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The Canadian Press Business News Budget for Thursday, Nov. 5, 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.
In addition to the following, a story slugged BC-Jobs-Economy has moved General (G) and Business (B). Please guard against duplication.
MONTREAL _ Quebecor Inc. (TSX:QBR.B) saw its third-quarte r profit jump by 52 per cent as customer growth boosted the media company's revenues. The Montreal-based publisher, cable TV and phone service provider reported net income of $69.4 million or $1.08 per share for the quarter ended Sept. 30. 550 words. By LuAnn LaSalle. BC-Quebecor, 3rd Writethru. Moved.
MONTREAL _ Dorel Industries (TSX:DII.B) expects a recovery next year as its product lines have insulated the juvenile, bike and furniture manufacturer from the worst of the global recession. A turnaround in its home furnishings division helped it to record US$30.2 million in third-quarter profits, despite lower overall revenues. 700 words. By Ross Marowits. BC-Dorel, 2nd Writethru. Moved.
MONTREAL _ Bombardier (TSX:BBD.B) may face increasing pressure to reduce the production of business jets and layoff more workers after an industry association said its deliveries fell nearly 37 per cent during the third quarter. 550 words. By Ross Marowits. BC-Bombardier, 3rd Writethru. Moved.
TORONTO _ U.S. health care data company IMS Health says it has agreed to be acquired by investment funds TPG Capital and Canada's CPP Investment Board for US$4 billion. IMS shareholders are getting $22 per share under the deal, marking a 31 per cent premium to the stock's closing price of US$16.81 on the New York Stock Exchange on Wednesday. 800 words. By Kristine Owram and John Valorzi. BC-US-IMS-Health-Acquisition, 4th Writethru. Moved.
TORONTO _ Losses rained down on two of Canada's biggest life insurance companies as volatility on the stock markets, spreads and charges pulled both Manulife Financial Corp. (TSX:MFC) and Sun Life Financial Inc. (TSX:SLF) into the red during the third quarter. 650 words. By David Friend. BC-Insurance-Earnings.
TORONTO _ Marriage contracts and prenuptial agreements can be difficult to bring up when you're in the joyous throes of planning the happy event _ and certainly not everyone contemplating tying the knot needs one.But ``prenups'' can be particularly handy for people embarking on a second marriage or those who stand to inherit a sizable estate. And they start the kind of serious financial dialogue every couple needs to have on an ongoing basis. 800 words. By Malcolm Morrison. BC-Money-Monitor. Moved.
TORONTO _ Magna International Inc. (TSX:MG.A) will turn its attention to new technologies including electric vehicles after a plan to acquire General Motors' European division was scuttled earlier this week.Magna co-CEO Don Walker said the auto parts giant made its pitch to acquire a majority stake in Opel at the request of the German government and now that the deal has fallen through it will turn its attention back to other priorities. 653 words. By Kristine Owram. Magna-International.
MONTREAL _ Cascades Inc. (TSX:CAS) exceeded expectations in its latest quarter as lower energy and materials costs helped the recycled tissue paper and packaging producer earn $34 million, despite lower sales. By Ross Marowits. BC-Cascades-Results, 2nd Writethru Budget. Moved.
CALGARY _ Canadian Natural Resources Ltd. (TSX:CNQ) plans to spend 26 per cent more in 2010 than it did this year, directing the lion's share of that capital towards oil developments. The Calgary-based firm is shying away from natural gas development, drilling wells only as a mans to retain its land position. 600 words. By Lauren Krugel. Canadian-Natural, 2nd Writethru. Moved.
CALGARY _ The prolonged hostile takeover drama between Calgary-based fertilizer producer Agrium Inc. (TSX:AGU) and its recalcitrant U.S. target CF Industries Holdings Inc. (NYSE:CF) entered another chapter Thursday, with the would-be acquirer sweetening its offer. Rather than rebuff the US$4.5-billion offer right off the bat, CF said it would ``in due course review the latest revised proposal.'' 600 words. By Lauren Krugel. BC-Agrium, 3rd Writethru. Moved.
VANCOUVER _ Canaccord Capital Inc. (TSX:CCI) reinstated its dividend Thursday after the financial services company reported a solid profit and higher revenues for its latest quarter and said its business is picking up strongly. The Vancouver-based investment firm said it will reinstate its quarterly dividend, a year after it was suspended to protect its capital during harsh market conditions driven by the recession and capital industry crisis. 533 words. By Brenda Bouw. BC-Canaccord-Capital, 2nd Writethru Budget. Moved.
VANCOUVER _ Goldcorp Inc. (TSX:G) said selling more gold at higher prices helped boost revenues by 25 per cent in the latest quarter, as the Vancouver-based miner also increased its annual production guidance. By Brenda Bouw. BC-Goldcorp, Budget, 1st Writethru. Moved
UNDATED _ Manitoba Telecom Services Inc. (TSX:MBT) profit and revenue fell in the third quarter from the same time last year, as the company's business customers felt the effect of the economic downturn. 600 words. By LuAnn LaSalle. BC-Manitoba-Telecom, 4th Writethru. Moved.
WASHINGTON _ Companies are finding ways to do more with fewer workers, boosting productivity but dimming hopes that hiring will take off anytime soon. Eventually, employers won't be able to squeeze more from their staffs and will have to ramp up hiring _ something that could happen next year, even though the jobless rate is expected to hit double digits. By Martin Crutsinger and Stephen Manning. See AP Photos. BC-US-Economy, 4th Writethru Budget. Moved.
NEW YORK _ Oil prices slipped Thursday as investors questioned whether the U.S. would regain its appetite for petroleum. By Chris Kahn. BC-Oil-Prices, 2nd Writethru Budget. Moved.
CHICAGO _ More people are visiting Starbucks Corp. coffee shops this year than last, and they're spending more money when they do, an executive said Thursday.But it was the company's cost-cutting that boosted its profit in its fiscal fourth quarter. Starbucks had fewer stores this year than last and its revenue fell slightly. 377 words. By Ashley M. Heher. See Photo . US-Earns-Starbucks.
TOKYO _ Toyota Motor Corp. (NYSE:TM) announced Thursday a surprise profit last quarter and trimmed its projected red ink for the year, underlining the gradual recovery under way for Japan's giant automakers. By Yuri Kageyama. BC-AS-Japan-Earns-Toyota, 4th Writethru. Moved.
RUESSELSHEIM, Germany _ Fearing widespread layoffs, thousands of Opel workers walked off the job across Germany on Thursday to protest General Motors Co.'s decision to abandon the unit's sale to new owners. 650 words. By Guido Rijkhoek. BC-EU-Germany-GM-Opel, 1st Writethru Budget. Moved.
GUANGZHOU, China _ Thousands of foreigner buyers come to this southern city for China's biggest trade show, searching for factory owners who will make their products cheaply and won't rip off their clever designs. Then they slip across town to shop at malls loaded with fake Prada purses, phony Rolex watches and pirated Tod's loafers. By William Foreman. See AP Photos. BC-AS-China-Fair-Fakes, 1st Writethru. Moved Datafile only.
FRANKFURT _ The European Central Bank hints it could begin withdrawing some of its crisis measures soon, while the Bank of England pumped more money into the economy in an attempt to get Britain out of recession. By George Frey and Robert Barr. AP Photo. BC-Europe-Interest-Rates. Moved.
The Canadian Press is also following:
TORONTO _ The Toronto stock market closed higher Thursday with investors getting some good news prior to the release of the main piece of economic data for the week _ the U.S. government's October non-farms payroll report. By Malcolm Morrison. BC-Dollar-Markets, 7th Writethru. Moved.
ST. JOHN'S, N.L. _ Utility operator Fortis Inc. (TSX:FTS) blamed a number of factors, including lower power production and energy prices, for a decline in third-quarter revenue and net earnings. BC-Fortis, 1st Writethru. Moved.
NEW ANNAN, P.E.I. _ Cavendish Farms, P.E.I's largest private-sector employer, will stop production for two weeks because of the faltering U.S. economy.The New Annan-based company said Thursday it will shut down its two processing plants on the Island and another in North Dakota from Nov. 20-27 and Dec. 23-Jan. 2. 159 words. Cavendish-Farms-Cuts.
STELLARTON, N.S. _ Crombie Real Estate Investment Trust (TSX:CRR.UN) reports a third-quarter loss of $1 million or three cents a unit compared with a profit of $2.6 million or nine cents last year. Revenue from property in both periods was about $51 million. BC-Crombie. Moved.
MONTREAL _ Consolidated Thompson Iron Mines Ltd. (TSX:CLM) reported a net loss of $22.6 million in the third quarter as it continues to develop its Bloom Lake iron ore property in Quebec. BC-Consolidated-Thompson, 1st Writethru. Moved.
MONTREAL _ BMTC Group Inc. (TSX:GBT.A) said Thursday that it earned $25.5 million in its latest quarter, up from $19.4 million a year ago.The Quebec-based furniture retailer said the profit amounted to 95 cents per diluted share for the quarter ended Sept. 30 compared with a profit of 62 cents per diluted share a year ago. 95 words. BMTC.
OTTAWA _ The value of building permits increased 1.6 per cent to $5.1 billion in September, their second straight monthly increase.Statistics Canada says the numbers were boosted by higher intentions in the residential sector, which more than offset a decline in the non-residential sector. 141 words. BC-StatsCan-Building-Permits.
OTTAWA _ Canada's battered manufacturers and exporters are still not convinced the end of the recession will dramatically improve their prospects.The Canadian Manufacturers and Exporters say a survey of members shows that conditions are only improving in the margins and that many still report falling orders and plans to lay off workers. 179 words. BC-Manufacturers-Survey.
OTTAWA _ Bridgewater Systems Corp. (TSX:BWC) revised its annual profit and revenue 2009 guidance upward on Thursday as the wireless technology provider reported its third-quarter net income more than tripled while revenues rose 53 per cent. BC-Bridgewater, 1st Writethru.
TORONTO _ Improved market conditions helped Equitable Group Inc.'s (TSX:ETC) third-quarter profit to rise by 11 per cent, the specialty mortgage lender said Thursday. BC-Equitable-Group, 1st Writethru. Moved.
TORONTO _ Packaging firm CCL Industries Inc. (TSX:CCL.B) reported Thursday a third-quarter profit of $16.6 million, down 25 per cent from a year-before $22.1 million on lower operating income, higher corporate expense and higher net interest expense.The Toronto-based company said its earnings amounted to 51 cents per share, versus 68 cents per share in the prior-year period. 232 words. BC-CCL-Industries.
TORONTO _ Manulife Financial Corp. (TSX:MFC) reports third-quarter net loss of $172 million or 12 cents per share, down from year-earlier profits of $510 million or 33 cents per share, as lower corporate bond rates partly impacted results. By David Friend. BC-Manulife-Financial, 3rd Writethru. Moved.
TORONTO _ Australian toll-road operator Transurban Group (ASX:TCL) has rejected a takeover proposal from the Canada Pension Plan Investment Board and the Ontario Teachers' Pension Plan that offered A$6.7 billion (C$6.5 billion) for the company. BC-Transurban-CPP-Teachers, 1st Writethru.
TORONTO _ Profits at investment manager GMP Capital Inc. (TSX:GMP) rose 21 per cent in the third-quarter, despite a four per cent slide in revenue on lower investment banking and commission revenue. BC-GMP-Capital, 1st Writethru. Moved.
TORONTO _ Plans by Dundee Precious Metals Inc. (TSX:DPM) for a metals processing facility at its gold and copper mine in Chelopech, Bulgarian, have suffered a setback in court. BC-Dundee, 1st Writethru. Moved.
TORONTO _ Biovail Corp.'s (TSX:BVF) net income fell to US$40.4 million in the third quarter, as the impact of special items offset a 17.3 per cent increase in revenues generated by the Canadian pharmaceutical company's products. BC-Biovail, 1st Writethru, Moved.
TORONTO _ Thompson Creek Metals Co. Inc. (TSX:TCM), which keeps its books in U.S. dollars, said Thursday that it earned US$19.7 million or 14 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $100.6 million or 74 cents per share a year ago. Revenue totalled $114.4 million, down from $331.1 million. BC-Thompson-Creek-Metals.
TORONTO _ SunOpta Inc. (TSX:SOY) reported a loss of US$4.7 million in its latest quarter on Thursday as revenue fell more than 10 per cent.The natural food company, which keeps its books in U.S. dollars, said the loss amounted to seven cents per diluted share for the quarter ended Sept. 30 compared with a profit of $3.9 million or six cents per share a year ago. 98 words. SunOpta.
TORONTO _ Kinross Gold Corp. (TSX:K) said Thursday it has signed a deal to increase the size of its unsecured revolving credit facility to US$450 million, up from $404 million.The gold miner said the new facility will expire in November 2012 and include a term loan for its Paracatu property. 77 words. Kinross.
MISSISSAUGA, Ont. _ Shares of Nuvo Research Inc. (TSX:NRI), a Toronto-area drug developer, soared 21.7 per cent Thursday after it announced that the U.S. Food and Drug Administration has approved a new drug application for Pennsaid topical treatment for osteoarthritis in the knee. BC-Nuvo-Research. Moved.
OAKVILLE, Ont. _ Algonquin Power & Utilities Corp. (TSX:AQN), which converted from an income trust last month, said Thursday the fund earned $13.1 million or 17 cents per unit in its last quarter compared with a loss of $4.4 million of six cents per unit a year ago. Revenue totalled $45.1 million, down from $55.1 million. BC-Algonquin-Power.
BRAMPTON, Ont. _ The Data Group Income Fund's (TSX:DGI.UN) third-quarter earnings tripled to $3.3 million despite a slight drop in its revenue, the document manager and printing services said Thursday. BC-Data-Group, 2nd Writethru. Moved Datafile only.
WATERLOO, Ont. _ Research In Motion Ltd. (TSX:RIM) says it has been authorized to spend up to US$1.2 billion to buy back its common shares from the open market and cancel them. 163 words. BC-Research-in-Motion.
WINNIPEG _ Canwest Global Communications Corp. said Thursday that a group of its lenders have extended a deadline for the company to file its recapitalization plan.The ad hoc committee of eight per cent senior subordinated noteholders has given the company until Nov. 30 to file the plan with the Ontario Superior Court of Justice. 137 words. Canwest. ---
WINNIPEG _ Pollard Banknote Income Fund (TSX:PBL.UN) said Thursday it will close is production facility in Kamloops, B.C., in February and transfer the work to its other locations in a bid to save $4 million a year.The number of jobs affected was not immediately known, but the comapny said it would take a $5-million charge in its fourth quarter related to closing costs including employee severance. 211 words. Pollard-Banknote.
OKOTOKS, Alta. _ Mullen Group Ltd. (TSX:MTL) made an all-stock bid for Livingston International Income Fund (TSX:LIV.UN) worth about $300 million, topping a cash offer for the fund by a consortium led by the CPP Investment Board. BC-Mullen-Livingston, 3rd Writethru. Moved.
CALGARY _ Industrial waste services firm Newalta Inc. (TSX:NAL) said third-quarter profit fell 81 per cent and revenues fell 23 per cent due largely to lower commodity prices year-over-year. BC-Newalta, 1st Writethru. Moved.
CALGARY _ Bonavista Energy Trust (TSX:BNP.UN), a Calgary-based oil and gas producer, says its third quarter net profits fell sharply to $33.3 million from $207.6 million a year earlier. BC-Bonavista-Energy.
CALGARY _ AltaGas Income Trust (TSX:ALA.UN) said it saw a decline in net income for its third quarter but posted solid results overall. BC-AltaGas-Income-Trust, 1st Writethru. Moved
CALGARY _ TransGlobe Energy Corp. (TSX:TGL) swung to a US$1.6 million loss in the third quarter as revenues dropped almost 30 per cent, the oil and gas company reported Thursday. BC-TransGlobe, 1st Writethru. Moved.
CALGARY _ Industrial contractor The Churchill Corp. TSX:CUQ) reported an improvement in third-quarter earnings Thursday despite a big drop in contract revenue. BC-Churchill, 1st Writethru. Moved.
CALGARY _ ARC Energy Trust (TSX:AET.UN) said Thursday that it earned $68.9 million in its latest quarter, down from $311.7 million a year ago, as the trust announced an increase in capital spending for next year.The energy trust said the profit amounted to 29 cents per unit for the quarter ended Sept. 30 compared with a profit of $311.7 million or $1.46 per share a year ago. 210 words. ARC-Energy-Trust.
CALGARY _ Horizon North Logistics Inc. (TSX:HNL) said Thursday that it lost $105,000 in its latest quarter as revenue dropped compared with a year ago.The provider of services to the resources industry said it broke even on a per share basis for the quarter ended Sept. 30 compared with a profit of $5 million or five cents per share a year ago. 183 words. Horizon-North-Logistics.
CALGARY _ Enerflex Systems Income Fund (TSX:EFX.UN), which is facing a takeover bid from Toromont Industries Ltd. (TSX:TIH), said Thursday it earned $4.9 million in its latest quarter, down from $18.1 million a year ago.The supplier of equipment to the oil and gas industry said the profit amounted to 10 cents per unit for the quarter ended Sept. 30 compared with a profit of 39 cents per unit a year ago. 249 words. Enerflex.
EDMONTON _ Engineering company Stantec Inc. (TSX:STN) reported its net loss in the third quarter narrowed to $10 million from $30 million as the company booked a goodwill impairment charge on the company's western U.S. operations. BC-Stantec, 1st Writethru. Moved.
VANCOUVER _ Petaquilla Minerals Ltd. (TSX:PTQ) said Thursday its executive chairman, chief executive and most of its board have resigned. BC-Petaquilla-Minerals, 1st Writethru. Moved Datafile only.
VANCOUVER _ Ainsworth Lumber Co. Ltd. (TSX:ANS) said Thursday that it earned $20.3 million in its latest quarter, boosted foreign exchange gains associated with the company's outstanding U.S.-dollar denominated debt.The forestry company said the profit amounted to 21 cents per share for the quarter ended Sept. 30 compared with a loss of $42.7 million or 58 cents per share a year ago. 141 words. Ainsworth-Lumber.
VANCOUVER _ Westshore Terminals Income Fund (TSX:WTE.UN) said Thursday its third-quarter profit was cut in half compared with a year ago as revenue fell.The fund, which runs a coal export terminal near Vancouver, said it earned $20.2 million or 27 cents per unit for the quarter ended Sept. 30 compared with a profit of $40.2 million or 54 cents per unit a year ago. 131 words. Westshore-Terminals.
NEW YORK _ Thomson Reuters (TSX:TRI) net income was cut to US$167 million in the third quarter, as the global information services company's bottom line felt the impact of currency fluctuations and a $52-million increase in one-time integration costs. BC-Thomson-Reuters, 2nd Writethru. Moved.
LISLE, Ill. _ The addition of new customers and convertion of existing clients to its other services helped SXC Health Solutions Corp. (TSX:SXC) boost its third-quarter profit, which more than tripled from a year earlier. BC-SXC-Health, 1st Writethru. Moved
CHICAGO _ Northstar Aerospace Inc. (TSX:NAS) reported a loss in its latest quarter as revenue grew 20 per cent compared with a year ago.The company, which keeps its books in U.S. dollars, said Thursday that it lost US$411,000 or a penny per share for the quarter ended Sept. 30 compared with a profit of $304,000 or a penny per share a year ago. 186 words. Northstar-Aerospace.
THE CANADIAN PRESS
(c) 2009 The Canadian Press
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