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The Canadian Press Business News Budget for Wednesday, Nov. 18, 2009(Canadian Press DataFile Via Acquire Media NewsEdge) BUSINESS EDITORS: Here are The Canadian Press Business budget lines at 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-CRTC-TV-Hearings, 1st Writethru has moved General (G) and Business (B). Please guard against duplication. MONTREAL _ Competition is heating up ahead of the Christmas shopping season but grocery giant Metro Inc. (TSX:MRU.A) doesn't foresee the return of ``irrational'' pricing. 600 words. By Ross Marowits. BC-Metro, 5th Writethru. Moved. MONTREAL _ Tembec (TSX:TMB) expects the forest products industry will face several quarters of challenges until a more robust economic recovery takes shape. A higher Canadian dollar coupled with a weak lumber market and a deterioration in the newsprint sector caused the company to post a larger net loss in the fourth quarter. 550 words. By Ross Marowits. BC-Tembec, 3rd Writethru Budget. Moved. MONTREAL _ The co-founders of Cossette Inc. are continuing their battle to regain control of the Quebec-based advertising company. Cosmos Capital Inc. raised its hostile takeover for Cossette to match a friendly deal the company signed last week with a U.S. private equity fund and suggested it may increase the offer if it gets access to confidentila documents it has been seeking. 500 words. By LuAnn LaSalle. BC-Cosmos-Cossette, 2nd Writethru, Bgt. Moved. TORONTO _ Canadians paid more for food, clothes and tuition in October as the annual inflation rate ticked higher for the first time in five months, but economists say consumers shouldn't worry that price pressures will force interest rates higher. ``There's no concern whatsoever about inflation,'' said Patricia Croft, chief economist and vice-president of Phillips, Hager and North in an interview Wednesday. 850 words. By David Friend. BC-Inflation, 4th Writethru Budget. Moved General (G) and Business (B). UNDATED _ Telus Communications Inc. (TSX:T) has launched legal action against Rogers Communications Inc., claiming its advertisements boasting of Canada's fastest and most reliable network are false and misleading. In documents filed in B.C. Supreme Court, Telus says that since a Nov. 5 upgrade, a network run by Bell (TSX:BCE) and Telus offers faster and more reliable service than the Rogers (TSX:RCI.B) network. 600 words. By Sunny Freeman. BC-Telus-Rogers-Lawsuit, 2nd Writethru. Moved Business (B) and General (G). MONTREAL _ Globalive will keep 800 employees hired for its new cellphone service with some of them doing paid volunteer work, while waiting to see if it gets federal approval to launch its wireless business, the company said Wednesday. 650 words. By LuAnn LaSalle. BC-Globalive, 1st Writethru Budget. Moved. TORONTO _ Manulife Financial Corp. (TSX:MFC), Canada's largest insurance company, is raising $2.5 billion in a major stock issue aimed at restoring the Toronto insurer's balance sheet and providing cash to reduce debt, fund operations and for possible takeovers. 650 words. By Kristine Owram. BC-Manulife, 2nd Writethru Budget. Moved. TORONTO _ Sears Canada Inc. (TSX:SCC) says low consumer confidence pulled down sales lower during the third quarter, but it's hoping to combat the downturn with more holiday season discounts. ``Sears will be aggressively marketing in the fourth quarter,'' said Dene Rogers, president and chief executive of Sears Canada Inc., in a release. 680 words. By David Friend. BC-Sears-Canada, 2nd Writethru. Moved. CALGARY _ Natural gas shipper and power producer TransCanada Corp. (TSX:TRP) is forecasting major growth between now and 2013. The Calgary-based firm says it expects its earnings before interest, taxes, depreciation and amortization to grow from $4 billion this year to about $6.5 billion in 2013 _ an increase of 60 per cent. 500 words. By Lauren Krugel. TransCanada, 2nd Writethru. Moved. CALGARY _ Niko Resources Ltd. (TSX:NKO), a Calgary company that operates in Asia, says it has struck deals to acquire Black Gold LLC, its partner in all of the Canadian company's Indonesian offshore energy properties. The deal will cost the company $310 million and will be financed by an offering of debentures, Niko said early Wednesday. 550 words. By Lauren Krugel. BC-Niko-Resources, 3rd Writethru. Moved. WASHINGTON _ The budding American economic recovery is getting little help from the home building industry, which normally creates jobs and boosts growth as a recession ends. 700 words. By Alan Zibel, Martin Crutsinger. BC-US-Economy, 3rd Writethru Budget. Moved. LONDON _ Chocolate makers The Hershey Co. and Ferrero International SA confirmed Wednesday they are considering a possible offer for Cadbury PLC, which is already the target of a hostile bid by Kraft Foods Inc. The move raises the possibility of a takeover battle for the British maker of Dairy Milk and and Creme Eggs. 600 words. BC-EU-Britain-Cadbury, 2nd Writethru. BRUSSELS, Belgium _ The European Union will host a high-level meeting between GM and EU governments next week to discuss restructuring plans and aid for the troubled Opel unit, officials said Wednesday.EU spokesman Ton Van Lierop said the European Commission has invited member countries that host GM plants to the talks on Monday along with Nick Reilly, the head of GM's Adam Opel GmbH and Vauxhall divisions. 407 words. BC-EU-EU-GM-Opel. TOKYO _ Delta Air Lines and its alliance partners are making a billion dollar offer to lure loss-making Japan Airlines from its affiliation with American Airlines. AP Photos. By Tomoko A. Hosaka. BC-AS-Delta-Japan-Airlines, 2nd Writethru. Moved NEW YORK _ Oil prices increased for the third day in a row as the U.S. dollar weakened and auto club AAA reported that more drivers are expected on U.S. highways next week. By Chris Kahn. BC-Oil-Prices, 2nd Writethru Budget. Moved. RALEIGH, N.C. _ Cellphone handset maker Sony Ericsson will move its North American headquarters from North Carolina to Atlanta and close a half-dozen sites worldwide as it retrenches against what it expects will be a tighter market and cuts about 1,600 jobs globally. 500 words. By Emergy P. Dalesio. BC-US-Sony-Ericsson-Closures, Budget. Moved. The Canadian Press is also following: TORONTO _ The Toronto stock market closed slightly higher Wednesday as gains in consumer and financial stocks competed with a decline in gold stocks _ despite bullion hitting another record close _ and an analyst downgrade of Research In Motion Ltd.The S&P/TSX composite index closed at a fresh 2009 high, up 22.69 points at 11,652.69. 836 words. By Malcolm Morrison. Dollar-Markets. HALIFAX _ A Nova Scotia paper producer is getting a $5-million loan from the province to improve operations.NewPage Port Hawkesbury Corp. will use the loan from the province's Industrial Expansion Fund to improve the energy efficiency of its thermal mechanical pulping operation. 73 words. NS-Mill-Loan. LAVAL, Que. _ Mercator Transport Group Corp. (TSXV:GMT) announces acquisition of all the assets of Toti Berg Freight Services Ltd. through subsidiary, Mercator Ghana Ltd. BC-Mercator. Moved. QUEBEC _ Opsens Inc. (TSXV:OPS) said conservative client spending due to volatile oil and gas markets caused it to widen its loss from year-ago levels in the fourth quarter. The company, which makes fibre optic sensors for the oilpatch industry, reported Wednesday a net loss of $719,000 or two cents a share. That compared with a year-ago loss of $228,000 or a penny per share. 184 words. BC-Opsens, 1st Writethru. MONTREAL _ Gaz Metro Limited Partnership (TSX:GZM.UN), Quebec's largest natural gas distributor, posted higher full-year earnings and revenues Wednesday despite a loss in the fourth quarter. President and CEO Sophie Brochu called the results solid despite the economic conditions. By LuAnn LaSalle. BC-Gaz-Metro, 2nd Writethru. Moved. MONTREAL _ Yellow Pages Group (TSX:YLO.UN) announced Wednesday a plan to raise $300 million in an offering of notes that will be used to repay other debt and for general corporate purposes.The directory publisher said it will issue $300 million of 7.75 per cent notes, which will mature on March 2, 2020. 76 words. Yellow-Pages. OTTAWA _ Hazard protection company Allen-Vanguard Corp. said Wednesday one of its subsidiaries was awarded a follow-on order worth $5.2 million for the company's blast seats. Subsidiary Allen-Vanguard Technologies will provide the seats to General Dynamics Land Systems-Canada for use in the U.S. Army Stryker Vehicle. 91 words. BC-Allen-Vanguard. OTTAWA _ Travel to Canada by U.S. residents increased in September compared with August, while travel from Canadian residents to the United States declined.Statistics Canada reports that the overall number of trips to Canada from abroad increased 1.6 per cent to two million while the number of trips by Canadian residents abroad decreased 1.7 per cent to just less than four million. 174 words. BC-StatsCan-Travel. OTTAWA _ The next meeting of G7 finance ministers and central bank governors in February will be held in Iqaluit, Nunavut, the federal government said Wednesday. BC-Finance-Meeting-Iqaluit, 1st Writethru. Moved. TORONTO _ Frozen treat maker CoolBrands International Inc. (TSX:COB) has reported lower net earnings in both its fiscal fourth quarter and for the full year in 2009. BC-CoolBrands, 1st Writethru. Moved. TORONTO _ Several of Canada's big banks said Wednesday they would cut their posted rates for fixed-rate mortgages by up to 0.25 percentage points. BC-Mortgage-Rates, 2nd Writethru. Moved. TORONTO _ Migao Corp. (TSX:MGO), a specialty potash fertilizer producer based in China, said Wednesday it would raise $30 million in an offering of shares that will be used in part to fund the development of manufacturing capacity. BC-Migao, 1st Writethru. Moved. TORONTO _ Nortel Networks Corp. says another bidder has emerged for its optical networking and carrier ethernet units and an auction will be held on Friday. BC-Nortel-Auction, 1st Writethru. Moved. TORONTO _ Shares in Moly Mines Ltd. (TSX:MOL) surged almost 24 per cent Wednesday after the miner said the Australian Foreign Investment Review Board has approved an investment by the Australian subsidiary of a Chinese company. BC-Moly-Mines. TORONTO _ Timminco Ltd. (TSX:TIM) announced Wednesday it will receive $10.6 million in financing from AMG Advanced Metallurgical Group to support its turnaround plan. AMG will provide a US$5-million loan to Timminco's subsidiary Becancour Silicon Inc. in exchange for a convertible senior subordinated promissory note. The convertible note will have a maturity date of Jan. 3, 2011. 162 words. BC-Timminco-AMG. TORONTO _ Intact Financial Corp. (TSX:IFC) said Wednesday it plans to issue $150 million in unsecured medium-term notes that will be used for general corporate and investment purposes.The notes, which will be offered on a best efforts basis through a syndicate led by CIBC World Markets and TD Securities, will bear interest at a fixed annual rate of 6.4 per cent until maturity on Nov. 23, 2039. 85 words. Intact-Financial. MISSISSAUGA, Ont. _ YM BioSciences Inc.(TSX:YM), a life sciences product development company, has released positive trial results for its breast cancer antibody treatment. BC-YM-BioScience, 1st Writethru. Moved. MISSISSAUGA, Ont. _ Hy-Drive Technologies Ltd. reports third-quarter loss of $1 million or five cents a share, compared with a loss of $2.5 million or four cents last year. The company did not post revenue figures. BC-Hy-Drive. THUNDER BAY, Ont. _ Royal Roads Corp. (TSXV:RRO) and Benton Resources Corp. (TSXV:BTC) said Wednesday that initial drilling results at their joint Portage nickel project in Newfoundland are encouraging. BC-Benton-Royal, 1st Writethru. Moved. BIG RIVER, Sask. _ The mayor of Big River, Sask., says he's worried about potential problems with the sale of the sawmill in his community.Mayor Brian Brownfield says Vancouver-based Eacom Timber Corp. wants to buy the mill, which was closed three years ago by Weyerhaeuser. 216 words. Big-River-Mill. CALGARY _ Shares in Oncolytics Biotech Inc. (TSX:ONC) dropped sharply in early trading Wednesday following an announcement that the company will add 4.25 million more shares to its 56.7 million outstanding. BC-Oncolytics, 1st Writethru. Moved. EDMONTON _ ATB Financial reported Wednesday a second-quarter profit of $43.1 million, up from a year ago, boosted by double-digit loan growth in the face of tighter margins.The Alberta Crown corporation said the profit for the quarter ended Sept. 30 compared with a profit of $5.7 million a year ago when the company took a $55.5-million charge related to asset-backed commercial paper. 100 words. ATB-Financial. VANCOUVER _ Riverside Resources Inc. (TSXV:RRI) announced Wednesday it had acquired the Maravillas gold project in Durango, Mexico for an undisclosed amount. The property lies in the Mesa central region of Mexico and is subject to the Previous Metals Exploration Alliance established by Riverside and Kinross Gold Corp (TSX:K) in early 2009. 154 words. BC-Riverside-Resources. VANCOUVER _ Endeavour Silver Corp. (TSX:EDR) announced Wednesday it has acquired an option to purchase the San Juanico silver mine, adjacent to the company's El Cometa mine in Chihuahua, Mexico. BC-Endeavour, 1st Writethru. Moved. VANCOUVER _ Rye Patch Gold Corp., (TSXV:RPM) said Wednesday it is set to acquire a majority stake in the Ren gold mine in Nevada's northern Carlin gold trend, raising the junior miner to what it says is a ``new level'' in the mining sector. BC-Rye-Patch. Moved Datafile only. VANCOUVER _ Magellan Minerals Ltd. (TSXV:MNM) acquiring 51 per cent interest in Creporizinho gold project in the Tapajos region of northern Brazil for US$9 million as well as an investment of US$5.4 million to expand the mine. BC-Magellan. ULAANBAATAR, Mongolia _ Ivanhoe Energy Inc. (TSX:IE) said Wednesday its Mongolian subsidiary would merge with Alberta-based PanAsian Petroleum Inc. in an all-stock deal. The merger involves the issuance of up to three million Ivanhoe shares worth about $7.9 million, but no payment of cash to PanAsian's principals. 177 words. Ivanhoe-PanAsia. THE CANADIAN PRESS (c) 2009 The Canadian Press |