TMCnet News
The Canadian Press Business News Budget for Friday, Sept. 11, 2009(Canadian Press DataFile Via Acquire Media NewsEdge) BUSINESS EDITORS:@ Here are Canadian Press Business budget lines as of 9 p.m. ET. Plans may change as circumstances warrant. To contact CP Business by email, send messages to business(at)thecanadianpress.com. In addition to the following, a story slugged BC-Deficit-Outlook has moved 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. 750 words. By David Paddon. BC-Economy, 6th Writethru. Moved Business (B) and General (G). Will be Updated. ___@ 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. Moved. ___@ CALGARY @_ Now that EnCana Corp.'s (TSX:ECA) delayed plans to split in two are going ahead, the executives set to head the spinoffs said Friday they are eyeing ways to further focus their respective companies, including asset sales. 850 words. By Lauren Krugel. BC-EnCana-Split, 3rd Writethru. Moved. ___@ TORONTO @_ 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. 65 words. By David Paddon. BC-Viterra, 3rd Writethru. Moved. ___@ 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. 950 words. By Brenda Bouw. BC-Paradox-Of-Thrift, 1st Writethru. Moved 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, 2nd Writethru. Moved. ___@ NEW YORK@ _ FedEx Corp., the world's second largest package delivery company, on Friday offered a signal that the global economy is improving, as it raised its first-quarter earnings forecast on better-than-expected international shipments and cost cuts. Its shares leapt more than six per cent in Friday trading. The company's performance is seen as a key indicator of overall economic health, but FedEx hesitated to predict when a recovery may ramp up. 451 words. By Samantha Bomkamp. See Photo. BC-US-FedEx-Outlook, 3rd Writethru Budget. ___ 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, 5th Writethru Budget. Moved. ___@ BERLIN @_ 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. ___@ ATLANTA@ _ Air Canada (TSX:AC.B) says the United States' insistence that the carrier cancel all of its season-long sports charter flights would wreak havoc on the upcoming professional hockey and basketball seasons if it is upheld. Teams could have difficulty playing back-to-back games in the U.S. if they are forced to return to their home country between each game. 740 words. By Harry R. Weber. Moves Business and Sports. BC-US-Air-Canada-Sports-Team-Travel, 3rd Writethru Budget. ___ 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 @_ Gold futures raced past the US$1,000-mark on Friday and helped the Toronto stock market close another positive session. 650 words. By David Friend. BC-Dollar-Markets, 6th Writethru. Moved. ___@ 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. ___@ MONTREAL@ _ Struggling toy maker Mega Brands (TSX:MB) was upset Friday with Standard & Poor's decision to downgrade its ratings on concerns about its weak liquidity outlook. "We're not pleased with the downgrade considering that we're completely on track to meet our annual operating plan," spokesman Carine Sroujian said in an interview. 370 words. By Ross Marowits. BC-Mega-Brands, 1st Writethru. ___ MONTREAL@ _ World Color Press Inc. (TSX:WC) named Andrew Hines as interim chief financial officer on Friday. 192 words. BC-World-Color-Press-CFO. ___ LAVAL, Que. @_ Mercator Transport Group Corp. (TSXV:GMT), a Quebec-based international trucking and logistics company, reports it lost $20,000 for the three months ended July 31, the first quarter of the company's 2010 fiscal year. BC-Mercator. 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@ _ Canadian Auto Workers president Ken Lewenza said Friday he's frustrated at the lack of progress the union has made so far in labour talks with Ford Canada. The negotiations have stalled because the company is refusing to commit to maintaining its current manufacturing footprint in Canada _ an agreement that both Chrysler and General Motors made in contracts earlier this year, Lewenza said. 400 words. Moves General (G) and Business (B). Avoid duplication. BC-Ford-CAW, 1st Writethru. ___ 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. ___@ TORONTO @_ The Toronto Stock Exchange (TSX:X) says measures granting temporary relief from some listing requirements will end on Sept. 30. BC-TSX-Issuer-Relief. Moved Datafile only. ___@ WATERLOO, Ont. @_ Brick Brewing Co. (TSX:BRB) said Friday it's outsourcing its distribution to The Beer Store as part of a $2-million cost-cutting plan for fiscal 2010. BC-Brick-Brewing. ___@ 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, 2nd Writethru. ___ WINNIPEG @_ Canwest Global Communications Corp. (TSX:CGS) said Friday that its lenders have granted its subsidiary, Canwest Media Inc., another extension on its debt. BC-Canwest-Debt. Moved Datafile only. ___@ CALGARY@ _ Pason Systems Inc. (TSX:PSI) said Friday it has signed a deal to buy Petron Industries Inc., a privately held designer and manufacturer of drilling rig instrumentation systems. Financial terms of the deal were not immediately available, but Pason said the acquisition was "a relatively minor expenditure for Pason and will not deliver meaningful EBITDA in the near future given the current depressed conditions." 126 words. BC-Pason-Systems. ___ 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. ___@ CALGARY @_ Ceres Capital Corp. (TSXV:SRS), a Calgary-based oilpatch company, says it has struck a deal to acquire Element Energy Canada Ltd. in a share swap transaction valued at $1.65 million. BC-Ceres-Element. 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 |