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HL:Business staffing plans for Wednesday, May 27@
(Canadian Press DataFile Via Acquire Media NewsEdge) BUSINESS EDITORS:@ Here are CP Business staffing plans as of 4:30 p.m. ET. Plans may change as circumstances warrant.
Queries should be addressed to business editor John Valorzi at 416-507-2146 or David Paddon on the business desk at 416-507-2138 or Craig Wong at 613-231-8631. To contact CP Business by email, send messages to business(at)thecanadianpress.com.
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In addition to the following, a story slugged BC-Federal-Deficit-Economy, 1st Writethru, Bgt has moved General (G) and Business (B). Please guard against duplication.
DETROIT _ A General Motors Corp. (NYSE:GM) bankruptcy filing seemed inevitable after a rebellion by its bondholders forced it to withdraw on Wednesday a plan to swap bond debt for company stock. GM has until Monday to complete a government-ordered restructuring that includes debt reduction, labour cost cuts and plant closures. 1,100 words. By Tom Krisher and Dan Strumpf. BC-GM, 3rd Writethru, Bgt. Moved
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WASHINGTON _ GM means Government Motors? That's about it if the Treasury Department winds up with a 70 percent ownership stake in the enfeebled auto giant. The unfolding plan amounts to a breathtaking government intervention that would put Washington solidly in Detroit's driver's seat and exposes taxpayers to huge risks on a bumpy road to recovery. By Jim Kuhnhenn and Ken Thomas. BC-Government-Motors. Moves Datafile only.
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MONTREAL _ Laurentian Bank of Canada (TSX:LB) expects strong deposit and loan growth and rebounding interest income will help to boost the Quebec-based bank's overall profitability this year. 600 words. By Ross Marowits. BC-Laurentian-Bank, 2nd Writethru. Moved.
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MONTREAL _ Dorel Industries Inc. (TSX:DII.B) will take a breather from major acquisitions this year so the manufacturer of furniture, bicycles and juvenile products can focus on manoeuvring its bicycle business through the impacts of the global recession. 600 words. By Ross Marowits. BC-Dorel, 1st Writethru. Moved.
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TORONTO _ Sun Life Financial (TSX:SLF) and CI Investments Inc. (TSX:CIX) are raising fees and limiting investments in their segregated funds, perhaps heralding an industry trend to make these funds less sweet for security-conscious investors. The move comes against "the backdrop of the current market environment," a statement Wednesday said. 550 words. By Gary Norris. BC-Segregated-Funds. Moved.
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TORONTO@ _ Uranium One Inc. (TSX:UUU) says it has requested a meeting with the new administration of Kazatomprom, a state-owned uranium mining company, after reports suggested the Toronto-based company's joint venture in Kazakhstan may be under investigation by authorities. 600 words. By David Friend. BC-Uranium-One, 1st Writethru. Unbudgeted story moved.
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CALGARY _ EnCana Corp. (TSX:ECA), one of Canada's largest energy companies, said Wednesday it is actively seeking a partner to develop seeome of its land in the Haynesville shale gas play, which straddles the Louisiana-Texas border, and is a hot new area of natural gas development in the United States. 600 words. By Lauren Krugel. BC-EnCana-Haynesville, 1st Writethru. Unbudgeted story moved.
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WASHINGTON _ More than 90 per cent of economists predict the U.S. recession will end this year, although the recovery is likely to be bumpy. That assessment came from leading forecasters in a survey by the National Association for Business Economics released Wednesday. It is generally in line with the outlook from U.S. Federal Reserve chairman Ben Bernanke and his colleagues. By Jeannine Aversa. BC-US-Economic-Recovery, Bgt. Moved.
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VIENNA _ Saudi Oil Minister Ali Naimi says there is no need for OPEC to reduce production of oil. Naimi's comment reinforces sentiment that OPEC oil ministers will decide at their meeting Thursday to continue pumping oil at present levels. 800 words. By George Jahn. BC-OPEC-Meeting, 2nd Writethru. Moved
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DALLAS _ Activists grilled Exxon Mobil Corp.'s CEO Wednesday on environmental issues and his compensation package, but shareholders stood behind management that delivered the biggest profit ever for a U.S. company last year. 800 words. By David Koenig. BC-Exxon-Shareholders, Bgt. Moved.
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COLUMBUS, Ohio _ Oil and gasoline prices hit a new high for the year Wednesday despite expectations that OPEC will not cut production again and more bad news arrived for the nation's automakers. Benchmark crude for July delivery rose $1 to settle at $63.45 a barrel on the New York Mercantile Exchange. Prices haven't been that high since early November. By Mark Williams BC-Oil-Prices, 3rd Writethru. Moved.
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WASHINGTON _ America's banks turned a profit in the first quarter, but the number of problem banks jumped to the highest level in 15 years and tough conditions persist for the industry, the government said Wednesday. 900 words. By Marcy Gordon. BC-US-Banks-Earnings, 2nd Writethru Bgt. Moved.
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BERLIN _ General Motors Corp. (NYSE:GM) moved Wednesday to package together the assets of its European Opel and Vauxhall car brands for possible new ownership ahead of top-level meetings with bidders and government officials in Berlin. Opel's supervisory board approved a GM Europe plan to pool its European plants, sales operations, patents and other assets, excluding Sweden's Saab unit, debt-free under German-based Adam Opel GmbH, said Karin Kirchner, a spokeswoman for GM Europe. 650 words. By Patrick McGroarty. BC-Opel, 4th Writethru Bgt. Moved.
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BEIJING _ China's government tried Wednesday to ease public fears that money from its huge stimulus might be stolen or wasted, saying it has found misspending and sloppy accounting but the overall effort is going well. By Joe McDonald. BC-China-Economy, Bgt. Moved.
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The Canadian Press is also following:@
TORONTO _ The Toronto stock market was little changed late Wednesday morning as investors digested Tuesday's strong runup. New York markets were mixed following a solid runup as General Motors Corp. moved close to filing for creditor protection. By Malcolm Morrison. BC-Dollar-Markets, 4th Writethru. Moved. Will be Updated.
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SHELBURNE, N.S. _ Junior miner Black Bull Resources Inc. (TSXV:BBS) widened its second-quarter loss on a $1.25 million asset writedown. The loss for the January-March period increased to $1.6 million or 1.8 cents a share compared with year-earlier loss of $1 million or 1.1 cents a share. BC-Black-Bull. Moved.
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FREDERICTON _ Plazacorp Retail Properties Ltd. (TSXV:PLZ) posted a five-fold increase in its first-quarter profit as revenue rose four per cent compared to the prior-year period. BC-Plazacorp. Moved.
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QUEBEC _ Virginia Mines Inc. (TSX:VGO) says it has struck a deal with Agnico Eagle Mines Ltd. (TSX:AEM) to sell its 100 per cent interest in 52 mining claims in the Abitibi region of Quebec for $1 million worth of Agnico Eagle shares. BC-Virginia-Mines, 1st Writethru. Moved.
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MONTREAL _ Analyst expects Bombardier Inc. (TSX:BBD.B) to further cut business jet production to preserve cash. BC-Bombardier.
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MONTREAL _ The Desjardins Group's insurance unit says its profit dropped to $30.5 million in the first quarter while insurance sales increased 10.5 per cent. BC-Desjardins.
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OTTAWA _ Lower revenues are being blamed as Canadian corporations report operating profits of $55.1 billion in the first quarter of 2009, down 11.8 per cent from the previous quarter. Statistics Canada reports declines were prevalent across the economy as 18 of 22 industries reported lower profits. BC-StatsCan-Profits. Moved.
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TORONTO _ Timminco Ltd. (TSX:TIM) has lost a contract to supply solar-cell-grade silicon and is refunding the customer's deposit with 3.6 million Timminco shares. BC-Timminco, 3rd Writethru. Moved.
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TORONTO _ Nortel Networks Corp. (TSX:NT) said Wednesday it has put up for sale its majority stake in LG-Nortel, the company's Korean joint venture with LG Electronics. BC-Nortel. Moved
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TORONTO _ Brookfield Asset Management Inc. (TSX:BAM.A) said Wednesday it will issue up to $150 million in preferred shares. BC-Brookfield. Moved.
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TORONTO _ Franco-Nevada Corp. (TSX:FNV) to sell $322 million to $370.3 million worth of shares and purchase warrants to syndicate of underwriters. The net proceeds will be used for acquisitions, working capital and general corporate purposes. BC-Franco-Nevada.
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TORONTO _ Sun Life Financial (TSX:SLF) and CI Investments Inc. (TSX:CIX) are raising fees and limiting deposits in their lineup of segregated funds. BC-Sun-Life. Moved.
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TORONTO _ Grey Island Systems International Inc. (TSXV:GIS) posted Wednesday a $282,000 second-quarter profit, far above the $58,000 it reported in the prior-year period as revenues improved substantially. BC-Grey-Island-Systems. Moved.
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TORONTO _ Gabriel Resources Ltd. (TSX:GBU), a Toronto-based international gold company, says it will issue nearly 26 million shares to the public as part of a $100-million financing that was announced Tuesday. BC-Gabriel-Resources. Moved.
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TORONTO _ Digital content distributor Yangaroo Inc. (TSXV:YOO) says first-quarter revenues surge 43 per cent over last year while net losses tighten to $610,000 from $807,000. BC-Yangaroo.
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TORONTO _ Timminco Ltd. (TSX:TIM) says it has lost a solar grade silicon supply contract with one of its customers, reflecting "the challenging economic environment and market conditions affecting the solar industry." The company's shares were halted Wednedsay on the TSX pending the news. BC-Timminco. Moved. Will be Updated.
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TORONTO _ Uranium One Inc. (TSX:UUU) remained halted Wednesday afternoon, following a 30 per cent drop in its stock value with more than 10 million shares traded within minutes. The company said later it's aware of media reports that its interest in the Kyzylkum joint venture may be one of the matters at the Kazatomprom, a state-owned uranium mining company, under investigation by Kazakh authorities. BC-Uranium-One. Moved.
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TORONTO _ Electric minicar maker Zenn Motor Company Inc. (TSXV:ZNN) said Wednesday its second-quarter loss widened on a 57 per cent drop in revenue. The loss for the period ended March 31 was $2 million or six cents a share compared with $1.8 million or six cents a share generated in the same 2008 period. BC-Zenn-Motor.
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TORONTO _ Renewable energy firm Schneider Power Inc. (TSXV:SNE) reported Wednesday a $185,441 first-quarter loss, reduced from a year-ago loss of $224,410. BC-Schneider-Power. Moved.
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TORONTO _ The Winnipeg-based Bristol Aerospace division of Magellan Aerospace Corp. (TSX:MAL) is chosen to design the service module section of new satellites being built for the Canadian Space Agency. BC-Magellan-Radarsat. Moved.
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TORONTO _ Standard & Poor's is launching an index of large Canadian stocks with criteria defined by Islamic law _ no companies active in alcohol, entertainment, financial services, pork-related products or tobacco. BC-Shariah-Index.
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TORONTO _ GobiMin Inc. (TSXV:GMN), a Toronto-based international junior miner, says its net profits in the first quarter soared to US$38.2 million from $0.5 million as the company booked a large gain from the disposal of its assets in China. BC-GobiMin.
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GUELPH, Ont. _ Texada Software Inc. (TSXV:TXS) eked out a profit in the three months ended March 31, the first full quarter under a new senior management team led by president and CEO Brian Spilak. BC-Texada-Software. Moved.
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HAMILTON _ The Automotive Parts Manufacturers' Association holds its annual conference and exhibition. BC-Auto-Parts-Conference
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WINNIPEG _ OMT Inc. (TSXV:OMT), a Winnipeg-based provider of technology to broadcasters and retailers, says it has entered into a letter of intent to sell its Intertain Media Inc. division for $172,500. BC-OMT-Sale.
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EDMONTON _ ATB Financial said Wednesday that performance pay for its senior executives will be cut after it reported a profit of $6.4 million for its most recent financial year, weighed down by a $224.8-million charge related to asset-backed commercial paper. BC-ATB-Financial. Moved.
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CALGARY _ An unidentified private African oil and gas company has
conditionally agreed to buy Mart Resources Inc. (TSXV:MMT) in a cash deal that values the Calgary-headquartered company at $41.6 million. BC-Mart-Resources-Sale. Moved.
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CALGARY _ Alberta court extends creditor protection for Oilexco Inc. (TSXV:OIL) by 5-1/2 weeks to July 7 but denies its request for permission to participate in the drilling of a well in the U.K. North Sea. BC-Oilexco. Moved.
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SASKATOON _ Uranium miner Cameco Corp. (TSX:CCO) holds its annual meeting. By Chris Purdy. BC-Cameco
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VANCOUVER _ Run of River Power Inc. (TSXV:ROR), a renewable and sustainable energy provider, widened its first-quarter loss as revenue dropped 22 per cent. BC-Run-of-River.
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VANCOUVER _ Platinum Group Metals Ltd. (TSX:PTM) plans an overnight marketed offering of common shares and purchase warrants in order to raise $35 million, with a large portion of that for a payment to Anglo Platinum Ltd. related to the restructuring of the Western Bushveld Joint Venture. Platinum-Group-Metals. Moved.
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LANGLEY, B.C. _ Shoreham (TSXV:SMH) suspends private placement financing that was to raise $3 million for development of the Marudi Mountain project. Shoreham will continue to pursue additional financing but not at the price specified. BC-Shoreham-Resources.
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RICHMOND, B.C. _ Catalyst Paper (TSX:CTL) said Tuesday 100 staff members would soon be out of work due to ongoing weakness in the forestry sector and curtailments at two British Columbia mills. BC-Catalyst, 1st Writethru. Moved.
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THURSDAY BUSINESS CALENDAR:
NEW YORK _ Barclays Capital Worldwide Wireless and Wireline Conference 2009. Through May 28.
ATLANTIC@
HALIFAX _ Energy industry experts meet to discuss Eastern Canadian energy opportunities at the Renewable Energy Conference. (Westin Hotel)
MONTREAL _ Montreal Port Authority holds annual meeting. (10 a.m. at Port Authority administrative office)
X-MONTREAL _ National Bank holds second-quarter earnings conference call. Dial 416-641-6130. (1 p.m.)
OTTAWA _ Statistics Canada releases 2009 first-quarter international travel account. (8:30 a.m. at http://www.statcan.ca)
OTTAWA _ Statistics Canada releases 2008 forth-quarter characteristics of international travellers. (8:30 a.m. at http://www.statcan.ca)
OTTAWA _ Statistics Canada releases March payroll employment, earnings and hours. (8:30 a.m. at http://www.statcan.ca)
OTTAWA _ Senate banking committee meets in camera. Subject to change without notice. (10:30 a.m. at Room 505, 140 Wellington St., Victoria Building)a
OTTAWA _ Commons trade committee hears witnesses on Canada-South America trade relations. Committee meets (10 a.m.) in camera. Subject to change without notice. (11 a.m. at Room 269, West Block, Parliament Hill)
HAMILTON _ The Automotive Parts Manufacturers' Association holds its annual conference and exhibition. Through May 28. (Hamilton Convention Centre, 1 Summers Lane)
TORONTO _ Jim Leech, president and CEO of Ontario Teachers' Pension Plan, gives speech to Empire Club of Canada on pension security. (12 p.m. at Fairmont Royal York Hotel, Imperial Room, 100 Front St. W.)
X-TORONTO _ Bank of Nova Scotia releases second-quarter earnings at 11:30 a.m. followed by conference call at 2 p.m. Dial 1-800-732-0232. (2 p.m.)
X-TORONTO _ CIBC will report second-quarter results. Conference call at 4:30.
X-TORONTO _ Drugmaker Biovail holds annual meeting, requisition from former founder Eugene Melnyk's company EM Holdings BV will also be discussed.
X-TORONTO _ TD Bank Financial Group issues second-quarter results around 7:30 a.m. A conference call will be held at 3 p.m. followed by question-and-answer. Dial 416-644-3416 or go to http://www.td.com for webcast.
CALGARY _ Canada's Venture Capital and Private Equity Association conference. Through May 29. (Calgary Hyatt Regency Hotel )
X-CALGARY _ National Energy Board holds briefing to present summer outlook for supply and storage as well as price pressures for Canada's major energy markets of oil, natural gas and electricity. (10 a.m. at Room 3100 National Energy Board - 444 7th Avenue SW)
X-CALGARY _ WestJet holds investor forum with senior company executives.
RICHMOND, B.C. _ The Canadian Association of Importers and Exporters hosts a seminar to discuss changes in both Canada and U.S. Customs that could affect business practices. (Delta Vancouver Airport Hotel, 3500 Cessna Drive)
THE CANADIAN PRESS@
(c) 2009 The Canadian Press
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