Empire Co profit rises on higher sales at Sobeys

Empire Co Ltd reported a higher second-quarter profit as sales at its Sobeys supermarket chain rose due to acquisitions.
Net earnings increased to C$93.3 million ($95 million), or C$1.37 per share, from C$78.1 million, or C$1.15 per share, a year earlier.
Total sales rose 9 percent to C$4.40 billion in the quarter ended November 3.
Sales at established stores, a key measure for retailers, rose 1.3 percent at Sobeys, Canada's No. 2 grocer behind Loblaw Cos Ltd .
Sobeys' contribution to sales rose 11 percent to C$4.34 billion from C$3.98 billion. The growth was a result of the acquisition of 236 retail gas locations and related convenience store operations in the fourth quarter, the company said.
Canadian grocers are under pressure as Wal-Mart Stores Inc expands its food offerings in the country and will see even more competition when Target Corp kicks off its aggressive Canadian roll-out in the spring.
But Sobeys may be somewhat insulated, thanks to its contract to supply some of Target's groceries.
Empire shares were up about 3 percent at C$60.05 in morning trading on the Toronto Stock Exchange.
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Burundi coffee earnings rise 46 pct in November

 Burundi's coffee revenues rose 46 percent in November from the previous month on higher prices and export volumes, the country's industry regulator said on Friday.
The country earned $5.7 million from the sale of 1,671,638 kg versus $3.9 million it earned in October from the export of 1,205,919 kg.
"Coffee farmers were asked to produce Arabica beans of highest quality following an uncertain world market. This resulted in the selling in November of an important quantity of speciality brands, boosting earnings," regulator ARFIC said in its monthly report.
ARFIC predicts revenues for the 2012/13 crop will inch up to $61.4 million from $61.2 million earned in the 2011/12 season.
Projected good harvests by top global producers like Brazil, Vietnam and Colombia, could lead to a drop in coffee prices on global markets, the Burundian regulator said.
Coffee is the country's top foreign exchange earner and the commodity provides a livelihood for 800,000 smallholder farmers in a nation of 8 million people.
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Zurich puts Sandy storm damage claims at $700 million

ZURICH (Reuters) - Zurich estimates that damage claims relating to tropical storm Sandy, which hit the United States in October, will amount to $700 million in its fourth-quarter earnings.
The Swiss insurer's announcement on Monday also said that it expects $58 million of "reinstatement premiums due on reinsurance covers". The company gave no further explanation. It is due to report quarterly earnings on February 14.
The storm, which killed 132 people in the United States and Canada on October 29, led to power outages, disruptions of public transport and massive damage to infrastructure.
U.S. insurer AIG said it expects post-tax losses of at least $1.3 billion from Superstorm Sandy, while Travelers Companies Inc and Swiss Re estimated their claims burdens at $650 million after tax and $900 million before tax respectively.
Sandy is expected ultimately to be the second-costliest catastrophe in U.S. history, with insured loss estimates as high as $25 billion. The costliest catastrophe was hurricane Katrina in 2005.
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MetLife warns on 2013 profit, expects no stock buybacks

MetLife Inc warned that 2013 earnings might be well below Wall Street expectations and said it did not expect to buy back any shares next year, a blow to investors who have been waiting more than a year for a capital return.
The largest life insurer in the United States also said it needed to move faster on strategic changes amid a persistently low-interest-rate environment.
While MetLife has said in the past that it was well equipped to handle years of low rates, particularly with a hedging program it has put in place, the company acknowledged on Thursday that it was in a "lower-for-longer" scenario.
Because their obligations are usually long-term, life insurers invest the premiums they collect in hopes of generating sufficient return to pay those obligations over time. In a low-rate environment, it becomes much harder for insurers to generate enough return to meet those commitments.
MetLife said operating earnings per share next year would be lower than this year, compared with Wall Street expectations for growth in the low single digits. However, it also said the forecast was "broadly consistent" with its long-term outlook of a year ago.
For this year, the insurer expects operating earnings of $5.5 billion to $5.6 billion, or $5.15 to $5.25 per share, compared with analysts' average estimate of $5.25.
In 2013, it expects $5.5 billion to $5.9 billion, or $4.95 to $5.35 per share. Analysts' average forecast is $5.47, according to Thomson Reuters I/B/E/S.
MetLife's operating earnings forecast excludes discontinued operations and net investment gains and losses.
Shares of MetLife rose 2 percent to $34.29 in morning trading. At Wednesday's close, the stock had risen about 5 percent this year.
NO BUYBACKS
On a year-end investor call with analysts, MetLife management said the 2013 forecast assumes no share buybacks. Chief Executive Steve Kandarian later added, "I don't have total confidence" the company will be free to buy back shares after 2013, either.
MetLife investors have waited since the autumn of 2011 for the company to buy back shares and raise its dividend, but regulators foiled the company's plans.
Because of its online bank, MetLife has a bank holding company charter and is subject to Federal Reserve oversight. The Fed blocked MetLife from a buyback in late 2011, and the company failed a Fed bank stress test earlier this year.
On Wednesday, the insurer won approval from banking regulators for a long-delayed deal to sell the deposits portion of its bank to General Electric Co's GE Capital unit. Once that sale closes, MetLife will seek to relinquish the bank charter, which may mean the end of Fed oversight.
RBC Capital Markets analyst Eric Berg, in a research note, said the sale "was certainly a step in the right direction."
But MetLife executives said they could not be sure when the sale would close, and how that timing would affect whether the company has to participate in another stress test, meaning it was "prudent" to assume it would not buy back shares next year.
Even with the bank sold, MetLife is also considered at risk of being declared a systemically important financial institution by a federal panel, which would put it right back under Fed supervision and could restrict its payout ability.
"And we fear that knowing this, Met will go slow on share repurchase - exactly the opposite of what investors want to hear from the company," RBC's Berg said.
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LONDON (Reuters) - The leader of the Church of England on Tuesday said a vote last month that struck down proposals to allow women to become bishops had been "deeply painful", but that Christianity was still relevant in Britain despite falling numbers of believers. Archbishop of Canterbury Rowan Williams, who leads the global 80-million-strong Anglican Communion, said in his Christmas day sermon that the answer to the question of whether Christianity had "had its day" was a "resounding no". The Church of England narrowly voted against allowing women bishops last month - to the dismay of Williams and Prime Minister David Cameron - in a move its leaders said risked undermining its role as the established church in society with clerics in parliament's upper chamber. The media, many politicians and some members of the public have criticised the Church of England for failing to allow women bishops and for failing to back government plans for gay marriage at a time when it is under pressure to modernise. In separate comments aired on Tuesday but recorded earlier, the Roman Catholic Church's leader in England and Wales, Archbishop of Westminster Vincent Nichols, said the government's plans to allow gay marriage were a "shambles" and had no mandate. No religious organisation or cleric will be forced to conduct gay weddings under the plans, but critics fear that clause could be challenged under European human rights laws. A census showed earlier this month that the number of people in England and Wales describing themselves as Christian has declined by 13 percent over the last decade, but Williams warned secularists not to become "too excited". "There are a lot more questions to ask before we could possibly assume that the census figures told us that faith was losing its hold on society," Williams said. "In the deeply painful aftermath of the synod's vote last month, what was startling was how many people who certainly wouldn't have said yes to the census question turned out to have a sort of investment in the church," he said. Williams, 62, is stepping down after 10 years in his post, and will be replaced next year by former oil executive Justin Welby. Williams has agonised over schisms in the Anglican Communion and has said he hopes his successor has "the constitution of an ox and the skin of a rhinoceros"

LONDON (Reuters) - The leader of the Church of England on Tuesday said a vote last month that struck down proposals to allow women to become bishops had been "deeply painful", but that Christianity was still relevant in Britain despite falling numbers of believers.
Archbishop of Canterbury Rowan Williams, who leads the global 80-million-strong Anglican Communion, said in his Christmas day sermon that the answer to the question of whether Christianity had "had its day" was a "resounding no".
The Church of England narrowly voted against allowing women bishops last month - to the dismay of Williams and Prime Minister David Cameron - in a move its leaders said risked undermining its role as the established church in society with clerics in parliament's upper chamber.
The media, many politicians and some members of the public have criticised the Church of England for failing to allow women bishops and for failing to back government plans for gay marriage at a time when it is under pressure to modernise.
In separate comments aired on Tuesday but recorded earlier, the Roman Catholic Church's leader in England and Wales, Archbishop of Westminster Vincent Nichols, said the government's plans to allow gay marriage were a "shambles" and had no mandate.
No religious organisation or cleric will be forced to conduct gay weddings under the plans, but critics fear that clause could be challenged under European human rights laws.
A census showed earlier this month that the number of people in England and Wales describing themselves as Christian has declined by 13 percent over the last decade, but Williams warned secularists not to become "too excited".
"There are a lot more questions to ask before we could possibly assume that the census figures told us that faith was losing its hold on society," Williams said.
"In the deeply painful aftermath of the synod's vote last month, what was startling was how many people who certainly wouldn't have said yes to the census question turned out to have a sort of investment in the church," he said.
Williams, 62, is stepping down after 10 years in his post, and will be replaced next year by former oil executive Justin Welby.
Williams has agonised over schisms in the Anglican Communion and has said he hopes his successor has "the constitution of an ox and the skin of a rhinoceros"
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Archbishop of Canterbury says Anglican church wounded, not dead

LONDON (Reuters) - The leader of the Church of England on Tuesday said a vote last month that struck down proposals to allow women to become bishops had been "deeply painful", but that Christianity was still relevant in Britain despite falling numbers of believers.
Archbishop of Canterbury Rowan Williams, who leads the global 80-million-strong Anglican Communion, said in his Christmas day sermon that the answer to the question of whether Christianity had "had its day" was a "resounding no".
The Church of England narrowly voted against allowing women bishops last month - to the dismay of Williams and Prime Minister David Cameron - in a move its leaders said risked undermining its role as the established church in society with clerics in parliament's upper chamber.
The media, many politicians and some members of the public have criticised the Church of England for failing to allow women bishops and for failing to back government plans for gay marriage at a time when it is under pressure to modernise.
In separate comments aired on Tuesday but recorded earlier, the Roman Catholic Church's leader in England and Wales, Archbishop of Westminster Vincent Nichols, said the government's plans to allow gay marriage were a "shambles" and had no mandate.
No religious organisation or cleric will be forced to conduct gay weddings under the plans, but critics fear that clause could be challenged under European human rights laws.
A census showed earlier this month that the number of people in England and Wales describing themselves as Christian has declined by 13 percent over the last decade, but Williams warned secularists not to become "too excited".
"There are a lot more questions to ask before we could possibly assume that the census figures told us that faith was losing its hold on society," Williams said.
"In the deeply painful aftermath of the synod's vote last month, what was startling was how many people who certainly wouldn't have said yes to the census question turned out to have a sort of investment in the church," he said.
Williams, 62, is stepping down after 10 years in his post, and will be replaced next year by former oil executive Justin Welby.
Williams has agonised over schisms in the Anglican Communion and has said he hopes his successor has "the constitution of an ox and the skin of a rhinoceros"
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Russian parliament considers anti-US adoption bill

 The upper chamber of Russia's parliament has unanimously voted in favor of a measure banning Americans from adopting Russian children.
It now goes to President Vladimir Putin to sign or turn down.
The bill is one part of a larger measure by lawmakers retaliating against a recently signed U.S. law that calls for sanctions against Russians deemed to be human rights violators.
Some top government officials, including the foreign minister, have spoken against the bill, arguing that it would be in violation of Russia's constitution and international obligations.
Several people protesting the bill were detained outside the Federation Council on Wednesday morning.
Critics of the bill say it victimizes orphans by depriving them of an opportunity to escape often-dismal Russian orphanages. There are about 740,000 children without parental custody in Russia.
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UK on track to hit 2020 green energy targets - DECC

The UK is on track to meet its 2020 renewable energy targets after low-carbon electricity generation grew more than a quarter in the year to end-June 2012, thanks largely to new solar and offshore wind projects, a government report said.
The Department of Energy and Climate Change (DECC) said renewable energy accounted for over 10 percent of total electricity supplied in the 12 months to end-June.
Renewable power output grew 27 percent from July 2011, according to the UK's latest Renewable Energy Roadmap status report released on Thursday.
"Renewable energy is increasingly powering the UK's grid, and the economy too," Energy Secretary Edward Davey, who heads DECC, said in a statement that accompanied the report.
"It's a fantastic achievement that more than 10 percent of our power now comes from renewables, given the point from which we started," he said.
Britain has a target to produce 15 percent of its energy, including electricity, heat and transport, from renewable sources by 2020 in a bid to cut climate-warming emissions.
This means that 30 percent of the UK's electricity must come from renewables by the end of the decade, the government said, with wind playing a leading role.
"Right now, getting new infrastructure investment into the economy is crucial to driving growth and supporting jobs across the country ... I am determined that we get ahead in the global race on renewables and build on the big-money investments we've seen this year," Davey said.
DECC has identified around 12.7 billion pounds ($20.6 billion) of confirmed and planned renewable investment by companies between April 1, 2011 and July 31, 2012, potentially creating around 22,800 jobs.
The department, which expects the growth in renewables to continue or accelerate, predicts the industry will support 400,000 direct jobs by 2020, up from around 110,000 jobs currently.
Government subsidies have played a key role in encouraging investment, however, and economic difficulties have put pressure on support schemes.
Government departments have reined in spending, though officials say the falling costs of the technology mean that less support is required to encourage take-up.
Offshore wind power capacity grew by 60 percent to 2.5 gigawatts (GW), while onshore wind grew by 24 percent to 5.3 GW, according to figures in the Renewable Energy Roadmap report.
Solar photovoltaics recorded the highest growth with an increase of five and a half times to 1.4 GW in capacity by the end of June 2012, the report said.
Industry group RenewableUK welcomed the findings of the report.
"The update is spot on. It highlights the sector's dynamic growth and the healthy pipeline of wind, wave and tidal projects to come," RenewableUK Deputy Chief Executive Maf Smith said.
"It's right to note that costs are falling steadily, so renewables will continue to offer even better value for money for all of us," he said, adding that it will help stabilise the price of energy.
In November, Britain set out plans to triple support for low-carbon power generation by 2020 in order to help replace ageing fossil fuel power plants with less polluting alternatives.
The outlay will be clawed back through higher energy bills.
Under the agreed Levy Control Framework, spending on low-carbon power generation will increase to 7.6 billion pounds a year in real terms by 2020, from the current 2.35 billion pounds, to reduce dependence on gas.
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Russian parliament endorses anti-US adoption bill

 Defying a storm of domestic and international criticism, Russia moved toward finalizing a ban on Americans adopting Russian children, as Parliament's upper house voted unanimously in favor of a measure that President Vladimir Putin has indicated he will sign into law.
The bill is widely seen as the Kremlin's retaliation against an American law that calls for sanctions against Russians deemed to be human rights violators. It comes as Putin takes an increasingly confrontational attitude toward the West, brushing aside concerns about a crackdown on dissent and democratic freedoms.
Dozens of Russian children close to being adopted by American families now will almost certainly be blocked from leaving the country. The law also cuts off the main international adoption route for Russian children stuck in often dismal orphanages: Tens of thousands of Russian youngsters have been adopted in the U.S. in the past 20 years. There are about 740,000 children without parental care in Russia, according to UNICEF.
All 143 members of the Federation Council present Wednesday voted to support the bill, which has sparked criticism from both the U.S. and Russian officials, activists and artists, who say it victimizes children by depriving them of the chance to escape the squalor of orphanage life. The vote comes days after Parliament's lower house overwhelmingly approved the ban.
The U.S. State Department said Wednesday it regretted the Russian parliament's decision.
"Since 1992, American families have welcomed more than 60,000 Russian children into their homes, providing them with an opportunity to grow up in a family environment," spokesman Patrick Ventrell said in a statement from Washington. "The bill passed by Russia's parliament would prevent many children from enjoying this opportunity ...
"It is misguided to link the fate of children to unrelated political considerations," he said.
Seven people with posters protesting the bill were detained outside the Council before Wednesday's vote. "Children get frozen in the Cold War," one poster read. Some 60 people rallied in St. Petersburg, Russia's second largest city.
The bill is part of larger legislation by Putin-allied lawmakers retaliating against a recently signed U.S. law that calls for sanctions against Russians deemed to be human rights violators. Although Putin has not explicitly committed to signing the bill, he strongly defended it in a press conference last week as "a sufficient response" to the new U.S. law.
Originally Russia's lawmakers cobbled together a more or less a tit-for-tat response to the U.S. law, providing for travel sanctions and the seizure of financial assets in Russia of Americans determined to have violated the rights of Russians.
But it was expanded to include the adoption measure and call for a ban on any organizations that are engaged in political activities if they receive funding from U.S. citizens or are determined to be a threat to Russia's interests.
Russian children's rights ombudsman Pavel Astakhov told the Interfax news agency that 46 children who were on the verge of being adopted by Americans would stay in Russia if the bill is approved — despite court rulings in some of these cases authorizing the adoptions.
The ombudsman supported the bill, saying that foreign adoptions discourage Russians from adopting children. "A foreigner who has paid for an adoption always gets a priority compared to potential Russian adoptive parents," Astakhov was quoted as saying. "A great country like Russia cannot sell its children."
Russian law allows foreigners to adopt only if a Russian family has not expressed interest in a child being considered for adoption.
Some top government officials, including the foreign minister, have spoken flatly against the adoption law, arguing that the measure would be in violation of Russia's constitution and international obligations.
But Senator Mikhail Margelov, chairman of the Council's foreign affairs committee, referred to the bill as "a natural and a long overdue response" to the U.S. legislation. "Children must be placed in Russian families, and this is a cornerstone issue for us," he said.
Margelov said that a bilateral Russian-U.S. agreement binds Russia to give notice of a halt to adoptions 12 months in advance. Putin spokesman Dmitry Peskov told Russian news agencies that the president would consider the bill within the next two weeks.
The measure has become one of the most debated topics in Russia.
By Tuesday, more than 100,000 Russians had signed an online petition urging the Kremlin to scrap the bill.
Over the weekend, dozens of Muscovites placed toys and lit candles in front of the Duma, Russia's lower house of parliament after it approved the bill on Friday, but security guards promptly removed them. Opposition groups said they will rally against the bill on Jan. 13, and several popular artists publicly voiced their concern about the legislation.
While receiving a state award from Putin on Wednesday, film actor Konstantin Khabensky wore a badge saying "Children Are Beyond Politics." Veteran rock musician Andrey Makarevich called on Putin Monday to stop "killing children."
During a marathon Putin press conference Thursday, eight of the 60 questions the president answered focused on the bill. Responding angrily, Putin claimed that Americans routinely mistreat children from Russia.
The bill is named in honor of Dima Yakovlev, a Russian toddler who was adopted by Americans and then died in 2008 after his father left him in a car in broiling heat for hours. The father was found not guilty of involuntary manslaughter. A Russian television report showed Yakovlev's blind grandmother who claimed that the U.S. family that adopted her grandson forged her signature on documents allowing them to take the boy outside Russia.
Russian lawmakers argue that by banning adoptions to the U.S. they would be protecting children and encouraging adoptions inside Russia.
In a measure of the virulent anti-U.S. sentiment that has gripped parts of Russian society, a few lawmakers went even further, claiming that some Russian children were adopted by Americans only to be used for organ transplants and become sex toys or cannon fodder for the U.S. Army.
Americans involved in adoption of Russian children find the new legislation upsetting.
Bill Blacquiere, president of New York City-based Bethany Christian Services, one of the largest adoption agencies in the U.S., said he hopes Putin won't sign the bill.
"It would be very sad for kids to grow up in orphanages," Blacquiere said. "And would hurt them socially, psychologically and mentally. We all know that caring for children in institutions is just not a very good thing."
Joyce Sterkel, who runs a Montana ranch for troubled children adopted abroad and has adopted three Russian children herself, said she is concerned for the estimated 700,000 children who live in state-run institutions in Russia.
"I would prefer that the Russians take care of their own children. I would prefer that people in the United States take care of their own children," Sterkel said Wednesday. "But if a suitable home cannot be found in that country, it seems reasonable that a child should be able to find a home outside.
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Modern Etiquette: A bit of netiquette will keep Christmas real

 Christmas is a convivial time of year when people get together for celebrations and conversation. It's all about human contact so it's important that you're discriminating about how you use your digital devices.
It's fine if they're used to facilitate get-togethers and spread seasonal cheer. But Christmas is a real, not a virtual event, so it's important to discard the phones, tablets and computers and enjoy festive celebrations in the real world.
Christmas cards are still an invaluable and personal way of keeping in touch with far-flung friends and relations.
In these straitened times, however, you might want to cut down the number of cards you send, so it's fine to explain to your nearest and dearest that you won't be sending them cards - a personalized seasonal message by text, phone call or email, sent out to individuals, is quite acceptable.
Avoid sending out generic e-cards. They're lazy and impersonal, and many people will find them lacking in Christmas spirit or just baffling.
If you're emailing instead of sending a Christmas card, make sure that you send out unique - and individual - messages to each of your recipients. Group emails, like round robins, are to be avoided.
It's fine to put general seasonal messages on social networking sites, but avoid posting compromising photos.
This is the time of year when we all let our hair down, but not everyone will appreciate the evidence being posted for all to see in cyberspace.
Don't get too carried away with seasonal cyber-cheer. Spamming your friends and followers with endless Christmas wishes and updates will soon get tedious.
Christmas Day is all about socializing with family and friends, and enjoying good food and good conversation. So don't spend the big day glued to your phone, rather than interacting with your family.
Ban all phones from the Christmas table.
Eating together is all about sociability and it's a real insult to the host and/or cook to be transfixed by your texts rather than the turkey and table talk.
Be a good digital host.
Technology is part of our everyday life and Christmas is no exception. If you have friends or family staying in your home, make sure that you have your WiFi password to hand. Offer them access to your network, and hope that everyone adheres to good festive netiquette.
Christmas is the perfect time to make a video call, but choose your timing carefully. Nobody wants to be talking to virtual visitors during lunch or present opening.
Remember the power of the written word.
If you are the lucky recipient of a generous present or lavish hospitality, then hand-writing a proper thank you letter is a much more elegant gesture than texting or emailing, and will be noted and appreciated. It is fine to email or text your thanks for small presents.
(This story has been refiled to fix dateline)
(Jo Bryant is an etiquette advisor and editor at Debrett's, the UK authority on etiquette and modern manners (www.debretts.com). Any opinions expressed are her own. Debrett's "Netiquette" is a definitive guide to digital dilemmas and outlines a code of manners for modern communication.)
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