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The Canadian Press Business News Budget, Friday, Sept. 11(Canadian Press DataFile Via Acquire Media NewsEdge) BUSINESS EDITORS:@ Here are Canadian Press Business budget lines as of 1 p.m. ET. Plans may change as circumstances warrant. Queries should be addressed to business editor John Valorzi at 416-507-2146 or Dave Paddon on the business desk at 416-507-2138. To contact CP Business by email, send messages to businessthecanadianpress.com. In addition to the following, a story slugged BC-Deficit-Outlook will move General (G) and Business (B). Please avoid duplication. TORONTO _ Harry Winston Diamond Corp. (TSX:HW) says a new operating plan for the Diavik diamond mine in Canada's Far North would see a winter shutdown cancelled and 2010 delivery ramped up to 7.5 million carats of diamonds or more. 700 words. By Kristine Owram. BC-Harry-Winston, Budget. Moved. ___@ TORONTO _ Canada will have a stronger economic rebound next year than the United States and other Group of Seven countries because of the ability of Canadian households to take advantage of low interest rates, CIBC World Markets predicts. 650 words. By David Paddon. BC-Economy, 5th Writethru. Moved Business (B) and General (G). ___@ MONTREAL _ A strong summer quarter at its Sobeys grocery division helped Empire Company Ltd. (TSX: EMP.A) boost its first-quarter profit to $89.7 million despite challenges facing its real estate operations. 600 words. By Ross Marowits. BC-Empire-Sobeys, 3rd Writethru. ___@ CALGARY _ Investors are cheering EnCana Corp.'s (TSX:ECA) decision to go ahead with plans to split into two distinct companies, sending the stock up about six per cent. EnCana shares were trading at $62.71, up $3.37 midday Friday on the Toronto Stock Exchange. 650 words. By Lauren Krugel. BC-EnCana-Split. Moved. Will be budgeted update after 1 p.m. ET news conference. ___@ CALGARY _ Agribusiness giant Viterra Inc. (TSX:VT) reported Friday a third-quarter profit $120.7 million, down from a year-earlier $166.7 million as a slowdown in global demand for fertilizer that accompanied the recession was offset by a strong performance by the company's grain handling division. 550 words. BC-Viterra, 2nd Writethru. Moved. Will be Updated after 1 p.m. ET conference call. ___@ UNDATED _ The recession is confusing a lot of consumers who, on one hand, are saving money for a rainy day, but on the other are told to spend to help boost the economy. It's a conundrum economists call "The Paradox of Thrift," saying too much saving can be just as bad as too much spending. 700 words. By Brenda Bouw. BC-Paradox-Of-Thrift. Moves Business (B) and General (G) ___@ WASHINGTON _ U.S. businesses reduced inventories at the wholesale level for a record 11th consecutive month in July, although sales rose by the largest amount in more than a year, according to government data released Friday. 600 words. By Martin Crutsinger. BC-US-Economy, 1st Writethru. Moved. Will be Updated. ___@ UNDATED _ Oil prices hovered near US$72 a barrel Friday as a drop in U.S. crude inventories suggested demand may be picking up and the dollar continued to slump against other currencies, boosting commodities. By Mark WIlliams. BC-Oil-Prices, 4th Writethru Budget. Moved. Will be Updated. ___@ BERLIN, Germany _ GM's decision to sell European subsidiary Opel to auto parts maker Magna International (TSX:MG.A) was a political victory for German Chancellor Angela Merkel. But the carmaker's future success is far from guaranteed. 500 words. By George Frey, Patrick McGroarty. BC-EU-Germany-Opel, Budget. Moved. ___@ ATLANTA _ Delta Air Lines Inc. is considering making a cash infusion of a couple hundred million dollars to aid struggling Japan Airlines Corp., a person briefed on the talks said Friday. 600 words. By Harry R. Weber. BC-US-Delta-Japan-Airlines, Budget. Moved Datafile only. ___@ SHANGHAI, China _ China's economic recovery gained momentum in August, adding to confidence the government's lavish stimulus spending is working, yet failing to silence all doubts the rebound is sustainable. 700 words. By Elaine Kurtenbach. BC-AS-China-Economy, 1st Writethru Budget. Moved. ___@ The Canadian Press is also following: TORONTO@ _ The Toronto stock market lifted higher shortly after the opening bell as commodities picked up the pace. The S&P/TSX composite index was ahead 84.58 points to 11,241.03 after gaining 154.83 points Thursday. 406 words. By David Friend. BC-Dollar-Markets, 1st Writethru. Moved. Will be Updated. ___ SAINT JOHN, N.B.@ _ Irving Oil is about to begin a $220 million, 60-day upgrade to its refinery in Saint John, N.B. The project, due for completion in November, is expected to employ 1,800 tradespeople at peak times. 107 words. BC-Irving-Upgrade. ___ STELLARTON, N.S.@ _ A strong summer quarter at its Sobeys grocery division helped Empire Company Ltd. (TSX: EMP.A) boost its first-quarter profit to $89.7 million, the Nova Scotia-based company announced Friday. Empire's net income amounted to $1.31 per share in the fiscal first quarter ended Aug. 1, up from $75.7 million or $1.15 per share a year earlier. 209 words. BC-Empire-Sobeys, 1st Writethru. Moved. ___ HALIFAX _ Nova Scotia Power has filed an application with the provincial regulatory agency to develop a 45-megawatt wind farm at Nuttby Mountain. BC-NS-Wind-Farm. Moved Datafile only ___@ SAINTE-JULIE, Que. _ Swimsuit retailer Groupe Bikini Village Inc. (TSX:GBV) blamed swine flu, "unseasonable" summer weather and the overall recession for posting a loss in the second quarter. BC-Group-Bikini-Village, 1st Writethru. Moved. ___@ OTTAWA _ The federal bankruptcy regulator says the number of people and businesses who went broke in July was more than a third higher than in July 2008. BC-Bankruptcies, 1st Writethru. Moved. ___@ OTTAWA@ _ Contractors selling prices increased 0.3 per cent in July, the first national increase since last September. Statistics Canada reports that prices increased the most in Vancouver (by 1.2 per cent), followed by Hamilton (1.1) and Windsor and Calgary (0.5 each). 107 words. BC-StatsCan-House-Prices. ___ TORONTO@ _ Canada will have a stronger economic rebound next year than its Group of Seven counterparts, in part because of the resiliency of domestic consumer spending and the impact of government stimulus spending, CIBC World Markets says. 300 words. BC-Economy. ___ TORONTO _ RioCan Real Estate Investment Trust (TSX:REI.UN) has paid $38 million to buy its partners' interests in two developments in the Toronto area and in Calgary, the REIT announced Friday. BC-RioCan, 1st Writethru. Moved Datafile only. ___@ WINNIPEG@ _ Manitoba Telecom Services Inc. (TSX:MBT) has received regulatory approval for an agreement with Rogers Wireless Partnership that will allow them to share the cost of deploying a new high-speed network, Manitoba Tel announced Friday. Under the agreement, announced in July, Manitoba Tel and Rogers (TSX:RCI.B) will share the cost of deploying a TMTS/HSPA wireless network across the existing Manitoba Tel's regional network in Manitoba. 132 words. BC-MTS-Allstream-Rogers, 1st Writethru. ___ CALGARY@ _ Compton Petroleum Corporation (TSX:CMT), a Calgary-based natural gas producer, has struck a bought deal financing to raise $150 million, the first major step in the company's planned restructuring. Compton said Friday it has agreed to issue 120 million shares and warrants at $1.25 each to Canadian and U.S. investors to raise the $150 million. 275 words. BC-Compton-Financing. ___ CALGARY@ _ Niko Resources Ltd. (TSX:NKO), a Calgary-based oil and gas company which operates in Asia, says the Indonesian government has selected the company as the successful bidder in three additional exploration blocks. The first block, Halmahera -Kofiau is offshore west Papua, Indonesia and will be operated by Niko with a 50 per cent interest. The block covers 480,000 hectares and is located in water as deep as 1,200 metres. 299 words. BC-Niko-Resources. ___ CALGARY _ Recreational vehicle rental company CanaDream Corp. (TSXV:CDN) reported Friday a lower first-quarter profit as revenues narrowed six per cent, partly due to a decrease in fleet and available rental nights. BC-CanaDream, 1st Writethru. Moved. ___@ VANCOUVER@ _ Red Hill Energy (TSXV:RH) says it has agreed to acquire the Red Lithium property, 70 kilometres northwest of the Silver Peak lithium mine in Clayton Valley, western Nevada. The Vancouver-based junior coal and mineral developer said Friday it will pay C$150,000 and 350,000 common shares, subject to regulatory approval. 73 words. BC-Red-Hill-Energy. ___ THE CANADIAN PRESS @ (c) 2009 The Canadian Press |