TMCnet News
The Canadian Press Business News Budget for Monday, Nov. 16, 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. Eds: A story on a CRTC hearing into so-called ``fee-for-carriage'' regulation moves on National and Business wires and is promoted on the General News Budget. BC-CRTC-TV-Tax. MONTREAL - Canada says it needs more time, but seven countries and the European Commission have signed an airline liberalization policy statement. Following a summit in Montebello, Que., the parties signed the multilateral statement that aims to ensure the financial sustainability of the global airline industry. 550 words. BC-Airline-Liberalization, 2nd Writethru. Moved. MONTREAL - Globalive CEO Anthony Lacavera said Monday he's still hoping to get his WIND Mobile brand into the Canadian cellphone market as a new competitor and is continuing to test the company's wireless network. Lacavera said he received a letter from the CRTC saying that Rogers, Bell and Telus must co-operate with Globalive on testing of its network with theirs because his company still has proposed status as a wireless carrier. As for those interested in buying Globalive's airwave spectrum, Lacavera said he has no intention of giving up the fight. 500 words. By LuAnn LaSalle. BC-Globalive, 2nd Writethru. MONTREAL _ A larger, more expensive order for new Montreal subway cars could be announced by the end of the year, the head of the city's transit authority said Monday.Yves Devin said it's up to the Quebec government to announce ``at an appropriate time'' if the order will be larger than the original forecast of $1.2 billion for 342 cars. 365 words. By Ross Marowits. Montreal-Subway. TORONTO - The lawyer for a woman who is suing Scotiabank (TSX:BNS) over alleged unpaid overtime says the bank was loose with its record keeping when it came to extra work hours. Louis Sokolov told an Ontario court hearing the class-action lawsuit that Scotiabank's head office policy and the actual procedure on overtime at local branches was at odds, resulting in many employees working hours they weren't being paid for. 600 words. By David Friend. BC-Scotiabank-Overtime-Suit, 2nd Writethru. Unbudgeted story moved. TORONTO - Canadian home resales improved 41.5 per cent year over year to 42,288 units in October, a record for the month, according to the Canadian Real Estate Association. Economists say the hot housing market can be attributed to low mortgage rates, but some question how long it will last. 600 words. By Kristine Owram. BC-Cda-Real-Estate, 3rd Writethru. Moved General (G) and Business (B). CALGARY - The very earliest that crude will begin flowing out of the Fort Hills oilsands project is late 2015, the chief executive of UTS Energy Corp. (TSX:UTS) said Monday. ``You have to have some patience,'' Will Roach told analysts on a conference call Monday to discuss his company's third-quarter results. 600 words. By Lauren Krugel. BC-Fort-Hills, 2nd Writethru. Moved. VANCOUVER - Major gold miner Goldcorp Inc. (TSX:G) announced Monday it is acquiring junior miner Canplats Resources Corp. (TSXV:CPQ) in a deal valued at $238 million. The deal will see Goldcorp assume ownership of Canplats' Camino Rojo project in Mexico, expanding its already extensive operations in that country. Goldcorp already has three mines and two development projects in Mexico. 455 words. BC-Goldcorp-Canplats. Moved. VANCOUVER - Miner Uranium One Inc. (TSX:UUU) says the Kazakhstani Ministry of Energy and Mineral Resources has approved the Vancouver company's purchase of a 50 per cent stake in the Karatau Uranium Mine in Kazakhstan in central Asia. The company will acquire the 50 per cent share from the Russian government-owned corporation, which in turn will receive about a 19 per cent stake, or 117 million shares in the company. 597 words. BC-Uranium-One, 2nd Writethru. Moved. VANCOUVER-Magma Energy Corp. (TSX:MXY), a young Vancouver-based geothermal energy producer says the company has expanded rapidly and dramatically since its initial public offering in July. Chairman and CEO, Ross Beaty says Magma grew dramatically in the latest quarter, with acquisitions in Iceland, Nevada and promising exploration in Latin America. 420 words. BC-Magma-Energy, 1st Writethru. Moved DETROIT - General Motors Co. says it lost US$1.2 billion from the time it left bankruptcy protection through Sept. 30, far better than it has reported in previous quarters and a sign that the auto giant is starting to turn around its business. The company also says it will begin repaying $6.7 billion in U.S. government loans with a $1.2 billion payment in December. It could pay off the full amount by 2011, four years ahead of schedule. 950 words. By Dee-Ann Durbin, Tom Krisher. See Photo. BC-US-Earns-GM, 3rd Writethru. NEW YORK - Lowe's Cos. said Monday it is expecting consumers will spend cautiously this holiday season on trees and gifts like power tools but said it sees signs the housing market is slowly improving. 700 words. By Mae Anderson. BC-US-Earns-Lowe's, 2nd Writethru Budget. Moved. OKLAHOMA CITY - Independent oil and gas producer Devon Energy Corp. (NYSE:DVN) said Monday it will divest its Gulf of Mexico and international assets. Devon expects the divestitures will create after-tax proceeds of US$4.5 billion to US$7.5 billion. The company plans to use the proceeds to invest in its U.S. and Canadian portfolio and retire debt. BC-US-Devon-Energy-Divestiture, 3rd Writethru Budget. Moved. WASHINGTON - U.S. retail sales rose more than expected in October, but the gain largely reflected a big rebound in auto sales. Sales fell at many other retail stores as consumer spending remains under pressure, raising questions about the durability of the recovery. 643 words. By Martin Crutsinger. See Photo. BC-US-Economy. WASHINGTON - Federal Reserve Chairman Ben Bernanke on Monday said the central bank will monitor the sliding U.S. dollar but pledged anew to keep interest rates at record-lows to nurture the economic recovery. 650 words. By Jeannine Aversa. See AP Photos. BC-US-Bernanke, 1st Writethru. Moved. NEW YORK - After hitting their lowest level in a month, oil prices bounced back and settled near US$79 on Monday on the back of a weaker U.S. dollar and rising global stock markets. BC-Oil-Prices, 1st Writethru Budget. Moved. The Canadian Press is also following: TORONTO - U.S. retail sales data and more signs of strong growth in Asia sent North American markets higher. The S&P/TSX composite index moved up 104.58 points to 11,512.26. In the U.S., rebounding auto sales were largely responsible for retail sales rising 1.4 per cent in October. 800 words. By Malcolm Morrison. BC-Dollar-Markets, 7th Writethru. Moved. HALIFAX - DHX Media Ltd. (TSX:DHX), a children's television programming provider, eked out a small profit in the first quarter despite a 24 per cent plunge in revenue and a $159,000 impairment charge. BC-DHX-Media, 1st Writethru. Moved. HALIFAX - Bell Aliant Regional Communications Income Fund (TSX:BA.UN) announced Monday it is reoffering a program that allows holders of small numbers of units to sell without incurring brokerage fees. The program, running from Nov. 23 until Feb, 19, 2010, will apply to holders as of Nov. 13 of the equivalent of 99 or few units of Bell Aliant or predecessor companies. 275 words. BC-Bell-Aliant. LEVIS, que. - Financial co-operative Desjardins Group said Monday its third-quarter earnings before member dividends improved 153.7 per cent compared with a year earlier due to a higher return on equity. Quebec's largest financial institution said its earnings before member dividends were $378 million compared with $149 million in the third quarter of 2008. Revenue was $3.1 billion, an increase of 52.7 per cent from $1.1 billion a year earlier. 258 words. BC-Desjardins-Group. MONTREAL - Opmedic Group Inc.'s (TSX:OMG) full-year earnings and revenue were higher thanks to an acquisition and more business in its prenatal screening division. For the fiscal year ended Aug. 31, the company had net income of $1.7 million or 11 cents a share, up from $1.3 million or eight cents a share from 2008. 217 words. BC-Opmedic. MONTREAL - Activists say a double standard exists among Canadian mining companies. Participants at a conference in Montreal say many of the companies are good corporate citizens domestically but often ignore the environmental and social needs of communities abroad. BC-Mining-Conference. Moved General (G) and Business (B). MONTREAL _ Bombardier Aerospace (TSX:BBD.B) is in talks with several Middle Eastern airlines and expects to sign some orders for its CSeries aircraft within a year from the region.Gary Scott, president of commercial aircraft, said the Montreal-based manufacturer is talking to all major operators in the region and that an order is a ``reasonable expectation'' within a year. 339 words. By Ross Marowits. Bombardier-Dubai. OTTAWA - Canadian home resales improved 41.5 per cent year over year to 42,288 units in October, a record for the month, according to the Canadian Real Estate Association. The national average price for homes listed on the Multiple Listing Service also reached a new high in October at $341,079. This was 20.7 per cent higher than the same month last year. 315 words. BC-Cda-Real-Estate. OTTAWA _ _ Shares of PC Gold Inc. (TSX:PKL) fell more than 10 per cent Monday after the company announced a plan to raise as much as $10 million in an offering of shares and warrants.The stock fell 10 cents to 66 cents on the Toronto Stock Exchange. 185 words. PC-Gold. TORONTO - Aecon Group Inc. (TSX:ARE), a major construction services company based in Toronto, says its industrial division has been awarded a contract to complete field construction of Suncor Energy's (TSX:SU) Firebag 3 plant facilities. Lockerbie & Hole Industrial, a division of Aecon Lockerbie Industrial, is responsible for the contract which will have a maximum workforce of 600 people. 207 words. BC-Aecon-Group, 1st Writethru. TORONTO - Blacksands Petroleum, Inc. (OTCBB:BSPE), a junior Toronto resources company, says it has acquired Pioneer Natural Resources USA Inc's J.E. Pettus gas unit in Goliad County, Tex. for US$400,000. BC-Blacksands. Moved. TORONTO - Canadians took $291.4 million out of mutual funds in October as net redemptions of short-term funds outpaced net sales of long-term funds, according to the Investment Funds Institute of Canada. BC-Mutual-Funds-October. TORONTO - Investment company Consolidated Mercantile Inc. (TSX:CMC) says it lost $255,181 in the first nine months of its fiscal year. BC-Consolidated-Mercantile, 1st Writethru. Moved TORONTO - The investment and corporate banking arm of BMO Financial Group (TSX:BMO) said Monday it has signed a deal with U.S. hedge fund Paloma Securities to acquire the company's global securities lending business. BC-BMO-Paloma. TORONTO - Scott's Real Estate Investment Trust (TSX:SRQ.UN) said Monday that it has signed a deal to buy 12 retail properties from Shoppers Drug Mart Corp. (TSX:SC) in a sale and leaseback agreement. BC-Scott-REIT-Shoppers. TORONTO _ Kingsway Financial Services Inc. (TSX:KFS) said Monday that the Pennsylvania Department of Insurance wants to unwind a donation by the company of its indirect interest in Lincoln General Insurance Co. to a charity.Kingsway said the donations of the Lincoln shares to the charities were lawfully made and that the department has no basis for demanding the unwinding of the donations. 180 words. Kingsway-Financial. TORONTO _ Nortel Networks Corp. has posted a US$508 million loss in the third quarter a fraction of its losses a year earlier _ as revenues weakened due to the tough economy, and it worked to sell off pieces of its business.The insolvent telecom equipment maker said Monday the results compared to a $3.4 billion loss a year earlier, or $1.02 per share versus a loss of $6.85 per share in the year-ago period. 392 words. Nortel-Networks. MISSISSAUGUA, Ont. - Chartwell Seniors Housing Real Estate Investment Trust (TSX:CSH.UN) said Monday it was acquiring five Quebec properties valued at $87.6 million from Le Groupe Melior. Chartwell will buy three properties in lease-up agreements and two parcels of vacant land. 198 words. BC-Chartwell-Seniors-Housing. GUELPH, Ont. - Biorem Inc. (TSXV:BRM) says it increased its overall profit from year-ago levels in the third quarter as its revenue got a boost from operations. The company which makes biological air filters reported Monday net income of $520,000 or four cents per share for the quarter ended Sept. 30. That was up from a year-ago profit of $144,000 or a penny per share. 184 words. BC-Biorem. WINDSOR, Ont. - Former Aradco and Aramco workers in Windsor, Ont., are getting in the way of a planned auction of equipment from their former plants. The creditor for the employer, Catalina, wants to auction off equipment from two plants which closed in March. 129 words. BC-Aradco-Aramco. SUDBURY, Ont. _ Vale SA says it has settled contracts with 14 labour unions representing 40,000 Brazilian employees, including workers at the Onca Puma nickel laterite project in Para State, Brazil. A two-year deal was accepted by 87 per cent of the unions' membership, said Cory McPhee, vice-president of corporate affairs for Vale Inco Ltd., the Canadian arm of the Brazil-based Vale. 132 words. Vale. CALGARY - Opti Canada Inc (TSX:OPC) said Monday it intends to make a US$425-million private placement offering of senior secured notes to fund a review of its strategic alternatives process. The Calgary-based junior oilsands company said the financing will establish enough liquidity and flexibility to go forward with the previously announced review. Earlier this month, Opti announced a plan to review its options, which may include selling assets or the entire company. It could also look at capital markets opportunities, restructuring its current credit line or pursuing a merger. 354 words. BC-Opti-Canada, 2nd Writethru. Moved. CALGARY - Antrim Energy (TSX:AEN) widened its losses in the third quarter as lower oil prices offset the positive impact of higher revenue and ramped up production. The Calgary-based junior, which keeps its books in U.S. dollars, reported Monday a net loss of $1.8 million or one cent per share for the quarter ended Sept. 30. That widened a year-ago loss of $1.5 million or a penny per share. 162 words. BC-Antrium-Energy, 1st Writethru. Moved CALGARY - Low natural gas prices and reduced activity levels caused Anderson Energy (TSX:AXL) to post an overall loss in the third quarter after a year-ago profitThe Calgary-based company reported Monday a net loss of $9.4 million or six cents per share in the quarter ended Sept. 30. That compared to year-ago profit of $4.2 million or five cents per share. 194 words. BC-Anderson-Energy. CALGARY - Black Diamond Income Fund (TSX:BDI.UN) said Monday that it plans to spend $69 million on its 2010 capital expenditure budget. The fund also announced a plan to raise $25 million in an offering of units. BC-Black-Diamond. Moved. CALGARY _ Genesis Land Development Corp. (TSX:GDC) said Monday it earned $721,000 in its latest quarter, down from $2.3 million a year ago.The Calgary-based land developer said the profit amounted to two cents per diluted share for the quarter ended Sept. 30 compared with a profit of five cents per diluted share a year ago. 110 words. Genesis-Land-Development. EDMONTON - The fight to contain a massive swarm of tree-killing mountain pine beetles before they spread further east is getting $25 million from the Alberta and federal governments. Another wave of the tiny bugs, which have already destroyed about one-quarter of B.C.'s pine forests, washed deep into Alberta this summer - some of the insects are within an hour's drive west of Edmonton. 153 words. BC-Mountain-Pine-Beetles. VANCOUVER - Protox Therapeutics Inc. (TSX: PRX), a Vancouver-based biotech company, narrowed its net loss in the third quarter to $2.2 million or three cents a share, from $2.5 million or three cents, in the year-earlier period. The decrease in net loss reflected lower research and development expenses and cost-cutting efforts at the company, Protox said Monday. 103 words. BC-Protox-Q3-results, 1st Writethru. VANCOUVER - Fronteer Development Group Inc. (TSX:FRG) reports net income of $11.9 million or 10 cents per share for the third quarter, up from a year-ago loss of $5.1 million or six cents per share. 31 words. BizFlash BC-Fronteer-Development, 1st Writerthru. Moved. VANCOUVER - Anooraq Resources Corp.'s (TSXV:ARQ) third-quarter loss widens to $14.9 million or eight cents a share versus a year-earlier loss of $2.3 million or a penny a share. Revenues totalled $27.8 million compared to none last year. BC-Anooraq. VANCOUVER - Roadrunner Oil & Gas Inc. (TSXV:ROA), a junior Vancouver company with operations in the United States, says it has entered into a letter of intent to acquire Bowood Energy Corp., a private oil and gas company. The deal, announced Monday, has a value of about $12.7 million. BC-Roadrunner-Oil. Moved. VANCOUVER - Medical device maker Ondine Biopharma Corp. (TSX:OBP) says it will acquire U.S.-based Advanced Photodynamic Technologies, Inc. in a deal that could be worth as much as $1.3 million once it's fully completed. BC-Ondine-Biopharma, 1st Writethru. Moved. VANCOUVER - Shares of Westport Innovations Inc. (TSX:WPT) a Vancouver-based alternative energy company, jumped by 12 per cent on the TSX Monday. The spike followed the announcement of a deal to provide automotive heavyweight Volvo with heavy duty natural gas engines. Shares opened Monday at $11.87 and rose to $13.00. BC-Westport-Innovations, 1st Writethru. Moved VANCOUVER _ Sterling Shoes Income Fund (TSX:SSI.UN) posted a loss in its latest quarter on Monday as the shoe retailer recorded a $33.2-million charge to goodwill.Sterling said it lost $30.8 million or $4.64 per unit for the quarter ended Sept. 30 compared with a profit of $1.4 million or 21 cents per unit a year ago. 141 words. Sterling-Shoes. THE CANADIAN PRESS (c) 2009 The Canadian Press |