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HL:Business staffing plans for Wednesday, May 6@
(Canadian Press DataFile Via Acquire Media NewsEdge) BUSINESS EDITORS:@ Here are CP Business staffing plans as of 10:30 a.m. ET. Plans may change as circumstances warrant.
Queries should be addressed to business editor John Valorzi or Gary Norris on the business desk at 416-507-2138. To contact CP Business by email, send messages to business(at)thecanadianpress.com.
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TORONTO _ Magna International Inc. (TSX:MG.A) has suspended its dividend after first-quarter sales sagged 46 per cent from a year ago to US$3.57 billion, with a net loss of $200 million, as Canada's largest auto parts maker was badly hurt by the restructuring of its Detroit Three automotive customers. 700 words. By Kristine Owram. BC-Magna, 1st Writethru. Early story moved.
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MONTREAL _ IT services provider CGI Group Inc. (TSX:GIB.A) continues to see growth in the tight economy, reporting almost a 13 per cent jump in second-quarter profits Wednesday, driven by strong bookings of new contracts. 600 words. By LuAnn LaSalle. BC-CGI-Group, 1st Writethru. Moved.
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TORONTO _ Biovail Corp. (TSX:BVF) is slashing its dividend while making a half-billion-dollar deal to take back the U.S. rights to one-a-day antidepressant Wellbutrin XL. Canada's largest publicly traded drugmaker is also shutting its research and development centre in Mississauga, west of Toronto. This activity will be transferred to Chantilly, Va., and R&D staff is to be cut in half, by about 50 jobs. 700 words. By Gary Norris. BC-Biovail, 1st Writethru.
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TORONTO@ _ Torstar Corp. (TSX:TS.B), owner of Canada's largest circulation daily newspaper, widened its net loss sharply in the first quarter as the company took a restructuring charge on its books and saw its revenues squeezed by the recession. The Toronto-based media company, which operates the Toronto Star newspaper, the Hamilton Spectator and other dailies in southern Ontario, reported Wednesday it lost $21.4 million or 27 cents a share for the three months ended March 31. 513 words. Will be Budgeted Update after 10 a.m. ET annual meeting; Craft interest BC-Torstar, 1st Writethru.
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OTTAWA _ Bank of Canada Governor Mark Carney at Senate banking committee hearing witnesses on financial system. By Julian Beltrame. BC-Carney-Economy. Moves General (G) and Business
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CALGARY@ _ Enbridge Inc. (TSX:ENB) said Wednesday a significant gain on the sale of its stake in a Colombian pipeline helped to more than double profits during the first quarter of 2009. The Calgary-based oil and gas company reported net earnings of $558.1 million or $1.53 per share for the quarter ended March 31, up 122 per cent from profits of $251.3 million or 70 cents per share recorded the year before. 146 words. BC-Enbridge. Moved. Will be Updated
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CALGARY _ Agrium Inc. (TSX:AGU) said Wednesday it anticipates a profitable year ahead despite a first-quarter loss driven by weak demand for potash. The Calgary-based fertilizer giant, reporting in U.S. dollars, fell to a net loss of US$60 million or 38 cents per share for the quarter ended march 31. The results compare to a year-earlier profits of $195 million or $1.23 per share. By Lauren Krugel. BC-Agrium, 1st Writethru. Unbudgeted story moved. Will be Updated.
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CALGARY _ Precision Drilling Trust holds annual general meeting. By Lauren Krugel. BC-Precision-Drilling
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The Canadian Press is also following:
TORONTO _ Stock markets ran up sharply in early trading Wednesday after an indication that U.S. job losses were much smaller than expected last month. By Malcolm Morrison. BC-Dollar-Markets, 1st Writethru. Moved. Will be Updated.
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MONTREAL@ _ Stella-Jones Inc. (TSX:SJ), a maker of telephone and utility poles and railway ties, reports its net profits in the first quarter rose to $7.7 million from $5.3 million as the company posted a big jump in sales because of an acquisition last year. Diluted earnings per share jumped to 61 cents from 42 cents in the the first quarter of 2008, Stella-Jones reported Wednesday. 159 words. BC-Stella-Jones.
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OTTAWA@ _ Contractors took out $4.5 billion in building permits in March, up 23.5 per cent from February. The rise ended five straight monthly declines. 216 words. BC-StatsCan-Building-Permits.
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OSHAWA, Ont.@ _ General Motors Canada has reportedly added the week of June 29 as a scheduled work week at the Oshawa plant instead of a week off. The change was made to meet demand for the Camaro, according to a report today in the Peterborough Examiner. 106 words. Moves (C) Regional and (B) Business. BC-GM-Oshawa.
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TORONTO _ HudBay Minerals holds first-quarter earnings conference call. BC-HudBay-Minerals.
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WATERLOO, Ont. _ Canadian software developer Open Text Corp. (TSX:OTC) says it plans to acquire Vignette Corp. (NASDAQ:VIGN) in a friendly cash and stock deal valued at US$310 million. BC-Open-Test-Vignette. Moved. Will be Updated.
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WINNIPEG@ _ Canwest Global Communications Corp. (TSX:CGS) has received another extension for its overdue debt to lenders. The Winnipeg-based media conglomerate now has until May 19 to repay a $30.4 million debt to its bankers. 120 words. BC-Canwest.
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WINNIPEG@ _ Manitoba Telecom Services Inc. (TSX:MBT) reports its first quarter net profits fell to $37 million or 57 cents a share from $54.2 million or 84 cents a share for the same period last year. Revenues increased to $482.9 million from $478.8 million, the Winnipeg-based telecom operator reported Wednesday. The company also took a $6.1 million restructuring charge in the quarter, mainly for streamlining efforts at its MTS Allstream division. 230 words. BC-Manitoba-Telecom.
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CALGARY@ _ Penn West Energy Trust (TSX:PWT.UN) said Wednesday it was holding its distribution level steady despite falling to a loss in the first quarter of 2009. The Calgary-based oil and gas trust reported net loss of $98 million or 25 cents per unit for the quarter ended March 31, reversing year-earlier profit of $78 million or 22 cents per unit. 193 words. BC-Penn-West.
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THE CANADIAN PRESS
(c) 2009 The Canadian Press
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