Prep-Business-Report

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(Markets)

A broad-based rally helped Canada's main stock index close up more than 100 points Friday to largely recover from losses a day earlier, while U.S. stock markets also climbed.

The S-and-P T-S-X composite index ended up 120.08 points at 22,320.87.

In New York, the Dow Jones industrial average was up 4.33 points at 39,069.59. The S-and-P 500 index was up 36.88 points at 5,304.72, while the Nasdaq composite was up 184.76 points at 16,920.79.

The Canadian dollar traded for 73.14 cents U-S compared with 72.98 cents on Thursday.

The July crude oil contract was up 85 cents U-S at $77.72 per barrel and the June natural gas contract was down 14 cents U-S at $2.52 per one-thousand cubic feet.

The June gold contract was down $2.70 U-S at $2,334.50 an ounce and the July copper contract was down four cents U-S at $4.75 a pound. (The Canadian Press).

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(Committee-Food-Prices)

A House of Commons committee has released a report recommending Ottawa consider policies to tackle what it describes as excessive net profits in the food industry.

The committee detailed its research into the causes of food inflation and insecurity in Canada, including testimonies from grocery executives.

The recommendations range from lowering the barriers to entry for new companies to Canada, to making legislative changes that strengthen competition law regarding mergers.

It also says the government should discuss with the provinces and territories legislation to make the grocery code of conduct mandatory. (The Canadian Press)

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(BC-Chicken-Prices)

An increase in the farm-level price of chicken in British Columbia could raise costs for consumers by around 10 per cent.

Restaurants Canada made the remark after the B-C Chicken Marketing Board's proposal for a new pricing formula to determine the price of the meat in the province was approved.

It adds that further price increases to chicken are unsustainable for its members and that British Columbians are already paying higher retail prices for chicken compared to other provinces. (The Canadian Press)

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(Lynx-Air)

Lynx Air is selling off everything from life-jackets to oxygen masks.

The defunct Canadian discount carrier says in court filings that it has worked out deals with a pair of aviation companies abroad to sell parts and equipment ranging from seats to tires to wheels and transponders.

It wants Alberta's Court of King's Bench to approve the agreements.

The move is a bid to recoup a portion of the millions of dollars in losses it suffered before filing for creditor protection earlier this year. (The Canadian Press)

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(Enerplus-Chord-Energy)

Enerplus shareholders have overwhelmingly voted to approve a takeover of the company by U-S company Chord Energy in a stock-and-cash deal.

The Calgary-based oil and gas company says the transaction has also received Investment Canada Act approval.

Chord shareholders will own about two-thirds of the combined company once the deal is complete, while Enerplus shareholders will own one-third. (The Canadian Press)

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(Kamloops-Hudsons-Bay)

Unionized workers at a Hudson's Bay store in Kamloops, B-C have ratified a new deal with their employer following a strike that lasted more than five months.

Workers walked off the job last December after they couldn't reach a wage agreement with the retailer.

But the United Steelworkers union says the 165-day strike resulted in improvements to contract language, more job protections, wage hikes and lump-sum payments.

The store is expected to re-open next month. (The Canadian Press)

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(US-Red-Lobster)

More than 50 Red Lobster locations across the U-S are now on the chopping block.

A restaurant liquidator announced it will be auctioning off the contents of the closed locations that span across more than 20 states.

The seafood chain has been struggling for some time with lease and labour costs piling up and now it's reportedly considering filing for bankruptcy.

It's unclear what could happen to its Canadian restaurants. (The Associated Press)

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(Business Report by Brenda Molina-Navidad)

The Canadian Press