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The Canadian Press Business News Budget for Thursday, Oct. 1, 2009
[October 01, 2009]

The Canadian Press Business News Budget for Thursday, Oct. 1, 2009

(Canadian Press DataFile Via Acquire Media NewsEdge) BUSINESS EDITORS: Here are The Canadian Press Business Budget lines as of 10 p.m. ET Thursday, Oct. 1. Plans may change as circumstances warrant.

To contact CP Business by email, send messages to business(at)

--- In addition to the following, a story slugged BC-Zinc-Defficiency is moving Lifestyles (L) and Business (B). So is a story slugged BC-US-Toys-Holiday. Please avoid duplication.

--- GATINEAU, Que. _ The question of whether Globalive will get to set up a national cellphone company in Canada is in the hands of the federal regulator after changes made by the fledgling firm were dismissed by its rivals as window dressing. 600 words. By Julian Beltrame. BC-CRTC-Globalive, 3rd Writethru. Moved General (G) and Business (B).

--- TORONTO _ Customer incentives gave many automakers a boost in sales in Canada last month, as several companies offered discounts for buyers who traded in their old clunkers for a new vehicle. 500 words. By Kristine Owram. Cda-Auto-Sales. Moved.

--- TORONTO _ It may sound a bit morbid, but investment advisers say people planning their retirement will need to consider how long they expect to live before they decide to take advantage of proposed changes to Canada Pension Plan withdrawal rules. The changes, which will come into force in 2011 if approved by Parliament, will allow people to begin drawing on their CPP five years early, among other things. 600 words. By Kristine Owram. BC-Money-Monitor. Moved --- TORONTO _ The United Steelworkers union has filed a grievance against nickel giant Vale Inco, accusing the company of sending unionized office workers underground to do the job of striking mine and mill employees in Sudbury, Ont.The union alleges the company is violating the Ontario Labour Act by making some Steelworkers members do mining and other jobs. 536 words. By Kristine Owram. Vale-Inco-Strike.

--- TORONTO _ Landing fees and terminal charges are being cut by 10 per cent at Toronto's Pearson International Airport, but travellers are unlikely to reap any immediate benefits from the move, which is expected to save the aviation industry $58.4 million next year.The Greater Toronto Airports Authority said the reductions, effective Jan. 1, will mark the third year in a row that fees have been reduced at Canada's busiest airport. The fees are charged to the airlines to cover the cost of operating and maintaining the airport. 523 words. By B.H. McKenna. Pearson-Landing-Fees.

--- CALGARY _ The oil-focused company that will emerge from EnCana Corp.'s (TSX:ECA) split plans to file a regulatory application in mid-2010 to build a new 80,000 to 100,0000 barrel-a-day oilsands project at Narrows Lake, Alta., near its Christina Lake property. 600 words. By Lauren Krugel. 600 words. By Lauren Krugel. BC-EnCana-Cenovus, 2nd Writethru. Moved.

--- CALGARY _ The deadline for power producer TransAlta's hostile $654 million bid for rival power producer Canadian Hydro Developers (TSX:KHD), expires at the end of the business day Friday. Like a high-stakes corporate poker game, Calgary-based TransAlta could extend or sweeten its offer or a rival bidder touted for weeks by Canadian Hydro as a possible white knight will publicly reveal itself and play its hand. 600 words. By Lauren Krugel. BC-TransAlta-Cdn-Hydro, Bgt. Moved. Will be Updated.

--- WASHINGTON _ The U.S. economy is having growing pains.Discouraging new reports on unemployment and manufacturing Thursday reinforced worries that job losses and meagre factory output will make for a weak recovery as the nation climbs out of the worst recession in decades. 822 words. By Martin Crutsinger. See Photo . US-Economy.

--- NEW YORK _ Natural gas prices tumbled Thursday after the government reported the U.S. is using so little that it has more in storage now than at any other time on record. 550 words. By Chris Kahn. BC-Oil-Prices, 2nd Writethru. Moved.

--- NEW YORK _ Still loaded with cash, Cisco Systems Inc. is offering $3 billion for Tandberg ASA, a Norwegian company that makes hardware for video conferences. The deal would be the latest in a long string of acquisitions that Cisco has pulled off to broaden the technology it sells to corporate customers. 650 words. By Peter Svensson. 700 words. BC-EU-Norway-Cisco-Tandberg, 1st Writethru Budget. Moved --- DETROIT _ GM, Ford and Chrysler reported September sales declines on Thursday, revealing a tough hangover from this summer's Cash for Clunkers buying spree. 700 words. By Kimberly Johnson and Bree Fowler. See AP Photos. BC-US-Auto-Sales. Moved.

See also: BC-Cda-Auto-Sales --- DETROIT _ For those who expected General Motors' once-funky Saturn brand to live on with a new owner, there has been a sad twist. Saturn, once billed as a different kind of car company, appears as dead as Pontiac and Oldsmobile. By Kimberly S. Johnson, Tom Krisher. BC-US-GM-Saturn, Budget. Moved.

--- MILWAUKEE _ Wine and spirits maker Constellation Brands Inc. said Thursday that it moved to a fiscal second-quarter profit because of lower restructuring costs and the absence of last year's impairment charge, beating analyst estimates. 600 words. By Emily Fredrix. BC-US-Earns-Constellation-Brands, 1st Writethru Budget. Moved.

--- ISTANBUL, Turkey _ The International Monetary Fund said the global economy is recovering faster than expected _ but that governments should not be hasty in withdrawing the added spending and low interest rates that have helped restore growth. The positive report card Thursday was likely to feed cautious but widespread relief that _ despite a continuing rise in unemployment and worries about credit availability _ the downturn has eased and that a 1930s-style depression has been avoided. 900 words. By Pan Pylas. BC-World-Economy, 2nd Writethru Budget. Moved.

--- PHILADELPHIA _ Comcast Corp. is in preliminary talks to take a 20 per cent to 50 per cent stake in NBC Universal and increase its ownership of the TV shows and movies it distributes to its cable subscribers. 750 words. By Deborah Yao. BC-US-Comcast-NBC, 1st Writethru Budget. Moved.

--- NEW YORK _ The CEO who takes over the leadership of Bank of America Corp. from the departing Ken Lewis will have to do a lot of repair work, including mending its relationships with regulators and investors after the animosity that followed the acquisition of Merrill Lynch & Co. this past year. Banking analysts don't have a strong consensus about who the next CEO will be. By Business Writers Stephen Bernard and Ieva M. Augstums. BC-US-Bank-of-America. Moved Datafile only.

--- LONDON _ British anti-fraud prosecutors intend to pursue a case against BAE Systems PLC, the world's No. 2 defence contractor, on charges of corruption in dealings on foreign contracts worth hundreds of millions of pounds. Prosecutors said Thursday they will seek permission from Attorney General Patricia Scotland to pursue the case against BAE, which is Britain's largest manufacturer. 674 words. By Greg Keller. BC-Britain-BAE, 1st Writethru Budget.

--- The Canadian Press is also following: TORONTO _ North American stock markets tumbled Thursday as the latest batch of American economic data revived doubts about the strength of an economic rebound. 800 words. By Malcolm Morrison. BC-Dollar-Markets, 6th Writethru. Moved.

--- HALIFAX _ IMP Group Ltd. said Thursday it was assessing its alternatives in connection with its offer for up to six million shares of Vector Aerospace Corp. (TSX:RNO) after a move by the company to issue up to 8.2 million in new shares. BC-Vector-Aerospace-IMP, 1st Writethru. Moved.

--- HALIFAX _ The Nova Scotia government isn't ready to commit any money to a new Halifax convention centre just yet.Bill Estabrooks, Nova Scotia's infrastructure renewal minister, says he realizes the importance of the project, but there are still some hurdles to overcome. 274 words. NS-Convention-Centre.

--- GASPE, Que. _ Dessau, Canada's fifth-largest engineering firm, announced Thursday it has acquired Progest Experts-Conseils Inc., a Gaspe-based engineering firm specializing in project management and construction management. Financial terms of the deal were not disclosed. BC-Dessau-Acquisition, 1st Writethru. Moved.

--- MONTREAL _ Richelieu Hardware Ltd. (TSX:RCH) says a small increase in sales from Eastern Canada and growth in the Canadian retail market during the summer quarter weren't enough to offset a decline revenue from the United States. BC-Richelieu-Hardware, 1st Writethru. Moved --- MONTREAL _ Bicycle and furniture maker Dorel Industries Inc. (TSX:DII.B) has bought a pair of U.K.-based cycle distributors, extending the company's reach into the British market. BC-Dorel, 1st Writethru. Moved.

--- MONTREAL _ Caldera Resources Inc. (TSX:CDR), a junior Montreal-based miner, says it plans to consolidate its shares one for 10 and will ask shareholders to approve the plan at the annual meeting Dec. 4 If the share consolidation is approved, the company's share capital would fall to just under 14.2 million from nearly 142 million. 185 words. BC-Caldera, 1st Writethru.

--- MONTREAL _ Shares of ProSep Inc. (TSX:PRP) rose more than a third Thursday after the provider of process software and technology to the oil and gas industry was ranked the fastest growing tech company in Canada in a study by the Deloitte consulting firm. BC-ProSep, 1st Writethru. Moved.

--- TORONTO _ CTV (TSX:BCE, TSX:TS.B) plans to close its station in Brandon, Man., after its supper-hour newscast on Friday after a deal that would have seen the station bought by Bluepoint Investment Corp. fell apart."Bottom line, they didn't think there was a sustainable business without satellite coverage, which they cannot get," CTVglobemedia president and chief executive Ivan Fecan said in a note to employees Thursday. 423 words. CTV-Brandon-Close.

--- TORONTO _ Timminco Ltd. (TSX:TIM) announces $3.1 million sale of 80 tonnes of solar grade silicon to AMG Advanced Metallurgical Group N.V. BC-Timminco, 1st Writethru. Moved.

--- TORONTO _ The Greater Toronto Airports Authority is reducing landing fees and terminal charges at Pearson International Airport by 10 per cent, the third year in a row it has reduced such charges. BC-Pearson-Landing-Fees. Moved General (G) and Business (B).

--- TORONTO _ Prominent resource investor Seymour Schulich has increased his stake in Birchcliff Energy Ltd. (TSX:BIR) to 24.3 per cent. BC-Schulick-Birchcliff-Energy.

--- TORONTO _ Onex Corp. (TSX:OCX) is setting up a new publicly traded fund that will invest in what's sometimes called high-yield debt and other times referred to as junk bonds. BC-Onex, 1st Writethru. Moved.

--- TORONTO _ Alange Energy Corp. (TSXV:ALE) has reached a definitive agreement to acquire all of Delavaco Energy Inc., another junior oil and gas company with working interests in several exploration and exploitation blocks in Colombia. BC-Alange-Energy-Delavaco, 1st Writethru. Moved.

--- TORONTO _ A new study by Bank of Nova Scotia (TSX:BNS) says there are signs of a tentative but growing stabilization in the housing markets of several developed countries around the world. Canada is among the countries where home prices increased in the second quarter, along with Australia and the United States. BC-Housing-Survey, 1st Writethru.

--- TORONTO _ Shares of Protective Products of America Inc. (TSX:PPA) soared on Thursday after winning a contract involved with the United States Marine Corps' improved modular tactical vest and plate carrier program. The stock of the company formerly known as Ceramic Protection gained 18.5 cents or 74 per cent to close at 43.5 cents on the Toronto Stock Exchange. 120 words. Protective-Products.

--- TORONTO _ Magellan Aerospace Corp. (TSX:MAL) said Thursday that it has signed a deal to build components for Airbus' new A350 XWB aircraft. Financial terms of the deal were not immediately available. 76 words. Magellan-Aerospace-Airbus.

--- WATERLOO, Ont. _ TurboSonic Technologies, Inc. (OTCBB:TSTA), a global provider of air filters and industrial pollution control technology, reports its fourth quarter profit more than tripled to US$619,584 from $206,823 as the southwestern Ontario company generated higher revenues. BC-Turbosonic, 1st Writethru. Moved.

--- WINNIPEG _ Nordic Oil and Gas Ltd., a small Winnipeg-based developer of oil, gas and coal bed methane deposits, says it has acquired oil and natural gas rights on half a section of land in Drumheller, Alta., an area where the company operates along with joint venture partner, Western Warner Oils Ltd. BC-Nordic, 1st Writethru. Moved.

--- SASKATOON _ In the latest development of a power struggle at Athabasca Potash Inc. (TSX:API), Robert Boyd has resigned as chief executive officer barely two months after being appointed to the post. BC-Athabasca-Potash, 1st Writethru. Moved.

--- CALGARY _ Pengrowth Energy Trust (TSX:PGF.UN) said Thursday it is cutting its monthly distributions to unitholders by 30 per cent starting with its November payment to help fund an increase in capital spending. The trust will pay seven cents per unit, down from 10 cents, starting with its Nov. 16 cash distribution. 224 words. Pengrowth.

--- CALGARY _ The ATCO group of companies stands get a profit boost from a recent court decision in which Canada Revenue Agency was ordered to refund $28 million to Alberta Power (2000) Ltd. The refund will include income tax paid by the company plus interest. BC-Atco-Alberta-Power, 1st Writethru. Moved.

--- CALGARY _ Oilfield services provider BlackWatch Energy Services Corp. (TSX:BWT) announced a couple of major purchases Thursday, including the acquisition of six drilling rigs and related assets operating in Mexico for US$67.5 million in cash. BC-Blackwatch-Energy, 1st Writethru. Moved.

--- CALGARY -- Canada Revenue Agency ordered to refund $28 million to Alberta Power (2000) Ltd., which includes income tax paid by the company plus interest. The Tax Court of Canada's ruling will increase the earnings of ATCO Ltd. (ACO.X) and Canadian Utilities Ltd. (TSX:CU), the power company's corporate parents. 399 words. Atco-Alberta-Power.

--- VANCOUVER _ Gold Hawk Resources Inc. (TSXV:CGK) will sell 85 per cent of its Coricancha zinc and lead mine in Peru for US$15 million to Nyrstar NV, a global metals business headquartered in Belgium. BC-Gold-Hawk-Resources, 2nd Writethru. Moved.

--- VANCOUVER _ Transeuro Energy Corp. (TSXV:TSU) has signed an agreement to sell gas from two wells in Ukraine in a deal expected to generate about US$1-million a year in net profit, the company announced Thursday. BC-Transeuro, 1st Writethru. Moved.

--- VANCOUVER _ Cavan Ventures Inc. (TSXV:CVN), a junior Vancouver-based energy company, says it has struck a $580,000 deal to buy a non-operated working interest in a shut-in oil and gas property in the Provost area of east-central Alberta. BC-Cavan, 1st Writethru. Moved.

--- VANCOUVER _ Industrial Alliance Insurance and Financial Services Inc. said Thursday it has signed a deal to buy the socially responsible mutual fund business of Inhance Investment Management Inc., a wholly owned subsidiary of Vancouver City Savings Credit Union.Financial terms of the deal were not immediately available. 213 words. Industrial-Alliance-Vancity.

--- VANCOUVER _ QLT Inc. (TSX:QLT) said Thursday that it has sold its U.S. subsidiary QLT USA Inc. to Tolmar Holding Inc. in a deal worth up to US$230 million. QLT USA's principal asset is the Eligard line of products for the treatment of prostate cancer. 216 words. QLT.

--- LOUISVILLE, Ky. _ Phoenix Coal Inc. (TSX: PHC) announces sale of its surface mining operations in the United States to privately owned Ohio-based Oxford Mining Company, LCC. BC-Phoenix-Coal. Moved.

THE CANADIAN PRESS (c) 2009 The Canadian Press

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