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Business staffing plans for WEDNESDAY, July 15
(Canadian Press DataFile Via Acquire Media NewsEdge) BUSINESS EDITORS:@ Here are CP Business staffing plans as of 4:30 p.m. ET. Plans may change as circumstances warrant.
Queries should be addressed to business editor John Valorzi at 416-507-2146 or David Paddon on the business desk at 416-507-2138 or Brenda Bouw at 604-692-1171. To contact CP Business by email, send messages to business(at)thecanadianpress.com.
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In addition to the following, a story slugged BC-Economy, 1st Writethru has moved General (G) and Business (B). Please avoid duplication.
OTTAWA _ Manufacturing sales fell six per cent to $38.4 billion in May, the lowest level in more than a decade as Canada's industrial sector was battered by output cuts linked to the restructuring of the North American car industry. 700 words. BC-StatsCan-Manufacturing, 1st Writethru. Moved.
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MONTREAL _ Air Canada (TSX:AC.B) said it has achieved labour stability required to manoeuvre through its economic challenges after the airline's largest union joined four others in approving new 21-month contracts. 650 words. By Ross Marowits. BC-Air-Canada, 4th Writethru. Moved.
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TORONTO _ A $175-million impairment charge against its struggling radio division combined with flagging revenues to drag Corus Entertainment Inc. (TSX:CJR.B) to a big third-quarter loss. 650 words. By David Friend. BC-Corus, 4th Writethru. Moved.
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TORONTO _ The first quarter of 2009 saw almost twice as many work days lost to labour disputes as the same period in 2008, indicating the recession hasn't stopped workers from taking their grievances to the picket lines. This may be because the recession has emboldened employers to ask for concessions they wouldn't think to raise in good economic times, analysts say. 700 words. By Kristine Owram. BC-Recession-Strikes. Moved General (G) and Business (B). Will be Updated.
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VANCOUVER _ A third Canadian-based mining company is facing a hurdle in Mongolia as it tries to develop its mineral assets in the central Asian country. On Wednesday, Western Prospector Group Ltd. (TSXV:WNP), a junior Vancouver miner recently taken over by a Chinese company, said its uranium exploration licences in Mongolia have been suspended for three months due to alleged violations of Mongolian laws. 700 words. BC-Western-Prospector, 1st Writethru, Bgt. Moved. Will be Updated.
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WASHINGTON@ _ Consumer prices in the United States shot up in June by the largest amount in 11 months, reflecting the biggest jump in gasoline prices in nearly five years. The U.S. Commerce Department said Wednesday that inflation at the consumer level rose by 0.7 per cent last month, slightly higher than the 0.6 per cent increase that economists were expecting. It was the biggest one-month gain since a 0.7 per cent increase last July. 428 words. By Martin Crutsinger. See Photo. BC-US-Economy. Moved.
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NEW YORK _ Oil prices rose above US$61 a barrel Wednesday, riding gains on Wall Street and a government report that said U.S. crude supplies dropped more than expected. 600 words. By Chris Kahn. BC-Oil-Prices, 2nd Writethru Bgt. Moved. Will be Updated
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WASHINGTON _ Now that General Motors is out of bankrupcty, the Obama administration's autos task force takes on a new role _ car company owner. With billions of taxpayer money on the line, the panel's pledge not to meddle could be tested if sales fail to recover or the automaker doesn't fulfill the government's wishes for more fuel-efficient vehicles. 900 words. By Ken Thomas and Stephen Manning. BC-US-Automakers-Task-Force.
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SAN FRANCISCO _ Gannett Co.'s cost-cutting paid off with a second-quarter profit that topped analysts' projections, and the largest U.S. newspaper publisher offered a wisp of hope that the worst of a devastating advertising slump is over. By Business Writer Michael Liedtke. BC-US-Earns-Gannett, 1st Writethru. Unbudgeted story moved.
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DALLAS _ American Airlines parent AMR Corp. lost $390 million in the second quarter as fewer people got on its planes. Revenue plunged 21 percent from a year ago, swamping savings from cheaper jet fuel prices. By Airlines Writer David Koenig. BC-US-Earns-AMR, 1st Writethru. Moved
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The Canadian Press is also following:
TORONTO _ The Toronto stock market moved sharply higher Wednesday after hopes for an economic recovery were boosted by better-than expected earnings and a positive outlook from U.S. semiconductor giant Intel Corp. By Malcolm Morrison. BC-Dollar-Markets, 7th Writethru. Moved.
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LONGUEUIL, Que.@ _ SFK Pulp (TSX:SFK.UN) said Wednesday its lenders have a greed to extend a temporary waiver granted when the company fell into a breach of a financial covenant. The company, based in Longueuil, Que., said the waiver has been extended until July 22, by which time it said it hopes to have resolved the issue. 110 words. BC-SFK-Pulp.
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LAVAL, Que.@ _ Neptune Technologies and Bioressources Inc. (TSX:NTB) said Wednesday its first quarter financial results were dragged down by a shutdown at a Quebec plant that allowed the company to expand the facility. The natural health products maker, based in Laval, Que., reported a net loss of $1.4 million or four cents per share for the quarter ended May 31. The company said losses widened 10 per cent from year-earlier levels, when Neptune booked a loss of $1.3 million or three cents per share. 197 words. Spelling of Bioressources is correct. BC-Neptune-Technologies. Moved
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DRUMMONDVILLE, Que. _ Utilities management company CVTech Group Inc. (TSX:CVT) said Wednesday it has reached a deal to purchase Riggs Distler and Co. Inc., a U.S.-based firm providing construction services to the utilities industry. BC-CVTech-Group. Moved.
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MONTREAL _ Deteriorating economic conditions will force more Canadian forestry companies into downgrades and bankruptcy filings, DBRS said in a report on Wednesday. BC-Forestry-Cda. Moved.
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MONTREAL _ There has been a shuffle in the senior ranks of Sun Media Corp., the newspaper division of Quebecor Inc., (TSX:QBR.B), including a new publisher at the company's flagship Toronto Sun tabloid. BC-Quebecor-Sun-Media, 1st Writethru. Moved.
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MONTREAL _ Dorel Industries (TSX:DII.B) buys bankrupt Iron Horse Bicycle Company for US$5.2 million. BC-Dorel. Moved
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MONTREAL _ Garda World Security Corp. (TSX:GW) said Wednesday it has reached a three-year labour agreement with the union representing 1,400 screening officers at Toronto's Pearson International Airport. Details of the deal with the Canadian Airport Workers Union were not immediately disclosed. BC-Garda-World.
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OTTAWA _ C-Com Satellite Systems Inc. (TSXV:CMI) revenue increases to $3.2 million in the second quarter ended May 31, up 78 per cent from $1.8 million a year earlier. Net income was $501,432, up from $213,587 in the second quarter of fiscal 2008. BC-C-Com. Moved.
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TORONTO _ The Canadian dollar is on a tear for a third day amid rising stock markets and a weak U.S. dollar. Late in the morning, the currency was up 1.22 cents to 89.25 cents US. By Brian McKenna. BC-Loonie. Moved Business (B) and General (G). Will be Updated.
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TORONTO _ Ontario's economy shrank in the first quarter of this year, dragged down in part by lower business investment and a continued drop in manufacturing. New figures released by the Ontario government show the province's gross domestic product declined by two per cent in the period, following a 1.5 per cent decline in the fourth quarter. BC-Ont-Economy, 2nd Writethru. Moved.
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TORONTO _ Intertainment Media Inc. (TSXV:INT) says its wholly owned subsidiary, Magnum Fine Commercial Printing Ltd. has struck a deal to buy the assets, clients, programs and equipment of an unnamed Canadian graphics services company. BC-Intertainment.
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TORONTO _ Score Media Inc. (TSX:SCR) says third-quarter profit drops to $8,000, from $684,000 a year earlier, as revenues rise to $10.8 million from $10.2 million. BC-Score-Media. Moved.
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TORONTO _ Polyair Inter Pack Inc. (NEX:PPK.H) said Wednesday it has completed the previously announced reverse stock split as a prelude to going private. BC-Polyair-Inter-Pack. Moved.
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WOODSTOCK, Ont. _ Contrans Income Fund (TSX:CSS.UN), an Ontario-based trucking services operator, says its board has decided not to pay a second quarter distribution because of the weak business environment in which the company operates. BC-Contrans. Moved.
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VANCOUVER _ Mag Silver Corp. (TSX:MAG) of Vancouver says it has signed an option agreement to acquire 100 per cent of the San Ramone property in Zacatecas State, Mexico. The deal is subject to a 1.5 per cent royalty on any silver production from the project, the junior silver miner said Wednesday. BC-Mag-Silver. Moved.
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VANCOUVER _ NovaGold Resources Inc. (TSX:NG) has credited greatly reduced spending on exploration activities and a stronger loonie for paring its second-quarter losses by about 80 per cent compared with the year-earlier period. BC-NovaGold, 1st Writethru. Moved.
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VANCOUVER _ Salazar Resources Ltd. (TSXV:SRL), a junior Vancouver miner, says it has made a final option payment of US$500,000, finalizing the acquisition of the Curipamba silver-gold property in Ecuador. BC-Salazar-Resources. Moved.
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VANCOUVER _ Three Canadian public companies and a private American corporation plan to merge and create a publicly traded geothermal company. In a related move, GTO Resources Inc. (NEX:GTR.H) intends to raise approximately $100 million in a private placement of subscription receipts, which will be exchangable for shares of the combined entity. The other companies are Polaris Geothermal Inc. (TSX:GEO), Western GeoPower Corp. (TSXV:WGP) and Ram Power Inc. BC-Geothermal-Merger. Moved
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CHICAGO _ Conrad Black has lost his last attempt to get bail pending a Supreme Court hearing of his fraud case. Judge Amy St. Eve, who presided over the original trial in Chicago, denied Black's bid, saying he failed to establish that a ruling in his favour was likely to result in reversal of his obstruction of justice conviction. BC-Conrad-Black-Bail. Moved General (G) and Business (B). Will be Updated.
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THURSDAY BUSINESS CALENDAR:
ST. JOHN'S, N.L. _ Engineering firm Rutter Inc. holds second-quarter earnings conference call. Dial 1-800-732-9307. (9 a.m.)
OTTAWA _ Statistics Canada releases May travel between Canada and other countries. (8:30 a.m. at http://www.statcan.ca)
OTTAWA _ Statistics Canada releases July Canadian Economic Observer. (8:30 a.m. at http://www.statcan.ca)
X-CALGARY _ Oil and gas company Nexen will review second-quarter earnings on conference call. Visit http://www.nexeninc.com for webcast. (7 a.m.)
THE CANADIAN PRESS
(c) 2009 The Canadian Press
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