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INDEX:Advisories(Canadian Press (delayed) Via Thomson Dialog NewsEdge) BUSINESS EDITORS: Here are Canadian Press Business budget lines as of 7 p.m. ET. Plans may change as circumstances warrant. Queries should be addressed to business editor John Valorzi at 416-507-2146 or to Brenda Bouw at 604-692-1171. To contact Canadian Press Business by e-mail, send messages to business(at)thecanadianpress.com. NEW YORK _ Merrill Lynch & Co., the world's largest brokerage, on Thursday said it would cut 4,000 jobs after more than US$6 billion in fresh writedowns pushed it to a loss for the first quarter. Chief executive John Thain also cautioned that things were unlikely to improve much in the next couple of quarters. 750 words. By Joe Bel Bruno. BC-Merrill-Lynch, 3rd Writethru. Moved. OTTAWA _ Canada continued to dodge the global inflation bullet last month, as the annual rate slipped to 1.4 per cent from 1.8 per cent in February. That's the lowest inflation rate since January 2007, and marked a fourth straight month in which inflation slowed. Analysts said the strong loonie helped dampen inflation by essentially keeping import prices low and leaves the Bank of Canada with room for an interest rate cut next week. Several economists have predicted there will be a half-point cut. 700 words. By John Ward. BC-BC-Inflation, 2nd Writethru. Filed General (G) and Business (B). TORONTO _ Ontario electricity consumers will be the ones stuck with the bill for escalating costs to re-start a Bruce Power nuclear station, which the company now says will cost 24 per cent more than initially expected, critics warned Thursday. By Romina Maurino and Keith Leslie. BC-Bruce-Power, 2nd Writethru, Bgt. Moved. General (G) and Business (B) wires. GATINEAU, Que. _ Canada's two largest broadcasters joined forces Thursday to warn that cable and satellite companies will destroy the country's broadcasting system if the federal regulator doesn't stop them. 650 words. By Julian Beltrame. BC-TV-Hearings, 4th Writethru. Moved General (G) and Business (B). Will be Updated TORONTO _ Torstar Corp. (TSX:TS.B) is cutting 160 jobs, including the entire Internet production staff at its flagship Toronto Star daily, in a restructuring prompted by continuing weakness in the newspaper industry. 800 words. By David Friend. BC-CRAFT-Torstar, 6th Writethru Bgt. Moved General (G) and Business (B). TORONTO _ Despite a worldwide credit crisis and market turmoil, David Thomson sees an upbeat future for Thomson Reuters Corp. (TSX:TRI), whose shares began trading Thursday for the first time and promptly tumbled on the London, Toronto and New York stock exchanges. 700 words. By Eric Shackleton. BC-Thomson-Reuters, 4th Writethru. Moved. TORONTO _ The new CEO of Cott Corp. (TSX:BCB) says new products, bottled water and cost reductions will help the troubled soft-drink maker boost profitability after a sales decline stemming in part from Wal-Mart's decision to reduce shelf space for its sodas. 750 words. By Romina Maurino. BC-Cott-Corp., 2nd Writethru. Moved. TORONTO _ Vancouver-based Telus Corp. (TSX:T) may appeal a CRTC decision that says residential customers who didn't use the company's long-distance phone service should get refunds of a $2.95 monthly fee that went into effect last November. By David Paddon. BC-Telus-CRTC, 3rd Writethru Bgt. Moved General and Business. TORONTO _ Expectations are minimal for stock market returns this year and investors are having to work hard to squeeze out every percentage point gain. Many investors have flocked to dividend mutual funds over the past few years and the returns from these have been impressive. 911 words. By Malcolm Morrison. Weekly Money Monitor. BC-Money-Monitor. Moved NEW YORK _ Retail gasoline prices in the United States pushed past a record high Thursday as Canadian prices continued to rise as well, although a bit more slowly because of the strong Canadian dollar. 900 words. BC-Oil-Prices, 4th Writethru, Bgt. Moved. CALGARY _ Many drivers are frustrated about how much the cost of gasoline has gone up, but experts say the price that refiners pay for crude oil _ now trading around a record US$115 a barrel _ has risen even faster. While Canadians were on average paying $1.21 per litre on Thursday, compared to about $1.08 at this time last year, Edward Jones analyst Lanny Pendill said pump prices have not even come close to catching up with refiners' soaring costs. 594 words. By Lauren Krugel. Moved Business (B) and General (G); With BC-Oil-Prices. BC-Gasoline-Refineries, 3rd Writethru. HELSINKI _ Shares in Nokia Corp. plunged more than 13.5 per cent Thursday after the world's largest mobile phone maker downgraded its forecast for the global handset market and posted lower-than-expected earnings in the first quarter. By Matti Huuhtanen. BC-Nokia, 1st Writethru, Bgt. Moved. MILWAUKEE _ Harley-Davidson Inc. (NYSE:HOG) will cut its workforce by about eight per cent and curtail shipments of its iconic motorcycles this year after reporting a decline in first-quarter profits Thursday, with domestic sales tumbling nearly 13 per cent. 600 words. By Emily Fredrix. BC-Harley-Davidson, 1st Writethru, Bgt. Moved. The Canadian Press is also following: TORONTO _ The Toronto stock market was little changed mid-Thursday afternoon as the TSX digested a three-day runup driven by commodity related stocks that sent the market to its best level since early November. By Malcolm Morrison. BC-Dollar-Markets, 4th Writethru. Moved. Will be Updated. MONTREAL _ A union official says the Montreal Gazette will soon be sending out layoff notices to 45 employees in its sales and service department. By Peter Rakobowchuk BC-CRAFT-Gazette-Layoffs, 1st Writethru. Moved Business (B) and General (G) MONTREAL _ A U.S. subsidiary of CGI Group Inc. (TSX:GIB.A) has won a software contract from the U.S. Environmental Protection Agency that could be worth up to US$19-million. BC-CGI-Group. Moved Datafile only. BC-CGI-Group. Moved Datafile only. MONTREAL _ CryoCath Technologies Inc. (TSX:CYT) says it will raise $17.4 million in a bought deal to help it raise money for research and pay down debt. BC-CryoCath. Moved. MONTREAL _ Footwear maker Crocs Inc. (NASDAQ:CROX) has shut down part of its Quebec City plant earlier than expected, throwing 350 people out of work. The closure as of this Wednesday follows the company's announcement on Monday it would shut it doors in July. 262 words. BC-Crocs. SAINT-ELZEAR-DE-BEAUCE, Que. _ ADS Inc. (TSX: AAL.A) swung to a profit in fiscal 2007 thanks to a 17-per-cent rise in revenues. The Quebec-based textile manufacturing company said its profit was $934,000 or five cents per share for the year ended Jan. 27, 2008, compared to a loss of $1.7 million or six cents per share the year before. 149 words. BC-ADS. OTTAWA _ Statistics Canada says bad winter weather in Ontario, Quebec and the Maritimes is largely to blame for declines in the number of Americans visiting Canada in February. BC-StatsCan-Travel. Moved. GATINEAU, Que. _ Calgary-based cable giant Shaw Communications Inc. (TSX:SJR.B) sent a shot across the bow of the CRTC by writing to Stephen Harper and asking the prime minister to bring the ``misguided'' broadcasting regulator to heel. BC-TV-Hearings-Shaw. Moved. LAVAL, Que _ Hart Stores Inc. (HIS:TSX), a Quebec-based operator of mid-sized department stores, said its annual profit was $3.5 million. The profit amounted to 25 cents per share for the 52 weeks ended Feb. 2, 2008, compared to a profit of $4.1 million or 30 cents per share for the 53-weeks end Feb. 3, 2007. 184 words. BC-Hart-Stores. TORONTO _ Speedy Corp. is taking over the Minute Muffler group, adding the 91 Minute Muffler franchises across Canada to its 65-shop Speedy Auto Service franchise network. Speedy did not divulge financial details Thursday but said the combined business ``will enjoy a strengthened level of buying power and market reach in an industry where size has a dramatic influence on success.'' BC-Speedy-Minute-Muffler, 1st Writethru. Moved OTTAWA _ The Canadian Real Estate Association said existing homes sales tumbled 13 per cent for the first three months of the year compared to last year, prompting one analyst to call the end of Canada's hot housing market. CREA also said while new listings surged to the highest level on record, the resale market has become ``more balanced'' for the first time in nine years. 489 words. Moved Business and General. BC-Home-Sales. TORONTO _ Fourth-quarter results released by the Ontario Finance Ministry on Thursday showed the province's economy was still growing at the end of 2007, but at such a slow rate that one of Canada's top economists is warning a minor recession is a possibility this year. The figures show Ontario's economy grew at 0.1 per cent between October and December, compared with growth of 0.2 per cent for all of Canada over the same period. By comparison, the United States economy grow at the same rate as Ontario's in the fourth quarter. 657 words. By Keith Leslie. Moves Business (B) and Regional (C); guard against duplication. BC-Ont-Economic-Growth, 1st Writethru. TORONTO _ Shares in Homeland Energy Group Ltd. (TSX:HEG) rose nearly 13 per cent Thursday after the company announced it has sold five per cent of its South African coal mining subsidiary for US$15 million. BC-Homeland-Energy. Moved. TORONTO _ RBC Capital Markets (TSX:RY) raises its target price for Potash Corp. of Saskatchewan Inc.'s (TSX:POT) shares to $300 from $250 after a consortium of major Saskatchewan producers announces a US$400-a-tonne price increase for sales this year to China's biggest fertilizer distributor. BC-Potash-RBC. BURLINGTON, Ont. _ West 49 Inc. (TSX:WXX) has tumbled to a full-year loss of $2.4 million, down from a prior-year profit of $4.1 million, as sales increased 4.9 per cent to $204.9 million from $195.3 million but the company booked a big writedown on its Off The Wall stores. BC-West-49. Moved. GUELPH, Ont. _ The Co-operators Group Ltd. has reported net income of $154.8 million in 2007, up from $133.4 million the previous year. The property, casualty and life insurance co-operative also announced two new members, the Okanagan North Growers Co-operative and the Regina Community Clinic. BC-Co-operators. Moved GUELPH, Ont. _ Hammond Power Solutions Inc. (TSX:HPS.A) has reported a 20 per cent increase in first-quarter sales to $48.4 million and a 43 per cent rise in net income to $5.1 million, boosted by an acquisition and proceeds of a divestment. The Ontario-based manufacturer of electrical transformers said Thursday its order backlog increased by half from a year earlier as it ``continues to succeed with its market expansion and channel growth in the United States and Canada.'' BC-Hammond-Power. Moved WINNIPEG _ Manitoba Hydro has signed a $2-billion agreement to sell 500 megawatts of power south of the border. BC-Mba-US-Power-Deal. Moved Business (B) and Regional (D). CALGARY _ True Energy Trust (TSX:TUI.UN) has agreed to sell its Dodsland-Stranraer natural gas property in Saskatchewan for $40 million under a plan to divest a number of its assets in the province. BC-True-Energy. Moved. CALGARY _ China's main offshore oil and gas company has agreed to pay $125 million to acquire half of a subsidiary of Husky Energy Inc. (TSX:HSE) that is developing a natural gas field off the coast of East Java, Indonesia. Calgary-based Husky, which has oil and gas interests in Alberta, off the east coast of Canada and elsewhere, has previously announced it has arranged the sale of 100 million cubic feet per day of natural gas from the Madura BD field to East Java buyers. 186 words. BC-Husky-Energy-CNOOC. VANCOUVER _ Angiotech Pharmaceuticals, Inc. (TSX:ANP) said Thursday it has received approval from the U.S. Food and Drug Administration to market its 5-Fluorouracil-coated central venous catheter in the United States. BC-Angiotech. Moved VANCOUVER _ Baja Mining Corp. (TSX:BAJ) says consortium led by Korea Resources Corp. will buy a 30-per-cent interest in its El Boleo project in Mexico. The consortium will provide a financing package of up to US$435 million. BC-Baja-Mining. KAMLOOPS, B.C. _ Ainsworth Lumber (TSX:ANS) is reducing the work week to four days for 310 employees at its mills in Savona and Lillooet, B.C. because of a downturn in the province's forestry sector. BC-Lumber-Jobs. Moved Business and Western Regional (D) from member copy. Kamloops Daily News. PRINCE RUPERT, B.C. _ The once shining jewel in the crown of the former Skeena Cellulose pulp mill empire in Prince Rupert has been downsized. BC-Tree-Farm-Cut. Moved Business and Western regional from member copy. Prince Rupert Daily News. OMAHA, Neb. _ Online brokerage TD Ameritrade Holding Corp. (TSX:TD) has booked a 32 per cent increase in quarterly profit on strong trading activity and growth in asset-based revenue. By Josh Funk. BC-TD-Ameritrade, 2nd Writethru. Moved. VANCOUVER _ Petaquilla Minerals Ltd. (TSX:PTQ) says it has settled its dispute with Geneva Resources Inc. regarding the San Juan property in Panama. The settlement sees Petaquilla retain a 100-per-cent interest in the property and issue to Geneva 100,000 common shares. 84 words. BC-Petaquilla-Minerals. DETROIT _ Both sides in the nearly two-month strike against auto parts maker American Axle and Manufacturing Holdings Inc. are reporting progress in contract talks, but a company spokeswoman says a deal is not imminent. ``Talks are progressing, and that's a good sign. But any talk of a tentative agreement is premature at this time,'' spokeswoman Renee Rogers said Thursday. 496 words. By Tom Krisher. BC-American-Axle-Labour. OTTAWA _ PharmaGap Inc. (TSXV: GAP), an Ottawa-based drug developer, saw its shares skyrocket Thursday after the company released results of animal studies that it said indicate statistically significant effectiveness of its lead cancer drug in treating human breast and colon cancer. The company's shares gained 50 cents, or 454.55 per cent, to close at 61 cents on more than 17.2 million shares traded on the TSX Venture Exchange. 199 words. BC-PharmaGap. BOUCHERVILLE, Que. _ Groupe Bikini Village inc. (TSX:GBV) says profit dipped slightly in the fourth quarter and fiscal 2007, but that sales are up so far in fiscal 2008. The Quebec-based retailer reported a fourth-quarter profit of $941,000 or a penny per share on revenues of $12.9 million for the 13 weeks ended Feb. 2, 2008. 215 words. BC-Groupe-Bikini-Village. THE CANADIAN PRESS Copyright ? 2008 The Canadian Press |