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The Canadian Press Business News Budget for Tuesday, June 10, 2008(Canadian Press (delayed) Via Acquire Media NewsEdge) Here are Business coverage plans from The Canadian Press as of 10 p.m. ET. Please note plans may change as circumstances warrant. MONTREAL _ The newly appointed CEO of Molson Coors Brewing Co. (TSX:TAP.B) says the beermaker will be on the prowl to grow its global presence, enriched by the windfall expected from its U.S. joint venture MillerCoors. ``We will be in a position, that we haven't been in before to look for sort of smart acquisition and partnership opportunities worldwide,'' Peter Swinburn, 55, said in an interview with The Canadian Press. 637 words. By Ross Marowits. BC-Molson-Coors, 2nd Writethru. MONTREAL _ Quebecor Inc. (TSX:QBR.B) reported Tuesday that it had net income of $428.1 million in the first quarter of 2008, with nearly 90 per cent of that attributed to accounting changes related to its insolvent former printing subsidiary Quebecor World (TSX:IQW) . In its first financial report since the printer sought court protection from creditors on Jan. 21, the media and printing company said its net profit for the period ended March 31 amounted to $6.66 per share, and compared with a loss of 23 cents a year ago when the total loss was $14.6 million. By Ross Marowits. 550 words. BC-Quebecor, 1st Writethru. MONTREAL _ Bidding in Canada's wireless spectrum auction surpassed more than $3.3 billion on Tuesday, exceeding analysts' expectations. The top three bidders were the established players, Rogers Communications Inc., Telus Communications Company and Bell Mobility Inc. But Quebecor Inc., upstart Globalive Wireless and John Bitove's Data & Audio-Visual Enterprises Wireless Inc., are also spending millions in the auction. Analysts say these players could form alliances to build new networks to compete with the big three players. Consumers can also expect to see more competitive prices, analysts also said. 650 words. By LuAnn LaSalle. BC-Spectrum-Auction, 1st Writethru. OTTAWA _ Although it is too early to use the word stagflation, Canada's economy is entering a period of slow growth and high inflation, suggests the Bank of Canada. That may be news in Canada, but most other industrial countries have been facing the problem for months. 600 words. Julian Beltrame. BC-Economy. TORONTO _ Canadian Auto Workers president Buzz Hargrove says Canadians should ``fire'' the federal government over the state of the country's manufacturing sector. Hargrove said Tuesday the government should be held accountable for failing to do more to control gasoline prices, the soaring loonie and unfair trade. 650 words. By Romina Maurino. Incorporates BC-Hargrove. With BC-GM-Cuts-Protest. BC-CAW-Convention. TORONTO _ The dust has only just settle on second-quarter earnings but the short-term outlook for Canada's biggest banks continues to be relatively bleak, with several analysts maintaining a negative outlook on the sector. 550 words. By David Friend. BC-Banks-Outlook. CALGARY _ Precision Drilling Trust (TSX:PD.UN) is making an unsolicited US$1.61-billion takeover offer for U.S. contract drilling company Grey Wolf Inc., which already has a friendly merger agreement with another company. Under the offer announced Tuesday, the big Canadian drill rig operator has offered US$9 per share in cash and units for Grey Wolf, with the cash portion limited to one-third of the total purchase price. 500 words. By Lauren Krugel. BC-Precision-Drilling-Grey-Wolf, 2nd Writethru. VANCOUVER _ NovaGold Resources Inc. (TSX:NG) has hiked its resource estimate for the Donlin Creek gold site in southwestern Alaska, a project it shares with Barrick Gold Corp. (TSX:ABX), and says it's moving ahead with a study to determine how much it will cost. Vancouver-based NovaGold said Tuesday the companies have identified a preferred design for Donlin Creek, one of the world's largest undeveloped gold deposits, and plan to complete and approve a feasibility study by the first quarter of 2009. 561 words. By Brenda Bouw. BC-Donlin-Creek, 1st Writethru. WASHINGTON _ Senate Republicans blocked a proposal Tuesday to tax the windfall profits of the largest oil companies, despite pleas by Democratic leaders to use the measure to address America's anger over high gasoline prices. The Democratic energy package would have imposed a tax on any ``unreasonable'' profits of the five largest U.S. oil companies and given the federal government more power to address oil market speculation that the bill's supporters argue has added to the crude oil price surge. 576 words. By H. Josef Hebert. Moves Business and World; With BC-Gas-Prices-Retail. BC-US-Oil-Profits, 3rd Writethru. WASHINGTON _ The U.S. trade deficit jumped to the highest level in 13 months in April as America's bill for foreign crude oil soared to an all-time high. The Commerce Department reported Tuesday that the gap between what the nation imports and what it sells abroad rose by 7.8 per cent to US$60.9 billion, the largest imbalance since March 2007. 643 words. By Martin Crutsinger. BC-US-Economy. NEW YORK _ Oil prices fluctuated Tuesday, giving up an earlier advance and slipping as the American dollar held its gains against the euro and the U.S. Energy Department slashed its oil consumption projections. Retail gasoline prices in the United States rose to a new record over $4.04 a gallon. 495 words. By John Wilen. BC-Oil-Prices, 3rd Writethru. The Canadian Press is also following: TORONTO _ The Toronto stock market fell almost 300 points Tuesday after the Bank of Canada surprised economists by leaving interest rates unchanged in order to combat rising inflation and a strong showing by the U.S. dollar sent commodity stocks tumbling. Toronto's S&P/TSX composite index tumbled 272.49 points at mid-afternoon to 14,688.27. 828 words. By Malcolm Morrison. BC-Dollar-Markets, 5th Writethru. MONCTON, N.B. _ Major Drilling Group International Inc. (TSX:MDI) is looking ahead to continued strong growth after concluding its best-ever financial year with its best-ever quarter. The global mine-industry drilling provider said Tuesday it earned $25.4 million in its fourth quarter ended April 30, up 43 per cent from $17.8 million a year earlier as revenue increased 32 per cent to $170 million from $129 million. 441 words. BC-Major-Drilling. MONTREAL _ CAE Inc. (TSX:CAE) has won a contract worth C$24 million to provide two full-mission simulators for the new BAE Systems Hawk 128 advanced jet training aircraft. CAE said Tuesday the 11.8-million-pound contract with Lockheed Martin, working for the British military, could expand to $48 million if options for maintenance and support services are exercised. 96 words. BC-CAE. MONTREAL _ Tembec Inc. (TSX:TMB) waived its shareholder rights plan Tuesday to allow Wayzata Investment Partners LLC to increase its stake in the company to up to 30 per cent. The forestry company said Wayzata has signed a deal to increase its stake to about 21.54 per cent. 161 words. BC-Tembec-Wayzata. OTTAWA _ Canada's trade surplus with the world fell for the first time in four months, declining to $5.1 billion in April from a revised $5.7 billion in March. Exports to the United States increased for the fourth straight month, reaching $30.6 billion, their highest level since April 2007. 127 words. BC-StatsCan-Trade. OTTAWA _ A new study reports Canadian cinemas entertained more moviegoers and were much more profitable in 2006. Statistics Canada says cinemas, including indoor theatres, drive-ins and film festivals, sold 102.9 million tickets in 2006, up 1.9 per cent from 101.0 million the year before. 211 words. Moves (B) Business and (E) Entertainment. BC-StatsCan-Movie-Theatres. OTTAWA _ Directors have a duty to ensure that a proposed plan of arrangement is fair and reasonable to those stakeholder groups affected by it, Catalyst Asset Management argued Tuesday ahead of BCE Inc.'s (TSX:BCE) hearing at the Supreme Court. In a factum filed with the high court, Catalyst said a plan should be rejected if it is not found to balance the interests of affected stakeholders. 362 words. BC-BCE-Appeal. OSHAWA, Ont. _ The Canadian Auto Workers union says it's not surprised General Motors is preparing to go to court in a bid to end the blockade of its Canadian headquarters in Oshawa. CAW Local 222 president Chris Buckley said Monday the union anticipated the court fight and has no plans to back down from its roadblock, which was launched last week. 429 words. Moves General (G) and Business (B), guard against duplication. BC-GM-Cuts-Protest, 1st Writethru. TORONTO _ Fewer people ore looking at buying a recreational property, resulting in slower sales, an increased number of listings on the market and prices that are only slightly higher or flat compared with a year ago, according to a report from Re/Max. The real-estate sales company said Tuesday that of the 45 markets surveyed across the country, about 91 per cent were considered to be transitioning away from a strong selling conditions to one that's more balanced between buyers and sellers. 359 words. By David Friend. BC-Cottages. TORONTO _ Cinram International Income Fund (TSX:CRW.UN) has signed a long-term manufacturing and distribution agreement with Universal Pictures International that covers DVD products throughout Western Europe. The Toronto-based disc producer said Tuesday that it'll boost its capacity to make and ship discs in order to meet the needs of the agreement. 186 words. BC-Cinram. WINNIPEG _ Craig Wireless Systems Ltd. (TSX:CWG) said Tuesday it has filed a preliminary prospectus with the securities regulators for an offering of subordinate-voting shares. The company said the offering will be conducted on a best efforts basis through a syndicate of agents, co-led by National Bank Financial Inc. and Clarus Securities Inc.. 123 words. BC-Craig-Wireless. REGINA _ Workers at the Regina offices of Viterra Inc. (TSX:VT) represented by the Grain Services Union have voted to reject the company's latest contract offer and authorize a strike. The Grain Services Union said Tuesday the workers voted 83 per cent to reject the final offer made by the employer on June 3 and authorize the union to call a strike. 250 words. BC-Viterra. CALGARY _ The Alberta Securities Commission has found former Proprietary Industries Inc. CEO Peter Workum and former chief financial officer Theodor Hennig broke securities laws and acted against the public interest. A commission found a ``web of impropriety'' at the Calgary merchant bank, which held various financial, resource and real estate interests valued in 2001 at about $260 million. 164 words. BC-ASC-Proprietary. CALGARY _ Talisman Energy Inc. (TSX:TLM) said Tuesday it has signed a deal to earn up to a one-third working interest in the U.S. properties owned by shale gas company Hallwood Energy LP by spending up to US$125 million. The company said its wholly owned limited partnership FEI Shale LP has committed to spend the money over 12 to 18 months, depending on the pace of drilling. 244 words. BC-Talisman-Hallwood. VANCOUVER _ Riverstone Resources Inc. (TSXV:RVS) said Tuesday that Teck Cominco Ltd. (TSX:TCK.B) will invest $1.05 million in the firm after completing its due diligence. Under the agreement, Teck Comcino will buy 1.75 million units at 60 cents per unit. 174 words. BC-Riverstone-Teck-Cominco. VANCOUVER _ Canfor Corp. (TSX:CFP) announced Tuesday the indefinite closure of its Mackenzie sawmill, affecting about 200 workers, a majority of whom will be laid off. The company said the move was part of an effort to minimize operating losses during the prolonged downturn in the lumber markets and ongoing production curtailments. 90 words. BC-Canfor-Mackenzie. RIO DE JANEIRO, Brazil _ Companhia Vale do Rio Doce, or Vale, is laying plans for a public offering of common shares (NYSE:RIO) and preferred class A shares, with a maximum value of US$15 billion. The net proceeds will be used for general corporate purposes, which include the financing of Vale's organic growth program based on an investment plan of US$59 billion, strategic acquisitions and increased financial flexibility. 172 words. BC-Vale-Stock-Offering. The Canadian Press Copyright ? 2008 The Canadian Press |