Canadian labor productivity grew 1.4 percent in the fourth quarter of 2009, the first increase in more than a year and the highest quarterly growth rate for almost 12 years, Statistics Canada said on Tuesday. Analysts had on average predicted productivity would increase by 0.8 percent. The increase was the largest since the 1.6 percent rise posted in the first quarter of 1998.

Businesses increased real output by 1.4 percent on the back of higher exports, consumer spending and residential investment.

The productivity of goods-producing industries rose by 1.7 percent after three consecutive quarters of declines. Productivity in service-producing industries was up by 1.0 percent for the fourth straight quarterly gain.

The stronger Canadian dollar meant the unit labor costs of Canadian businesses expressed in U.S. dollars increased by 3.8 percent, the third quarterly gain in a row. U.S. [Read the full article]

(Dry-bulk shipping item updated to correct a misreported company name. Safe Bulkers announced an equity offering Monday, not Star Bulk Carriers.)

That could have a dour effect on demand for the services of merchant ships carrying raw materials to China's booming economy, which comprises a large portion of the dry-bulk sector's business. Complicating matters are the ongoing iron-ore price talks between the world's biggest mining companies and Chinese buyers.

The miners are expected to jack prices by 60% or more and to press for quarterly contracts as opposed to annual.

Still, many industry observers believe that investors overreact to the day-to-day changes in the demand outlook for seaborne freight transport.

DryShips' stock, the most liquid and most volatile name in the group, declined 25 cents, or 4%, to $5.92. [Read the full article]

After its successful propaganda movie to mark 60 years of communist rule, China's leading state-run studio is working on a follow-up timed to coincide with next year's 90th anniversary of the Chinese Communist Party.

Filmmakers are drafting the script and choosing locations for "The Founding of a Party," China Film Group spokesman Weng Li told The Associated Press in a telephone interview Tuesday.

Weng said shooting would start later this year, with a targeted release date of around July 2011. The Chinese Communist Party celebrates its 90th anniversary July 1 next year.

Last year, China Film Group released "The Founding of a Republic" to mark the Chinese government's 60th year in power. [Read the full article]