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The Canadian Press Business News Budget for Thursday, Nov. 19
(Canadian Press DataFile Via Acquire Media NewsEdge) BUSINESS EDITORS: Here are CP Business Budget lines at 10 p.m. ET. Plans may change as circumstances warrant. To contact CP Business by email, send messages to business(at)thecanadianpress.com.
CALGARY _ Agrium's hostile pursuit of CF Industries Holdings Inc. (TSX:NYSE) will last at least another month, even though a majority of the target firm's shareholders have once again supported the US$5.1-billion deal. 600 words. By Lauren Krugel. BC-Agrium-CF, 4th Writethru. Moved.
MONTREAL _ Concern about Bombardier's (TSX:BBD.B) aerospace business hangs over the manufacturer even though it scored a major coup against one of its principal rail rivals. 500 words. By Ross Marowits. BC-Bombardier, 2nd Writethru. Moved.
PARIS _ The world's rich and developed economies will grow faster next year, but recovery will remain modest, with the U.S. and Japan outpacing Europe, a Paris-based watchdog said Thursday as it raised its forecasts. The Organization for Economic Co-operation and Development more than doubled its estimate for 2010 growth in its 30 member countries _ which include Canada, the U.S., Japan, Germany and the United Kingdom _ to 1.9 per cent. 528 words. By Emma Vandore. BC-OECD-World-Economy, 3rd Writethru. Moved.
OTTAWA _ Finance Minister Jim Flaherty is proposing a voluntary code of conduct for credit- and debit-card companies that he says will ``level the playing field'' for consumers and small businesses alike. The code is intended to help reduce the cost of card transactions for businesses, which pay a fee to credit and debit companies each time a consumer swipes their card. 1004 words. By Stephen Thorne. Moves (B) Business and (G) General. BC-Card-Conduct-Code, 3rd Writethru Budget.
OTTAWA _ Canada is paying a heavy price for China's intransigence in moving to a flexible currency that better reflects its growing importance on the global economic stage, Bank of Canada governor Mark Carney says.In a lengthy speech that barely mentions China by name, but is devoted almost exclusively to the country's massive surplus in foreign reserves, Carney said all countries need to accept responsibility for the global system. 662 words. Carney-Economy.
TORONTO _ The trouble with most investments is that they don't provide a lot of fun. Of course, it's tremendously satisfying to pick just the right stock or sector and beat the index hugely.But that's not what a lot of people would describe as fun. And a confirmation ``buy'' email from TD Waterhouse isn't particulary inspiring to look at. 1008 words. With Photos. By Malcolm Morrison. BC-Money Monitor. Moved.
TORONTO _ The wealthy Thomson family remains number one on the latest Canadian Business magazine list of the 100 richest Canadians. The Thomson clan, which controls the Thomson Reuters (TSX:TRI) news and specialized data company, has amassed roughly $21.99 billion, up 19 per cent over last year. 750 words. BC-Richest-Canadians, 4th Writethru Budget. Moved General (G) and Business (B).
TORONTO _ Retailers are positioning themselves ahead of the holiday season with rock-bottom prices and major promotional campaigns to boot, in hopes that shoppers will seize the opportunity to save. Both Wal-Mart and Sears Canada unveiled campaigns centred around lower prices on Thursday, particularly on bigger ticket items, including iPods, LCD televisions, Blu-Ray players and cooking sets. 950 words. By David Friend. BC-Retail-Economy, 2nd Writethru. Moved
TORONTO _ With three of Canada's biggest banks lowering mortgage rates again this week, economists are warning that lending rates for home buyers are nearing rock bottom. Experts are advising homeowners to accelerate their mortgage payments while interest rates are still low, and to carefully consider the implications of rising rates before they leap into a major purchase. 600 words. By Kristine Owram. BC-Mortgage-Rates, 1st Writethru. Moved.
UNDATED _ Ivanhoe Energy Inc. (TSX:IE) said Thursday a move to acquire oil and gas exploration and production rights in highly prospective central Mongolia is the first step in a plan to aggressively grow its Mongolian operations. ``I love this deal, we love Mongolia,'' said Robert Friedland, president and CEO of Ivanhoe Energy in a conference call to investors Thursday. 508 words. By Sunny Freeman . Ivanhoe-Mongolia.
VANCOUVER _ Investors hammered New Gold Inc. (TSX:NGD) on Thursday, a day after Mexican authorities ordered the shutdown of mining operations at the company's Cerro San Pedro property over environmental concerns. New Gold stock dropped 69 cents or more than 15 per cent to close at $3.85 on the Toronto Stock Exchange with more than 17 million shares changing hands, making the company the second most-active trader on the senior Canadian market. 689 words. BC-New-Gold, 4th Writethru Budget.
WASHINGTON _ The number of newly laid-off American workers seeking unemployment insurance was unchanged last week, remaining above the level that would indicate the U.S. economy is adding jobs. Still, new claims _ which are considered a gauge of the pace of layoffs and an indication of companies' willingness to hire new workers _ are down about 22 per cent from this spring. 733 words. See Photo. BC-US-Economy, 1st Writethru.
NEW YORK _ AOL LLC, an Internet company struggling to adapt to an advertising-driven economy, is looking to shed more than a third of its work force as it prepares to spin off from Time Warner Inc. next month. 500 words. By Andrew Vanacore. BC-US-AOL-Layoffs, 2nd Writethru Budget. Moved.
TOKYO _ Sony said it aims to be profitable in gaming and flat-panel TVs by the fiscal year ending March 2011, pushing 3-D technology as a way to showcase its strength in entertainment and surface from deep losses. ``Our work is already bearing fruit,'' Chief Executive Howard Stringer said Thursday in outlining Sony's turnaround strategy at the electronics giant's Tokyo headquarters. ``We still have more work to do.'' 928 words. By Yuri Kageyama. See Photos. BC-AS-Japan-Sony, 2nd Writethru Budget.
NEW YORK _ A global selloff on equity markets dragged down crude prices by nearly three per cent Thursday, the first decline this week. The price for a barrel of crude dropped by more than $1 immediately when U.S. markets opened, with the Dow Jones industrials giving up 130 points. Markets in Asia and Europe fell early in the day. 650 words. By Chris Kahn. BC-Oil-Prices, 3rd Writethru Budget. Moved.
SAN FRANCISCO _ Dell Inc. said Thursday that its net income dropped 54 per cent in the latest quarter and amid signs the company isn't fully benefiting from the computer industry's fledgling recovery. By Jordan Robertson. BC-US-Earns-Dell, Budget. Moved.
CHICAGO _ Shoppers spent more money at low-price Old Navy stores in the third quarter this year, helping Gap Inc.'s profit climb 25 per cent compared with last year, the retailer said Thursday. By Ashley M. Heher. BC-US-Earns-Gap. Moved.
The Canadian Press is also following:
TORONTO _ The Toronto stock market finished lower Thursday on worries about the pace of an economic rebound, downgrades in the tech sector and concerns about financial stocks after two major institutions announced moves to raise more capital. 800 words. By Malcolm Morrison. BC-Dollar-Markets, 6th Writethru. Moved.
ST. JOHN'S, N.L. _ A new $12-million program is aiming to help the dairy industry in Newfoundland and Labrador produce more of its own forage. The government says the industry currently imports about 22,000 tonnes of forage every year at a cost of more than $4.4 million. 87 words. BC-NL-Forage.
MONTREAL _ Rogers Sugar Income Fund (TSX:RSI.UN), Canada's largest sugar producer, reports its net profit more than doubled in the fourth quarter to $24 million from $10.7 million. The Montreal company said Thursday it benefited from a $7.6 million gain on its future contracts for sugar and natural gas as well as the impact of interest rate contracts. 86 words. BC-Rogers-Sugar.
OTTAWA _ Foreign demand for Canadian securities was up strongly in September, as non-residents added $13.6 billion to their portfolios largely through significant acquisitions of Canadian stocks. Foreign investors also continued to rebalance their holdings of Canadian debt in favour of longer-term securities, mainly in the federal government sector. 309 words. BC-StatsCan-Securities, 1st Writethru.
OTTAWA _ The composite leading index increased 0.7 per cent in October, its fourth straight advance. Statistics Canada reports eight of 10 components expanded, with housing still the fastest-growing component. 156 words. BC-StatsCan-Indicators, 1st Writethru.
OTTAWA _ Wholesale sales edged up 0.2 per cent in September, after a 1.5 per cent decline in August. Statistics Canada says higher sales in the machinery and electronic equipment sector, and the food, beverages and tobacco products sector offset weaker sales in the automotive products sector. 209 words. BC-StatsCan-Wholesale, 1st Writethru.
TORONTO _ Investors reacted sharply and in great numbers Thursday to a move by Manulife Financial Corp., Canada's largest insurance company, to raise $2.5 billion in a major stock issue. Manulife was the most active issue on the Toronto Stock Exchange, down $1.23 or 6.1 per cent at $18.95 in frenzied trading that saw almost 19.2 million shares change hands. 565 words. BC-Manulife.
TORONTO _ Kingsway Financial Services Inc. said Thursday it has asked a Pennsylvania court to declare its donation of shares of the holding company of Lincoln General Insurance Co. was lawful. BC-Kingsway-Financial, 1st Writethru. Moved.
TORONTO _ Priszm Income Fund (TSX:QSR.UN) announced Thursday it has suspended its monthly distribution to unitholders in an efforts to increase its cash position. Priszm, which operates and franchises KFC, Taco Bell and Pizza Hut restaurants in Canada, said it needed cash to fund capital programs required by franchise renewals with Yum! Restaurants International. 225 words. BC-Priszm-Income-Fund, 3rd Writethru. Moved.
TORONTO _ Bank of Montreal (TSX:BMO) says it will buy back up to 15 million or 2.7 per cent of its common shares. BC-BMO-Share-Buyback, 1st Writethru.
TORONTO _ Changfeng Energy Inc. (TSXV:CFY) says it ``continues to actively pursue'' new business after the junior natural gas company reported increased third-quarter profits and revenue Thursday. BC-Changfeng-Energy, 1st Writethru. Moved.
TORONTO _ Toronto Stock Exchange achieves record levels of yearly total financings with $49.7 billion raised as of Oct. 31; previous record of $47.6 billion set in 2007. BC-TSX-Record.
TORONTO _ Fairfax Financial Holdings Ltd. (TSX:FFH) said Thursday it plans to voluntarily delist its subordinate voting shares from the New York Stock Exchange. The company's subordinate voting shares will continue to be listed on the Toronto Stock Exchange, where they will be traded in both Canadian and U.S. dollars. 186 words. BC-Fairfax-NYSE, 1st Writethru.
TORONTO _ Nortel Networks Corp. said Thursday that it will delay the auction of its Global System for Mobile (GSM) businesses that was to take place Friday. The company said it would provide an update on its sale plans next week. 170 words. Nortel-GSM-Auction.
TORONTO _ Aecon Group Inc. (TSX:ARE) said Thursday that it has won a $58.3-million contract from the Ontario Ministry of Transportation to expand Highway 69 near Estaire, Ont.Under the contract, the construction company will widen the highway from two lanes to four lanes for a stretch of nearly 15 kilometres. 92 words. Aecon-MTO-Contract.
MISSISSAUGA, Ont. _ GE Canada says it will spend up to $100 million over the next five years to upgrade design, production and process capabilities at its Peterborough, Ont.-based industrial motor factory. BC-GE-Canada, 1st Writethru. Moved.
BURLINGTON, Ont. _ Radio frequency ID tag supplier IPICO Inc. (TSXV:RFD) reported a big improvement in third-quarter revenues and a narrowing of its net loss on Thursday.The Burlington, Ont.,-based company said it had a net loss of $2,154,609 or four cents a share in three-months ended Sept. 30. 160 words. IPICO.
KIRKLAND LAKE, Ont. _ RJK Explorations Ltd. (TSXV:RJX.A), a junior miner based in Northern Ontario, says it has entered into formal talks to negotiate a merger with Holmer Silver Company Ltd., a private miner that operates in Cuba. BC-RJK-Explorations. Moved.
THUNDER BAY, Ont. _ A mill official says 330 laid off workers could soon be back on the job at Terrace Bay Pulp, on the north shore of Lake Superior. Yves Fricot, a lawyer for the Buchanan group of companies, says the province will give the mill a vote of confidence in the form of a $25-million term loan. 168 words. Forestry-Layoffs.
CALGARY _ One Exploration Inc. (TSXV:OE.B) suffered the heavy impact of low natural gas prices during the third quarter, causing it to widen its net loss from year-ago levels. The oil and gas junior reported a net loss of $2.3 million or four cents per share in the quarter ended Sept. 30. That compared to a year-ago loss of $700,994 or two cents per share. 167 words. BC-One-Exploration, 1st Writethru.
CALGARY _ Enbridge Inc (TSX:ENB) and Renewable Energy Systems Canada Inc. announced Thursday a partnership to develop a wind energy project in Ontario which would create 300 construction jobs. The Talbot wind energy project in Chatham, Ont., will deliver energy to the Ontario Power Authority under a 20-year-purchase agreement after its is completed in December 2010. 227 words. BC-Enbridge-Renewable-Energy-Systems, 1st Writethru.
CALGARY _ FairWest Energy Corp. (TSX:FEC) dipped into the red in the third quarter, reversing a year-ago profit as revenues plummeted almost 65 per cent, the junior oil and gas company said Thursday. It lost $1.9 million or 2.1 cents a share in the period ended Sept. 30, reversing profits of $610,992 or 0.6 of a cent in the corresponding 2008 period. 209 words. BC-FairWest-Energy, 1st Writethru.
CALGARY _ Parkbridge Lifestyle Communities Inc. (TSX:PRK) reported Thursday a profit of $11.7 million for its most recent financial year, down from a year ago as revenue fell.The owner, operator and developer of land lease residential communities and seasonal resorts said the profit amounted to 19 cents per share for the financial year ended Sept. 30 compared with a profit of $16.4 million or 26 cents per share a year ago. 101 words. Parkbridge.
EDMONTON _ Afexa Life Sciences Inc. (TSX:FXA), best-known for its COLD-FX anti-cold medication, is conducting a pilot clinical trial of new formulation aimed at combatting high cholesterol. BC-Afexa, 1st Writethru.
VANCOUVER _ Roadrunner Oil & Gas Inc. (TSXV:ROA) announced Thursday it was amending its offer to acquire privately held Bowood Energy Corp in an all-stock deal. Instead of received shares of a newly amalgamated company, Bowood shareholders will now receive 5.7 million Roadrunner shares in a deal valued at about $12.7 million. 143 words. BC-Roadrunner-Bowood, 1st Writethru.
VANCOUVER _ Ritchie Bros. Auctioneers Inc. (TSX:RBA) announced Thursday it would acquire a California-based agricultural and industrial equipment auctioneer to expand its presence in the region. Ritchie Bros. said it has plans to buy Martella Auction Company Inc. of Tipton, Calif., and would lease its 26-hectare auction site as well. 205 words. BC-Ritchie-Bros-Auctioneers, 1st Writethru.
KELOWNA, B.C. _ Software company QHR Technologies Inc.'s (TSXV:QHR) returned to profitability in the third quarter as revenues more than doubled on the strength of its human resources division. BC-QHR-Technologies, 1st Writethru. Moved.
BASKING RIDGE, N.J. _ Avaya announced Thursday it has received clearance from the European Commission for its proposed acquisition of Nortel's enterprise solutions business.Nortel announced the $900-million deal with New Jersey-based Avaya in September. The company had originally bid $475 million in July but then had to sweeten the offer to win an auction that began Sept. 11 and lasted several days. 126 words. Avaya.
BILLINGS, Mon. _ Federal regulators have signed off on a $161 US million loan to a Canadian company that's building a 350 kilometre power transmission line between Alberta and Montana. BC-Montana-Alberta-Power.
GENEVA _ The World Trade Organization opened investigations Thursday into a European Union ban on American poultry, and U.S. labelling rules for cattle and hog imports from Canada and Mexico. BC-EU-WTO-Agriculture-Disputes, 1st Writethru. Moved Business and World.
THE CANADIAN PRESS
(c) 2009 The Canadian Press
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