances by $2 billion in an agreement with federal regulators and 49 states over foreclosure abuses.


The Consumer Financial Protection Bureau and state attorneys general announced the deal Thursday with the Atlanta-based company, one of the largest U.S. mortgage servicers. The regulators said Ocwen pushed borrowers into foreclosure through illegal actions, such as failing to promptly and accurately credit mortgage payments.


The company also miscalculated interest rates and charged borrowers improper fees, the regulators said.


"We believe that Ocwen violated federal consumer financial laws at every stage of the mortgage servicing process," CFPB Director Richard Cordray said in a conference call with reporters. "We have concluded that Ocwen made troubled borrowers even more vulnerable to foreclosure."


Under the agreement, Ocwen also will refund a combined $125 million to about 185,000 borrowers who had been foreclosed upon from 2009 through 2012. It also agreed to change the way it manages mortgages. The company must stop "robo-signing" of documents, the practice of automatically signing off on foreclosures without a proper review.


The agreement must be approved by a federal court in Washington.


Representatives of Ocwen didn't immediately return a telephone call seeking comment.


Ocwen is the fourth-largest mortgage servicer in the country and the biggest that isn't a bank. It specializes in servicing high-risk mortgages. Servicing companies collect payments from borrowers and handle customer services, loan modifications and foreclosures.


Federal and state regulators have signed agreements with a number of large banks and mortgage processing companies over foreclosure abuses.


Ocwen's compliance with the settlement will be overseen by Joseph A. Smith Jr., the monitor for the $25 billion settlement reached in February 2012 between the federal government and the states and five major banks — Ally Financial, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo.


The housing crisis struck starting in 2007, as home values sank and millions of borrowers defaulted on their mortgages. The crisis brought more than 4 million foreclosures. Some mortgage-servicing companies had processed foreclosures without verifying documents.


The CFPB, 49 states and the District of Columbia signed the agreement with Ocwen. Oklahoma is the only state that isn't participating.


The largest share of the mortgage relief, an estimated $342 million, is expected to go to Florida. The state's attorney general, Pam Bondi, said during the conference call that Florida has the highest foreclosure rate in the U.S.



The Canadian Press

by The Canadian Press - Story: 105130

Dec 19, 2013 / 10:06 pm





WASHINGTON - Verizon Communications Inc. says it will publish information on the number of requests for customer records it received from law enforcement agencies this year.


The announcement Thursday from the country's largest cellphone carrier comes as debate over data-gathering by the National Security Agency intensifies in Washington. The NSA's collection of hundreds of millions of Americans' phone records under secret court order was revealed in June in documents leaked by former NSA contractor Edward Snowden.


Verizon says it will publish its report online early next year and update it twice a year.


A presidential advisory panel this week recommended sweeping changes to the surveillance programs. Those include limiting the bulk collection of phone records by stripping the NSA of its ability to store that data in its own facilities.



The Canadian Press

by The Canadian Press - Story: 105092

Dec 19, 2013 / 10:00 pm





TORONTO - Ontario's Progressive Conservatives would freeze implementation of full-day kindergarten and sell off government buildings to help fund public transit, but would not hike taxes, Opposition Leader Tim Hudak said Thursday.


A panel appointed by Premier Kathleen Wynne recommended boosting the gas tax by up to 10 cents a litre to fund expansion of public transit to help ease gridlock in the heavily congested Toronto-to-Hamilton corridor.


Wynne has said she's prepared to campaign on the need for new revenue tools to fund transit, but Hudak said a Tory government would fund subways, buses and infrastructure projects by changing spending priorities and cutting government staff.


"We'll lay out more details about where we're going to find savings, but we've put a lot on the table including freezing the implementation of full day kindergarten," Hudak said as he released the Tories' 15th white paper, called Building Great Cities.


All-day education for four-and five-year-olds, which costs about $1.5 billion a year, is already offered at 2,600 schools and will be fully implemented at 3,600 schools across the province by next fall.


The Tories would also sell off a non-controlling share in government-owned utilities Ontario Power Generation and Hydro One to private pension funds to generate investment and help lower costs for taxpayers.


"We've actually laid out a significant plan for how we get government spending not only under control but focused on what's truly important," said Hudak.


The Conservatives also plan to cut thousands of public service jobs to help rein in government spending and eliminate the $11.7 billion deficit as quickly as possible, he added.


"There will be significant reductions in the size and cost of government," said Hudak. "There is a lot of room for actually delivering services better at less cost and with fewer bureaucrats."


A Conservative government would create a $2 billion a year trust for transit that would also be funded by selling surplus government lands and buildings such as the Liquor Control Board of Ontario headquarters and the OPG head office in downtown Toronto, said Hudak.


"Part of the growth in the budget as the economy grows under our plan will go into the Ontario Transportation Trust," he said. "If I can sell off the LCBO headquarters on some of the most expensive real estate in Canada so I can put that money into building a new subway, that makes a lot of sense."


Transportation Minister Glen Murray put out a release saying the Liberal government is "having an honest conversation" with voters about the need for transit funding.


"Tim Hudak has been clear, his expensive plan will mean deep cuts to Ontario's education and health-care budgets, including full-day kindergarten and hospital expansions," said Murray.


The Conservatives' white paper also proposed the province upload responsibility for major highways in the most congested regions, including the Allen Expressway, Gardiner Expressway and Don Valley Parkway in Toronto and Highway 174 in the Ottawa area.


It also calls for transferring operations of Toronto subways and LRTs to GO Transit, and recommends expanding and extending Highways 427 and 404 in Toronto and Highway 7 between Kitchener and Guelph.


Hudak would not commit to making any of the ideas in the 15 white papers the party has released this year as planks in their platform for an election campaign widely expected next spring.


"Obviously you can't have a campaign document that is 15 volumes in length," he said, "but the best ideas will be in our platform, which will be focused on jobs and the economy."



The Canadian Press

19662


by The Canadian Press - Story: 105116

Dec 19, 2013 / 5:02 pm





SEATTLE - One woman's secret Santa this holiday season turned out to be one of the richest men in the world: Microsoft co-founder Bill Gates.


The gift exchange happened through the website Reddit's secret Santa event, in which users swap presents across the country.


A spokesman for Gates confirmed he participated. Spokesman John Pinette says the billionaire philanthropist wanted to engage with Reddit's community and promote Heifer International, a foundation that provides seeds and animals to people in need in the developing world.


The woman, identified only as Rachel, wrote in a blog post that she was surprised to find out Gates was her Secret Santa. She received a stuffed cow toy, a signed card, a National Geographic travel book and a $500 donation to Heifer International in her name.



The Canadian Press

by The Canadian Press - Story: 105114

Dec 19, 2013 / 4:28 pm





A chronology of Northern Gateway milestones:


May 27, 2010 — Enbridge files an application to the National Energy Board to build the Northern Gateway pipeline and tanker terminal. The plan first surfaced several years earlier but was shelved as other projects took priority. By 2008, Enbridge began pursuing the proposal in earnest and preparing for the application.


Aug. 10, 2010 — A joint Canadian Environmental Assessment and National Energy Board review panel holds its first panel session for the public, to discuss issues, the information provided by the company in its application and locations for the future oral hearings.


Sept. 9, 2010 — The panel determines the company has submitted enough information for the project to proceed to public hearings.


Jan. 10, 2012 — The review panel begins public hearings that will travel throughout B.C. and Alberta.


March 2012 — Federal government announces changes to Navigable Waters Act and the rules governing the environmental review process for major projects.


May 2012 — Enbridge is ridiculed for a sleek promotional video that portrays the Douglas Channel into Kitimat minus the hundreds of islands that will lie in the path of project tankers on their way to port.


July 11, 2012 — U.S. National Transportation Safety Board releases damning report on a July 2010 spill from an Enbridge pipeline into the Kalamazoo River in Michigan.


July 27, 2012 — B.C. Premier Christy Clark announces at a premiers' conference that B.C. will not be part of any discussions about a national energy policy until the province gets its "fair share" of revenues from the Northern Gateway project.


Aug. 17, 2012 — Media mogul David Black announces plans to pursue an oil refinery in Kitimat.


Sept. 26, 2012 — A coalition of conservation groups files suit in Federal Court to try and force Ottawa to protect endangered and threatened species along the route of the proposed pipeline.


Oct. 22, 2012 — A protest against the project draws thousands of people to the B.C. legislature.


Dec. 12, 2012 — UBC Fisheries Centre report says financial costs of a worst-case scenario tanker spill off the north coast of British Columbia could outweigh the economic rewards of the pipeline.


Jan. 14, 2013 — Thousands gather to protest the pipeline on the first day of community hearings held in Vancouver. Five protesters are arrested the next day for disrupting the high-security hearings.


March 18, 2013 — Natural Resources Minister Joe Oliver announces changes to marine safety rules for oil tankers.


March 19, 2013 — Oliver announces he's appointed Vancouver lawyer Doug Eyford as a special representative on West Coast energy infrastructure, to report to government on aboriginal relations.


April 12, 2013 — The joint review panel releases a list of 199 conditions the company would have to meet should the project receive approval, including $1 billion in liability coverage to cover the cost of a spill.


May 31, 2013 — B.C. government lawyers tell the federal review panel that the province does not support the pipeline project as proposed.


June 24, 2013 — Final arguments are complete. The panel begins its deliberations.


June 26, 2013 — Natural Resources Minister Joe Oliver announces that pipeline companies will have to have $1 billion in liability coverage to cover the cost of a spill on land.


Oct. 29, 2013 — After a five-year delay, the federal government publishes a final recovery strategy for humpback whales off the West Coast that recognizes shipping traffic and toxic spills as threats to critical habitat.


Nov. 5, 2013 — The B.C. government capitulates on revenue-sharing, saying a share of Alberta's revenues from heavy oil pipelines is off the negotiating table.


Dec. 5, 2013 — Doug Eyford issues report saying Ottawa must build trust with First Nations.


Dec. 19, 2013 — The federal panel reviewing the Northern Gateway pipeline releases its report.



The Canadian Press

by The Canadian Press - Story: 105063

Dec 19, 2013 / 4:26 pm





LONDON - Anglo-Swedish drugmaker AstraZeneca PLC will buy out Bristol-Myers Squibb Co.'s stake in their partnership to develop and sell diabetes drugs in a deal worth $4.1 billion — seizing an opportunity to serve the projected explosion of patients suffering from the disease.


The package announced Thursday includes $2.7 billion to buy Bristol-Myers' 50 per cent share, as well as up to $1.4 billion in regulatory, launch and sales related payments. Bristol-Myers will also receive royalty payments based on net sales through 2025. Payments of up to $225 million may also be made after the transfer of certain assets and royalty payments.


"Together with Bristol-Myers Squibb we concluded that consolidating ownership of the diabetes portfolio would benefit both companies and allow us to better serve the needs of diabetic patients," said Pascal Soriot, chief executive officer of AstraZeneca. "Today's announcement reinforces AstraZeneca's long-term commitment to diabetes, a core strategic area for us and an important platform for returning AstraZeneca to growth."


AstraZeneca's share price rose 1.1 per cent in London to close at 35.99 pounds.


Despite the broadly positive response to the news, investors had a reminder of the uncertainties of the business. AstraZeneca said it would incur a $1.7 billion pretax charge connected to the diabetes drug Bydureon whose sales were below expectations. However, it remains confident in the drug's commercial future.


The buyout comes as AstraZeneca undergoes a major research and development re-organization to offset the expiration on patents for drugs like cholesterol medication, Crestor. The plan is meant to reduce costs and make research programs more productive amid big drops in revenue and net income last year.


Like other big pharmaceutical firms, AstraZeneca has faced the pinch from rising research costs, a surge in generic competition and the demands of government health programs to hold down spending.


But in diabetes, the company sees the possibility of as many as 550 million people being affected worldwide, particularly in emerging markets, where the company has a strong presence.


"Diabetes is rapidly becoming a global challenge of epidemic proportions," Soriot said.


Once the deal is completed, AstraZeneca will own rights for drugs such as Onglyza and Kombiglyze XR, which are used for type 2 diabetes. Type 2 diabetes accounts for the vast majority of diagnosed diabetes in adults.


It expects about 4,100 Bristol-Myers Squibb employees working on diabetes issues will eventually transition to AstraZeneca, though some will remain to support the transition.


Alex Arfaei, the pharmaceutical analyst for BMO Capital Markets in Toronto, described the deal as a boost to the profile of Bristol-Myers — and a sign of confidence in its cancer drugs.


"Bristol probably believes that it has a high opportunity cost and doesn't want to compete in the increasingly competitive diabetes market, which is mostly a primary care market requiring intensive promotion," he said.


He said the royalty structure of the deal offers is also a boost to Bristol-Myers.


"The deal allows Bristol to put more resources into cancer immunotherapy during the next 2-3 years, while it continues to get significant economics from the diabetes franchise," he said.


Bristol-Myers' share price was up 3 per cent at $54.19.



The Canadian Press

by The Canadian Press - Story: 105106

Dec 19, 2013 / 3:28 pm





TORONTO - A panel reviewing a proposed pipeline to the Pacific Coast that would allow Canada's oil to be shipped to Asia recommended Thursday the Canadian government approve the project.


The three-person review panel recommended approval with 209 conditions.


Natural Resource Minister Joe Oliver said the government will thoroughly review it and consult with affected aboriginal groups before making a decision on Enbridge's contentious pipeline. Prime Minister Stephen Harper's Conservative government has staunchly supported the pipeline after the U.S. delayed a decision on TransCanada's Keystone XL pipeline that would take oil from Alberta to the U.S. Gulf Coast.


But there is fierce environmental and aboriginal opposition and court challenges are expected.


Opponents fear pipeline leaks and a potential Exxon Valdez-like disaster on the pristine Pacific coast. About 220 oil tankers a year would visit the Pacific coast town of Kitamat. The pipeline would transport 525,000 barrels of oil a day.


The Northern Gateway pipeline would be laid from Alberta's oil sands to the Pacific to deliver oil to Asia, mainly energy-hungry China.


Harper has said Canada's national interest makes the $5.5 billion pipeline essential. He was "profoundly disappointed" that U.S. President Barack Obama has delayed a final decision on the Texas Keystone XL option, but also spoke of the need to diversify Canada's oil industry. Ninety-seven per cent of Canadian oil exports now go to the U.S.


The Keystone XL pipeline and the Northern Gateway project are critical to Canada, which needs infrastructure in place to export its growing oil sands production. The northern Alberta region has the world's third largest oil reserves, with 170 billion barrels of proven reserves.


The Joint Review Panel of energy and environmental officials spent two years canvassing opinion along the 1,177-kilometre (731-mile) route of the Northern Gateway pipeline to be built by Enbridge.


The fear of oil spills is especially acute in this pristine corner of northwest British Columbia, with its snowcapped mountains and deep ocean inlets. Canadians living here still remember the Exxon Valdez oil spill of 1989.


Environmentalists and First Nations — a Canadian synonym for native tribes — could delay approval all the way to the Supreme Court, and First Nations still hold title to some of the land the pipeline would cross. That means the government will have to move with extreme sensitivity.


Critics dislike the whole concept of tapping and transporting the oil sands, saying it requires huge amounts of energy and water, increases greenhouse gas emissions and threatens rivers and forests. Some projects are massive open-pit mines, and the process of separating oil from sand can generate lake-sized pools of toxic sludge.


Meanwhile, China's growing economy is hungry for Canadian oil. Chinese state-owned companies have invested billions in Canadian energy in the past few years.



The Canadian Press

by The Canadian Press - Story: 105112

Dec 19, 2013 / 3:28 pm





Here is a look at what some political, business and environmental groups had to say after a federal review panel recommended that the proposed Northern Gateway pipeline project go ahead, with conditions: "From the beginning of this project, Northern Gateway has worked with one goal in mind: to access new markets by building a safer, better pipeline." — Janet Holder, leader of the Northern Gateway Project ---


"Now that we have received the report, we will thoroughly review it, consult with affected aboriginal groups and then make our decision ... No project will be approved unless it is safe for Canadians and safe for the environment." — Joe Oliver, federal minister of natural resources ---


"It's disappointing that the panel chose to ignore the views of the vast majority of British Columbians, First Nations, and even the B.C. government who spoke against this tar sands pipeline because of the ongoing threats it would pose. — Mike Hudema, Greenpeace ---


"Economic development is important to ... all of Canada and B.C., but it can't be at the cost of our environment ... We are not yet in a position to consider support for any heavy oil pipeline in B.C." — B.C. Environment Minister Mary Polak --- "As Premier Redford has said, opening new markets for our resources is Job 1 for our government and critical to our continued economic success. New markets mean we will receive higher prices for our resources — creating and supporting more jobs, and generating higher royalties and taxes to help pay for the vital public services like quality health care and education that Albertans expect." — Alberta Energy Minister Diana McQueen


---


"Today's decision by the joint review panel is deeply troubling. Canada needs pipelines to move our energy resources to domestic and global markets. However, these projects must earn the trust of communities, and cannot ignore aboriginal rights, nor can they place our lands, waterways and ecosystems at risk." — Geoff Regan, federal Liberal natural resources critic


---


"I think the case is very clear that there is a real risk to the environment, the local economy and the social well-being of people who live in this region. The (joint review panel) agrees with that yet it's full steam ahead. I think that decision is very unwise." — David Miller of the World Wildlife Fund


---


"This is a decision that Canadians will come to regret, and it's a decision that ignores the evidence." — Alberta Federation of Labour president Gil McGowan.



The Canadian Press

by The Canadian Press - Story: 105082

Dec 19, 2013 / 2:52 pm





NEW YORK, N.Y. - Stocks are slipping on Wall Street a day after hitting their latest record high.


Long-term interest rates and the dollar are rising after the Federal Reserve said it would reduce its bond purchases.


The Dow Jones industrial average was down 5 points, or 0.02 per cent, to 16,164 as of noon Thursday.


The Standard & Poor's 500 fell three points, or 0.2 per cent, to 1,808. Utilities stocks, which investors buy for their rich dividends, fell the most.


The Nasdaq composite fell 13 points, or 0.3 per cent, to 4,057.


Bond prices fell, sending yields higher. The yield on the 10-year Treasury note rose to 2.93 per cent.


Facebook fell 2 per cent after the company said it will sell 70 million shares, including more than 41 million held by founder and CEO Mark Zuckerberg.



The Canadian Press

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