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The Canadian Press Business News Budget for Friday, Aug. 7, 2009
(Canadian Press DataFile Via Acquire Media NewsEdge) BUSINESS EDITORS:@ Here are Canadian Press Business budget lines as of 9 p.m. ET. Plans may change as circumstances warrant.
To contact CP Business by email, send messages to business(at)thecanadianpress.com.
In addition to the following, a story slugged BC-Economy has moved General and Business. So has a story slugged BC-Fires-Forestry. Please guard against duplication.
MONTREAL @_ Air Canada (TSX:AC.B) says it has embarked on a cultural change for the country's largest airline that will result in deeper cost cutting including possible route and fleet reductions as it attempts to restore its profitability in the face of ongoing economic turbulence. 600 words By Ross Marowits. BC-Air-Canada, 1st Writethru. Moved.
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MONTREAL @_ SNC-Lavalin Group Inc. (TSX:SNC), one of the world's largest engineering companies, reports its second quarter net profits rose to $80 million or 53 cents a share from $75.4 million or 49 cents a share in the year-earlier period. 550 words. By Ross Marowits. BC-SNC-Lavalin, 1st Writethru.
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MONTREAL @_ Cosmos Capital has threatened to abandon its bid to purchase Cossette Inc. (TSX:KOS) unless it's given access to the communication company's books. 600 words. By Ross Marowits. BC-Cossette, 1st Writethru. Moved.
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TORONTO@ _ Magna International Inc. (TSX:MG.A) says it recorded a loss in its second quarter as the global recession ravaged the automotive industry and sapped demand for its products. Reporting in U.S. dollars, Canada's largest auto parts maker said it booked a net loss of US$205 million or $1.83 per share for the quarter ended June 30. 650 words. By David Paddon. BC-Magna, 3rd Writethru. Moved.
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TORONTO @_ Executives at investment giant Brookfield Asset Management Inc. (TSX:BAM.A) are confident they will have at least another two years to pick through distressed assets around the world, and look at acquisition deals, even if the economy starts to recover and the U.S. housing market rebounds. 650 words. By David Friend. BC-Brookfield-Asset-Management, 2nd Writethru. Moved
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OTTAWA@ _ A parliamentary committee is hearing from the lead players in the sale of Canada's erstwhile high-tech darling, Nortel Networks (TSX:NT). The House of Commons industry committee called today's emergency meeting to bring clarity to the Nortel auction process. 650 words. By Steve Rennie. Moves (G) General and (B) Business; Guard against duplication. BC-Nortel, 1st Writethru. Moved
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MONTREAL @_ Canadians are moving to smartphones as the BlackBerry and iPhone are battling for the top spots with consumers, says IDC Canada. BlackBerry maker Research In Motion (TSX:RIM) and Apple's iPhone are the top two players in the Canadian and North American smartphone markets. Smartphones were the bright spot in the second quarter ended June 30. 450 words. By LuAnn LaSalle. BC-Cellphones-Cda, 1st Writethru. Moved.
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CALGARY @_ Calfrac Well Services Ltd. (TSX:CFW) says the economic downturn presented an opportunity to snap up some of competitor Pure Energy Services Ltd.'s (TSX:PSV) U.S. operations for a bargain price. Calgary-based Calfrac said Friday it has agreed to buy Pure's Colorado-based well fracturing division for $48.2 million, an amount it says represents a discount to its net book value and replacement cost. 550 words. By Lauren Krugel. Pure-Energy-Calfrac. Moved
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VANCOUVER _@ Telus Corp. (TSX:T) lowered its sales and earnings expectations for this year as the weak economy continues to influence how much customers are willing to spend on its services, and restrucuturing costs rise. The downgrade at Telus, Canada's second largest telecommunications service provider, came as the Vancouver-based company said profit fell nine per cent in the second quarter and revenues stalled. 700 words By Brenda Bouw. BC-Telus, 2nd Writethru. Moved
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WASHINGTON@ _ American employers throttled back on layoffs in July, cutting just 247,000 jobs, the fewest in a year, and the unemployment rate dipped to 9.4 per cent, its first decline in 15 months. It was a better-than-expected showing that offered a strong signal that the recession is finally ending. 909 words. By Jeannine Aversa. See Photos. BC-US-Economy, 2nd Writethru. Moved
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UNDATED@ _ American International Group Inc. reported its first quarterly profit since 2007 on Friday, as the company saw stability in some of its businesses. AIG shares rose $1.97, or 8.7 per cent, to $24.50 in pre-market trading. 304 words. By Joshua Freed. BC-US-Earns-AIG, 2nd Writethru. Moved.
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DETROIT@ _ The new General Motors Co. said Friday it was worried about regaining consumer confidence following its exit from Chapter 11, and that its sales won't improve in 2009 as U.S. economic troubles continue. In a sweeping review of its business filed late Friday with the U.S. Securities and Exchange Commission, GM also said it plans to register 3.5 billion shares of stock to prepare for a public offering sometime next year. 806 words. By Tom Krisher. BC-APFN-GM-Stock-Offering, 2nd Writethru.
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NEW YORK @_ Oil prices are surging this month on fresh evidence the economy is pulling itself out of recession. A barrel of crude has jumped roughly US$10 in four weeks, though some early gains were erased Friday as traders focused more on growing petroleum supplies. 550 words. By Chris Kahn. BC-Oil-Prices, 2nd Writethru Bgt. Moved.
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The Canadian Press is also following:@
TORONTO @_ News that the U.S. unemployment rate fell for the first time in 15 months propelled the Toronto stock market to a strong gain Friday, despite worse-than-expected jobs data for Canada. By Kristine Owram. BC-Dollar-Markets, 5th Writethru. Moved.
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HALIFAX@ _ Emera Inc. (TSX:EMA), the owner of Nova Scotia Power and other utilities, reports its net earnings for the second quarter fell to $38.1 million from $42.9 million a year earlier. Earnings per share dropped to 34 cents from 39 cents, the Halifax company said Friday. 287 words. BC-Emera.
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LAVAL, Que.@ _ Labopharm Inc. (TSX: DDS), a Quebec-based drug maker, reports its net loss for the second quarter was cut by more than half to $4.9 million, or nine cents a share, from $10.3 million, or 18 cents, for the same period in 2008. Three-month revenues rose to $6.3 million from $4.9 million, helped by increased sales of the company's once-daily tramadol painkiller, which is sold around the world, the company reported Friday. 240 words. BC-Labopharm. Moved
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MONTREAL @_ Pierre Karl Peladeau has consolidated his control over the holding company that controls Quebecor Inc. (TSX:QBR.B). In accordance with the last will and testament of the Pierre Peladeau, Pierre Karl Peladeau has acquired Erik Peladeau's interest in the trust that controls Les Placements Peladeau Inc. (PPI) for a nominal amount. BC-Quebecor-Peladeau, 1st Writethru. Moved.
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MONTREAL@ _ Boralex Inc. (TSX:BLX) reports second-quarter net earnings of $1.8 million or a nickel per share, up from year-earlier profits of $1.1 million or three cents per share; revenue from energy sales up five per cent to $41.8 million. 200 words. BC-Boralex.
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ROUGEMONT, Que. @_ Lassonde Industries Inc. (TSX:LAS.A), a Quebec-based juice, fondue and sauce maker, reports its net profits in the second quarter rose to $7.2 million from $9.5 million. BC-Lassonde.
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OTTAWA @_ Mobile software company ZIM Corp. (OTCBB:ZIMCF) said Friday that it earned a profit in its most recent quarter as sales fell. BC-ZIM. Moved Datafile only.
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TORONTO @_ C.A. Bancorp Inc. (TSX:BKP), a Toronto-based merchant bank and money manager, reports its second quarter loss widened to $1.8 million from just under $1.3 million for the same period a year earlier. BC-C.A-Bancorp. Moved.
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TORONTO @_ Keystone North America Inc. (TSX:KNA), which keeps its books in U.S. dollars, said Friday that it earned US$7.5 million or 29 cents per share compared with a loss of $31.3 million or $2 per share a year ago. Revenue totalled $30 million, down from $30.4 million a year ago. BC-Keystone. Moved.
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TORONTO@ _ Automodular Corporation (TSX:AM), a supplier of sub-assembly and other services for automakers, reports its net profits for the second quarter rose to $2.6 million from $1.6 million a year earlier. The company said Friday it earned 10 cents a share for the three months ended June 30, up from six cents in the same period in 2008. 294 words. BC-Automodular.
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TORONTO@ _ Kingsway Financial Services Inc. (TSX:KFS) says it won't be paying a quarterly dividend following a US$38.4-million loss in the second quarter as it works to restructure and reduce costs. The Toronto-based insurer of truck drivers and high-risk car drivers lost 70 cents per share for the quarter ended June 30, reversing year-earlier profits of $6.3 million or 11 cents per share. Kingsway reports in U.S. dollars. 337 words. BC-Kingsway-Financial.
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TORONTO@ _ The president and CEO of marketing company Pareto Corp. (TSX:PTO) said Friday the firm's second-quarter results "tracked to expectations" and he expects third-quarter revenues to grow. The company reported Friday it earned $1.1 million versus net income from the same period of last year of $961,618. Both profits equalled to two cents a share. 284 words. BC-Pareto.
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TORONTO@ _ Constellation Software Inc. (TSX:CSU) said Friday that it has acquired California-based company Compusource Corp. Terms of the deal were not immediately available. 76 words. BC-Constellation-Compusource.
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MISSISSAUGA, Ont. @_ Nuvo Research Inc. (TSX: NRI), a drug company developing treatments delivered through the skin, says it narrowed its net loss in the second quarter to $1.7 million from nearly $2.9 million a year ago. BC-Nuvo-Research. Moved.
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BRAMPTON, Ont.@ _ The Data Group Income Fund (TSX:DGI.UN) said the recession weakened its second-quarter revenues as its clients reduced spending, sending its profits down 81 per cent. The document manager and printing services had net income of $749,000 or three cents per unit during the April-June period, compared with $4 million or 17 cents a unit in the same quarter last year. 164 words. BC-Data-Group. Moved
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WINNIPEG@ _ Manitoba Telecom Services Inc. (TSX:Mbt) said Friday difficult economic conditions led to declines in both revenues and profits during the second quarter. The Winnipeg-based company reported net earnings of $30.1 million or 47 cents per share, down from year-earlier profits of $38 million or 58 cents per share. 281 words. BC-Manitoba-Telecom. Moved
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WINNIPEG @_ Power Financial Corp. (TSX:PWF) said it second-quarter profit fell by more than half and revenues were up slightly. BC-Power-Financial, 1st Writethru. Moved
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SASKATOON @_ Claude Resources Inc. (TSX:CRJ), a Saskatoon-based junior gold miner, reports a wider net loss for the latest quarter on lower revenues and a 33 per cent drop in production from its mine in Saskatchewan. BC-Claude-Resources. Moved.
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CALGARY@ _ Power plant operator Pristine Power Inc.'s (TSX:PPX) second-quarter loss widened to $3.1 million on higher development activity expenses and a rise salaries reflecting increased staffing levels. The company announced Friday the loss amounted to 10 cents a share as cash used in operations jumped 79 per cent to $3.4 million compared with $1.9 million. 152 words. BC-Pristine-Power.
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CALGARY @_ Vero Energy Inc. (TSX:VRO), a Calgary-based junior oil and gas company, reports it lost more than $10.7 million in the second quarter, reversing a profit of $8.7 million a year ago. BC-Vero-Energy. Moved.
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CALGARY@ _ Ember Resources Inc. (TSX:EBR) fell to a $4.4 million loss in the second quarter as lower average natural gas prices ate into its bottom line. The Calgary-based developer of coal-bed methane gas properties said Thursday that amounted to a loss of nine cents per share, as compared to a $1.9-million profit, or 13 cents a share, in the same period last year. 258 words. BC-Ember-Resources.
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CALGARY@ _ Paramount Energy Trust (TSX:PMT.UN), a Calgary-based natural gas producer, narrowed its net loss in the second quarter to $8.7 million from $55.4 million as the company benefited from an gain on its gas hedging contracts. Paramount said early Friday it lost eight cents a trust unit for the quarter ended June 30, compared with a loss of 50 cents a unit for the same period last year. 212 words. BC-Paramount. Moved
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EDMONTON @_ Brick Group Income Fund (TSX:BRK.UN) slipped to a $146.4-million loss in the second quarter, driven primarily by asset impairment charges, while the company has also raised $25 million in new financing to help its business. BC-Brick-Group. Moved.
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VANCOUVER@ _ A provincial regulator has found that four B.C. residents conducted what's being called a "deliberate and well-organized" fraud that resulted in more than 800 investors losing over US$10-million. The B.C. Securities Commission says the three men and one woman lied to investors about how their money would be invested, the returns investors could expect, and the risk associated with the investments. 190 words. BC-BCSC-Ponzi-Scheme.
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VANCOUVER@ _ Ritchie Bros. Auctioneers Inc. (TSX:RBA) says its second-quarter profit fell as reduced interest income, a foreign exchange loss and other factors combined to offset a nine per cent increase in operating earnings. Net income fell to US$38.8 million or 37 cents a share during the period ended June 30, versus last year's $45.9 million or 43 cents a share, the Vancouver-area company said Friday. 215 words. BC-Ritchie-Bros.
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THE CANADIAN PRESS@
(c) 2009 The Canadian Press
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