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INDEX:Advisories
(Canadian Press DataFile Via Acquire Media NewsEdge) BUSINESS EDITORS:@ Here are Canadian Press Business budget lines as of 6:30 p.m. ET. Plans may change as circumstances warrant.
Queries should be addressed to business editor John Valorzi at 416-507-2146 or to Craig Wong on the business desk 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-Canada-U.S.-Protectionism will move General (G) and Business (B). A story slugged BC-Via-Strike will also move G and B. Please guard against duplication.
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@TORONTO _ Research In Motion (TSX:RIM) is remaining steadfast in its pursuit of Nortel Networks' wireless business, despite not submitting a bid before the auction closed, but the BlackBerry maker is really after several key patents that aren't included in the deal, and could help secure its future as a mobile phone technology leader. 700 words. By David Friend. BC-Nortel-RIM, 2nd Writethru. Moved.
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MONTREAL@ _ Cable TV operator Videotron, which is setting up a wireless phone network, has negotiated a deal with Rogers Communications Inc. (TSX:RCI.B) so Videotron can roam exclusively on the Rogers network in Canada. The deal, announced Wednesday, will help provide future Videotron wireless customers outside the Quebec company's coverage area access to a national wireless network so they can make cellphone calls from anywhere in Canada. 550 words. By LuAnn LaSalle. BC-Videotron-Rogers, 2nd Writethru. Moved
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MONTREAL@ _ The new Battle Strikers toy made by Montreal's Mega Brands Inc. (TSX:MB) has topped British toy retailer Hamleys' list of must-have toys for Christmas. It marks the first time that the struggling Canadian toymaker has made the prestigious retailer's annual holiday shopping list and could signal brighter times ahead for the company. 477 words. By Ross Marowits. Moves General (G) and Business (B); With QuickList. BC-Christmas-Toys, 1st Writethru.
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OTTAWA _ Canadians started buying again in May, an indication of a growing confidence the economy was improving. But there was also the first sign that the federal government's stimulus package _ in particular, the $3-billion home renovation tax credit _ was influencing Canadian behaviour. 600 words. By Julian Beltrame. BC-Retail-Economy. Moved Business (B) and General (G).
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TORONTO _ New Statistics Canada retail data showing that auto-related sales increased by 8.3 per cent month over month in May indicate that the auto sales slump is slowly but surely starting to reverse itself, industry experts say. It could still be years before sales return to where they were before the global recession began, but the new numbers provide hope that the worst is over. 700 words. By Kristine Owram. BC-Auto-Recovery, 2nd Writethru. Moved.
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TORONTO _ Shoppers Drug Mart Corp. (TSX: SC) boosted its second-quarter profits by 7.5 per cent, helped by an increase in prescription sales and the expansion of its store space, the countrys largest pharmacy chain announced Wednesday. Canada's largest drug store operator said its net income grew to $136 million in the second quarter from $127 million a year ago, as sales edged up 8.5 per cent to nearly $2.3 billion. 600 words. By Maria Babbage. BC-Shoppers-Drug, 1st Writethru. Moved.
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CALGARY _ Suncor Energy Inc. (TSX:SU), days away from becoming Canada's biggest energy company, said low oil prices were the main factor behind its $51 million second-quarter loss. 600 words. By Lauren Krugel. BC-Suncor-Earnings, 1st Writethru@
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CALGARY _ Paramount Energy Trust (TSX:PMT.UN) says it's curtailing production in response to the downturn in natural gas prices. The trust said Wednesday it has voluntarily shut in, or is about to shut in, production totalling about 35 million cubic feet per day. 500 words. By Lauren Krugel, BC-Paramount-Energy, 3rd Writethru. Moved.@
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VANCOUVER - West Fraser Timber Co. Ltd. (TSX:WFT) said it will keep cutting costs and production as it enters the fourth year of what its CEO called "the most severe depression in the wood products industry since the 1930s." 650 words. By Brenda Bouw West-Fraser-Timber, 1st Writethru. Moved. @
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BERLIN@ _ Germany said Wednesday that it still favours a consortium led by Canada's Magna International Inc. (TSX:MG.A) to take over General Motors Co.'s Opel unit. The German government said it hoped for an agreement over the next week with the U.S. auto maker. 650 words. By Geir Moulson. BC-Magna-Opel, 2nd Writethru. Moved.
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CHICAGO@ _ Airplane maker Boeing says its second-quarter earnings rose 17 per cent to beat analyst expectations amid robust defense sales and higher operating profit for its commercial aircraft division. Chicago-based Boeing earned US$998 million, or $1.41 per share. 600 words. By Daniel Lovering. BC-Boeing, 1st Writethru. Moved.
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NEW YORK _ Oil prices dipped Wednesday after a government report showed U.S. fuel supplies are growing, with American consumers buying less gas even at a huge discounts to last year. 450 words. By Chris Kahn. BC-Oil Prices, 1st Writethru. Moved
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The Canadian Press is also following:@
TORONTO _ The Toronto stock market was slightly higher mid-afternoon Wednesday as Canadian bank stocks advanced and investors got over a disappointing earnings report from Suncor Inc. (TSX:SU). By Malcolm Morrison. BC-Dollar-Markets, 4th Writethru. Moved. Will be Updated.
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ST. JOHN'S, NL. _ Power producer and distributor Fortis Inc. (TSX:FTS) says it has raised its stake in Bermuda-based Caribbean Utilities Company Ltd. (TSX:CUP.U) to 59.5 per cent. BC-Fortis. Moved.
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HALIFAX _ Nova Scotia Power Inc.'s ability to meet renewable energy targets was thrown in question Wednesday after the province's regulator rejected its request to approve a proposal that would see the utility burn waste wood to create electricity, By Keith Doucette. BC-NS-Biomass-Ruling, 2nd Writethru Bgt. Moved.
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HALIFAX@ _ Gammon Gold Inc. (TSX:GAM) says it will lower its 2009 production guidance by about 19 per cent due to a seven-week strike at one of its mines in Mexico but will keep its 2010 guidance intact. The gold and silver producer said Wednesday it is expecting to produce 150,000 to 170,000 ounces of gold instead of its earlier forecast of 185,000 to 205,000 ounces. 222 words. BC-Gammon-Gold.
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MONTREAL@ _ Semafo Inc. (TSX:SMF), a Montreal-based miner, says it has acquired from Etruscan Resources Inc. (TSX:EET) their minority interest in the Samira Hill mine in the West African country of Niger. Semafo now holds an 80 per cent stake in the mine with, with the rest held by the Niger government. 298 words. BC-Semafo-Samira-Hill. Moved.
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MONTREAL@ _ Golden Goose Resources Inc. (TSXV:GGR), a junior Montreal miner, says it has struck a deal to sell its Montauban properties in Quebec to Excel Gold Mining for $150,000 and a royalty on future production. The Montauban properties are located 100 kilometres northeast of Shawinigan, Que. and include a past producing mine. 76 words. BC-Golden-Goose.
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OTTAWA@ _ The environmental impact of the proposed Hebron oil and gas project off Newfoundland's coast will continue to be assessed through a comprehensive study, Environment Minister Jim Prentice said Wednesday. That means the project can no longer be referred to mediator or review panel, according to the ministry. 211 words. BC-Prentice-Hebron, 1st Writethru. Moved
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OTTAWA@ _ Retail sales rose 1.2 per cent in May to $34 billion, more than offsetting a modest decline in April. Statistics Canada reports sales increased in seven of eight sectors, led by a 2.4 per cent increase in the automotive sector. 244 words. Moves (B) Business) and (G) General. BC-StatsCan-Retail.
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TORONTO _ Jaguar Financial Corp. (TSX:JFC) says it has settled a legal dispute with specialty metals company Tiomin Resources Inc. (TSX:TIO) and has dropped a court application against Tiomin and its directors. BC-Jaguar-Tiomin. Moved.
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TORONTO@ _ Restaurant operator Priszm Income Fund (TSX:QRS.UN) said Wednesday it was slashing its monthly cash distribution by 80 per cent as restaurant sales flagged during the second quarter. The Toronto-based fund, which gets royalties on sales at more than 400 KFC, Taco Bell and Pizza Hut restaurants across Canada, reported net earnings of $1.8 million for the quarter ended June 14. The results represented a decline from year-earlier profits of $2.8 million. 155 words. BC-Priszm.
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TORONTO@ _ Bio-Extraction Inc. (TSXV:BXI) a Toronto-based company that extracts oil and proteins from oilseeds, says it's building a new canola processing plant in Minot, N.D. The plant will have the capacity to process 80,000 tonnes of canola a year, the company said Wednesday. 154 words. BC-BioExx.
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TORONTO@ _ Timminco Ltd. (TSX:TIM) said Wednesday it plans to lay off up to 60 employees amid weak second-quarter demand for its upgraded metallurgical silicon, used in making solar energy cells. The Toronto-based miner said it unloaded just 14 per cent of its quarterly inventory, shipping just 34 of the 243 metric tons produced during the period. Timminco was already operating at reduced capacity, running three of the seven available purification lines at its operations. 251 words. BC-Timminco.
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MISSISSAUGA, Ont.@ _ Fuel-cell maker Hydrogenics Corp. (TSX:HYG) said Wednesday it has terminated a manufacturing and supply deal with American Power Conversion Corp., a move that sent the company's shares tumbling more than seven per cent. The agreement, signed three years ago, was for Hydrogenics to supply APC with up to 500 fuel cell power modules over a three-year period. 229 words. BC-Hydrogenics.
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SARNIA, Ont.@ _ An unidentified company will be the new owner of a wheel manufacturing plant in Sarnia, Ont., that was a victim of the auto sector meltdown. The Canadian company has purchased the UBE property, including the building and most of the six-year-old plant's assets. 110 words. BC-Sarnia-Plant.
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WINNIPEG@ _ Canwest Global Communications Corp. (TSX:CGS) announced Wednesday it would close two of its local conventional television stations by the end of August. A Canwest representative said about 80 jobs in total are affected by the closures of CHEK-TV in Victoria and CHCA-TV in Red Deer, Alta. 405 words. BC-CRAFT-Canwest, 1st Writethru. Moved
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CALGARY@ _ Precision Drilling Trust's hard-won acquisition of Grey Wolf Inc. helped boost second-quarter revenue by 51 per cent to $210 million, the oilfield driller announced Wednesday (TSX:PD.UN). The Calgary-based trust also reported a doubling of net income to $57 million or 22 cents per unit for the quarter ended June 30, compared to $22 million or 16 cents per unit a year ago when revenue was $139 million. 448 words. BC-Precision-Drilling, 1st Writethru.
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CALGARY@ _ A German company will own 70 per cent of the Breagh gas field in the U.K. North Sea, while Calgary-based Sterling Resources (TSXV:SLG) will continue to own 30 per cent after a pair of tranactions announced Wednesday. RWE Dea AG of Hamburg will pay C$130 million to buy a 15 per cent working interest in the field from Sterling and US$61.751 million to buy the 10 per cent stake that's held by Calgary-based Stratic Energy Corp. (TSXV:SE). 273 words. BC-Breagh-Gas-Field.
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VEGREVILLE, Alta. _ TerraVest Income Fund (TI.UN) fell sharply Wednesday after the trust said that it would stop paying distributions to conserve cash and reduce debt. BC-TerraVest. Moved.
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CALGARY@ _ Husky Energy Inc. (TSX:HSE) said Wednesday that it earned $430 million or 51 cents per diluted share in its second quarter compared with a profit of $1.36 billion or $1.60 per diluted share in the same quarter last year. Sales and operating revenues, net of royalties, were $3.92 billion, compared with $7.20 billion. 400 words. BC-Husky-Energy.
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VANCOUVER _ Teck Resources reports financial results after stock markets close Wednesday. BC-Teck-Resources
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DUBAI, United Arab Emirates _ BlackBerry users in the Middle East business centres of Dubai and Abu Dhabi who were directed by their service provider to upgrade their phones were actually installing spy software that could allow outsiders to peer inside, according to the device's maker. By Adam Schreck. BC-ML-UAE-Blackberry-Spying. Moves World (W) and Business (B)
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THE CANADIAN PRESS
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(c) 2009 The Canadian Press
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