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The Canadian Press Business News Budget for Tuesday, Nov. 10, 2009
(Canadian Press DataFile Via Acquire Media NewsEdge) BUSINESS EDITORS: Here are The Canadian Press Business budget lines for 10 p.m. EST. Plans may change as circumstances warrant. To contact CP Business by email, send messages to business(at)thecanadianpress.com.
MONTREAL _ Home improvement retailer Rona Inc. (TSX:RON) is set to launch new expansion plans amid initial signs of a recovery from the ill effects of the recession. 650 words. By Ross Marowits. 650 words. BC-Rona, 4th Writethru. Moved.
MONTREAL _ Advertising agency Cossette Inc. found a white knight Tuesday in a U.S. private equity investor that has agreed to pay $131.5-million in cash for the firm, topping a hostile bid by a group led by former executives of the company. 600 words. By LuAnn LaSalle. BC-Cossette, 3rd Writethru. Moved.
TORONTO _ A strong line-up of summer blockbusters helped Cineplex Galaxy Income Fund (TSX:CGX.UN) turn out higher attendance and record revenues at its theatres, but the closing of the theatrical-to-DVD window has exhibitors on high alert. Last week, Paramount Home Entertainment delivered ``G.I. Joe:Rise of the Cobra'' on DVD hardly three months after it hit theatres, which left theatre owners fuming. By David Friend. 750 words. BC-Cineplex-Galaxy-Income-Fund, 5th Writethru. Moved.
TORONTO _ ATS Automation Tooling Systems Inc. (TSX:ATA) is expanding its Photowatt solar energy business into the Ontario market in order to improve profitability and one day spin it off as an independent company, CEO Anthony Caputo says. 700 words. By Kristine Owram. BC-ATS-Automation, 6th Writethru. Moved
TORONTO _ CI Financial Corp. (TSX:CIX) was taking good news with the bad on Tuesday as it reported a precipitous drop in third-quarter profits, but also hiked its dividend by 20 per cent. 550 words. By David Friend. BC-CI-Financial, 4th Writethru. Moved.
VANCOUVER _ Silver Wheaton Corp. (TSX:SLW) is still on the hunt for more acquisitions, saying its recent deal to buy silver from Barrick Gold Corp. (TSX:ABX) has opened the door to other ``good quality'' purchases.``People who we have been talking to for a while see Barrick do a deal and say 'You know what, if it makes sense for Barrick, maybe it makes sense for us?''' Silver Wheaton president and CEO Peter Barnes told investors during a conference call Tuesday. 634 words. By Brenda Bouw. BC-Silver-Wheaton.
VANCOUVER _ Vancouver;British Columbia;Canada _ Heavy equipment dealer Finning International Inc. (TSX:FTT) is making deeper cuts in Canada after reporting a 66 per cent drop in third-quarter profit, including a larger-than-expected slowdown in the oilsands.Finning, the world's largest Caterpillar equipment dealer, said it's in the process of cutting another $50 million in annual costs across its global operations, the majority in Canada. 631 words. Finning.
PARIS _ The global financial crisis has led to a dangerous drop in energy investment around the world which could choke off the nascent economic recovery, the International Energy Agency said Tuesday. 500 words. By Greg Keller. BC-IEA-World-Energy-Outlook.
WASHINGTON _ Unemployment likely will remain high for the next several years because the economic recovery won't be strong enough to spur robust hiring, Federal Reserve officials warned Tuesday. By Jeannine Aversa. BC-US-Fed-Economy.
RUESSELHEIM, Germany _ General Motors Co. said Tuesday that a senior executive who now runs its international divisions will take over responsibility for the European Opel and Vauxhall units while the company searches for a permanent chief executive.Nick Reilly, GM's Shanghai-based president of international operations, once ran Vauxhall in the United Kingdom and has extensive knowledge of Opel's operations, company officials said. 677 words. By Guido Rijkhoek. See Photo . BC-EU-Germany-Opel, 4th Writethru.
UNDATED _ Oil prices fell Tuesday as workers headed back to deep sea platforms that were bypassed by a rapidly weakening storm in the Gulf of Mexico. 600 words. By Mark Williams. BC-Oil-Prices, 2nd Writethru. Moved.
LONDON _ Britain's two biggest banks, HSBC and Barclays, report strong investment banking profits and signal that bad debts may be nearing their peak, raising hopes that the worst may be over for them. The success of the two banks, which both rebuffed government bailouts, contrasts with their beleaguered counterparts including Lloyds, which announced plans to shed nearly 5,000 more jobs. By Jane Wardell. AP Photos. BC-Britain-Banks.
BRUSSELS _ The European Commission and Oracle enter a war of words after the company criticized EU regulators' objection to its takeover of Sun Microsystems. Oracle says a formal antitrust charge sheet from the European Commission laying out problems with the proposed $7.4 billion acquisition of Sun Microsystems Inc. ``reveals profound misunderstanding of both database competition and open source dynamics.'' By Aoife White. BC-EU-Oracle-Sun
BARENDRECHT, the Netherlands _ The people of the small Dutch town of Barendrecht are not against pumping massive amounts of carbon dioxide into underground rock. They just wish it wasn't right beneath their houses. Carbon capture and storage technology could potentially slash emissions of greenhouse gases _ but questions remain about the technology even as the EU prepares to spend billions on it. By Aoife White. See AP Photos. BC-Carbon-Dioxide-Town. Moved Datafile only
The Canadian Press is also following:
TORONTO _ The Toronto stock market backed off Tuesday afternoon, led by falling mining and energy stocks amid a report forecasting lower demand and another warning of a weak U.S. recovery. By Malcolm Morrison. BC-Dollar-Markets, 6th Writethru. Moved.
HALIFAX _ Bell Aliant Regional Communications Income Fund (TSX:BA.UN), Atlantic Canada's dominant telecom company, reports its net profits in the third quarter fell slightly to $74.3 million from $75 million as the company booked a restructuring charge and saw its revenues fall. BC-Bell-Aliant. Moved.
LAVAL, Que. _ Bellus Health Inc. (TSX: BLU) reported a third-quarter loss of US$5.8 million compared with a loss of US$11.2 million a year ago.The drug and nutraceutical company, which keeps its books in U.S. dollars, said the loss amounted to four cents per share for the quarter ended Sept. 30, compared with a loss of 22 cents per share a year ago. 104 words. Bellus-Health.
MONTREAL _ Air Canada (TSX:AC.B) is launching a new service notifying passengers by email or a text message to their mobile phone when their flights are cancelled or delayed. BC-Air-Canada, 1st Writethru. Moved.
MONTREAL _ Engineering services firm Genivar Income Fund (TSX:GNV.UN) third-quarter profit rises to $8.8 million from year-ago $8.3 million, revenues up 19.9 per cent to $125.4 million. BC-Genivar.
LONGUEUIL, Que. _ Mediagrif Interactive Technologies Inc. (TSX:MDF) said Tuesday it will begin paying a semiannual dividend as it reported a second-quarter profit of $700,000.The e-commerce company said it would pay a semiannual dividend of 10 cents per share, beginning with the third quarter of 2010. 140 words. Mediagrif.
MONTREAL _ Intertape Polymer Group Inc. (TSX:ITP) said Tuesday its quarterly profit was cut in less than half compared with a year ago as revenue fell by nearly 20 per cent. BC-Intertape-Polymer, 1st Writethru. Moved.
OTTAWA _ A new report says last year was a good one for Canada's grain and oilseed producers, but livestock producers _ particularly hog farmers _ had it rough. BC-StatsCan-Farmers.
OTTAWA _ Patent licensing company Wi-LAN Inc. (TSX:WIN) announced Tuesday that Japan's NEC Corp. has signed a multi-year licence agreement to use its patented Internet technology.The deal will provide NEC, an information technology services, network systems and personal electronics company, access to Wi-LAN technology for use in their domestic and export ADSL products. 138 words. Wi-LAN-Nec.
OTTAWA _ The Canadian economy is headed for a decade of stagnant growth that will test the budgets of governments and ordinary Canadians, says a new TD Bank report.The bank (TSX:TD) says a combination of post-recession adjustments, the aging population and low productivity will limit Canada's potential growth to about two per cent over the next 10 years. 373 words. Economy-Growth, 1st Writethru. Moved Business (B) and General (G).
TORONTO _ Allied Properties REIT (TSX:AP.UN) said Tuesday it has signed to deals for properties in downtown Toronto totalling about $30.65 million. BC-Allied-Properties, 1st Writethru. Moved
TORONTO _ Silicon producer Timminco Ltd. (TSX:TIM) blamed a major drop in revenue as a result of the recession on Tuesday for a wider third-quarter loss. BC-Timminco, 1st Writethru. Moved.
TORONTO _ Metals royalty company Franco-Nevada Corp. (TSX:FNV) has agreed to buy a two per cent net smelter royalty on a portion of production at Newmont's Ahafo property in Ghana for US$58 million in cash and shares from Moydow Mines International Inc. (TSX:MOY). BC-Franco-Nevada.
TORONTO _ Martinrea International Inc. (TSX:MRE) said Tuesday it earned $717,000 in its latest quarter as revenue fell more than 15 per cent. BC-Martinrea, 1st Writethru. Moved
TORONTO _ Altus Group Income Fund (TSX:AIF.UN), a real estate consulting company with operations around the world, reports its net profits in the third quarter fell to $1.3 million from $3.1 million last year as the company generated lower revenues. BC-Altus-Group. Moved.
TORONTO _ Foraco International SA (TSX:FAR), a French-based global provider of diversified drilling services and which trades on the Toronto Stock Exchange, reports its third quarter net profits were flat at 2.4 million euros, or C$3.77 million. BC-Foraco-International. Moved.
TORONTO _ Cinram International Income Fund (TSX:CRW.UN) profit rebounds, rising to US$9.5 million or 17 cents per diluted unit in the third quarter, up from $2 million or four cents per unit a year earlier. Revenue declined to US$351.2 million from US$411.7 million in the third quarter of 2008. BC-Cinram.
TORONTO _ Sirit Inc. (TSX:SI) says it cut its third-quarter net and comprehensive loss in half as revenues jumped almost 20 per cent, bolstered by improved sales in Latin America. BC-Sirit, 1st Writethru.
TORONTO _ Automodular Corp. (TSX:AM) has blamed a slowdown in the auto industry as well as accounting charges for posting a loss in the third quarter. BC-Automodular, 1st Writethru. Moved.
TORONTO _ The Canadian automotive retail sector was much stronger in the third quarter than in the first six months of 2009, but dealerships continue to take a beating from tight credit markets and vehicle sales incentives, according to AutoCanada Income Fund (TSX:ACQ.UN). By Kristine Owram. BC-AutoCanada. Moved.
TORONTO _ Dundee Corp. (TSX:DC.A) said Tuesday it earned $30.2 million in its latest quarter compared with a loss of $1.9 million a year ago.The money manger said the profit amounted to 39 cents per diluted share for the quarter ended Sept. 30 compared with a loss of three cents per share a year ago. 106 words. Dundee.
TORONTO _ Nucryst Pharmaceuticals Corp. (TSX:NCS) said Tuesday it has signed a deal to sell its all of its operations and assets including its nanocrystalline silver technology and merge the company with its majority shareholder.The company said is has agreed to sell its operations for US$21 million to Smith & Nephew, a medical technology company. 125 words. Nucryst-Westaim.
TORONTO _ Algonquin Power & Utilities Corp. (TSX:AQN) said Tuesday it has signed a deal to acquire 36.8 megawatts of hydroelectric generating capacity from Integrys Energy Services Inc. Financial terms of the deal were not released, but the company announced a plan to raise up to $86 million in shares on convertible debentures that will be used in part to finance the purchase. 281 words. Algonquin-Power.
AURORA, Ont. _ MI Developments Inc. (TSX:MIM.A) said Tuesday that it earned US$28 million in its latest quarter, up from a year ago.The company, which keeps its books in U.S. dollars, said Tuesday that it earned 60 cents per share for the quarter ended Sept. 30 compared with a profit of $16.8 million or 36 cents per share a year ago. 89 words. MI-Developments.
NEWMARKET, Ont. _ AirBoss of America Corp. (TSX:BOS), a Toronto-area maker of gas masks, gloves and protective rubber boots, reports its net earnings for the third quarter jumped to $3.8 million from just under $2.1 million. BC-Airboss. Moved.
CAMBRIDGE, Ont. _ A subsidiary of satellite equipment company Com Dev International Ltd. (TSX:CDV), says it has signed a long-term agreement with a non-government entity to provide space-based data. BC-Com-Dev.
WINNIPEG _ Canwest Limited Partnership unit of Canwest Global Communications Corp. that holds National Post, other newspapers in discussion with lenders for further extension of debt repayment obligations as company restructures. Original extension deadline expired Monday. BC-Canwest.
CHURCHILL, Man._ Via Rail plans to reduce service between Winnipeg and Churchill in northern Manitoba starting in December.The Crown corporation says it will operate two instead of three trains a week to the polar bear capital and the land-locked communities along the way. 406 words. BC-Via-Rail-Mba-Cuts.
CALGARY _ Natural gas producer Paramount Energy Trust (TSX:PMT.UN) blames losses on financial instruments for a big reversal in third-quarter earnings.Calgary-based Paramount posted a quarterly loss for the quarter ended Sept. 30 of $44.2 million or 36 cents a share, compared with a profit of $180.8 million or $1.62 a share in 2008. 208 words. BC-Paramount-Energy.
CALGARY _ Grande Cache Coal Corp. (TSX:GCE) saw its profits plummet in the second quarter of fiscal 2010 as it took a beating from weak coal prices, but raised its estimates based on lower costs. BC-Grande-Cache-Coal.
CALGARY _ Lower commodity prices took their toll upon Crocotta Energy Inc. (TSX:CTA) causing the oil and natural gas company to post a loss during the third quarter. BC-Crocotta-Energy
CALGARY _ Alter NRG Corp.'s (TSX:NRG) third-quarter loss widened as it was hit by a $3-million impairment charge, the plasma gasification technology company said Tuesday. It booked a loss of $6.9 million or 12 cents a share in the July-September period. That compared with a loss of $4.4 million or eight cents a share last year. 200 words. BC-Alter-NRG.
CALGARY _ Crew Energy Inc. (TSX:CR), a junior Calgary-based oil and natural gas company, reports it lost $7.4 million in the third quarter, reversing a $15.2 million profit in the year-earlier period. BC-Crew-Energy. Moved.
CALGARY _ Alberta's Wildrose Alliance party says it's launching a task force to develop an energy platform for the next provincial election.Party leader Danielle Smith says industry experts David Yager and David Gray will be co-chairmans of the task force. 194 words. Alta-Wildrose-Oilpatch.
CALGARY _ Keyera Facilities Income Fund (TSX:KEY.UN) said Tuesday that it has increased is stake in the West Pembina gas plant to 69 per cent in a deal worth $27 million for the additional one-third stake.In addition to the interest in the plant, Keyera said it was also acquiring other assets associated with the plant, including a sour gas gathering pipeline, as well as sulphur and water handling and disposal facilities. 97 words. Keyera.
VANCOUVER _ Shares of Imperial Metals Corp. (TSX:III) soared more than 45 per cent Tuesday after the company reported positive drilling results from its Red Chris copper and gold property in northwestern B.C. BC-Imperial-Metals, 2nd Writethru. Moved.
VANCOUVER _ Premium Brands Holdings Corp. (TSX:PBH) fought against lower consumer spending and a sluggish economy during the third quarter but managed to post an overall profit and stable revenue. BC-Premium-Brands-Holdings-Corp.
---VANCOUVER _ Pan American Silver Corp. (TSX:PAA) reported a jump in third-quarter earnings compared with a year ago, helped by increased silver and gold production.The miner, which keeps its books in U.S. dollars, said Tuesday it earned US$17.4 million or 20 cents per share for the quarter ended Sept. 30 compared with a profit of $6.4 million or eight cents per share a year ago. 158 words. Pan-American-Silver.
VANCOUVER _ A hedging loss of US$40 million drove down third-quarter profits at First Quantum Minerals Ltd. (TSX:FM), the company reported Tuesday.First quantum, which reports in U.S. dollars, said Q3 net income was US$123.8 million or $1.59 a share, down from $147.5 million or $2.16 a share in the comparable period last year. 197 words. First-Quantum.
THE CANADIAN PRESS
(c) 2009 The Canadian Press
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