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Business News as of 6 p.m. ET(Canadian Press Broadcast Wire (Canada) Via Acquire Media NewsEdge) FRIDAY, MAY 24, 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 Egyptian company to buy Allstream from MTS Manitoba-Tel-Allstream WINNIPEG _ Manitoba Telecom Services Inc. has agreed to sell its Allstream business telecommunications arm to an Egyptian investment group and use about half of the $405 million in proceeds to reduce its pension obligations and debt. MTS, which operates Manitoba's largest telecommunications business, said the money it receives will be used to bolster its already strong position in its home province and tap growth opportunities. PHOTO. Moves Business and National National Bank considering new acquisitions National-Bank-Rslts National Bank (TSX:NA) says it's interested in new acquisitions but will be very selective about which sectors it looks to. ``Wealth management does remain a priority for us,'' said president and chief executive Louis Vachon during a conference call Friday. PHOTO. Moves Business and National Valeant shares soar on $9B takeover report Valeant TORONTO _ Shares of Valeant Pharmaceuticals International Inc. (TSX:VRX) gained more than 13 per cent Friday amid a report that it is in talks to buy eye-care company Bausch and Lomb. The stock was up $10.04 at $86.88 in afternoon trading Friday on the Toronto Stock Exchange. Kinder Morgan takes next oil pipeline step Kinder-Trans-Mountain EDMONTON _ Kinder Morgan Canada has taken the next step in its plan to almost triple the capacity of its Trans Mountain oil pipeline from Alberta to Burnaby, B.C. The corporation has filed a formal description of the proposed $5.4 billion, 1,150 kilometre-long project to the National Energy Board. Will be writethru. Moves on both business and national wires. Guard against duplication. Barrick fined $16M for Pascua-Lama violations LT-Chile-Barrick-Gold VALLENAR, Chile _ Chile's environmental regulator blocked Barrick Gold Corp.'s US$8.5 billion Pascua-Lama project on Friday and imposed its maximum fine on the world's largest gold miner, citing ``very serious'' violations of its environmental permit as well as a failure by the company to accurately describe what it had done wrong. After a four-month investigation, the Environmental Superintendent said all other construction work on Pascua-Lama must stop until Barrick builds the systems it promised to put in place beforehand for containing contaminated water. PHOTO. Procter & Gamble brings back A.G. Lafley as CEO US-Procter-&-Gamble-CEO NEW YORK _ Household products giant Procter & Gamble Co. is hoping its former CEO can work his magic once again. The Cincinnati company said late Thursday that former CEO A.G. Lafley, a 33-year industry veteran, is returning its top post. The surprise move comes as the world's largest consumer-products maker tries to spur growth in the face of stiff global competition. PHOTO. Schumer urges look at security in Sprint deal US-Sprint-Softbank NEW YORK _ Sen. Charles Schumer urged regulators to ``use extreme caution'' when reviewing the proposed acquisition of No. 3 cell carrier Sprint Nextel by Japan's Softbank, saying the Japanese company's use of Chinese networking equipment could open up U.S. networks to snooping and hacking. The New York Democrat sent letters Friday to the Treasury Department and Federal Communications Commission, both of which are reviewing Softbank Corp.'s offer to buy 70 per cent of Sprint Nextel Corp. for $20.1 billion. Oil ends week down 2% on tepid outlook Oil-Prices NEW YORK _ The price of oil fell two per cent this week as oil traders worried about global demand and shared the stock market's concerns about possible changes to the U.S. Federal Reserve's economic stimulus program. The loss Friday was just 10 cents, to US$94.15 a barrel. But four straight losses resulted in a weekly decline of $1.87 a barrel for benchmark West Texas Intermediate crude. PHOTO. ALSO IN THE NEWS TSX dragged down by drop in gold stocks Dollar-Markets TORONTO _ The Toronto Stock Exchange closed slightly ahead Friday, pulled down by declines in most sectors, particularly gold, but boosted by a 13 per cent spike in shares of Valeant Pharmaceuticals International. The S&P/TSX composite index finished up 9.13 points at 12,667.22. PHOTO. Loonie lower amid positive durable goods data Loonie TORONTO _ The Canadian dollar closed down a quarter of a cent Friday, coming under pressure from a strong U.S. dollar and lower prices for many of the commodities that Canada produces. The loonie, which has been trading near 11 months lows in recent weeks, was down 0.25 of cent at 96.89 cents US. PHOTO. Heroux-Devtek shows lower core profit Heroux-Devtek-Rslts LONGUEUIL, Que. _ Quebec-based aerospace company Heroux-Devtek Inc. (TSX:HRX) has reported lower fourth-quarter profit. The company, based in Longueuil near Montreal, says it had $8.4 million of net income in the three-month period, down from $8.9 million or 29 cents per share a year earlier. PHOTO. Rio Tinto subsidiary workers fear job cuts Rio-Tinto-Titanium MONTREAL _ The weak demand and prices that prompted Rio Tinto's titanium subsidiary to abandon a $4-billion expansion is now threatening hundreds of jobs at its Quebec plant. After meeting with company officials, the union representing workers at Rio Tinto Iron and Titanium said it fears between 230 and 400 jobs are at risk. RBC releases supplier code of conduct RBC-Code-of-Conduct TORONTO _ The Royal Bank (TSX:RY), which faced fierce backlash earlier this year over an outsourcing arrangement with a supplier that used temporary foreign workers, said Friday it won't send work offshore just to save on salaries. The bank, which released a new supplier code of conduct, said it will only send work to offshore suppliers when their scale, technology or knowledge provides capabilities the bank cannot duplicate. Loblaw files preliminary prospectus for REIT Loblaw-REIT BRAMPTON, Ont. _ Loblaw Companies Ltd. (TSX:L) filed a preliminary prospectus Friday aimed at creating one of Canada's largest commercial real estate trusts including some 75 per cent of the company's real estate assets. Choice Properties Real Estate Investment Trust will hold 415 retail properties, one office complex and nine warehouse properties totalling 35.3 million square feet of gross leasable area. THE CANADIAN PRESS (The Canadian Press) (c) 2013 The Canadian Press |