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The Canadian Press Business News Budget for Friday, Oct. 16, 2009
(Canadian Press DataFile Via Acquire Media NewsEdge) BUSINESS EDITORS: Here are The Canadian Press Business budget lines for 9 p.m. ET. To contact CP Business by email, send messages to business(at)thecanadianpress.com.
lIn addition to the following, a story slugged BC-Economy will move General (G) and Business (B). Please guard against duplication.
OTTAWA _ Ottawa is asking the Supreme Court if the federal government has the authority to create a national securities regulator. Justice Minister Rob Nicholson announced late Friday that the government will seek an opinion from the court on the constitutionality of the proposed Canadian securities legislation that is expected to be ready by next spring. 437 words. National-Securities-Regulator.
OTTAWA _ Canada's annual inflation rate stayed anchored well below zero for the fourth consecutive month in September, but that beneficial aspect of the economic downturn is about to end. The consumer price index slid by one-tenth of a point last month to minus-0.9 per cent _ matching a 53-year low that was also recorded in July, Statistics Canada reported Friday. The inflation rate in August was minus-0.8 per cent. 398 words. By Julian Beltrame. BC-Inflation, 2nd Writethru. Moved.
MONTREAL _ Base metals company Canadian Royalties Inc. (TSX:CZZ) has signed a friendly deal to be acquired by Jien Canada Mining Ltd. Friday after the Chinese nickel miner raised its offer to $192 million. Canadian Royalties announced it has signed a support agreement with Jien after a total cash offering of $192 million, including accrued interest on debentures, was put on the table. 460 words. BC-Canadian-Royalties, 2nd Writethru Budget. Moved
MONTREAL _ Bombardier's (TSX:BBD.B) new CSeries aircraft will create great value for the company, an aerospace analyst said Friday, becoming among the first to raise his target price for the Montreal-based company's stock to reflect the new aircraft. 600 words. By Ross Marowits. BC-Bombardier-CSeries.
MONTREAL _ A glimmer of positive news has delayed unemployment for more than 100 AbitibiBowater employees as a Quebec mill's indefinite closure has been put off until the new year. Lower demand for newsprint, howeer, has forced the insolvent paper giant to layoff about 1,000 workers within two weeks. 600 words. By Ross Marowits. BC-AbitibiBowater. Moved.
MONTREAL _ Consumers who want smartphones like BlackBerrys and iPhones will be tied to longer contracts and the subsidies that come with them to bring down the cost until pricing and shopping habits change, analysts say.Prepaid phones dominate globally, but in North America and especially Canada, it usually applies to only basic cellphones. 555 words. By LuAnn LaSalle. Prepaid-Phones.
TORONTO _ Silicon processor Timminco Ltd. (TSX:TIM) plans to recall about a dozen of its remaining laid-off workers at its plant in Becancour, Que., as it restarts the third of three electric arc furnaces, the company said Friday. 600 words. By B.H. McKenna. BC-Timminco, 4th Writethru. Moved.
VANCOUVER - Canada needs to work harder on its relationship with china setting aside its different values and focussing more on what it can do for us economically, a conference heard friday 550 words. By Brenda Bouw. BC-Canada-China. Moved.
WASHINGTON _ Output at America's factories, mines and utilities rose for the third straight month in September, positive signs for the ailing manufacturing sector. Higher output of motor vehicles and parts spurred much of the increase, due in part to the government's ``Cash for Clunkers'' auto incentives program. Still, steel and other sectors also posted gains. By Christopher S. Rugaber. BC-US-Economy, 2nd Writethru Budget. Moved.
NEW YORK _ Not even Barbie is immune to the recession. Toymaker Mattel's third-quarter profit declined three per cent as the tough economy dampens demand for key brands like Barbie and Fisher-Price. By Mae Anderson. See AP Photo. BC-US-Earns-Mattel, 2nd Writethru. Moved.
FAIRFIELD, Conn. _ GE says the continued woes of its big financial unit fueled a big drop in third-quarter earnings, outweighing signs of improvement in its divisions that make heavy machinery and other industrial equipment.General Electric Co.'s profit fell 44 per cent to US$2.4 billion, hurt by much lower profits at its GE Capital arm, which loans money to businesses ranging from credit cards to shopping centres. Overall net earnings per share after preferred dividends were 23 cents. 600 words. US-Earns-General-Electric, 2nd Writethru. Moved.
CHARLOTTE. N.C._ Bank of America Corp. said Friday it lost more than US$2 billion in the third quarter as loan losses kept rising, providing further evidence that consumers are still struggling to pay their bills.The second-largest U.S. bank, which lost $2.24 billion after accounting for preferred dividends, said its losses for failed loans came to almost $10 billion during the July-September period, up almost $1 billion from the second quarter. The bank also added $11.7 billion to its reserves to cover bad loans. 338 words. By Ieva M. Augstums. BC-US-Earns-Bank-of-America, 1st Writethru. Moved.
SAN FRANCISCO _ Google Inc.'s (NASDAQ:GOOG) earnings and stock price are soaring again _ and so is the Internet search leader's optimism. The reason: A third-quarter profit that was the largest yet in the company's 11-year history combined with revenue growth accelerating for the first time since the U.S. recession began in December 2007. 516 words. By Michael Liedtke. See Photos 2. BC-US-Earns-Google, Budget. Moved.
SHANGHAI _ China, the world's biggest steel producer, is pushing to replace the benchmark arrangement dominated by foreign miners and steel mills that long has been used to set prices for the iron ore it imports. 600 words. By Elaine Kurtenbach. BC-AS-China-Steel, 2nd Writethru. Moved.
NEW YORK _ Halliburton's third-quarter results gave the first concrete evidence that the oil industry may have bottomed out as profits plunged but drilling activity in the critical region of North America grew. That doesn't necessarily mean things are getting much better, though, and the industry may be in for a slow recovery. By Energy Writer Chris Kahn. BC-US-Earns-Halliburton, 2nd Writethru. Moved
NOVI, Mich. _ Honda is one of the few global automakers to post a profit during the worldwide recession, mainly by selling smaller, more efficient cars. But every automaker is coming after Honda with similar vehicles. North American President John Mendel will talk about the company's strategy to hold them off at a Friday roundtable discussion. By Tom Krisher. BC-US-Copying-Honda. Moved Datafile only.
RALEIGH, N.C. _ Ah, the recliner. The American invention that linked lazing in the living room to television and frozen dinners is one of the few bright spots in a well-worn U.S. household furniture industry. Sales of reclining chairs are getting a lift from the growing popularity of high-tech TVs, home theater equipment and video games, as well as an aging population that is less active. 750 words. By Emery P. Dalesio. See AP Photos. BC-Furniture-Market-Recliners. Moved Datafile only
BERLIN _ The European Commission voiced concern Friday over Germany's planned aid for a consortium led by Canadian-based Magna International to take a majority stake in carmaker Opel and suggested that General Motors Co. be allowed to ``reconsider'' the deal. B Geir Moulson. BC-EU-Germany-EU-Opel, 1st Writethru Budget. Moved.
The Canadian Press is also following:
TORONTO _ The Toronto stock market closed little changed Friday as energy stocks drifted lower despite crude closing at its best level in a year and financials lost ground amid disappointing earnings reports from the U.S. financial sector. 900 words. By Malcolm Morrison. BC-Dollar-Markets, 6th Writethru. Moved.
QUEBEC _ Founding shareholders of Cossette Inc. (TSX:KOS) lost some clout Friday as all multiple voting shares converted into subordinate voting shares just as the national advertising and communications agency weighed alternatives to a takeover proposal from Cosmos Capital Inc. BC-Cossette-Inc Moved.
DRUMMONDVILLE, Que. _ CVTech Group Inc. (TSX:CVT) subsidiary Thirau Ltee. awarded $5.2 million contract by Hydro-Quebec for work on Romaine hydroelectric complex. BC-CVTech-Group.
MONTREAL _ MTY Food Group Inc. (TSXV:MTY) reported a major increase in system-wide sales and net income in the third-quarter, but a decrease in same-store sales. BC-MTY, 1st Writethru. Moved.
MONTREAL _ Aerospace analyst raises target price for Bombardier (TSX:BBD.B), confident new CSeries regional jet will add lots of value for the company. BC-Bombardier-CSeries.
OTTAWA _ The federal deficit officially came in at $5.8 billion for 2008-09 financial year, according to the government's annual financial report published Friday. BC-Federal-Deficit, 1st Writethru. Moved.
OTTAWA _ Investment in non-residential building construction reached $10.4 billion in the third quarter, down 3.9 per cent from the second quarter _ its third straight decline. BC-StatsCan-Construction.
TORONTO _ Royal Bank of Canada (TSX:RY) said Friday it plans to repurchase up to 20 million of its common shares under a normal course issuer bid. The bank said the plan would cover 1.4 per cent of the bank's outstanding common shares as at Oct. 14. 152 words. BC-Royal-Bank-Buyback, 1st Writethru. Moved
TORONTO _ Canadian Auto Workers president Ken Lewenza says Ford Canada shouldn't expect the same concessions that Ford Motor Co. (NYSE:F) won in recent talks with its union in the United States including a ban on strikes over wages or benefits.``Obviously we watched the U.S. negotiations closely with the UAW because of the competitive challenges we have from one country to the other,'' Lewenza said in an interview Friday. 371 words. By Kristine Owram. Ford-CAW.
TORONTO _ Seabridge Gold (TSX:SEA) said Friday that the sale of its Red Mountain project to BonTerra Resources Inc. has been called off and that it will explore other options for the gold project. BC-Seabridge-BonTerra.
TORONTO _ Canwest Global Communications Corp. said Friday it has received an extension from noteholders of Canwest Media Inc. on discussions to potentially shift the National Post daily to another division. BC-Canwest-Newspapers, 3rd Writethru. Moved.
TORONTO _ Anaconda Mining Inc. (TSX:ANX) reports net income for its most recent quarter of $406,000 or zero cents a share, compared with a loss of almost $1.2 million or two cent a share in the first quarter of 2008. Quarterly revenue was $3.2 million, up from $340,000 in the year-ago period. BC-Anaconda.
TORONTO _ Priszm Income Fund (TSX:QSR.UN) posted a modest profit for its third quarter despite lower revenue as the operator of chicken, taco and pizza restaurants cut back spending on maintenance and information technology.Priszm, which has KFC, Taco Bell and Pizza Hut restaurants in Canada, reported Friday that it had $3.2 million net income for the quarter ended Sept. 6, 2009, down slightly from $3.5 million from same quarter last year. 314 words. BC-Priszm-Income-Earnings.
TORONTO _ Anaconda Mining Inc. (TSX:ANX) credits a toll processing agreement with Crew Gold (Canada) Ltd. for improved financial results in its most recent quarter. BC-Anaconda, 1st Writethru. Moved.
TORONTO _ Toromont Industries Ltd. (TSX:TIH) made a cash-and-stock bid Friday for Enerflex Systems Income Fund (TSX:EFX.UN) that valued the income trust at about $597 million. Under the offer announced after the close of markets, Toromont offered $13.50 per unit for Enerflex with at least half of the offer to be made in cash. 198 words. Toromont-Enerflex.
SUDBURY, Ont. _ Striking Canadian Steelworkers are taking their fight against Vale (VALLEY) Inco out of Ontario.Two union members have met with a Vale customer in Sweden to ask for support. 132 words. Vale-Inco-Strike.
CALGARY _ Paramount Energy Trust (TSX:PMT.UN), a Calgary-based natural gas producer, says the Energy Resources Conservation Board of Alberta has ordered the company to shut in natural gas production that will affect about 10.5 million cubic feet of daily gas output from the Liege Field in the Athabasca oilsands area of Northern Alberta. BC-Paramount-Shut-in-Gas, 2nd Writethru. Moved.
CALGARY _ Strategic Oil & Gas Ltd. (TSXV:SOG). a junior Calgary-based oil and gas company, says it has struck a letter of intent agreement to buy 100 per cent working interest in oil properties in the Taber and Conrad areas of southern Alberta. BC-Strategic-Oil, 1st Writethru. Moved.
VANCOUVER _ RPT Resources Ltd. (TSXV:RPT) said Friday it has sold a 50 per cent interest in roughly 3,6000 net hectares of petroleum and natural gas leases in North Dakota to U.S. company Hunt Oil Company for US$1.3 million. BC-RPT-Resources, 1st Writethru. Moved.
VANCOUVER _ Maximizer Software Inc. (TSX:MAX) says its board of directors unanimously supports a previously announced going-private transaction proposed last month by Terence Hui, a director and chair of Maximizer's board of directors. BC-Maximizer-Software, 1st Writethru.
VANCOUVER _ A request by Catalyst Paper Corp. (TSX:CTL) for a judicial review of property tax rates in North Cowichan, B.C., was dismissed by the Supreme Court of British Columbia on Friday.The company has also made similar petitions regarding its taxes in three other B.C. communities including Port Alberni and Campbell River and Powell River. 119 words. Catalyst-Paper-Taxes.
DENVER _ International Royalty Corp. (TSX:IRC) and minority partner Altius (TSX:ALS) launch court challenge against Vale Inco over alleged underpayment of royalties on the sale of nickel concentrates from Voisey's Bay mine. 450 words. BC-Vale-Inco-Lawsuit. Moved
THE CANADIAN PRESS
(c) 2009 The Canadian Press
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