These are stories Report on Business is following Tuesday, April 14, 2015.
Follow Michael Babad and The Globe's Business Briefing on Twitter.
Fixing the damage
Indiana has hired a public relations firm in the wake of the divisive battle over its ill-conceived "religious freedom" law.
While the Indiana Economic Development Corp. didn't say this, the move is clearly aimed at repairing the damage done to potential business.
Indiana Governor Mike Pence was forced to back down from a law he'd signed, in the name of religious freedom, that sparked outrage from business leaders and Hoosiers across the state because of the potential for businesses to discriminate against gays and lesbians.
It's worth remembering that this was the work of politicians, not the fine folk of Indiana.
Indeed, had they and the captains of industry not spoken out, the law might have held, allowing businesses to turn away LGBT customers on the basis that they offended their religious beliefs.
As it turned out, Mr. Pence was, in the end, convinced that it was the law that was offensive.
The IEDC says it is now working with the Indiana Office of Tourism Development in hiring the well-known PR firm of Porter Novelli, though without mentioning the fiasco.
"Indiana continues to have one of the best business climates in the country and hosts a robust travel, tourism and hospitality industry," Indiana's Secretary of Commerce, Victor Smith, said in the statement.
"Now more than ever, we want to remind the world that Hoosiers welcome everyone and that Indiana is a great place for individuals, entrepreneurs and businesses to reach their full potential."
Porter Novelli won't have an easy time of it, given the widespread publicity, and no doubt damage, from what the state's politicians attempted to do.
I'm not sure how you even go about such a thing, but one could always start with a new motto that broadcasts a newly welcoming, but still religious, Indiana.
Here are some possibilities.
1. Invest in Indiana: In God we trust. (But we guessed wrong at what He meant.)
2. Welcome to Indiana: Love thy neighbour. (Especially if you're both guys.)
3. Beautiful Indiana: Honour thy father and thy mother. (And thy same-sex spouse.)
4. Indiana the Good: Where he who is without sin gets to cast the first stone.
5. Come to Indiana and see our new coat of many colours.
6. Visit Indiana: Father, forgive them. (Even though they know what they did.)
- Basic human rights win the day, but a stain on Indiana and Arkansas
- Don't visit Indiana if you're gay. Or a Jewish atheist with a Catholic wife
- Konrad Yakabuski: This won't be the last Indiana
- Evan Annett: Indiana backtracks, Arkansas presses on as gay-rights feud escalates
'Advanced discussions'
Nokia and Alcatel-Lucent are trying to get their wires crossed.
The two companies said today they are in talks aimed at a takeover of Alcatel-Lucent by Nokia, which was once a leader in the handset industry.
"In relation to recent media speculation Nokia and Alcatel-Lucent confirm that they are in advanced discussions with respect to a potential full combination, which would take the form of a public exchange offer by Nokia for Alcatel-Lucent," they said.
"There can be no certainty at this stage that these discussions will result in any agreement or transaction."
IMF paints bleaker picture
The International Monetary Fund has slightly trimmed its forecast for Canadian economic growth, citing the continued risks posed by the oil shock.
In its spring World Economic Outlook today, the IMF forecast that Canada's real gross domestic product will grow by 2.2 per cent this year and 2 per cent next year, The Globe and Mail's David Parkinson reports.
The IMF described Canadian growth as "solid," supported by the "stronger" U.S. recovery and the decline of the Canadian dollar.
"These developments have led to a welcome pickup in exports, but have yet to translate into strong investment and hiring," it said.
- David Parkinson: IMF trims Canada's economic outlook on oil-price fallout
- WTO cuts world trade growth forecasts for 2015 and 2016
JPMorgan profit up, Wells Fargo slips
JPMorgan Chase & Co. kicked off reporting season for the U.S. banks with a hefty jump in profit that topped the estimates of analysts.
The bank, America's biggest in terms of assets, posted a rise in first-quarter profit to $5.91-billion (U.S.), or $1.45 a share, from $5.27-billion or $1.28 a year earlier.
Analysts had projected profit per share of $1.40 for the latest quarter.
Revenue also edged past the estimates, climbing to $24.8-billion.
"We will continue to navigate challenges and deliver for our clients, shareholders and communities," said chief executive officer Jamie Dimon.
Wells Fargo & Co., meanwhile, posted a drop in profit to $5.8-billion, or $1.04 a share, from the year-earlier record of $5.9-billion or $1.05.
- JPMorgan profit jumps 12.2% on rebound in fixed-income trading
- Wells Fargo profit falls as expenses rise
Home prices up
National home prices have hit a fresh record but, says the folks who track them, that's "no indication of general strength in the Canadian real estate market."
The Teranet National Bank home price index released today showed a gain of 0.3 per cent in March from February, and 4.7 per cent from a year earlier.
Prices climbed in eight of 11 markets tracked, falling only in Winnipeg and the Ottawa region.
But, said National Bank senior economist Marc Pinsonneault, fresh records were actually hit in only Toronto and Vancouver, which drove the index to a new high.
"While it is true that the Teranet National Bank composite HPI reached a new record in March, that is no indication of general strength in the Canadian real estate market," he said.
"The strong monthly price increases reported in March for Montreal, Quebec City and Halifax do not change the fact that prices have corrected downward recently in these areas, as well as in Ottawa-Gatineau, Calgary and Winnipeg."
- Tamsin McMahon: Vancouver, Toronto pull Canadian home prices higher in March
- Follow Tamsin McMahon's Real Estate Beat
Streetwise (for subscribers)
Inside the Market (for subscribers)
Business ticker
- Canada actively considering joining china-led Asian bank
- Avon exploring sale of North America business: report
- Ford plans $2.5-billion investment in Mexico, sources say
- After flat year for music industry, labels look to streaming
- U.S. retail sales rebound, post largest gain in a year
- Oil rises on U.S. shale output report, Mideast
Michael Babad