TMCnet News
INDEX:Advisories(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. Queries should be addressed to Craig Wong at 613-231-8631. To contact Canadian Press Business by e-mail, send messages to business(at)thecanadianpress.com. In addition to the following, several stories on the economy will be highlighted on the General news budget and will move General (G) and Business (B). They are slugged - BC-Bank-Economy. - BC-Soaring-Gasoline - BC-Maple-Leaf-Foods SASKATOON _ Potash Corp. of Saskatchewan Inc. (TSX:POT), as expected, reaped record earnings in the first quarter with net income of US$566 million, up by more than 180 per cent from $198 million a year earlier. 600 words. BC-PotashCorp, 2nd Writethru, Bgt. Moved. TORONTO _ Celestica Inc. (TSX:CLS) shares shot up 26 per cent to their highest price in more than a year on Thursday after the contract manufacterer reported a first-quarter profit that beat analyst expectations and said it is ``cautiously optimistic'' about 2008 despite the U.S slowdown. 600 words. By Eric Shackleton. BC-Celestica, 6th Writethru. Moved. MONTREAL _ E-commerce still isn't widely used by Canada's private sector businesses to sell products, even though online sales increased at a double-digit pace for the sixth consecutive year in 2007. Statistics Canada reported Thursday that total private and public sector Internet sales hit an estimated $62.7 billion, up 26 per cent from 2006. 563 words. By LuAnn LaSalle. BC-StatsCan-E-Commerce, 1st Writethru. Moved. MONTREAL _ Investors can still cash in on Bell Canada by purchasing both bonds and stocks of BCE Inc. (TSX:BCE) to hedge against a possible collapse of the planned takeover by a Teachers-led consortium, telecom analysts said Thursday. 600 words. By Ross Marowits. BC-BCE, 1st Writethru. Moved HALIFAX _ The slow pace of Clearwater Seafoods Income Fund (TSX:CLR.UN) review of its future status has caused stock analysts to question if a plan to take the firm private is dying out. John Risley, a controlling unitholder, told The Canadian Press last November he was tired of the short-term outlook of the public markets, and wanted a rapid process to end its status as a publicly traded trust. However, analysts say a ``strategic review'' is taking months longer than expected . 705 words. By Michael Tutton. BC-Clearwater-Privatization, Bgt. Moved. TORONTO _ The harsh winter along with the early arrival of the traditionally soft Easter weekend and higher labour costs took a bite out of first-quarter earnings at fast-food operator Priszm Income Fund, which is banking on grilled chicken to lure more health-conscious consumers to its lagging KFC outlets. Priszm, which operates 465 KFC, Taco Bell and Pizza Hut restaurants in seven provinces, reported Thursday a net loss of $1.8 million in the quarter ending March 31, up from a loss of $1.4 million a year ago on falling sales. 433 words. By Colin Perkel. BC-Priszm, 2nd Writethru. Moved. CALGARY _ Suncor Energy Inc. (TSX:SU) will expand its markets in the coming years as the oilsands operator supplies refiners in the United States and beyond, the company said Thursday after reporting its net profits jumped to $708 million in the quarter, up from a year-ago $576 million. 700 words. By Lauren Krugel. With Photos. BC-Suncor, 3rd Writethru. Moved. VANCOUVER _ Methanol producer Methanex Corp.'s (TSX:MX) first-quarter profit fell to $65 million from a year-ago $144.7 million as the methanol market ``rebalanced'' and China moved briefly to being a net exporter of the chemical. 650 words. By Brenda Bouw. BC-Methanex, 3rd Writerthru. Moved VANCOUVER _ Investing in so-called ``green'' companies can ease your conscience, but can you make money and help save the planet? Experts say there are two main strategies to building a green portfolio; buying big companies that have received an environmentally friendly stamp of approval, or picking pure plays such as wind or solar firms. 601 words. By Brenda Bouw. BC-GREEN-Money-Monitor. Moved. VANCOUVER _ British Columbia sold $39.6 million in oil and gas rights in April, up from $5 million for the same month last year, more proof of the aggressive push exploration companies are making into the northeastern part of the province. 450 words. By Brenda Bouw. BC-BC-Oil-Gas-Rights-Sale, 2nd Writethru Bgt. Moved. COLUMBUS, Ohio _ The owner of the Arby's fast food chain said Thursday it is buying Wendy's International Inc. in an all-stock deal worth US$2.34 billion that comes after the burger chain's board rejected at least two earlier offers by the company. 700 words. By Mark Williams. BC-Wendy's-Triarc, 3rd Writethru, Bgt. Moved. DEARBORN, Mich. _ Ford Motor Co. (NYSE:F) surprised Wall Street on Thursday with a $100-million profit in the first quarter as strong results from Europe and South America helped offset the impact of a slumping U.S. economy that cut car and truck sales in its main market. 700 words. By Tom Krisher. BC-Ford, 2nd Writethru Bgt. Moved. CHICAGO _ Cellphone maker Motorola says it lost slightly more money in the first quarter than a year ago as sales in its key mobile unit fell 39 per cent. 600 words. BC-Motorola, 2nd Writethru. Moved SEATTLE _ Microsoft Corp.'s third-quarter profit fell 11 per cent, the software maker reported Thursday as executives renewed their warning that they may go hostile or walk away from their US$44 billion-plus offer for Yahoo Inc. if Yahoo doesn't agree to a deal by Saturday. Before diving into quarterly results, Microsoft chief financial officer Chris Liddell spent a few minutes on a conference call with analysts reiterating the company's stance on its stalled bid to buy Web portal Yahoo. 821 words. By Jessica Mintz. See Photo NYBZ177. BC-Microsoft, 3rd Writethru. Moved. The Canadian Press is also following: TORONTO _ The Toronto stock market closed lower for a third session Thursday as energy stocks sustained losses in the wake of falling oil prices and investors sold off market heavyweight Potash Corp. (TSX:POT) despite record earnings. But the TSX closed well below the lows of the session as financial stocks continued to revive. 793 words. By Malcolm Morrison. BC-Dollar-Markets, 5th Writethru. TEMISCAMING, Que. _ Tembec (TSX:TMB) to temporarily idle Senneterre sawmill during the summer due to lack of wood supply in Quebec region. BC-Tembec. MONTREAL _ Lower bond prices mean investors can still make money by purchasing BCE (TSX:BCE) stocks and bonds, whether the planned takeover by a Teachers-led consortium goes ahead or not, a telecom analyst said Thursday. BC-BCE. Moved Datafile only. MONTREAL _ Canadian Imperial Bank of Commerce (TSX:CM) is adding 90 people to make ``outbound'' calls from its bilingual call centre in Montreal. The bank said Thursday the new workers, starting in May, ``will allow us to almost double the number of calls to our clients to ensure they are getting the best service possible from CIBC.'' BC-CIBC-Call-Centre MONTREAL _ Information technology company CGI Group Inc. (TSX:GIB.A) has renewed a contract for another 10 years in a deal worth about $12 million with Heroux-Devtek (TSX:HRX), a Montreal-based manufacturer of aerospace and industrial products. BC-CGI-Heroux-Devtek. Moved Datafile only. MONTREAL _ SR Telecom Inc. (TSX:SRX) says it has has changed its name to SRX Post Holdings Inc. in the wake of the sale of most of its communications equipment assets to Groupe Lagasse of Sherbrooke, Que. BC-SR-Telecom. Moved Datafile only. MONTREAL _ Canadian National Railway Co. (TSX:CNR) said it plans a US$650 million debt offering that will be used to repay a portion of its commercial paper outstanding and reduce its accounts receivable securitization program. The railway said the offering will include $325 million of 4.95 per cent notes due 2014 and $325 million of 5.55 per cent notes due 2018. 91 words. BC-CN-Debt-Offering. OTTAWA _ The CRTC's concludes public hearings phase on the future of Canadian television after three weeks. Decision from regulator expected later this summer. BC-TV-Hearings. TORONTO _ Nevoro Inc. (TSX:NVR) to buy Sheffield Resources Ltd. (TSXV:SLD) in a share-swap deal valued at about $17 million. Sheffield's principal asset is the advanced-stage Moonlight copper project 140 kilometres northwest of Reno, Nev. BC-Nevoro-Sheffield. TORONTO _ Biovail Corp. investors (TSX:BVF) cheered up Thursday after the U.S. Food and Drug Administration approved Aplenzin, an alcohol-resistant once-daily formulation of antidepressant bupropion hydrobromide. BC-Biovail. Moved. Will be Updated with closing stock price. TORONTO _ China-based fertilizer producer Migao Corp. (TSX:MGO) said Thursday it expects to benefit from potash price hikes, having negotiated prices double those it saw on average in 2007. BC-Migao, 1st Writethru Moved. TORONTO _ An investor vote on a plan to restructure $32 billion worth of frozen asset-backed commercial paper will go ahead as scheduled on Friday, an Ontario Superior Court judge has ruled. ``To postpone the vote, even if something else were to take place before the April 30 expiry of the standstill agreement, would signal the failure of the plan,'' Justice Colin Campbell wrote in his decision Thursday. 500 words. By David Friend. BC-ABCP, 1st Writethru. Moved. TORONTO _ Investment company Urbana Corporation (TSX:URB.A) buys further membership in American Stock Exchange for US$315,000, increasing stake to 30 memberships worth about C$9.6 million. BC-Urbana-AMEX. TORONTO _ Conrad Black has been sued by a television camera operator who has accused the imprisoned former media baron of shoving him in the Chicago courthouse during Black's trial last year. In a lawsuit filed in Chicago, Gary Babbitt was working for Chicago television station WGN at the time when he claims Black deliberately walked into him and injured his shoulder. 188 words. BC-Black-Lawsuit. WINDSOR, Ont. _ The tooling and auto parts sector is getting a $1.2-million funding boost from the Ontario government. BC-Auto-Parts-Investment. Moved Regional (C) and Business (B). CALGARY _ Chemical producer Canexus Income Fund (TSX:CUS.UN) drops to first-quarter loss of $3.3 million from year-ago profit of $11.5 million on $8 million in unrealized losses related to fluctuations in exchange rates; 2008 distributable cash expected to be 12 per cent higher than previous estimates. BC-Canexus. CALGARY _ The National Energy Board said Thursday it was delaying hearings to assess the financial issues of pipeline abandonment to January at the request of stakeholders. BC-NEB-Pipeline-Hearing. Moved. CALGARY _ New North Resources Ltd. has agreed to pay an Alberta Security Commission penalty of $14,900 plus $10,000 in costs after admitting to illegal insider trading. The commission said the firm bought shares in a company without letting on that it knew another company was about to make an offer. BC-ASC-New-North. CALGARY _ AltaGas Income Trust (TSX:ALA.UN) announces plans to spend $55 million to increase volumes and boost efficiency at its Harmattan complex 100 kilometres northwest of Calgary. Plans include $24 million in construction and a 30-kilometre pipeline to a gas plant in southern Alberta. BC-AltaGas-Income-Trust. Moved CALGARY _ Unitholders of Spectra Energy Income Fund (TSX:SP.UN) have voted in favour of a proposed takeover of the trust by Westcoast Energy Inc., a wholly-owned subsidiary of Spectra Energy Corp. BC-Spectra-Energy-Vote. CALGARY _ Masters Energy Inc. (TSX:MSY) said Thursday it earned $876,000 as revenue increased more than 50 per cent. The junior energy company said the profit amounted to six cents per diluted share on $9.5 million in revenue for the three months ended March 31. That compared with a loss of $94,000 or a penny per share on $6.1 million in revenue a year ago. 135 words. BC-Masters-Energy. CALGARY _ Bonnett's Energy Services Trust (TSX:BT.UN) said Thursday that a group of unitholders with a nearly 30 per cent stake in the trust including president and chief executive Murray Toews have said they plan to vote against a unitholder rights plan. The trust said in adding to Toews, chief financial officer Kelvin Torgerson and Matthew Towns, directors of Bonnett's Energy Services Ltd., the administrator of the Trust, have said they will vote against the special resolution. 139 words. BC-Bonnett's-Energy-Services. CALGARY _ Pearl Exploration and Production Ltd. (TSXV:PXX) said Thursday it has signed a deal to sell some of its non-core heavy oil producing assets in Saskatchewan for $75 million to an unidentified large integrated energy company. The assets, principally located in the Lloydminster, Celtic, Pikes Peak and Thunderchild areas of Saskatchewan, produce approximately 3,200 barrels of oil equivalent per day, the company said. 94 words. BC-Pearl. CALGARY _ Petro-Reef Resources Ltd. (TSXV:PER) reported a net loss of $357,550 in 2007, down from a profit of $65,000 in 2006. Gross revenues rose 29.8 per cent to $9.3 million, while total daily production was up 38 per cent to 627 barrels of oil equivalent. 124 words. BC-Petro-Reef. RED DEER, Alta. _ Parkland Income Fund (TSX: PKI.UN) said Thursday it has signed a deal to buy the fuel supply and marketing business of NOCO Energy Canada Inc. for $8.5 million in cash, in a key move into Ontario. The deal includes 56 independently owned and operated Esso, Sunoco and NOCO branded locations and 69 wholesale accounts outside the Toronto area, the gas station income fund said. 170 words. BC-Parkland-NOCO. VANCOUVER _ International Forest Products Ltd. (TSX:IFP.A) said Thursday it lost $1.1 million in its first quarter as revenue slipped 30 per cent. The Vancouver-based forestry company said the loss amounted to two cents per share on $114.4 million in revenue for the three months ended March 31. 199 words. BC-Interfor. VANCOUVER _ Napier Environmental Technologies Inc. (TSX:NIR) said Thursday that shareholders have approved the sale of its intellectual property outside of North America to Freeworld Coatings Global. The $5.25 million deal includes an option to grant Freeworld to acquire its North American sales, marketing and manufacturing operations including existing customers outside of North America. 99 words. BC-Napier-Environmental-Tech. PITTSBURGH _ Nova Chemicals Corp. (TSX:NCX) said it earned a first-quarter profit of US$50 million, up from $44 million a year ago, as revenue increased by more than 25 per cent. BC-Nova-Chemicals. Moved . THE CANADIAN PRESS Copyright ? 2008 The Canadian Press |