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The Canadian Press Business News Budget for Monday, Nov. 30, 2009
(Canadian Press DataFile Via Acquire Media NewsEdge) BUSINESS EDITORS: Here are The Canadian Press Business budget lines at 10 p.m. EST. 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 Business (B) and General (G). Please avoid duplication.
PHILADELPHIA _ General Electric Co. has reached an agreement to buy the 20 per cent stake in NBC Universal held by French media conglomerate Vivendi SA, The Associated Press has learned.An understanding between GE and Vivendi has been reached but has yet to be formalized, according to a person with knowledge of the talks who requested anonymity because the negotiations were private. 390 words. By Deborah Yao. APFN-US-GE-Vivendi-NBC.
MONTREAL _ The CRTC is asking Canadians to comment online about the future of television. The federal regulator is looking at various options to determine the value of TV signals, a bone of contention between conventional television broadcasters and the cable and satellite companies that distribute their signals. The CRTC is seeking the views of consumers and the industry and announced Monday it has set up a special website for consumers to provide their views. By LuAnn LaSalle. BC-CRTC-TV-Tax, 2nd Writethru. Moved Business and General.
MONTREAL _ A protracted strike by CN Rail (TSX:CNR) locomotive engineers may hurt individual economic sectors, but fears about a large negative impact on the overall Canadian economic have been overblown because the recession has already reduced transportation demand from the last dispute two years ago, say industry analysts. 550 words. By Ross Marowits. BC-CN-Rail-Impact, 1st Writethru. Moved
CALGARY _ Oil producer and explorer Petrominerales Ltd. (TSX:PMG) says it is expanding its Latin American drilling program in 2010. The company plans to drill 14 wells on its Corcel property in Colombia throughout next year. It also expects to drill 37 wells on its Neiva block, and up to 13 wells in the Llanos Plains region. 450 words. By Lauren Krugel. BC-Petrominerales, 2nd Writethru moved.
UNDATED _ Com Dev International Ltd. (TSX:CDV) has warned that its fourth-quarter financial results will be disappointing due to a significant underestimation of costs related to two domestic government contracts. By Diana Mehta. BC-Com-Dev, 5th Writethru Budget. Moved.
TORONTO _ Canadian merger and acquisition activity edged up in the third quarter compared to the second, but it's still nowhere near the levels seen in the heady days of 2007. Experts say M&A activity will be dominated by the financial and resources sectors in 2010, and that there will be an increasing number of takeover bids from Chinese state-owned companies and investment funds. 700 words. By Kristine Owram. BC-Mergers-Acquisitions, 1st Writethru. Moved.
UNDATED _ Oil prices dipped below US$76 a barrel Monday as lingering doubts over the global economic recovery and its effects on demand trumped bullish factors like the weaker U.S. dollar and the hijacking of an oil tanker off the coast of Somalia. BC-Oil-Prices, 1st Writethru Budget. Moved.
DUBAI, United Arab Emirates _ The heavily indebted Dubai World is not guaranteed by the emirate's government, a top financial official from the city state said Monday, offering little direction to anxious investors on a day when the United Arab Emirates registered a record fall on the back of Dubai's debt mess. 600 words. By Barbara Surk. BC-ML-Dubai-Meltdown. Moved
LOS ANGELES _ Dubai World borrowed billions to acquire some of the most high-profile commercial developments in the U.S. in recent years _ investments it could be forced to sell at a loss if the Persian Gulf conglomerate should fail to meet its crushing debt obligations. By Alex Veiga. AP Photo. BC-Dubai-World-US-Properties. Moved Datafile only.
STOCKHOLM _ Officials from Saab Automobile AB and the Swedish government travelled to Detroit in a final attempt to help General Motors Co. find a solution for the troubled Swedish auto maker. BC-Sweden-GM-Saab. Moved.
NANJING, China - Chinese Premier Wen Jiabao rebuffed calls from European leaders for faster reforms of Beijing's currency policies and said Monday that China is doing all it can to reduce emissions of greenhouse gases. By Elaine Kurtenbach. AP Photos. BC-AS-China-EU. Moved.
GENEVA _ A decade after the 'Battle in Seattle', the United States, China and other top commercial powers gathered once again Monday with tear gas lingering in the streets to assess what role trade can play in spearheading global economic growth. By Bradley S. Klapper. BC-WTO-Trade-Meeting. Moved.
DETROIT _ Ford is cranking up the horsepower on the 2011 Mustang as it tries to win back muscle car sales from its archrival, the Chevrolet Camaro. The company is introducing a 305-horsepower V-6 engine for the Mustang at the Los Angeles Auto Show. For anyone counting, that's one horse more than the Camaro's V-6, which clocks in at 304 horsepower. By Dee-Ann Durbin and Bree Fowler. See AP Photo. BC-Mustang-Camaro-Rivalry, 1st Writethru. Moved Datafile only
The Canadian Press is also following:
TORONTO _ The Toronto stock market closed slightly lower as investors continue to gauge the impact of the Dubai debt crisis and despite indications that Canada has exited the recession after putting in a positive quarter of growth. By Malcolm Morrison. BC-Dollar-Markets, 7th Writethru. Moved
ST. JOHN's, N.L. _ Rutter Inc. (TSX:RUT), reported Monday fourth quarter earnings of $310,000, or less than a penny per share, improving from year-earlier loss of $18.4 million or 24 cents a share, in its first profitable year since 2003.Net earnings for the year ended Aug. 31 were $2.3 million, or three cents per share, over a net loss of $30.2 million, or 39 cents per share in 2008. 342 words. Rutter.
HALIFAX _ The Nova Scotia government wants to know how $2 million meant to prop up air service to a community in the province for several years could be gone in less than one.Bill Estabrooks, acting minister of economic and rural development, said Monday he has asked staff to get an answer about the service to Yarmouth. 541 words. NS-Air-Service-Audit.
HALIFAX _ Nova Scotia Power has been given the green light to develop a $120-million wind farm in Colchester County.The provincial Utility and Review Board approved the 22-turbine project on Nuttby Mountain in a decision released Monday. 567 words. NS-Power-Wind.
HALIFAX _ Rapid diagnostics developer MedMira Inc. (TSXV:MIR) said Monday that it narrowed its loss in its fiscal year ended July 31 compared with the previous year when it faced an impairment charge.MedMira posted a loss of $5.3 million or five cents a share for the 12 months ended July 31 compared with a loss of $7 million or nine cents the previous year. 219 words. MedMira.
FREDERICTON _ The New Brunswick government has filled three vacancies on the board of directors of NB Power with senior civil servants.Energy Minister Jack Keir said Monday the changes will allow a smooth transition if the proposed sale of NB Power to Hydro-Quebec goes ahead next year. 344 words. NB-Power-Board.
CHARLOTTETOWN _ P.E.I. Innovation Minister Allan Campbell and senior officials within a new Crown corporation can now approve much higher amounts in provincial loans without getting executive council approval.Innovation P.E.I. is the newly formed Crown corporation that is the successor to P.E.I. Business Development Inc., or BDI. 331 words. PEI-Innovation-Loans.
QUEBEC _ The bidding for Cossette Inc. (TSX:KOS), one of Canada's largest advertising and corporate communications firms, has intensified.Mill Road Capital LP has increased its all-cash offer for Cossette Inc. (TSX:KOS) to $8.10 per share, topping a rival offer of $7.87 per share from Cosmos Capital that was recently announced. 158 words. Cossette, 2nd Writethru. Moved.
QUEBEC _ Exfo Electro-Optical Engineering Inc. (TSX:EXF) said Monday it expects to report a small profit for its first quarter due to a stronger-than-expected U.S. dollar versus the loonie and higher sales volume the company In preliminary results for the quarter ended Monday, the company said it expected earnings for the three-month period between breakeven and a penny per diluted share. 161 words. Exfo-Electro-Optical.
MONTREAL _ Blue Note Mining Inc. (TSXV:BNT) and X-Ore Resources Inc. (TSXV:XOR) says they have struck a pre-amalgamation agreement under which Blue Note has agreed to acquire X-Ore in a share swap deal valued at about $5.6 million. BC-Blue-Note-X-Ore.
OTTAWA _ The Industrial Product Price Index declined 0.3 per cent in October _ pulled down, says Statistics Canada, by the strength of the Canadian dollar in relation to its U.S. counterpart. BC-StatsCan-Prices, 1st Writethru. Moved.
OTTAWA _ Calian Technologies Ltd. (TSX:CTY), a provider of outsources technology services to government and industry, says it has adopted a shareholder rights plan to fend off any unwanted hostile takeover bid for the Ottawa-area company. BC-Calian-Technology. Moved.
TORONTO _ The independent directors of Canadian drug-manufacturing firm Patheon Inc. (TSX:PTI) and New York-based investment firm JLL Partners have reached a power-sharing agreement. BC-Patheon-JLL, 1st Writethru. Moved.
TORONTO _ MagIndustries Corp. (TSX:MAA) declines to extend exclusivity to Sinohydro Corp. Ltd., a Chinese company that is seeking to invest $280-million to purchase a 52.7 per cent stake in the Toronto-based mine development company. BC-MagIndustries, 2nd Writethru.
TORONTO _ McVicar Industries Inc. (TSXV:MCV) third-quarter profits rose nearly 15 per cent even as revenues remained unchanged, the chemicals producer said Monday. BC-McVicar-Industries, 1st Writethru. Moved.
TORONTO _ Noront Resources Ltd. (TSXV:NOT) raised its hostile takeover bid for Freewest Resources (TSXV:FWR) Monday, leaping over a rival bid from American Cliffs Natural Resources Inc. (NYSE:CLF). BC-Noront-Freewest, 1st Writethru. Moved.
TORONTO _ Royal Bank of Canada (TSX:RY) has bought Rundle Energy Partners Ltd., a Calgary-based, privately held advisory firm specializing in asset acquisitions and divestitures in the oil and gas sector. Financial terms of the purchase weren't disclosed by the bank, but Royal said all Rundle employees have been offered and accepted positions with RBC, including Rundle's four principals. BC-RBC-Rundle-Energy, 1st Writethru. Moved.
TORONTO _ Automated Benefits Corp.'s (TSXV:AUT) loss for the first nine months of the year widened on increased expenses, the software company said Monday. BC-Automated-Benefits, 1st Writethru. Moved.
TORONTO _ Orion Oil & Gas Ltd., a subsidiary of Sprott Resource Corp. (TSX:SCP), has entered into an amalgamation agreement with Wintraysan Capital Corp. after a previously announced $100-million equity financing failed to be completed. BC-Orion, 1st Writethru. Moved.
TORONTO _ Drive Products Income Fund (TSX:DPI.UN) said Monday that it has sold its professional distribution services division to ASL Distribution Services Ltd. for $3.1 million. The division provides packaging, warehousing, freight and logistics services. 108 words. BC-Drive-Products, 1st Writethru.
TORONTO _ Rogers (TSX:RCI.B) has launched a beta version of an online video streaming service, with TV shows, movies and music videos viewable on demand. But you must be a Rogers customer to use the service and the content won't include everything you can see on prime-time TV. 137 words. Moves Entertainment (E) and Business (B). BC-Rogers-TV-Streaming.
TORONTO _ Khan Resources Inc. (TSX:KRI) said Monday that it has signed a deal to acquire an 18 per cent stake in Macusani Yellowcake Inc. (TSXV:YEL).The company said it has signed a deal for 10 million shares of the company at a price of 20 cents per share. 178 words. Khan-Resources.
TORONTO _ A subsidiary of industrial distributor Grainger Inc. has bought an industrial division of K&D Pratt in Eastern Canada. Aucklands-Grainger did not disclose the terms of the acquisition but said the industrial division it bought had facilities in Dartmouth, N.S, St. John's, N.L, and Saint John, N.B., and employed over 90 people. BC-Acklands-Grainger, 1st Writethru
TORONTO _ Shares of Aquila Resources Inc. (TSX:AQA) climbed more than 50 per cent on Monday after the company reported drilling results from a project in Michigan.Aquila shares closed up 13 cents at 37 cents on the Toronto Stock Exchange on 5.9 million shares traded. 90 words. Aquila-Resources.
TORONTO _ Maple Leaf Gardens will be getting a new lease on life as a multi-function facility.Loblaw Companies Ltd. (TSX:L), Ryerson University and federal officials are expected to announce $20 million in infrastructure funding for the project at a news conference on Tuesday. 177 words. Maple-Leaf-Gardens.
TORONTO _ Agnico-Eagle Mines Ltd. (TSX:AEM) said Monday that drilling results support the company's position that there is considerable exploration upside at its Kittila project in Finland and Pinos Altos project in Mexico.``Based on these recent drilling results, it is possible that Kittila will become our largest gold deposit, and one of the largest in Europe,'' chief executive Sean Boyd said in a statement. 277 words. Agnico-Eagle.
TORONTO _ Alternative ad company OutdoorPartner Media Corp. (TSXV:OPX) suffered a decline in revenues in the third quarter even as it narrowed its quarterly loss from a year-ago period.The Toronto-based company on Monday posted a loss of $310,744 for the three months ended Sept. 30, a big improvement over its year-earlier loss of $8.3 million. The company did not post earnings per share figures. 177 words. OutdoorPartner.
HOLLAND LANDING, Ont. _ Furniture maker Inscape Corporation (TSX:INQ) says its presidenr and CEO Peter Brunelle has resigned, effective immediately, to pursue other opportunities. BC-Inscape-CEO. Moved.
SAULT STE. MARIE, Ont. _ Essar Steel Algoma Inc. said Monday that it plans to offer US$325 million in senior secured notes due 2015 that will be used to repay the company's existing senior secured term loan facility. Terms of the offering were not immediately available. 124 words. Essar-Steel-Algoma.
WINNIPEG _ Negative economic conditions and a goodwill write-down pushed Empire Industries Ltd. (TSXV:EIL) to turn a year-ago profit into a net loss in the third quarter. BC-Empire-Industries-Q3, 1st Writethru. Moved.
WINNIPEG _ Underwriters have agreed to pay $150 million to buy six million preferred shares issued by IGM Financial Inc. (TSX:IGM), part of the Power Corporation group of companies. BC-IGM-Financial, 2nd Writethru. Moved.
CALGARY _ IROC Energy Services Corp. (TSXV:ISC) swung to a third-quarter loss as the oil and gas services provider recognized a $6.9-million goodwill impairment charge and another $1.5-million impairment in notes receivable. BC-IROC-Energy, 1st Writethru. Moved.
CALGARY _ Tuscany International Drilling Inc. announced Monday it will merge with metal explorer SL Resources Inc. to form a new company called Amalco. BC-Tuscany-SL Resources, 2nd Writethru
CALGARY _ Stratic Energy Corp. (TSXV:SE) third-quarter profit of $13.1 million, including $22.5-million gain from asset sale, reverses year-ago loss of $13 million; petroleum and natural gas sales rise to $9.1 million from $2.2 million. BC-Stratic.
CALGARY _ Husky Energy Inc. (TSX:HSE) said Monday it has bought a group of heavy oil properties in the Lloydminster area between Alberta and Saskatchewan for an undisclosed price. The assets being sold by Penn West Energy Trust (TSX:PWT.UN) add more than 6,000 barrels of oil production per day, 12 million barrels of oil proven reserves and 8.5 million barrels of oil probable reserves. 340 words. By Lauren Krugel. BC-Husky-Energy, 2nd Writethru.
VANCOUVER _ Diamondex Resources Ltd. (TSXV:DSP) and Canada Nickel Corp., a private company that is 43.6 per cent owned by Southern Arc Minerals Inc. (TSXV;SA), have settled their dispute over a property in the James Bay Lowlands area. BC-Diamondex-Canada-Nickel, 1st Writethru.
VANCOUVER _ First Quantum Minerals Ltd. (TSX:FM) announced Monday it has decided to go ahead with a proposed US$400-million Kevitsa nickel-copper-PGE mine project in northern Finland. BC-First-Quantum, 1st Writethru.
VANCOUVER _ Quaterra Resources Inc. (TSXV:QTA) and Revett Minerals Inc. (TSX:RVM) have entered a memorandum of understanding that could give Quaterra a foothold in Revett's U.S. silver-copper holdings and Revett exposure to Quaterra's exploration projects. BC-Quaterra, 1st Writethru. Moved.
VANCOUVER _ Rusoro Mining Ltd. (TSXV:RML) says its third-quarter revenue nearly doubled to US$26.4 million, as its Choco mine produced more gold at a lower cost compared with the same time last year. BC-Rusoro, 1st Writethru. Moved
VANCOUVER _ Vancouver-based Taseko Mines Ltd. (TSX:TKO) is set to receive $180 million in a joint venture agreement that gives Japan's Sojitz Corp. a 25 per cent stake in its Gibraltar copper-molybdenum mine in British Columbia. BC-Taseko, 1st Writethru. Moved
VANCOUVER _ Adanac Molybdenum Corp., a Vancouver-based junior mining company, (TSX:AUA) receives another extension of its creditor protection until March. BC-Adanac.
PERTH, Western Australia _ Crescent Gold Limited (TSX:CRA), an Australian miner which also trades on the Toronto Stock Exchange, says it has doubled its gold inventory and expanded its exploration acreage in the Laverton province of Western Australia after signing an agreement to acquire assets from Barrick Golds Corp. (TSX:ABX) and Carbon Energy for A$5 million, or C$4.8 million. BC-Crescent-Gold.
THE CANADIAN PRESS
(c) 2009 The Canadian Press
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