M acy’s M-N returned to a fourth-quarter profit as lower expenses helped the U.S. department store operator even as sales dipped. During the holidays, Macy’s kept a tight lid on inventory to avoid having to clear items out at steep discounts, which cost it in 2008. America’s second-largest department store chain expects 2010 profit in range of analysts’ views. Macy’s earned $466-million, or $1.10 per share. Adjusted profit was $1.40 per share, which beat Wall Street’s $1.32-per-share estimate. Last year’s fourth quarter included hefty charges totalling 30 cents per share. Sales slipped 1 per cent to $7.85-billion, but met analysts’ expectations.

C algary-based TransCanada Corp. TRP-T says its dividend will go up following a 37.5-per-cent improvement in fourth-quarter profit. The pipeline and power company says its net income attributable to common shares rose to $381-million in the quarter, up from $277-million a year earlier. That equates to 56 cents per common share, up from 47 cents in the fourth quarter of 2008. TransCanada increased its quarterly dividend to 40 cents per share, the equivalent of $1.60 per year, up 5 per cent. The company’s revenue declined, however. It fell by $126-million or 5.4 per cent from a year earlier to $2.2-billion in the last three months of 2009. More to come

T he cellphone market will rebound more strongly than expected this year as improving economies boost spending on new gadgets and handset vendors push cheap smart phones, research firm Gartner said on Tuesday. The market fell 1 per cent in 2009, the first decline in eight years as consumers cut spending amid recession. But Gartner analyst Carolina Milanesi said she now expects the market to grow 11-13 per cent this year, compared with the firm’s December forecast for a 9-per cent increase. “The economy seems to be stabilizing more into a recovery trend than we forecast back in December,” Milanesi said. “Sales will return to low-double-digit growth, but competition will continue to put a strain on vendors’ margins.” Gartner is more optimistic than the top cellphone maker Nokia, which has forecast growth around 10 per cent, and also slightly ahead of analysts consensus…

C anadian bakery and grocery giant George Weston Ltd. WN-T says its net earnings were $82 million in the fourth quarter, as sales dipped 6.4 per cent over the same time last year. The company said its profit amounted to 53 cents per share for the period ended Dec. 31, compared with earnings of $2.69 per share, or $405 million, a year earlier when it booked gains from the sale of its Neilson Dairy business. George Weston, which controls grocery retailer Loblaw Cos. L-T in addition to various food producing businesses, sold the Neilson Dairy business to Montreal-based Saputo Inc. for $465-million in November, 2008. The company said that excluding the Neilson sale, the company’s earnings performance was strong for the quarter when compared to a year earlier. Quarterly revenue slipped 6.4 per cent to $7.5-billion in the period, falling in line with analyst estimates compiled by Thomson Reuters. The…

G oogle’s assertion that its computers were attacked by hackers based in China was “groundless“, Beijing said on Tuesday, hardening its rhetoric in a spat with Washington over Internet freedom. The remarks from Foreign Ministry spokesman Qin Gang were the first direct rejection of the firm’s allegations. China had previously defended its right to censor content on the Internet and brushed aside the hacking accusations, saying Google must abide by Chinese law. “Google’s statement from Jan. 12 is groundless, and we are firmly opposed to it,” Qin told a regular news briefing in the Chinese capital, when asked if there had been any development in a dispute that is now more than a month old. “China administers its internet according to law, and this position will not change. China prohibits hacking and will crack down on hacking according to…