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Business Watch
Viterra profits decline
CALGARY — Grain handler Viterra Inc. (TSX:VT) says a big one-time income tax charge and costs associated with the early redemption of company bonds drove down net profits in the third quarter.
Calgary-based Viterra, which is being acquired by commodities trader Glencore International PLC in a $6.1-billion deal, said Thursday net earnings were $111 million or 30 cents per share for the three months ended July 31. That compared with earnings of $123 million or 34 cents per share in the year-earlier period.
Ford bullish on Europe
MILAN, Italy — Ford Motor Co. on Thursday unveiled 15 new or restyled vehicles for the European market it will launch over five years to revive slumping sales.
While other carmakers are holding back on new-car launches due to tanking European demand, Ford executives announced the Detroit carmaker will accelerate new-car launches in Europe, expanding its lineup of SUVs, restyling the hot-selling Fiesta, redesigning its commercial vehicles and bringing the iconic Mustang sports car across the Atlantic.
Laurentian to pay fine
TORONTO — Laurentian Bank (TSX:LB) has agreed to pay $150,000 in an agreement with an industry regulator after failing to properly supervise the trading of leveraged exchange-traded funds in retail client accounts.
Under the agreement with the Investment Industry Regulatory Organization of Canada, Laurentian Bank Securities Inc. agreed to a fine of $140,000 and $10,000 in costs.
Laurentian admitted it failed to take every measure to ensure that its supervisors fully understood the features and risks inherent in the leveraged ETFs in the accounts of two retail clients.
Yellow debt plan approved
MONTREAL — Yellow Media can continue its transformation into a digital company now that a majority of debt-holders and shareholders have approved a controversial plan to reduce its $1.8-billion debt, the directories publisher said Thursday.
The Montreal company said it will put the debt-restructuring plan in place by the end of this month, but added it’s still subject to a number of conditions, including final approval by the Quebec Superior Court.
Strikes hurt publisher
MONTREAL — Student strikes in Quebec contributed a weakening of Transcontinental results in the third quarter as the cancellation of classes resulted in lower textbook sales.
The Montreal-based media company and printer said Thursday it wouldn’t outline specifics of the financial impact, but said it expects to recover some of the lost sales in the current quarter following a resumption of classes.
Eatery chain underpaid
MIAMI — Darden Restaurants violated federal labour laws by underpaying thousands of servers across the United States at Olive Garden, the LongHorn Steakhouse, Red Lobster and other eateries, according to a lawsuit filed Thursday on behalf of the workers.
The lawsuit filed in Miami federal court seeks to collectively represent current and past employees who worked for Darden from August 2009 to the present. It seeks potentially tens of millions of dollars in back pay and other compensation, plus interest and attorney fees, said lead lawyer David Lichter.
— from the news services
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