TORONTO — The Toronto stock market closed modestly higher Wednesday amid optimism about the Chinese economy and cautious hopes about the pace of negotiations aimed at heading off a serious U.S. fiscal crisis.Here are the closing numbersTSX — 12,157.29 +20.11 0.17%S&P 500 — 1,409.28 +2.23 0.16%Dow — 13,034.49 +82.71 0.64%Nasdaq — 2,973.70 -22.99 -0.77%The S&P/TSX composite index was 20.11 points higher to 12,157.29 as the market also found support from major acquisition activity in the real estate sector and significant cost-cutting moves from Canadian Pacific Railway.The TSX Venture Exchange was down 8.32 points to 1,184.54.The Canadian dollar rose 0.16 of a cent to 100.84 cents US.Traders also looked to possible progress on a deal to avert the so-called U.S. “fiscal cliff” of automatic spending cuts and tax increases at the start of the new year. Without a deal, the U.S. could well fall back into recession and push much of the world down with it.“That’s what markets are focused on, will the U.S. careen off the fiscal cliff or not?” said John Stephenson, portfolio manager at First Asset Funds Inc. He observed that the laser-like focus on the fiscal issue has resulted in markets, “whether they be oil markets, gas markets, bond markets, equity markets, moving together instead of moving by their fundamentals.”“(The cliff) is the main story right now and everything else is secondary.”New York markets were mainly higher after Bloomberg reported that some 40 Republicans have signed a letter calling for exploration of “all options” on taxes and entitlement programs, a signal that some rank-and-file members could be ready to bargain.House Republicans have so far proposed a 10-year, US$2.2-trillion blueprint that calls for increasing the eligibility age for Medicare and lowering cost-of-living hikes for Social Security benefits.But the White House has dismissed the GOP plan since it fails to raise the top two tax brackets for upper-income earners — a core promise of President Barack Obama’s election campaign and a central demand in the current talks.The Dow Jones industrials ran ahead 82.71 points to 13,034.49, the Nasdaq declined 22.99 points to 2,973.7, paced by a 6.4% drop in Apple Inc. shares, while the S&P 500 index was up 2.23 points to 1,409.28.Markets had started the session off on a positive note on hopes that China’s new leadership will back new measures to stimulate the world’s second-biggest economy.The catalyst to the optimism had been a Chinese government pledge to maintain policies intended to strengthen the economy and an expression of willingness to “fine tune” them and make them more effective.There were also reports that the government lifted investment limits for insurance companies and that the new Chinese leadership will remain focused on urbanization, which could ramp up infrastructure spending.China has been a major prop for a global economy still trying to recover from the financial collapse and subsequent recessions of 2008. Signs of stimulus are welcome because the Chinese government had to take steps to weaken the economy over the last couple of years to deal with higher than acceptable inflation.A group led by KingSett Capital is proposing a $4.4-billion takeover of Primaris Retail Real Estate Investment Trust, one of Canada’s largest shopping mall operators.At the same time, industry leader RioCan Real Estate Investment Trust has conditionally agreed to buy five regional malls and three other shopping centres currently owned by Primaris. RioCan values that part of the Primaris portfolio at $1.1-billion. Primaris units surged 14.58% to $26.40 while RioCan units rose 34 cents to $27.30.Canadian Pacific Railway plans to bring down operating costs by cutting about a quarter of its workforce, or 4,500 employees, by 2016. The cuts are part of a plan to increase annual revenue growth between four and seven% from 2012 levels as well as reduce its full-year operating ratio, a closely watched measure of how much revenue is required to run the business, to the mid-60s range by 2016. CP shares ran ahead $3.82 or 4.11% to $96.82.Commodity prices were mixed and the mining sector led advancers, up 1.79% as March copper edged up three cents at US$3.66 a pound on the Chinese reports. The country is the world’s biggest consumer of the metal, viewed as an economic bellwether because it is used in so many industries. Teck Resources gained 95 cents to $34.20 while First Quantum Minerals climbed 47 cents to $20.85.The energy sector gained 0.67% with the January crude contract on the New York Mercantile Exchange down 62 cents to US$87.88 a barrel. Canadian Natural Resources was ahead 35 cents to $27.7.The gold sector was the leading decliner, down 2.74% while February gold fell $2 to US$1,693.80 an ounce. Iamgold dropped 78 cents to $10.66 and Goldcorp Inc. was off $1.24 to $36.61.Traders also took in some weak jobs data. Payroll firm ADP reported that the private sector created 118,000 jobs during November. The U.S. government releases its non-farm payrolls report for November on Friday and economists expect the economy created only about 95,000 jobs. But they agree that job creation was impacted by Superstorm Sandy.Other data showed increasing expansion in the U.S. service sector.The Institute for Supply Management says its index of non-manufacturing activity rose to 54.7 from 54.2 in October. Any reading above 50 indicates expansion. A measure of employment fell sharply but still showed companies added workers last month.In other corporate news, resource giant Freeport-McMoRan Copper & Gold says it is buying oil companies Plains Exploration & Production and McMoRan Exploration for about US$9-billion. The additions of the oil and gas drillers are expected to create a natural resources conglomerate with assets ranging from oil rigs in the Gulf of Mexico to mines in Indonesia and Africa. Freeport shares tumbled 16% to US$32.16 in New York.Here’s the news investors were watching today:EXCLUSIVE: CP Rail’s Harrison details new plan to cut nearly quarter of workforce‘We can solve this in a week’: Obama sees fiscal cliff deal imminent if RepublicansKingSett group seeks to buy Primaris for $4.4-billionFreeport to buy Plains, McMoRan Exploration for US$9-billionCitigroup to slash 4% of its workforce, 11,000 jobs worldwideON DECK THURSDAYECONOMIC NEWSEuropean Central Bank and Bank of England make interest rate decisions CANADA8:30 a.m.Building permits (Oct): Economists expect 2.3% rise 10 a.m.Ivey Purchasing managers’ index (Nov): Economists expect a reading of 58.2, flat with last month 10:30 a.m.Bank of Canada financial system review UNITED STATES7:30 a.m.Challenger Layoff report (Nov) 8:30 a.m.Weekly jobless claims: Economists expect 380,000 new claims, down from last week 12 p.m.Flow of Funds (Q3) CORPORATE NEWSCANADACIBC Q4 earnings: Analysts expect $1.98 a share TD Bank Q4 earnings: Analysts expect $1.81 National Bank Q4 earnings: Analysts expect $1.92 Dollarama Q3 earnings: Analysts expect 69¢ Lululemon Q3 earnings: Analysts expect 37¢ Transcontinental Q4 earnings: Analysts expect 63¢ Harry Winston Q3 earnings: Analysts expect 15¢ UNITED STATESH&R Block Q2 earnings: Analysts expect a loss of 40¢
Nike, Oakley distance themselves from Olympian Oscar Pistorius after murder charge AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email by Joshua Freed, The Associated Press Posted Feb 18, 2013 10:29 pm MDT Two major sponsors, Oakley and Nike, distanced themselves from Olympic athlete Oscar Pistorius on Monday after the South African sports star was charged with murder in the shooting death of his girlfriend.Oakley, the eyewear maker, suspended its contract with Pistorius. And Nike, which sells shoes and other athletic gear, said it has no plans to use him in future ad campaigns.Pistorius lost both of his legs in childhood. Racing on carbon-fiber blades, he was the first amputee athlete to run at the world championships in 2011, and he made history competing in the London Olympics last year. His success at overcoming hardship made him popular with South Africans, and a desirable pitchman for advertisers.On Thursday, he was arrested and charged with shooting his girlfriend to death in his home in South Africa. His family has denied that he murdered his girlfriend, the model Reeva Steenkamp.Pistorius’ agent has cancelled the athlete’s future scheduled races.Nike Inc. confirmed to The Associated Press on Monday that it had no plans to use Pistorius in future campaigns. Nike spokesman KeJuan Wilkins declined to say whether Nike had previously had any plans for Pistorius, or whether it will remove current advertising that includes him.A 2007 Nike Internet ad showing Pistorius starting to sprint in his blades with the caption: “I am the bullet in the chamber” had already been pulled.Wilkins said the wording in the 2007 campaign “was in reference to Oscar’s speed and performance on the track. Nike felt it was appropriate to take the ad down from Oscar’s website recognizing the sensitivities of the situation.”Later on Monday, Oakley, in an emailed statement, said that “in light of the recent allegations, Oakley is suspending its contract with Oscar Pistorius, effective immediately.” The California company, a unit of Italian glasses and sunglasses maker Luxottica Group, has been associated with Pistorius since 2009, according to the athlete’s website.Pistorius’ website, which has been posting statements from his manager and his family, still shows other Nike ads, as well as logos from Nike, Oakley and other companies.Beaverton, Ore.-based Nike, which spent $800 million on endorsements in its last fiscal year, has found itself in tricky situations with athletes before. It dropped Lance Armstrong in October 2012 after charges of widespread doping on his cycling teams. Armstrong has since admitted to doping and has been stripped of his seven Tour de France victories, and was also dropped by other sponsors.But Nike stood by golfer Tiger Woods after he admitted to infidelities and went to rehab for sex addiction, and restarted a relationship with football player Michael Vick once he had served time for illegal dog-fighting.