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The Canadian Press Business News Budget for Wednesday, Sept. 24, 2008
(Canadian Press (delayed) Via Acquire Media NewsEdge) BUSINESS EDITORS: Here are Canadian Press Business budget lines as of 10 p.m. ET. Plans may change as circumstances warrant.
To contact Canadian Press Business by e-mail, send messages to business(at)thecanadianpress.com.
In addition to the following, BC-Housing-Worries, BC-FedElxn-Economy and BC-Air-Vehicle-Oilsands have moved General (G) and Business (B). Please avoid duplication.
WALL STREET SHAKEUP
WASHINGTON _ U.S. President George W. Bush summoned Barack Obama, John McCain and legislative leaders to an extraordinary White House summit after warning Americans and Congress on Thursday night that failing to act on a US$700-billion financial industry bailout could lead to ``a long and painful recession.'' Earlier, he bowed to Democratic demands to limit the pay of executives whose tottering companies would be rescued. 1146 words. By Julie Hirschfeld Davis and David Espo. See Photo NYPM111, DCCD121, DCCD108, DCCD120, DCCD119. BC-Financial-Meltdown, 8th Writethru.
NEW YORK _ Goldman Sachs will sell US$5 billion worth of common stock to the public as part of a capital-raising plan that also includes Warren Buffett's investment of at least $5 billion. 700 words. By Stephen Bernard. BC-Goldman Sachs-Berkshire, 3rd Writethru. Moved.
WASHINGTON _ Through weeks of crisis and in high-stakes negotiations, the Treasury Secretary and Fed chairman have had prominent profiles and drawn pointed criticism. Now the Securities and Exchange Commission, which put an unprecedented temporary ban on short-selling, and its normally low-profile chairman are in the headlights. Politicians and investor advocates are faulting the SEC and its chairman, Christopher Cox, for lax regulation they say contributed to the financial crises. At the same time, the banking industry and hedge fund interests are clamoring for changes they maintain are needed to keep the financial system moving. By Marcy Gordon. BC-SEC-in-the-Headlights. Moved Datafile only.
OTHER BUSINESS
TORONTO _ AGF Management Ltd. (TSX:AGF.B) says lower tax expenses helped boost profits by 4.3 per cent in the summer quarter while stock market volatility hurt revenues. 500 words. By David Friend. BC-AGF-Management, 2nd Writethru. By David Friend. BC-AGF-Management, 3rd Writethru. Moved.
TORONTO _ RBC Capital Markets chairman and CEO Chuck Winograd plans to retire at the end of October amidst one of the most tumultuous markets in history. The Bay Street veteran, who has spent nearly four decades in the investment industry, leaves behind a capital markets division that he has helped dodge many of the financial problems tied to the United States. 600 words. By David Friend. With Photo. BC-RBC, 1st Writethru. Moved.
MONTREAL _ Quebecor (TSX:QBR.B) could delay the launch its wireless phone service until 2010, a company spokeswoman said Wednesday. ``The complexity of this project means that we need flexibility, so it could be as early as the fall of 2009, but it could also be in 2010 if we feel we can't provide the high-quality product we want,'' Isabelle Dessureault said in an interview. 600 words. By Ross Marowits. BC-Quebecor-Wireless, 1st Writethru. Moved
MONTREAL _ The theft of laptops that contain personal information is becoming more common and that information can be used by thieves in identity theft. The National Bank is telling its mortgage customers to be extra vigilant about any activity in their accounts after a laptop containing this data base was recently stolen from its head office in Montreal. Experts in computer security said Wednesday that many businesses don't take the extra steps to encrypt and protect their sensitive data. 600 words. By LuAnn LaSalle. BC-Computer-Theft. Moved General (G) and Business (B)
CALGARY _ EnCana Corp. (TSX:ECA) and partner ConocoPhillips said Wednesday they are starting construction this month on a $3.6 billion expansion at their joint venture Wood River refinery in Roxana, Ill. to handle more heavy oil from their oilsands operations in northern Alberta. 650 words. By Lauren Krugel. BC-EnCana, 2nd Writethru. Moved
UNDATED _ Fairfax Financial Holdings Ltd. (TSX:FFH) says it has no plans to force changes at Ridley Inc. (TSX:RCL) after buying a 69-per-cent stake in the animal feed firm, which recently settled a class action lawsuit related to the Canadian mad cow outbreak. ``We are totally passive investors and we wouldn't be in unless we like management,'' Paul Rivett, chief legal officer at Fairfax said in an interview Wednesday. 700 words. By Brenda Bouw. BC-Fairfax-Financial, 3rd Writethru.
PITTSBURGH _ PPG Industries Inc. (NYSE:PPG), the world's second-biggest paint producer, is closing two manufacturing plants in Ontario _ with the loss of 320 jobs _ as well as in the Netherlands in a cost cutting move aimed at saving US$100 million a year. 800 words. BC-PPG-Plant-Closure, 1st Writethru, Bgt. Moved.
NEW YORK _ Oil prices ended a choppy session slightly lower Wednesday, falling below US$106 a barrel as weak U.S. fuel demand and a stronger dollar outweighed concerns over a reduction in global crude output. Light, sweet crude for November delivery fell 88 cents to settle at $105.73 a barrel on the New York Mercantile Exchange after rising as high as $109.50. On Tuesday, the contract fell $2.76 to settle at $106.61. 765 words. By Stevenson Jacobs. BC-Oil-Prices, 2nd Writethru.
DETROIT _ Germany's Daimler AG says it's in talks to sell its remaining stake in Chrysler LLC to private equity firm Cerberus Capital Partners. Daimler spokesman Han Tjan confirmed Wednesday that the company is negotiating to sell the remaining 19.9 per cent it owns in the U.S.-based automaker, but he declined to provide further details. 650 words. By Bree Fowler and Tom Krisher. BC-Chrysler-Cerberus, 1st Writethru. Moved
CHICAGO _ Home improvement chain Lowe's Cos. Inc. told shareholders Wednesday it is scaling down the size of most new stores and eyeing even smaller locations in some rural areas as it tries to operate more efficient sites. Executives told the company's annual meeting that new stores in medium and large markets will be about 103,000 square feet _ roughly 19,000 square feet smaller than many of its locations today. 650 words. By Ashley Heher. BC-Lowe's-Outlook, Bgt. Moved.
TOKYO _ Back in the 1980s, when Japan found itself flush with unprecedented wealth, it splurged on flashy overpriced trophies like Rockefeller Center and the Pebble Beach Golf Links. It was a dizzying shopping spree that left little but a bad case of buyer's regret as Japan's asset bubble burst and markets crashed in the early 1990s. Its mammoth banks retreated from the limelight, weighed down by mountains of bad loans. But in 2008, Japan Inc. is making a comeback. By Tomoko Hosaka. See Photos XKAN106, XKAN105. BC-Japan-Banks, Bgt. Moved
The Canadian Press is also following:
TORONTO _ Stock markets drifted to a weak close Wednesday with nervous investors finding little reason to buy amid roadblocks to the Bush administration's US$700-billion rescue of the financial industry and Warren Buffett's investment in Goldman Sachs Group Inc. 800 words. By Malcolm Morrison. BC-Dollar-Markets, 5th Writethru. Moved.
MONTREAL _ New European private jet company confirms its US$1.5 billion order for 110 Learjets from Bombardier Inc. (TSX:BBD.B). Jet Republic says it has ordered 25 Learjet 60 XR, with options for 85 more. The Montreal-based aircraft manufacturer announced the order in June but declined to name the buyer. BC-Bombardier
MONTREAL _ Prosys-Tech Corp. (TSXV:POZ) disclosed Wednesday that subsidiary Prosys-Tec Computers Inc. is seeking bankruptcy protection. BC-Prosys-Tech. Moved.
OTTAWA _ Patrician Diamonds Inc. (TSXV:PXC) will ask shareholders to approve consolidation of its common shares; plans to swap 10 old shares for one new share and change its name to Diamond Exploration Inc. BC-Patrician-Diamonds. Moved Datafile only.
TORONTO _ Mattress retailer Sleep Country Canada Income Fund (TSX:Z.UN) is being tucked into private-equity ownership after 70 per cent of its outstanding units were tendered to the $356-million friendly offer. BC-Sleep-Country. Moved.
TORONTO _ Bauer Hockey has purchased Mission-Itech Hockey, a maker of goalie equipment and other protective wear, in an ongoing consolidation of the hockey gear industry. Mission-Itech's facility in Kirkland, Que., and its distribution facility in Plattsburgh, N.Y. will remain open until May 31, 2009 _ and then close in a multi-stage process 140 non-union employees. BC-Bauer-Hockey-Itech. Moved Business (B) and Sports (S).
TORONTO _ Excellon Resources Inc. (TSX:EXN) announces receipt of all the necessary permits to build and operate a lead/zinc flotation mill at its Platosa property in Mexico's Durango State. Construction will begin immediately, with mill commissioning expected to begin in early 2009. Exploratory drilling at Platosa will be reduced by $4 million in 2009 to $8.4 million in light of current metals markets. BC-Excellon-Resources. Moved.
TORONTO _ Brookfield Infrastructure has exercised an option to sell its minority interests in a group of five related Brazilian transmission investments, TBE. The company said Wednesday it expects after-tax proceeds from the sale of US$270 million, which will be used for general corporate purposes as well as to fund growth and acquisitions. 149 words. BC-Brookfield-Infrastructure, 1st Writethru.
TORONTO _ The Sunwing Travel Group said Wednesday it has hired more than 300 new workers including staff at its reservation departments in Toronto and Montreal, cabin crew and pilots, taking it over the 1,000-mark for staff. The package holiday company said its reservations departments in Toronto and Montreal have recruited and are training over 100 new staff, while 200 new cabin crew are also being trained. 84 words. BC-Sunwing.
MISSISSAUGA, Ont. _ Aeroquest International Ltd. (TSX:AQL) announces preliminary agreement to do substantially all of the airborne geophysical surveying currently done by Spectrem Air Ltd., an Anglo American company. BC-Anglo-American-Aeroquest.
BURLINGTON, Ont. _ Gennum Corp. (TSX:GND) said Wednesday it earned US$6.4 million in its most recent quarter, as revenue increased 30 per cent. BC-Gennum. Moved.
OWEN SOUND, Ont. _ Automotive and residential glass-maker PPG has announced it will close its plant in Owen Sound, Ont. Day-shift workers were informed of the restructuring that left 170 employees out of work Wednesday morning. BC-PPG-Plant-Closure. Moved Regional (C) and Business (B)
CALGARY _ Shares of Nexen Inc. rose slightly Wednesday on the TSX even though the company predicts a nearly two-thirds drop in production from its Gulf of Mexico fields in the wake of two recent hurricanes that disrupted operations. Shares of the Calgary-based company closed up 19 cents at $26.69 on the Toronto Stock Exchange, on a day when energy issues gained ground. 205 words. BC-Nexen, 1st Writethru.
EDMONTON _ Epcor Power LP (TSX:EP.UN) says it's ready to sell its stake in Primary Energy Recycling Holdings, an Illinois-based company with four recycled energy projects and a half interest in a pulverized coal plant. BC-Primary-Energy- Epcor. Moved Datafile only.
VANCOUVER _ Plutonic Power Corp. (TSX:PCC) has received B.C. Environmental Assessment Office approval of a 130-megawatt hydroelectric development in the Upper Toba Valley. BC-Plutonic-Power. Moved Business and Regional (D).
VANCOUVER _ Cantronic Systems Inc. (TSXV:CTS), a Vancouver-based provider of video security technology and services, says it lost $381,934 for the second quarter, reversing a small profit the year before. BC-Cantronic-Systems.
VANCOUVER _ Chemokine Therapeutics Corp. (TSX:CTI) is looking for additional operating and research funds and accelerating its review of strategic alternatives such as merger, sale, licensing and partnership transactions. BC-Chemokine-Therapeutics. Moved Datafile only.
VANCOUVER _ Shareholders of Xantrex Technology Inc. (TSX:XTX) have approved a takeover of the company by French electrical engineering company Schneider Electric SA in a deal worth about $500 million. Xantrex said 99.99 per cent of the votes cast Wednesday were in favour of the deal. 98 words. BC-Xantrex-Technology.
RICHMOND, B.C. _ MacDonald, Dettwiler and Associates Ltd. (TSX:MDA) warned Wednesday that its third-quarter earnings will be lower due to the housing and lending environment in the United Kingdom. ``We are in the process of restructuring and right sizing our U.K. products business to endeavour to achieve breakeven at current volumes,'' the company said. BC-MDA-Warning.
THE CANADIAN PRESS BUSINESS
Copyright ? 2008 The Canadian Press
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