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HL:The Canadian Press Business News Budget for Tuesday, April 28, 2009@(Canadian Press DataFile 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 CP Business by email, send messages to business(at)thecanadianpress.com. In addition to the following, a story slugged BC-Economy has moved General (G) and Business (B). So have stories slugged BC-Swine-Flu-Travel and BC-CRTC-Rogers-Canwest, 1st Writethru. Please guard against duplication. ___ MONTREAL @_ Alimentation Couche-Tard Inc. (TSX:ATD.B) is once again expanding its U.S. convenience store network by adding nearly 500 ExxonMobil (NYSE:XON) stores and fuel outlets in the U.S. for an undisclosed price. 600 words. By Ross Marowits. BC-Couche-Tard-Exxon, 2nd Writethru. Moved. ___@ CALGARY @_ Petro-Canada (TSX:PCA), which plans to merge with Suncor Energy Inc. (TSX:SU) later this year, will likely see costs at its Fort Hills oilsands mine come down about 30 per cent thanks to the economic downturn, the Calgary-based company's CEO said Tuesday. 755 words. By Lauren Krugel. BC-Petro-Canada, 1st Writethru. Moved. ___ CALGARY @_ Nexen Inc.'s (TSX:NXY) chief executive says years of experience in Yemen and West Africa could help the company make a foray into Iraq _ a country with enormous untapped oil reserves, but rife with security concerns. 700 words. By Lauren Krugel. BC-Nexen, 1st Writethru. Moved. ___@ CALGARY@ _ Oilsands player UTS Energy Corp. (TSX:UTS) says it is weighing a broad range of options _ including the possible sale of its 20 per cent stake in the Fort Hills project _ now that it is no longer being chased by French energy heavyweight Total SA. "With the withdrawal of the Total bid, we now have a little more time to get this right for the shareholder," said UTS chief executive officer Will Roach on a conference call with investors Tuesday afternoon. 584 words. By Lauren Krugel. BC-Total-UTS, 2nd Writethru. ___ MONTREAL @_ Bombardier Recreational Products enters $250 million joint venture with India's Hero Motors to manufacture transmissions. The five-year agreement extends an existing relations between the Indian company and privately held BRP's powertrain affiliate. 450 words. By Ross Marowits. BC-BRP-India. Moved. ___@ OTTAWA@ _ Bank of Canada governor Mark Carney pledged he would resort to controversial non-traditional monetary policies such as so-called quantitative and credit easing only if absolutely necessary. The central banker attempted to reassure a parliamentary committee Tuesday that if he has to start printing money and risk debasing the currency, he would do so because the risk to the economy left him no choice. 589 words. By Julian Beltrame. Moves on General and Business wires. Avoid duplication. BC-BoC-Economy, 1st Writethru. ___ TORONTO @_ Sporting goods retailer Forzani Group Ltd. (TSX:FGL) plans to increase its sales by 10 per cent a year over five years by reducing its banner count and expanding its Sport Chek outlets. Forzani CEO Bob Sartor said Tuesday he believes the Calgary-based retailer can increase its sales from $1.6 billion currently to $2.6 billion by 2014 while seeing 15 per cent annual growth in earnings before interest, taxes and amortization with minimal capital investment. 604 words. By Kristine Owram. BC-Forzani-Outlook, 1st Writethru. Moved. ___ TORONTO @_ Inmet Mining (TSX:IMN) reported Tuesday its net income fell 52 per cent to $51.3 million in the first quarter on weaker metal prices. The earnings were worth $1.06 per share in the period ended March 31, compared to a profit of $106.7 million or $2.21 a share in the prior-year quarter. 600 words. By Kristine Owram. BC-Inmet, 1st Writethru. Moved ___@ TORONTO@ _ Shoppers Drug Mart Corp. (TSX:SC) showed that the ailing economy and later Easter shopping season couldn't keep it from boosting its first quarter profits by six per cent from a year ago to $106.8 million. 600 words. By David Friend. BC-Shoppers-Drug, 2nd Writethru. Moved. ___ REGINA @_ Viterra Inc. (TSX:VT) is in discussions on a possible takeover of ABB Grain Ltd. of Australia which could cost $1.4 billion in cash and shares. ABB stock (ASX:ABB) sprouted 20 per cent Tuesday to A$8.43 on the Australian Securities Exchange, up from $7 on Monday and $6.24 Friday. 600 words. By Chris Purdy. BC-Viterra, 3rd Writethru Bgt. Moved ___@ UNDATED @_ With the deadline for filing your 2008 tax return just two days away, planning for next year may not be foremost on your mind, but experts say now is the best time to start thinking about deductions to make this time next year. 600 words. By Brenda Bouw. BC-Tax-Planning. Moved Business (B) and General (G). With QuickTips. ___ WASHINGTON@ _ With just two days left before a government-imposed restructuring deadline, Chrysler LLC took a step away from the brink of bankruptcy Tuesday when its biggest lenders reached a deal with the U.S. Treasury Department to slash the teetering automaker's debt. Yet Chrysler's fate remains far from assured. If the company's smaller creditors don't get on board, a bankruptcy filing remains a possibility. 955 words. By Stephen Manning and Dan Strumpf. See Photo FNG105, TUR102, TUR101, MIPS115. BC-Chrysler, 2nd Writethru. ___ NEW YORK @_ Hopeful signs that the worst may be over for the economy boosted Americans' moods in April, sending a closely watched barometer of sentiment to the highest level since November. 700 words. By Anne D'Innocenzio. See Photo. BC-US-Economy, 2nd Writethru. Moved ___@ SAN ANTONIO @_ Valero Energy reported Tuesday that first-quarter profits rose more than 18 per cent, easily beating beat Wall Street expectations as higher refining margins offset weak gasoline demand. 450 words. BC-Valero, 1st Writethru. Moved ___ COLUMBUS, Ohio@ _ Oil prices fell for a second straight day Tuesday on fears that the outbreak of swine flu would delay an economic recovery and further dampen energy demand. Benchmark crude for June delivery slipped 22 cents to settle at US$49.92 a barrel on the New York Mercantile Exchange. The contract fell $1.41 to settle at $50.14 on Monday. 783 words. By Mark Williams. BC-Oil-Prices, 3rd Writethru. ___ WASHINGTON @_ Federal Reserve policymakers are weighing whether additional steps are needed to brace the economy as an outbreak of the swine flu has emerged as a potential new danger that could aggravate the recession. 600 words. By Jeannine Aversa. BC-US-Fed-Interest-Rates. Moved. ___@ BERLIN @_ Germany's economy minister said Tuesday that Canadian car parts maker Magna International Inc. (TSX:MG.A) has drawn up a "rough concept" for its possible investment in Germany's Adam Opel GmbH, but the next move hinges on Opel's U.S. parent company, General Motors Corp. 700 words. By Patrick McGroarty. BC-Magna-Opel, 1st Writethru. Moved. ___@ TOKYO @_ Major Japanese bank Sumitomo Mitsui Financial Group Inc. has reached a basic agreement to buy a Japan-based brokerage unit from Citigroup Inc. for 500 billion yen, or US$5.2 billion, a newspaper said Tuesday. 500 words. BC-Japan-Citigroup, Bgt. Moved. ___@ The Canadian Press is also following:@ TORONTO @_ The Toronto stock market closed lower for a second day, as investors continued to take profits Tuesday from a seven-week-old spring rally. 850 words. By Malcolm Morrison. BC-Dollar-Markets, 6th Writethru. Moved. ___@ QUEBEC @_ Metal components manufacturer Sigma Industries Inc. (TSXV:SIC) to close its manufacturing facility in Acton Vale, Que., lay off about 40 employees. BC-Sigma. Moved. ___@ MONTREAL @_ Ranaz Corp. (TSXV:RNZ), a protein and dietary supplement maker, said healthy sales of its Protidiet product and the acquisition of BarTech USA helped boost its annual revenue, trimming its loss to $3.8 million. BC-Ranaz. Moved. ___@ LONGUEUIL, Que. @_ Heroux-Devtek Inc. (TSX:HRX), a Canadian manufacturer of aerospace and industrial products, says Lockheed Martin Aeronautics Co. has awarded another multi-year contract to manufacture complex structural machined parts and assemblies for the F-35 Lightning II aircraft, known as the Joint Strike Fighter. The contract is worth C$50 million, Heroux-Devtek said Tuesday. BC-Heroux-Devtek. Moved ___@ BOUCHERVILLE, Que. @_ Canam Group Inc. (TSX:CAM) said Tuesday it has won a $25 million contract to expand and rebuild a bridge in New York City. BC-Canam-NY-Bridge. Moved. ___@ OTTAWA @_ Statistics Canada says more people filed for Employment Insurance in February than any month since comparable data began to be compiled in 1997. BC-StatsCan-Employment-Insurance. Moved. ___@ OTTAWA @_ C-Com Satellite Systems Inc. (TSXV:CMI), a global mobile auto-deploying satellite antenna systems provider, said Tuesday its first-quarter profit was nearly wiped out to just $266 from $38,136 in the same 2008 period. BC-C-Com-Satellite-Systems. Moved. ___@ TORONTO @_ Samuel Manu-Tech Inc. (TSX:SMT), a North American industrial products and technology company, reported a net loss of $9.1 million for the first quarter, reversing a profit last year, as sales fell nearly 15 per cent. BC-Samuel-Manu-Tech. Moved. ___@ TORONTO @_ Fiber Optic Systems Technology Inc. (TSXV:FOX), a developer of patented sensing systems, says it cut its annual loss by $1 million on cost cutting taken throughout the year. BC-Fiber-Optic-Systems. Moved. ___@ TORONTO @_ Indian company Vedanta Resources PLC has confirmed it owns 9.5 per cent of HudBay Minerals Inc. (TSX:HBM) but an RBC Capital Markets analyst says there's only a small chance Vedanta will acquire the Canadian base-metal miner and it may be looking to sell its shares and book a profit instead. BC-HudBay-Vedanta. ___@ TORONTO @_ Nortel Networks Corp. (TSX:NT) has been granted a 90-day extension of its court protection from bankruptcy until July 30. BC-Nortel. Moved Datafile only. ___@ CAMBRIDGE, Ont. @_ ATS Automation Tooling Systems Inc. (TSX:ATA) disclosed Tuesday that its Photowatt France solar-power equipment division will stop production for three weeks "in response to lower demand for solar modules and systems." BC-ATS-Photowatt ___@ BRANTFORD, Ont. @_ Automotive exhaust component maker Wescast Industries Inc. (TSX:WCS.A) has been sucked down into a $9.8-million first-quarter loss as sales plunged 48 per cent from a year earlier. BC-Wescast. Moved. ___@ GUELPH, Ont. @_ Armtec Infrastructure Income Fund (TSX:ARF.UN) announced Tuesday an agreement to purchase Quebec infrastructure company Groupe Tremca Inc. for about $45 million. BC-Armtec-Tremca, 1st Writethru. Moved. ___@ SASKATOON @_ Potash Corp. of Saskatchewan Inc. said Tuesday that it was offering US$1 billion in notes that it plans to use to reduce debt under its revolving credit facilities and for general corporate purposes. BC-PotashCorp. Moved. ___@ CALGARY@ _ Opti Canada Inc. (TSX:OPC) saw its first-quarter loss widen to $97 million from $6 million a year ago, but recorded its first commercial revenue from synthetic crude produced at the Long Lake oilsands project. The Calgary-based company siad its loss amounted to 50 cents per share diluted versus a loss of three cents per share in the year-earlier period. 6589 words. BC-Opti-Canada. ___ CALGARY @_ Power generator TransAlta Corp. (TSX:TA) has reported a first-quarter net profit of $42 million, up from $33 million a year earlier, although earnings excluding one-time factors declined to $36 million from $99 million as electricity output sagged eight per cent. BC-TransAlta. Moved. Will be Updated. ___@ CALGARY @_ Oilfield equipment supplier CE Franklin Ltd. (TSX.CFT) has reported a modest slippage in first-quarter profit on flat sales, saying diversification has offset the decline in its core business. January-March net income was $6 million or 33 cents per share, compared with year-ago earnings of $6.3 million or 34 cents per share. Sales were up by $100,000 at $140.7 million. BC-CE-Franklin. Moved. ___@ OKOTOKS, Alta.@ _ Mullen Group Income Fund (TSX:MTL.UN) reported Tuesday a nearly 40 per cent drop in quarterly profit compared with a year ago, hurt by a significant drop in demand for core drilling services. The oilfield services trust said it earned $31.1 million or 38 cents per unit for the three months ended March 31 compared with a profit of $49.8 million or 62 cents per unit a year ago. Revenue for the quarter totalled $312 million, down from $358.1 million. 186 words. BC-Mullen-Group. ___ RED DEER, Alta. @_ Parkland Income Fund (TSX: PKI.UN), the company behind Fas Gas Plus, Fas Gas and Race Trac Fuels, posted a 91 per cent increase in first-quarter net income while net sales and operating revenues dipped six per cent. BC-Parkland. Moved. ___@ VANCOUVER@ _ Eye care company QLT Inc. (TSX:QLT) reported Tuesday a US$1.3 million first-quarter profit, reversing a year-ago loss of $10.5 million as a 23.9 per drop in sales of its key Visudyne drug was offset by improved revenue and higher profit shares. The Vancouver-based firm, which reports in U.S. dollars, said its earnings amounted to two cents per share, versus a year-earlier loss of 14 cents. Revenues improved to $30.1 million from $26.7 million in the prior-year period. 160 words. BC-QLT. ___ VANCOUVER @_ The A&W Revenue Royalties Income Fund (TSX:AW) has reported 6.6 per cent growth in same-store sales in the first quarter compared with a year earlier. Overall sales in the fast-food restaurant royalty pool rose 5.4 per cent to $146.1 million, distributable cash grew 4.7 per cent to just under $4 million, and the trust announced a special distribution of 10 cents per unit. BC-A&W ___@ VANCOUVER @_ Western Canadian Coal Corp. (TSX:WTN) says it has signed enough sales contracts to continue running its Brule mine and Wolverine operation in British Columbia. BC-Western-Canadian-Coal, 1st Writethru. Moved. ___@ VANCOUVER@ _ Sun Gro Horticulture Income Fund (TSX:GRO.UN) said Tuesday that it earned a profit in its most recent quarter compared with a loss a year ago, helped by a stronger U.S. dollar, lower energy costs and cost cutting last year. The peat moss fund said the profit amounted to $3.3 million or 15 cents per unit for the three months ended March 31 compared with a loss of $1.4 million or six cents per share a year ago. 194 words. BC-Sun-Gro. ___ VANCOUVER@ _ Methanex Corp. (TSX:MX) reported Tuesday a loss in its first quarter, hurt by falling prices for methanol. The company, which keeps its books in U.S. dollars, said Tuesday that it lost US$18.4 million or 20 cents per diluted share for the three months ended March 31 compared with a profit of $64.6 million or 66 cents per diluted share a year ago. 267 words. BC-Methanex. ___ RICHMOND, B.C. @_ Privately owned pet superstore operator Petcetera says it will close four of its company-operated outlets in Alberta and Ontario as the company restructures its operations. The closures are effective May 23 and affect 100 employees, Petcetera said Tuesday. BC-Petcetera-Closures. Moved ___@ RICHMOND, B.C. @_ MacDonald, Dettwiler and Associates Ltd. (TSX:MDA), a provider of specialized information and satellite technology, says it has won a C$4 million contract to provide advanced technology for use in a European communications satellite. BC-MDA-Contract. Moved. ___@ THE CANADIAN PRESS BUSINESS@ (c) 2009 The Canadian Press |