TMCnet News
The Canadian Press Business News Budget for Thursday, Nov. 12, 2009(Canadian Press DataFile Via Acquire Media NewsEdge) BUSINESS EDITORS: Here are The Canadian Press Business Budget lines as of 10 p.m. EST. 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-Conference-Board-Provinces, 2nd Writethru will moved General (G) and Business (B). Please guard against duplication. MONTREAL _ BCE Inc. (TSX:BCE) more than doubled third-quarter profits as it reported a record number of new cellphone subscribers and said its wireless segment is positioning the company for future growth. Despite the weaker economy and strong competition, Bell Wireless reported it had 501,000 new cellphone subscribers _ 14.1 per cent more than in the same period last year _ due to new mobile phones, services and applications. BCE reported that net income was $558 million or 72 cents per share for the third quarter. That was up from a profit of $248 million or 31 cents per share last year. 650 words. By LuAnn LaSalle. BC-BCE, 6th Writethru. Moved MONTREAL _ GLV Inc. (TSXGLV.A) said the negative impact of the controversial Buy American Act appears to be improving after its water treatment group won two municipal contracts after several months of delays. The company's said Thursday its profits plummeted 66 per cent due primarily to challenges facing its pulp and paper group. 550 words. By Ross Marowits. BC-GLV-Results, 2nd Writethru. Moved. MONTREAL _ CN Rail's (TSX:CNR) new president Claude Mongeau told a New York investor conference Thursday he expects the economic recovery will be slow and that little will change in the railway's operation when he takes over next month from Hunter Harrison. 450 words. By Ross Marowits. BC-CN-Mongeau, 2nd Writethru. Moved. TORONTO _ The Canada Pension Plan's investment fund saw its assets grow by 4.6 per cent to $123.8 billion between the first and second quarters of its fiscal year, spurred by revived equity markets but offset somewhat by a strong Canadian dollar. Year-over-year, the CPP Fund has gained 5.5 per cent, but its assets are still below their value of $127.7 billion in the first quarter of fiscal 2009, before the financial crisis hit. 700 words. By Kristine Owram. BC-CPP-Fund, 4th Writethru. Moved. TORONTO _ Much has been said about the investment potential of gold, but advisers say investors shouldn't ignore the yellow metal's less popular cousin, silver. In fact, some argue that silver will provide better returns over the long run because of its combined appeal as a precious metal and an industrial commodity. 600 words. By Kristine Owram. BC-Money-Monitor. Moved. TORONTO _ Canadian Tire Corp. (TSX:CTC.A) says its profits fell nearly 22 per cent in the third-quarter as unseasonal weather slowed its sales, and the company's financial services division faced higher loan losses. 675 words. By David Friend. BC-Canadian-Tire, 4th Writethru. Moved. TORONTO _ Auto supplier Linamar Corp. (TSX:LNR) says the unprecedented slump in vehicle sales continues to take its toll on the company's bottom line, but the downturn is also providing ``significant short-term opportunities'' in the form of new business wins. 700 words. By Kristine Owram. BC-Linamar, 2nd Writethru. Moved. TORONTO _ HudBay Minerals Inc. (TSX:HBM), a Toronto-based zinc miner, says Peter Jones will retire as chief executive of the company at the end of the year, only nine months after he returned in the wake of a corporate and board shakeup. BC-HudBay-Minerals-Jones, 1st Writethru Budget. Moved. CALGARY _ The gas-focused company that will emerge from EnCana Corp.'s (TSX:ECA) split at the end of the month plans to hang onto an East Coast offshore natural gas project for the time-being. 600 words. By Lauren Krugel. EnCana, 3rd Writethru. Moved. WASHINGTON _ New claims for unemployment insurance in the United States fell more than expected last week, evidence the job market is slowly healing as the economy recovers. Still, many analysts worry the nation could be in for a ``jobless recovery'' as the unemployment rate rises despite some overall economic growth. By Christopher S. Rugaber. BC-US-Economy, 2nd Writethru Budget. Moved. NEW YORK _ Wal-Mart Stores Inc. (NYSE:WMT) posted a 3.2 per cent increase in third-quarter profit, helped by cost-cutting measures like slashing inventories, and raised its full-year earnings outlook. 700 words. By Anne D'Innocenzio. BC-APFN-US-Earns-Wal-Mart, Budget. Moved. Will be Updated. NEW YORK _ Intel Corp. (NASDAQ:INTC) is paying US$1.25 billion to Advanced Micro Devices Inc. (NYSE:AMD), its largest rival in the market for computer processors, to settle all antitrust and patent suits, the companies said Thursday. BC-US-Intel-AMD-Settlement, 1st Writethru. Moved. Will be Updated. UNDATED _ Oil prices fell below US$79 a barrel Thursday amid signs that U.S. crude demand remains weak and as the dollar strengthened, making commodities like oil more expensive for international investors. BC-Oil-Prices, 1st Writethru Budget. Moved LOS ANGELES _ The Walt Disney Co. posted a surprise 18 per cent increase in fourth-quarter earnings Thursday and announced an executive job switch that might point to an eventual successor to chief executive Robert Iger.Iger, 58, said he was behind the decision to turn chief financial officer Tom Staggs into the parks and resorts chairman, while making parks chairman Jay Rasulo the new CFO. 600 words. By Ryan Nakashima. See Photo . US-Earns-Disney. BRUSSELS _ The world's largest brewer, Anheuser-Busch InBev, made a $1.546 billion profit in the third quarter but that revenue fell 10 percent from last year, when the company was created in a merger, as beer sales shrank. By Aoife White. BC-EU-Belgium-Earns-AB-InBev, 2nd Writethru. Moved. MADRID, Spain _ Iberia and British Airways have approved an agreement establishing the basis for a merger, the Spanish carrier said late Thursday. Iberia called it a ``binding agreement'' aimed at creating one of the world's largest airline groups, with a fleet of 419 aircraft flying to 205 destinations. By Jane Wardell,Meera Selva BC-EU-Britain-British-Airways-Iberia, 3rd Writethru. Moved. The Canadian Press is also following: TORONTO _ The Toronto stock market closed lower as U.S. data showing falling oil and gasoline demand raised worries about economic weakness. By Malcolm Morrison. BC-Dollar-Markets, 6th Writethru. Moved. HALIFAX _ Jazz Air Income Fund (TSX: JAZ.UN) said both its profit and revenues dropped in the third quarter ended Sept. 30. Jazz, the regional carrier spun off from Air Canada, (TSX:AC.A) said the fund reported third-quarter net income of $25.3 million, down 20 per cent compared to $31.7 million for the same quarter last year. BC-Jazz-Air, 1st Writethru. Moved. HALIFAX _ Gammon Gold Inc. (TSX:GAM) says its third-quarter loss doubled from a year ago to $7 million as revenues from its mining operations in Mexico weakened. BC-Gammon-Gold, 1st Writethru. Moved. LUNENBURG, N.S. _ High Liner Foods Inc. (TSX:HLF) reports third-quarter earnings of $5.1 million or 28 cents a share compared with $5.4 million or 29 cents in the year-ago period. Revenue was $143.7 million, compared with $149.4 million last year. BC-High-Liner, 1st Writethru. Moved. LAVAL, Que. _ Tough economic conditions and a hit to its European subsidiary caused LAB Research Inc. (TSX:LRI) to widen its losses in the third quarter. BC-LAB-Research, 1st Writethru. QUEBEC _ Cominar Real Estate Investment Trust (TSX:CUF.UN) says third-quarter profits surge 12 per cent amid resilience of Quebec economy. The Quebec City company is one of Quebec's biggest owners of commercial properties. BC-Cominar. Moved. MONTREAL _ Information technology company Hartco Inc. (TSX:HCI) has more than doubled net earnings in the third quarter despite a small decline in revenue. BC-Hartco, 1st Writethru. Moved MONTREAL _ Oilfield technology provider ProSep Inc. (TSX:PRP) reported it swung to a loss in the third quarter as revenues declined by more than $3 million. BC-ProSep, 1st Writethru. Moved. MONTREAL _ Power Financial Corp. (TSX:PWF) , one of Canada's largest financial services companies, reports a slight decline in third-quarter net earnings to $452 million from $457 million. 500 words. BC-Power-Financial, 2nd Writethru. Moved. MONTREAL _ GLV Inc. (TSX:GLV.A), a Quebec-based maker of industrial equipment and technology, reports its second-quarter profits fell by 66 per cent to $994,000 due to severance costs and challenges facing the company's pulp and paper equipment division. BC-GLV-Results. VAL-D'OR, Que. _ Orbit Garant Drilling Inc. (TSX:OGD) has posted a slight dip in fiscal first-quarter profits while revenues were up six per cent, helped mainly by an acquisition. BC-Orbit-Garant, 2nd Writethru. Moved. DRUMMONDVILLE, Que. _ Quebec investment fund Capital regional et co-operatif Desjardins says it has acquired the aviation division of Les Petroles Therrien inc. in partnership with a member of the existing management team and an outside buyer. BC-Desjardins-Therrien, 2nd Writethru. Moved. DRUMMONDVILLE, Que. _ CVTech Group Inc. (TSX: CVT) reported lower third-quarter earnings Wednesday despite higher overall revenues compared with the same period in 2008. BC-CVTech, 1st Writethru. Moved. MONTREAL _ Information technology company Hartco Inc. (TSX:HCI) has more than doubled net earnings in the third quarter despite a small decline in revenue. BC-Hartco, 1st Writethru. Moved. MONTREAL _ Air Canada (TSX:AC.B) is going to start charging extra for preferred seats with extra legroom including emergency exit rows and bulkhead seats. BC-Air-Canada-Seats, 1st Writethru. Moved. MONTREAL _ Worldcolor (TSX:WC), the company formerly known as Quebecor World, reported a profit of US$13.3 million in its latest quarter.The Montreal-based printer, which keeps its books in U.S. dollars, said the profit compared with a loss of $64.2 million a year ago. 141 words. Worldcolor. OTTAWA _ Contractors' selling prices rose 0.5 per cent in September, the largest month-over-month increase since January 2008. BC-StatsCan-New-Houses, 1st Writethru. OTTAWA _ The Bank of Canada said Thursday that deputy governor David Longworth will retire at the end of March next year, the second senior executive at the central bank to announce their departure in a month. BC-Bank-Longworth, 1st Writethru. Moved Business and General. OTTAWA _ A new report says employment declined much faster in the early months of the current economic downturn than it did early in the recessions of 1981 and 1990. But the analysis by Statistics Canada found employment levels in the next seven months of the current downturn were relatively stable, while employment had continued to decline in previous downturns. BC-StatsCan-Job-Trends. Moved (B) Business and (G) General KINGSTON, Ont. _ Skyline Apartment REIT announced Thursday that it has acquired a $26.9-million multi-residential portfolio in Kingston, Ont. BC-Skyline, 1st Writethru. Moved. TORONTO _ Hanfeng Evergreen Inc. (TSX:HF), a Toronto company which is the largest producer of slow and controlled release fertilizers in China, reports its net profits in the latest quarter fell to $6.1 million from $8.2 million. BC-Hanfeng-Evergreen. Moved. TORONTO _ Sun Life Financial (TSX:SLF) and National Bank of Canada (TSX:NA) say they are forming a strategic partnership that will give Sun Life Financial advisers access to a wide range of National Bank financial products for clients. BC-Sun-Life-National. Moved. TORONTO _ Cargojet Income Fund (TSX:CJT.UN) said Thursday it was increasing its monthly cash distributions to unitholders and that it will pay a special one-time distribution of 36 cents per unit. BC-Cargojet-Distributions, 1st Writethru. Moved TORONTO _ Leon's Furniture Ltd. (TSX:LNF) says profits tumbled in the third quarter as weakness in the economy ate into its sales results. The Toronto-based furniture, appliance and electronics retailer said profits fell to $15.6 million, or 22 cents per share, in the three months ended Sept. 30. That compared to $17.5 million or 25 cents a share in the prior-year period. BC-Leons, 2nd Writethru. Moved. TORONTO _ Long-distance services company Telehop Communications Inc. (TSXV:HOP) returned to profitability in the third quarter despite a 15 per cent drop in revenues. BC-Telehop, 1st Writethru. Moved. TORONTO _ Spectral Diagnostics Inc.'s (TSX:SDI) said consulting costs and a currency exchange loss contributed to wider loss in the third quarter despite a 16 per cent jump in revenue. BC-Spectral-Diagnostics, 1st Writethru. Moved. TORONTO _ Toromont Industries Ltd. (TSX:TIH) reaffirms its intention to make a formal takeover bid for Enerflex Systems Income Fund (TSX:EFX.UN). Enerflex unitholders would have a choice of receiving either $13.50 cash per unit or 0.5098 of a Toromont common share and five cents cash per unit. Toromont is willing to pay a maximum of $300 million cash and issue up to 11.1 million shares under the proposal. Under the initial Oct. 16 announcement, Toromont had said at least half of the offer would be in cash with the rest in stock. BC-Toromont-Enerflex. TORONTO _ Novadaq Technologies Inc. (TSX:NDQ) says its third-quarter net loss and comprehensive loss shrank to US$3.9 million or 16 cents a share, from a loss of $4.1 million or 17 cents a share last year. Revenues for the imaging systems maker dropped to $1.7 million from $3.3 million. BC-Novadaq. TORONTO _ Caledonia Mining Corp. (TSX:CAL) says third-quarter profit rose to $826,000 from a $2.8-million loss last year, as revenues more than doubled to $4.93 million on higher gold sales. BC-Caledonia-Mining. Moved TORONTO _ FNX Mining Company Inc. (TSX:FNX) says its third-quarter loss more than doubled as it took a $53-million writedown on its investment in Gold Wheaton Gold Corp. (TSX:GLW) and revenue plunged by 75 per cent from a year ago. BC-FNX-Mining, 1st Writethru. TORONTO _ Higher sales volumes and increased prices helped Sino-Forest Corp. (TSX:TRE) grow its third-quarter profit by 41 per cent from a year ago. BC-Sino-Forest, 1st Writethru. Moved. TORONTO _ Alcohol producer Corby Distilleries Ltd. (TSX:CDL.B) reported Thursday a first-quarter profit of $8.4 million, down from $9.8 million in prior-year period, as sales fell 11 per cent on lower consumer demand during the economic downturn. BC-Corby-Distilleries, 1st Writethru. Moved. TORONTO _ Migao Corporation (TSX:MGO), a TSX-listed company that operates specialy potash fertilizer business in China, reports its net profits fell to $9.6 million from $12.9 million a year earlier. BC-Migao. TORONTO _ Telus Corp. (TSX:T), Corus Entertainment (TSX:CJR.B) and Walmart Canada are among the 2009 top 10 ``most admired'' corporate cultures in Canada, a new survey shows. The list, compiled by executive search firm Waterstone Human Capital, ranked Canadian companies with strong corporate cultures, despite the economic downturn. BC-Corporate-Culture-Survey, 1st Writethru. TORONTO _ Subscriber growth helped XM Canada (TSX:XSR) trim its losses in the fourth quarter, as revenues rose. The Toronto company, which is owned by Canadian Satellite Radio Holdings Inc., said revenue revenue rose 17 per cent to $13.7 million for the period ended Aug. 31. BC-XM-Canada, 1st Writethru. Moved GUELPH, Ont. _ Auto parts maker Linamar holds its third-quarter earnings conference call after stock markets close. BC-Linamar. WELLAND, Ont. _ Lakeside Steel Inc. (TSXV:LS) says it lost $3 million or five cents per share in its fiscal second quarter compared to a profit of $2.8 million or four cents per share a year earlier. Quarterly revenue was $17.8 million, down 70 per cent from $58.5 million in the same quarter of 2008. BC-Lakeside-Steel. WINNIPEG _ Farm equipment maker Ag Growth International Inc. (TSX:AFN) had a $15.1 million profit in the third quarter, up 55 per cent from the year earlier, repeating the benefit of a good harvest and improving credit conditions. BC-Ag-Growth, 1st Writethru. Moved. WINNIPEG _ New Flyer Industries Inc. (TSX:NFI.UN) reported Thursday a loss in its most recent quarter, weighed down by a US$17.6-million charge related to foreign exchange.The maker of heavy-duty transit buses, which keeps its books in U.S. dollars, said lost $9.2 million or 19 cents per unit for the quarter ended Oct. 4 compared with a profit of $8.8 million or 22 cents per unit a year ago. 87 words. New-Flyer. CALGARY _ Bonterra Oil & Gas Ltd. (TSX:BNE) profits slide to $5.8 million in the third-quarter from year-earlier $21.1 million; revenue on oil and gas sales falls to $21 million from $34.2 million. BC-Bonterra-Oil. CALGARY _ Bonterra Oil & Gas Ltd. (TSX:BNE) says its profit slid to $5.8 million in the third-quarter as revenues weakened. The Calgary-based energy producer said Thursday the earnings amounted to 31 cents per share, compared with $21.1 million or $1.23 a year earlier. BC-Bonterra-Oil, 1st Writethru. CALGARY _ Niko Resources Ltd. (TSX:NKO), a Calgary-based company which operates in India, Bangladesh and other parts of Asia, reports it earned more than $45 million in the second quarter of Niko's 2010 fiscal year. That compared with a loss of $22.4 million for the same period a year earlier. Oil and natural gas revenue jumped to $77.9 million from $24.1 million. BC-Niko-Resources, 1st Writethru. Moved. CALGARY _ Petrobank Energy and Resources Ltd. (TSX:PBG) third-quarter profit drops 55 per cent to $54.8 million from year-ago $123.2 million as oil prices retreat, oil and natural gas revenue down 27 per cent to $232.5 million; production increased 28 per cent to 39,427 barrels per day. BC-Petrobank. CALGARY _ Pure Energy Services Ltd. (TSX:PSV), a Calgary-based oil and gas drilling services company, reports it lost nearly $4 million in the third quarter, reversing a $719,000 profit for the same 2008 period. BC-Pure-Energy. Moved. CALGARY _ Pantera Drilling Income Trust (TSX:RIG.UN), a Calgary based energy services company, reports its net profit in the third quarter plunged to $388,00 or four cents a unit from nearly $2.6 million or 38 cents a year earlier. BC-Pantera, 1st Writethru. Moved. CALGARY _ DirectCash Income Fund (TSX:DCI.UN) says its improved third-quarter profits and revenue were boosted by its solid Mexican operations, acquisitions and higher year-over-year activity. BC-DirectCash, 1st Writethru. Moved Datafile only. CALGARY _ Cequence Energy Ltd. (TSX:CQE), a junior Calgary oil and gas company, reports a net loss of nearly $7 million in the third quarter, reversing a profit of nearly $6.1 million a year earlier. BC-Cequence-Energy, 2nd Writethru. Moved CALGARY _ Sure Energy Inc. (TSX:SHR) , a junior Calgary based oil and gas company, reports its third quarter net loss widened to nearly $1.3 million from $176,000 last year. BC-Sure-Energy-Q3-rslts, 1st Writethru. Moved. CALGARY _ Savanna Energy Services Corp. (TSX:SVY) said Thursday that it lost $4.5 million in its most recent quarter as revenue was cut in less than half.The oilfield services company said the loss amounted to six cents per share for the quarter ended Sept. 30 compared with a profit of $11.3 million or 19 cents per share a year ago. 125 words. Savanna-Energy-Services. CALGARY _ Boardwalk Real Estate Investment Trust (TSX:BEI.UN) said Thursday it earned $14.5 million in its latest quarter, down from a year ago, as rental revenue held steady.The rental apartment trust said the profit amounted to 27 cents per unit for the quarter ended Sept. 30 compared with a profit of $17.5 million or cents per unit a year ago. 85 words. Boardwalk-REIT. CALGARY _ Alberta's international exports, dominated by the energy sector, are expected to grow by eight per cent next year, says a forecast by Export Development Canada. Energy exports shrivelled this year as commodity prices contracted sharply compared to 2008, when both oil and natural gas spiked to historic levels. 309 words. Alta-Exports. CALGARY _ Canadian Pacific Railway Ltd. (TSX:CP) said Thursday that it plans to issue $400 million in notes that will be used for general corporate purposes including possibly funding pension obligations and reducing other debt.The railway said it expects $398 million in net proceeds from the offering of the 6.45 per cent notes due Nov. 17, 2039. 76 words. Canadian-Pacific. CALGARY _ Keyera Facilities Income Fund (TSX:KEY.UN) said Thursday it has signed a long-term deal with Imperial Oil Resources Ventures Limited to provide diluent transportation, storage and rail offload services for the Kearl oil sands project. Starting in late 2012, Keyera will transport diluent by pipeline from the Edmonton area to a delivery pipeline north of Fort Saskatchewan for delivery to the Kearl site located near Fort McMurray, Alta. 124 words. Keyera. CALGARY _ Suncor Energy Inc. (TSX:SU) added two former top executives to its board of directors on Thursday.The energy company said former Manulife (TSX:MFC) chief executive Dominic D'Alessandro and former SNC-Lavalin (TSX:SNC) chief executive Jacques Lamarre will join its board. 148 words. Suncor-Board. HIGH RIVER, Alta. _ Western Financial Group (TSX:WES) nearly doubled its quarterly profit compared with a year ago as revenue grew 25 per cent.The financial services company said Thursday that it earned $4.1 million or six cents per share for the quarter ended Sept. 30 compared with a profit of $2.1 million or four cents per share a year ago. 107 words. Western-Financial. VANCOUVER _ First Majestic Silver Corp. (TSX:FR) said it swung to a profit in the third quarter as revenues rose. BC-First-Majestic, 1st Writethru. Moved Datafile only. VANCOUVER _ Capstone Mining Corp. (TSX:CX) swung to a loss in the third quarter but saw sales rise on higher metal prices and volumes. BC-Capstone. Moved Datafile only. VANCOUVER _ Eastern Platinum Limited (TSX:ELR) swung to a profit in the third quarter despite a drop in production and prices. The Vancouver based miner, which operates in South Africa, reported a profit of $1.8 million or zero cents per share in the third quarter. BC-Eastern-Platinum, 2nd Writethru. Moved Datafile only. BURNABY, B.C. _ Hockey rink owner and operator Canlan Ice Sports Corp. (TSX:ISE) reported Thursday a third-quarter net loss of $1.4 million, widened from a year-ago $1.3 million in a quarter that is generally considered its weakest. BC-Canlan-Ice-Sports, 1st Writethru. Moved. VANCOUVER _ Western Coal Corp. (TSX:WTN) has named former Rio Tinto (NYSE:RTP) executive Keith Calder as its new president and CEO as of Dec. 1. The Vancouver-based mining company said its current CEO, John Hogg, will retire at the end of this month. BC-Western-Coal, 1st Writethru. VANCOUVER _ Westport Innovations Inc. (TSX:WPT) swung to a loss in the second quarter as sales fell 19 per cent. The Vancouver-based company, which makes technology for low-emission engines in trucks, reported a net loss of $9 million or 28 cents per share for the quarter ended Sept. 30. BC-Westport, 1st Writethru. Moved. VICTORIA _ Vecima Networks Inc. (TSX:VCM), a provider of technology for broadband access to cable, wireless, fibre and telephone networks, says its net profits fell sharply in the latest quarter, mainly from lower sales. BC-Vecima-Networks. SAN FRANCISCO _ San Francisco-based private equity firm Vector Capital has increased its offer to buy out the other shareholders of Corel Corp. (TSX:CRE), the Ottawa-based software company best known for its line of graphics software. BC-Corel, 1st Writethru. Moved. THE CANADIAN PRESS (c) 2009 The Canadian Press |