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Business News as of 6 p.m. ET(Canadian Press DataFile Via Acquire Media NewsEdge) MONDAY, SEPT. 12 - 6 p.m. ET BUSINESS NEWS ADVISORY Here are the top Business News stories from The Canadian Press as of 6 p.m. All times Eastern unless otherwise stated. Coverage plans are included when available. Entries are subject to change as news develops. Queries should be addressed to the business desk at 416-507-2138. To reach CP Business by email, send messages to business(at)thecanadianpress.com. ____ TOP BUSINESS NEWS THIS HOUR ___ TSX closes more than 200 points lower Dollar-Markets TORONTO _ The Toronto stock market reduced afternoon losses but closed down more than 200 points amid plummeting gold prices and fresh anxiety over a potential default by the Greek government on its loans.The S&P/TSX composite index was down two per cent or 238.71 points at 12,148.83. The TSX Venture Exchange lost 39.57 points to 1,745.53. PHOTO. ___ Obama calls on Congress to act on jobs bill US-Obama-Jobs WASHINGTON _ President Barack Obama bluntly challenged Congress on Monday to act immediately on his new jobs plan, brandishing a copy of the legislation at the White House and demanding: "No games, no politics, no delays."Surrounded by police officers, firefighters, teachers, construction workers and others he said would be helped by the $447 billion package, the president said the only thing that would block its passage would be lawmakers deciding it wasn't good politics to work with him. "We can't afford these same political games, not now," Obama said. PHOTO. Moves International and Business ___ Shaw and Cisco to set up Wi-Fi network Shaw-Cisco-Wi-Fi CALGARY _ Shaw Communications (TSX:SJR.B) and Cisco (Nasdaq:CSCO) have struck a deal to set up an extensive and advanced Wi-Fi network in Western Canada to provide broadband wireless services.The move, announced Monday, comes about two weeks after the company pulled the plug on plans to launch a wireless phone service, favouring instead a less risky venture into Wi-Fi. ___ Google sinks money into pig poop operation Google-Poop UNDATED _ Google Inc. is investing in a project that turns hog manure into electricity.Duke University and Duke Energy (NYSE:DUK) have built a plant that captures methane gas from a hog operation in North Carolina and burns enough of it to power 35 homes a year. ___ TD joins RBC in slicing economic forecast Economic-Outlook OTTAWA _ Canadian forecasts are dramatically paring back expectations for the economy and jobs in the face of growing uncertainty about whether the global financial system is headed toward a new crisis.The Toronto-Dominion Bank is the latest to downgrade its forecast, trimming its Canadian growth estimate by half a point to 2.2 per cent this year and 1.9 per cent in 2012, according to TD's chief economist. PHOTO. ___ Canadian dollar briefly slips below parity Loonie TORONTO _ The Canadian dollar slipped briefly below parity with its U.S. counterpart before heading back to a sliver above the greenback, where it hovered at midday.The loonie was ahead 0.04 of a cent to 100.44 cents US at noon after the earlier decline. In pre-market trading it had fallen as low as 99.87 cents US, marking its first time below parity since Jan. 31. PHOTO. Will be updated. ___ U.S. should cut corporate taxes: Timmons Manufacturing MONTREAL _ The United States should follow Canada's lead and reduce its corporate tax rates, the head of the U.S. manufacturers association said Monday.Jay Timmons told a conference in Montreal that the United States has the world's second-highest rate after Japan. ___ Astral Astral says Netflix should face stiffer rules Astral MONTREAL _ Specialty media company Astral Media says foreign Internet competitors such as movie provider Netflix should be subject to the same rules as Canadian broadcasters, noting digital competitors don't contribute to local programming or pay taxes."They come here and don't spend a penny," chief executive Ian Greenberg said after a speech that outlined the 50-year history of Astral, formed in 1961. PHOTO.l ___ Homburg Invest bought deal set to close Homburg-Restructuring MONTREAL _ Homburg Invest says it needs $34.5 million from the partial sale of its investment in Homburg Canada REIT to provide it with liquidity during its restructuring under the Companies' Creditors Arrangement Act."It is imperative the closing of the bought deal proceed as planned and on schedule so that the petitioners will have sufficient liquidity to carry out their restructuring initiatives under the CCAA," says a Sept. 9 filing by the company's lawyers to the Quebec Superior Court. ___ Enbridge to spend $1.2B on pipeline expansion Enbridge CALGARY _ Oil and gas pipeline operator Enbridge Inc. (TSX:ENB) says it will spend about $1.2 billion to expand the southern section of the Athabasca Pipeline, adding capacity to handle increased production from the Kirby oilsands area.The project will see the twinning of an existing Alberta pipeline that runs south from Kirby Lake to the crude oil processing hub in Hardisty. The 345 kilometres of new pipe will boost capacity by about 450,000 barrels per day, with the potential to expand that to 800,000 barrels per day. ___ Central bankers see slowdown but no recession EU-Global-Economy BASEL _ The world's leading central bankers agree that the global economy is slowing, but do not expect it to enter recession.European Central Bank chief Jean-Claude Trichet said central bankers agreed Monday they "have the weaponry to provide liquidity" to banks as needed worldwide, and on an unlimited basis at fixed rates in the eurozone. ___ Euro, bank stocks hit by Greek default fears EU-Europe-Financial-Crisis LONDON _ Mounting fears over the possibility of a Greek debt default and signs of division within Europe's policymaking circles over how to deal with the crippling crisis combined Monday to send the euro briefly down to seven-month lows against the dollar and bank stocks plunging.In morning trading, the euro had hit $1.3495 _ its lowest level since the middle of February _ before stabilizing somewhat to trade 0.1 per cent lower at $1.3595. ___ McGraw-Hill sets plan to split into 2 companies US-McGraw-Hill-Split NEW YORK _ McGraw-Hill Cos. will split up into two public companies with one focused on education and the other centred on markets, featuring the Standard & Poor's unit.The decision, which has been expected, follows a yearlong review of the company's business. Investors have pushed the New York company to boost the company's stock price, which has dropped by more than 40 per cent since 2006. PHOTO. ___ OPEC cuts oil demand forecast on growth concerns ML-OPEC-Oil-Demand CAIRO _ OPEC sharply revised down its forecast for world oil demand for this year and expected consumption would remain weak in 2012, citing on Monday waning economic growth in key industrialized nations and a weak U.S. driving season.The 12-nation group that supplies about a third of the world's crude oil slashed its global oil demand forecast by 150,000 barrels per day for 2011 and by 40,000 barrels per day for 2012, saying "turbulence in world economic recovery has resulted in considerable uncertainty for demand growth next year." PHOTO. ___ German politician: Greece could leave eurozone EU-Germany-Financial-Crisis BERLIN _ The general secretary of German Chancellor Angela Merkel's junior coalition partner says the possibility of Greece leaving the eurozone cannot be ruled out.Christian Lindner said Monday in an interview on ZDF television that the goal is to keep Greece in the eurozone and if the country continues its austerity measures and other changes, European bailout money would keep coming. Will be Upated ___ ALSO IN THE NEWS ___ Hart to close 12 stores, owes $56 million Hart-Bankruptcy MONTREAL _ Hart Stores Inc. (TSX:HIS), a Montreal-based retailer which is restructuring under bankruptcy protection, says it owes $56.1 million to creditors, including $1.8 million to governments.The company made the financial disclosure in documents filed with the Quebec Superior Court, which is overseeing the retailer's bankruptcy filing. ___ Prairie farmers vote in favour of wheat board Wheat-Board-Vote WINNIPEG _ Prairie farmers have voted in favour of the Canadian Wheat Board's monopoly over wheat and barley sales.Just over 60 per cent of wheat growers and 51 per cent of barley growers voted in favour of maintaining the board's monopoly. Some 55 per cent of wheat growers and 47 per cent of barley growers voted in the plebiscite. Moves on national and business wires. Guard against duplication. ___ Arctic Glacier stock down 38 per cent Arctic-Glacier WINNIPEG _ Stock in Arctic Glacier Income Fund (TSX:AG.UN) plummeted almost 40 per cent Monday after the financially troubled packaged ice maker disclosed it was officially in default to lenders.On the Toronto Stock Exchange, the company's shares were down five cents, or 38.46 per cent, at eight cents in early afternoon trading with more than 1.2 million shares traded. ___ Caisse puts another $200M in Industrial Caisse-Industrial-Alliance MONTREAL _ The Caisse de depot et placement du Quebec has bought another six million common shares of Industrial Alliance Insurance and Financial Services Inc. in a private placement deal that will shore up the insurer's finances.The share purchase, announced Monday, represents an additional investment of close to $200 million in the Quebec City company (TSX:IAG), the Caisse said. PHOTO. ___ Mosaid looks at alternatives to Wi-LAN offer Wi-LAN-Mosaid OTTAWA _ Mosaid Technologies Inc. (TSX:MSD) says it is exploring a "broad range of alternatives" to the $480-million hostile takeover bid by Wi-LAN Inc. (TSX:WIN) and is in discussions with several other parties."Mosaid and its financial advisers have been approached by and have initiated contact with several third parties with respect to these prospective alternatives," Mosaid chairman Carl Schlachte said in a release Monday. ___ Americas Petrogas reports Argentine oil find Petrogas-Gran-Tierra CALGARY _ Americas Petrogas (TSXV:BOE) and partner Gran Tierra Energy (TSX:GTE) make "significant discovery of oil" in the first of three exploration wells on the Rinconada Norte block in the Neuquen Basin of Argentina. ___ Oilsands Quest cancels $60M rights offering Oilsands-Quest-Inc. CALGARY _ Oilsands Quest Inc. (NYSE Amex:BQI) has cancelled its $60 million rights offering of shares as the oilsands operator negotiates a potential deal that would change the Calgary company's financial position and financing needs.Oilsands Quest said Monday it "will consider whether to commence a new rights offering once the outcome of the discussions with the third party is clear." ___ 20-20 Technologies third-quarter profit drops 20-20-Technologies LAVAL _ 20-20 Technologies Inc. (TSX:TWT) says its net earnings dropped to US$403,000 in the third quarter.The maker of design and manufacturing software for the furniture industry said Monday that the results were equal to two cents per share. ___ Homburg Invest faces delisting review Homburg-Invest TORONTO _ Stock in Homburg Invest Inc. has been suspended from trading as the restructuring real estate firm faces a delisting review by the Toronto Stock Exchange. The TSX said Monday that the review is being conducted because the company has failed to meet the requirements for continued listing. PHOTO. ___ Immunization names John Trizzino as new CEO Immunovaccine HALIFAX _ Immunovaccine Inc. (TSXV:IMV) announced the appointment Monday of John Trizzino as chief executive officer, effective Oct. 1. As a senior executive with more than 25 years of broad industry experience, Trizzino has focused his career on vaccine development, manufacturing and distribution in the U.S. and worldwide, Immunovaccine said in a release. PHOTO. ___ Hardwoods to buy Frank Paxton Lumber Hardwoods-Distribution LANGLEY _ Hardwoods Distribution Inc. (TSX:HWD) has reached an agreement to purchase the assets of Frank Paxton Lumber Co., a U.S.-based lumber provider, for US$13 million. The distributor of hardwood and lumber products, based in Langley, B.C., said the acquisition of the Frank Paxton is expected to bring in $45 million in new annual sales. ___ OroAndes buys B.C. mining project OroAndes-Project VANCOUVER _ OroAndes Resource Corp. (TSXV:OAR), a junior Vancouver miner, has struck an agreement to acquire a 100 per cent stake in the Kilometre 26 mining property in British Columbia. Under the deal with Eastfield Resources Ltd. (TSXV:ETF), announced Monday, the company will pay 20 million of its shares to Eastfield. ___ Craig Wireless files claim against Clearwire Craig-Wireless RANCHO MIRAGE _ Craig Wireless Systems Ltd. (TSX:CWG) files claim in U.S. court alleging that Clearwire Legacy LLC failed to provide equipment as part of an agreement made over six years ago. ___ Dolby lawsuit against RIM dropped US-TEC-RIM-Dolby SAN FRANCISCO _ Dolby Laboratories says Research in Motion (TSX:RIM) has agreed to license its audio technologies that were the subject of two recent lawsuits against the BlackBerry maker. As a result, Dolby Laboratories Inc. (NYSE:DLB) said Monday it has dropped its patent infringement lawsuits against Research In Motion Ltd. PHOTO. ___ Jeff Balagna leaving Groupe Aeroplan Groupe-Aeroplan MONTREAL _ Groupe Aeroplan Inc. (TSX: AER) announced the departure Monday of Jeff Balagna, an executive vice-president of the company and president and chief executive of Groupe Aeroplan United States and Asia Pacific.No reason was given. PHOTO. ___ Bombardier may get $190M British contract Bombardier-Britain MONTREAL _ The British media say the government is preparing to award Bombardier a rail contract, but the manufacturer wouldn't say if it will provide a lifeline for 1,400 jobs on the chopping block in Derby, England.The 120-million-pound ($190-million) contract would be to upgrade 57 trains from diesel to hybrid electric on a line in Scotland. PHOTO. Will be updated. ___ Weaker sales drop Taiga Building Q1 profits Taiga-Building-Products BURNABY _ Weak demand for building supplies and comparatively low lumber prices led to a drop in first quarter sales at Taiga Building Products Ltd. (TSX:TBL) while profits tumbled by more than 30 per cent, the company said Monday.The building material distributor, based in Burnaby, B.C., reported Monday net earnings of $3.6 million or 11 cents per share for the quarter ended June 30. ___ (c) 2011 The Canadian Press |