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The Canadian Press Business News Budget, Wednesday, May 14, 2008
(Canadian Press (delayed) Via Acquire Media NewsEdge) BUSINESS EDITORS: Here are Canadian Press Business staffing plans as of 10 p.m. ET. Plans may change as circumstances warrant.
To contact Canadian Press Business by e-mail, send messages to business(at)thecanadianpress.com.
MONTREAL _ A late agreement between Clear Channel and its banks has increased the odds that the US$52-billion privatization of BCE Inc. (TSX:BCE) may be re-priced lower, an analyst said Wednesday. Joseph MacKay of Desjardins Securities says an agreement between Clear Channel and its private equity purchasers, which will reduce the takeout price by more than eight per cent, may put pressure on BCE to follow suit. 550 words. By Ross Marowits. BC-BCE, 1st Writethru.
MONTREAL _ Flight simulator and training company CAE Inc. (TSX:CAE) signalled its faith in a strong future Wednesday by tripling its quarterly dividend and restoring the amount to the pre-restructuring level enjoyed in 2004. ``We felt that we had reached a turning point in terms of the company and that it was the appropriate time to put the dividend increase in place,'' CEO Robert Brown said in a conference call to discuss fourth-quarter and year-end results. 497 words. By Ross Marowits. BC-CAE, 2nd Writethru.
OTTAWA _ Just as the Canadian and U.S. economies were expected to be at their gloomiest, indications are emerging that the worst may already be over. Even the Canadian dollar, which was expected to fall this year, is stubbornly fighting back to parity just in time for Canadians to plan their cross-border summer vacations. 600 words. Julian Beltrame. BC-Economy.
OTTAWA _ Bell Canada (TSX:BCE) has been given permission to continue slowing down traffic from independent Internet service providers on its network until the federal telecommunications regulator renders a final verdict this fall. The Canadian Radio-television and Telecommunications Commission ruled Wednesday that the Internet providers had not proved they would suffer irreparable harm if they were not granted interim relief from the Bell practice. 453 words. By Julian Beltrame. BC-Internet-Shaping, 1st Writethru.
TORONTO _ Sun Life Financial Inc. (TSX:SLF) is well positioned to grow in China and India, offsetting economic headwinds in North America that dragged down its latest financial results, chief executive Donald Stewart said Wednesday. The global insurance and financial services company, which warned last week that growth could stall for the rest of this year, expects its forays into Asia to provide a boost in coming years. 450 words. By Romina Maurino. BC-Sun-Life.
TORONTO _ Royal Bank of Canada (TSX:RY) will be hit by $855 million in writedowns ``relating to market conditions'' as part of its second-quarter results. The writedowns will be worth $420 million after tax, Canada's largest bank said Wednesday. 578 words. By David Friend. BC-RBC, 3rd Writethru.
TORONTO _ Patheon Inc.'s (TSX:PTI) new CEO Wes Wheeler has shaken up his management team including appointing a new CFO in order to give the company ``a new look'' as it works to boost market share and improve profitability after racking up a widened first quarter loss. 600 words. By Eric Shackleton. BC-Patheon, 1st Writethru.
TORONTO _ New listings of homes for sale on the Multiple Listing Service in major markets in Canada reached their highest level ever in April thanks to Toronto and Saskatoon, the Canadian Real Estate Association reported Wednesday. But it also said its latest housing market survey shows that new listings rose by more than sales activity, resulting in a more balanced resale housing market in April than in any other month in the past nine years, making it much more of a buyer's market. 744 words. By Eric Shackleton. BC-CREA-Housing.
CALGARY _ A federal judge has handed Imperial Oil Ltd. (TSX:IMO) a defeat in its efforts to move ahead with the $8-billion Kearl oilsands mine _ a project environmentalists say would destroy huge tracts of boreal forest in Northern Alberta. Imperial was in court last week fighting a federal government decision to revoke a key water permit. 625 words. By Lauren Krugel. Moves on Business (B) and General (G) wires. Will be updated. BC-Imperial-Kearl, 2nd Writethru.
CALGARY _ Bankers Petroleum Ltd. (TSX:BNK, AIM:BNK) said Wednesday it is spinning its Albanian heavy oil and North American shale gas businesses off into two different companies _ mere days after one of Canada's biggest energy players announced a similar restructuring. ``With the recent success in Oklahoma, the company has determined that the timing is right for Bankers' U.S. assets to be restructured into a separate newly formed public entity, BNK Petroleum Inc.,'' Calgary-headquartered Bankers said in a statement. 600 words. By Lauren Krugel. BC-Bankers-Petroleum, 2nd Writethru.
NEW YORK _ U.S. gas prices roared above US$3.75 a gallon Wednesday, while oil prices fell as a U.S. Energy Department report painted a mixed picture of the nation's petroleum reserves. At the pump, the average national price of a gallon of regular gas rose 2.6 cents overnight to a record $3.758 a gallon, according to AAA and the Oil Price Information Service. Gas prices are 67 cents higher than a year ago, and are expected to continue rising at least until the Memorial Day weekend. 535 words. By John Wilen. BC-Oil-Prices, 1st Writethru.
WASHINGTON _ Inflation pressures eased a bit in April despite the biggest jump in food prices in 18 years. The Labour Department reported Wednesday that consumer prices edged up 0.2 per cent last month, compared to a 0.3 per cent rise in March. 766 words. By Martin Crutsinger. BC-US-Economy, 2nd Writethru.
UNDATED _ U.S. mortgage finance company Freddie Mac said Wednesday its first quarter loss widened to US$151 million as the U.S. housing market worsened, though the results were not as poor as expected. Its shares jumped on the news. McLean, Va.-based Freddie Mac, America's second-largest buyer and backer of home loans, plans to raise $5.5 billion in new capital, following a similar move last week by Fannie Mae, its larger government sponsored sibling. 803 words. By Alan Zibel. See Photo NYBZ112. BC-Freddie-Mac, 2nd Writethru.
LOS ANGELES _ More U.S. homeowners fell behind on mortgage payments last month, driving the number of homes facing foreclosure up 65 per cent versus the same month last year and contributing to a deepening slide in home values, a research company said Tuesday. Nationwide, 243,353 homes received at least one foreclosure-related filing in April, up 65 per cent from 147,708 in the same month last year and up four per cent since March, RealtyTrac Inc. said. 807 words. By Alex Veiga. BC-US-Foreclosure-Rates, 1st Writethru.
The Canadian Press is also following:
TORONTO _ The Toronto stock market moved further into record territory Wednesday afternoon, running ahead about 100 points with the financial sector the biggest gainer after Royal Bank (TSX:RY) announced a big writedown which was nonetheless smaller than investors had expected. New York markets were also positive after U.S. inflation pressures eased in April despite the biggest jump in food prices in 18 years. 869 words. By Malcolm Morrison. Will be updated. BC-Dollar-Markets, 5th Writethru.
DIGBY, N.S. _ SkyPower Corp. and Scotian WindFields Inc. have nabbed a 20-year contract from Nova Scotia Power to develop a 30 megawatt wind park in the Digby, N.S. An announcement Wednesday said that the 1,080 hectare park is planned to become operational next year and supply 10,000 homes in the Digby area with electricity each year. 155 words. BC-SkyPower-Wind-Park.
QUEBEC _ Cominar Real Estate Investment Trust's (TSX:CUF.UN) first-quarter net income fell to $4 million from a year-ago $7.3 million but funds from operations jumped 36.8 per cent to $18.7 million. The REIT increased its monthly distribution to 12 cents per unit from 11.3 cents. 217 words. BC-Cominar.
MONTREAL _ Intertape Polymer Group Inc. (TSX:ITP) has reported a first-quarter net loss of US$1.9 million as sales slipped to $184.5 million ``due to the continuing economic weakness in the United States.'' The maker of industrial packaging said Wednesday that despite the shaky U.S. economy it ``was able to raise prices during the quarter to offset certain raw material cost increases, most significantly resin plastic based raw material.'' 160 words. BC-Intertape-Polymer.
MONTREAL _ Canadian Helicopters Income Fund (TSX:CHL.UN) said Wednesday its pretax losses deepened to $2.4 million in the first quarter as costs rose primarily from higher employee compensation. The helicopter transportation services company said the loss in the latest quarter ended March 31 compared with a year-ago loss of $1.7 million. 173 words. BC-Canadian-Helicopters. Will be updated.
MONTREAL _ SRX Post Holdings Inc. (TSX:SRX), which is operating under court protection from creditors, said Wednesday it lost $16.8 million in its first quarter compared with a loss of $12.2 million a year ago. The company, formerly known as SR Telecom, said the loss amounted to two cents per share for the three months ended March 31 compared with a loss two cents per share in the first quarter of 2007. Quarterly revenue was $9.7 million, down from $22.8 million. 130 words. BC-SRX-Post-Holdings.
MONTREAL _ Semafo Inc. (TSX: SMF) earned a first-quarter profit of US$12.5 million compared with a loss in the same period a year ago, the company said Wednesday. The Montreal-based company, which keeps its books in U.S. dollars, said the profit amounted to six cents per share for the three months ended March 31 compared with a loss of $3.2 million or two cents per share a year ago. 133 words. BC-Semafo.
OTTAWA _ Newfoundland and Labrador led the country in labour productivity growth in 2007, while Alberta had the largest decline. Conventional crude-oil extraction influenced both developments. 181 words. BC-StatsCan-Labour-Productivity.
TORONTO _ Ontario's Liberal government is prepared to give General Motors more taxpayers' money for new projects, despite thousands of layoffs recently announced by an automaker that has already received $235 million from the province, Premier Dalton McGuinty said Wednesday. GM wants the Ontario and federal governments to contribute $140 million towards a new engine plant in St. Catharines, Ont., and a new research and development centre in Oshawa. 530 words. By Keith Leslie. Moves both (G) General and (B) Business; guard against duplication. will be writethru. BC-GM-Government-Funding, 1st Writethru.
TORONTO _ Land-based information services provider Teranet Income Fund (TSX:TF.UN) has posted first-quarter pretax earnings of $40.7 million as it logs gains from new products and expansion in new sectors. The Toronto-based trust, which provides software for accessing the Ontario electronic land registration system, said Wednesday that earnings for the period ended March 31 were up from $37.3 million in the same period last year. 180 words. BC-Teranet.
TORONTO _ Northern Financial Corp. (TSX:NFC) said Wednesday its Northern Securities Inc. subsidiary has settled a trading-supervision complaint bought in October 2005 by Market Regulation Services. Northern said the fine it will pay ``is not material,'' and proceedings are being dropped against Northern Securities chairman and CEO Vic Alboini and senior vice-president Chris Shaule. 149 words. BC-RS-Northern-Financial.
TORONTO _ ING Canada Inc. (TSX:IIC) has reported a sharp drop in first-quarter net income to $23 million, compared with $126.2 million a year earlier, blaming turbulent weather and stock markets. The Canadian property and casualty subsidiary of Dutch-based ING Groep NV said Wednesday that its January-March operating profit fell to $70.2 million from $112.8 million ``as a result of the severe storms that hit Central Canada over the winter months.'' 267 words. BC-ING-Canada.
TORONTO _ The new chief executive at Patheon Inc. (TSX:PTI) has enacted a sweeping shuffle of senior management, including the appointment of a new chief financial officer. Wes Wheeler, who took over as CEO in December, said Wednesday that Eric Evans, formerly of Novartis, replaces John Bell as CFO. Bell will leave the drug manufacturing company at the end of the month to ``pursue new opportunities.'' 129 words. BC-Patheon.
TORONTO _ Medical Facilities Corp. (TSX:DR.UN) posted a first-quarter profit of US$3.2 million, reversing a year-ago loss of US$1.3 million. The Toronto-based company, which owns stakes in hospitals and other medical centres, said its facility service revenue rose 15.1 per cent to $47.4 million from $41.2 million in the first quarter of 2007. 149 words. BC-Medical-Facilities.
TORONTO _ Corby Distilleries Ltd. (TSX:CDL.A) says that its third quarter net earnings have risen to $5.9 million, helped by growing sales revenues that climbed on higher selling prices and volume growth. The liquor producer said Wednesday that earnings per share climbed to 21 cents from net earnings of $1.6 million, or six cents per share, in the year-ago period. 208 words. BC-Corby.
TORONTO _ Internet broadcaster JumpTV Inc. (TSX:JTV) reported that its first-quarter net loss swelled to US$58.7 million from $7.1 million a year earlier as it logged a $48.1-million non-cash goodwill impairment charge. The company, reporting in U.S. dollars, said Wednesday that its revenue was $3.6 million for the period ended March 31, up from $1 million a year earlier, mostly from the acquisition of the broadband division of XOS Technologies Inc. and Cycling TV. 233 words. BC-JumpTV.
TORONTO _ Northland Power Income Fund (TSX:NPI.UN) says it has obtained financing for its $268-million Jardin d'Eole wind farm, and is committing $35 million itself toward the project. The fund's $35-million loan to Saint-Ulric Saint-Leandre Wind LP, the developer and owner of the Jardin d'Eole project, will be subordinated to the senior secured project debt. 153 words. BC-Northland-Power.
TORONTO _ InterOil Corp. (TSX:IOL) lost $2.4 million in the first quarter compared with a loss of $5.4 million a year ago, the company said Wednesday. The Calgary-based company with operations in Papua New Guinea said the loss amounted to eight cents per share for the three months ended March 31 compared with a loss of 18 cents per share a year ago. 91 words. BC-InterOil.
TORONTO _ Dundee Corp. (TSX:DC.A) said reported Wednesday a quarterly loss of $16.3 million, weighed down by at $75.9-million asset-backed commercial paper-related writedown. The company, which owns a controlling stake in DundeeWealth Inc. (TSX:DW), said the loss amounted to 22 cents per diluted share for the three months ended March 31 compared with a profit of $94.3 million or $1.20 per diluted share a year ago. 94 words. BC-Dundee.
TORONTO _ Timminco Ltd. (TSX:TIM), under attack from skeptics who cast doubt whether the company really has a break-through technology for producing silicon for solar cells, presented what they hope is a credible outside expert to back their case Wednesday. What the specialty metals company delivered was an hour-long discourse on the company's plans and processes by a consultant who advises both Timminco and its customers and who, overall, said he was impressed with what the company has showed him 621 words. By David Paddon. BC-Timminco.
TORONTO _ Hollinger Inc. (TSX:HLG.C) will relinquish its voting control over the last major newspaper operating company in Conrad Black's former business empire in a settlement with a major creditor, which holds about 42 per cent of Hollinger's secured debt. Under the proposed deal, announced late Wednesday by the insolvent Toronto-based company, Davidson Kempner Management LLC will end up controlling Hollinger Inc.'s stake in Sun-Times Media. 385 words. BC-Hollinger-Settlement.
TORONTO _ Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) said Wednesday that it earned a first-quarter profit of $14.4 million compared with a loss a year ago. The real estate trust said the profit amounted to 22 cents per unit for the three months ended March 31 compared with a loss of $4 million or 6.8 cents per unit a year ago. 134 words. BC-CAP-REIT.
TORONTO _ Denison Mines Corp. (TSX:DML) says its first-quarter loss doubled due a recent hike in the tax rate in Zambia. The Toronto-based uranium producer, which reports in U.S. currency, said it lost $10.4 million or six cents per share in the quarter ended March 31. 211 words. BC-Denison-Mines.
MISSISSAUGA, Ont. _ MTI Global Inc. (TSX:MTI) said Wednesday it lost $914,000 in its first quarter compared with a small profit a year ago, despite an increase in revenue. The company said the loss amounted to three cents per share for the three months ended March 31 compared with profit of $7,000 or zero cents per share a year ago. 175 words. BC-MTI-Global.
WINNIPEG _ Lanesborough Real Estate Investment Trust (TSX:LRT.UN) sneaked out of the red to post $301,000 income in the first quarter as revenues move higher. The Winnipeg-based property owner said that income for the three months ended March 31 was up from year-ago $1.7 million loss. 145 words. BC-Lanesborough.
WINNIPEG _ Boyd Group Income Fund (TSX:BYD.UN) more than doubled its first-quarter profit compared with a year ago, the auto-body repair shop income trust said Wednesday as it increased its monthly distributions. Boyd Group said it earned a first-quarter profit of $1.9 million or 16 cents per unit compared with a profit of $800,000 or seven cents per unit a year ago. 213 words. BC-Boyd-Group.
CALGARY _ Petrobank Energy and Resources Ltd. (TSX:PBG) had a first-quarter profit of $35.5 million, up 850 per cent from the year-earlier period, which was before its merger with fellow oil and gas producer Peerless Energy Inc.. The profit represents 40 cents per diluted share, up from five cents per share a year ago when net income was $3.7 million, the company reported late Tuesday. 191 words. BC-Petrobank-Energy.
CALGARY _ Questerre Energy Corp. (TSX:QEC) has reported net income of $1.5 million in an ``eventful'' first quarter, up from $480,000 a year ago courtesy of a $2.25-million future tax recovery. ``The excitement surrounding the significant shale gas discovery on our Quebec acreage completely overshadowed the disappointment from the A-8 well at Beaver River,'' CEO Michael Binnion commented in releasing the quarterly results Wednesday. 229 words. BC-Questerre-Energy.
CALGARY _ Enterra Energy Trust (TSX:ENT.UN), a Calgary-based oil and natural gas company, says its hedging program was behind its first-quarter net loss of $1.9 million as the price of the commodities it produces rose more than anticipated. The earnings loss came in at three cents per diluted unit, far below the $1.12 per unit or $62.8 million reported in the year earlier period, the company said in a release. 283 words. BC-Enterra-Energy.
CALGARY _ Boardwalk Real Estate Investment Trust (TSX:BEI.UN) reported Wednesday a first-quarter net profit of $5.6 million, up from $3.6 million a year earlier. That represented diluted earnings per unit of 10 cents, up from six cents per unit in he same period last year, the Calgary-based company said in a release. 270 words. BC-Boardwalk.
CALGARY _ HSE Integrated Ltd. (TSX:HSL) reported a small loss in its first quarter on Wednesday as revenue dipped. The oilfield services company said it lost $11,000 or zero cents per share for the three months ended March 31 compared with a profit of $904,000 or two cents per share a year ago. 96 words. BC-HSE-Integrated.
CALGARY _ Canadian Superior Energy Inc. (TSX:SNG) said Wednesday it lost $1.9 million in the first quarter as revenue grew more than 25 per cent. The energy company said the loss amounted to a penny per share for the three months ended March 31 compared with a loss of $129,000 or zero cents per share a year ago. 115 words. BC-Canadian-Superior-Energy.
CALGARY _ Winstar Resources Ltd. (TSX:WIX) said Wednesday it earned a first-quarter profit of $1.4 million, down from $4.5 million a year ago. The junior oil and gas company, with assets in Canada, Tunisia, Romania and Hungary, said the profit amounted to four cents per share for the three months ended March 31 compared with 16 cents per share a year ago. 120 words. BC-Winstar.
CALGARY _ Canadian Pacific Railway Ltd. (TSX:CP) said Wednesday it plans to raise US$693 million in two offerings of notes that will be used to repay part of an 18-month term credit facility used to fund the acquisition of the Dakota, Minnesota & Eastern Railroad last year. The Calgary-based railway said it was issuing US$400 million of 5.75 per cent notes due May 15, 2013 and US$300 million of 6.5 per cent notes due May 15, 2018. 106 words. BC-CPR-Debt.
VANCOUVER _ Quadra Mining Ltd. (TSX:QUA) plans to raise $175 million by selling 7.1 million common shares. The company said Wednesday the bought deal is prices at $24.50 per share, and it will use the proceeds to pay off debt and fund exploration and development of the Sierra Gorda property in Chile. 102 words. BC-Quadra-Mining.
VANCOUVER _ Petaquilla Copper Ltd. (TSX:PTC) said partner Inmet Mining (TSX:IMN) will manage a jointly-owned copper project in Panama in a bid to begin production on schedule. Petaquilla, which is battling with Teck Cominco Ltd. (TSX:TCK.B) over their stake in the Petaquilla property in Panama, said the choice to have Inmet head the project was ``a key step in maintaining the schedule to bring the world-class copper-gold porphyry deposit to production.'' 495 words. BC-Petaquilla-Copper.
VANCOUVER _ Ainsworth Lumber Co. Ltd. (TSX:ANS) said Wednesday it lost $88.2 million in the first quarter as sales dropped sharply and the company took a $36.1-million unrealized foreign exchange loss on long-term debt. The forestry company said the loss amounted to $6.02 per share for the three months ended March 31 compared with a loss of $22.8 million or $1.55 per share a year ago. 313 words. BC-Ainsworth-Lumber.
VANCOUVER _ Glacier Ventures International Corp. (TSX:GVC) said Wednesday it earned a first-quarter profit of $8 million, up from $4.4 million a year ago. The Vancouver-based publisher said the profit amounted to nine cents per share for the three months ended March 31 compared with a profit of five cents per share in the first quarter of 2007. Quarterly revenue was $58.8 million, up from $53.5 million. 173 words. BC-Glacier-Ventures.
VANCOUVER _ The operator of the Vancouver International Airport is selling a stake of its management subsidiary to an investment arm of global bank Citigroup. The Vancouver International Airport Authority says the deal will help it develop ``airport opportunities'' through its YVR Airport Services Ltd. division, which manages and develops 18 airports in seven countries, including Vancouver's airport. 160 words. BC-YVR-Citigroup.
VANCOUVER _ Ivanhoe Mines Ltd. (TSX:IVN) said its first-quarter loss grew by 24 per cent on higher exploration and administration expenses. The Vancouver-based company, with operations in the Asia Pacific region, reported a first quarter loss of US$63.6 million or 17 cents per share, compared to a loss of US$46.8 million or 13 cents per share for the comparable period in 2007. 225 words. BC-Ivanhoe-Mines.
VANCOUVER _ Forbes Medi-Tech Inc. (TSX:FMI) said Wednesday it lost $1.7 million in the first quarter compared with a loss of $2.3 million a year ago. The Vancouver-based company said the loss amounted to 34 cents per share for the three months ended March 31 compared with a loss of 49 cents per share in the first quarter of 2007. 184 words. BC-Forbes-Medi-Tech.
WASHINGTON _ Ford Motor Co. is recalling about 50,000 Ford F-150 and Lincoln Mark LT pickup trucks in Canada to fix a hose that could affect the vehicles' braking power. The automaker is issuing the recall of more than 655,000 in all of the 2005-2006 versions of the trucks with 5.4 litre, three-valve engines. 131 words. Moves on Business (B) and World (W) wires. BC-Ford-Recall.
FORT WAYNE, Ind. _ WFI Industries Ltd. (TSX:WFI) reported a sharp increase in quarter profit compared with a year ago and increased its quarterly dividend on Wednesday. The Toronto-listed company, which keeps its books in U.S. dollars, said Wednesday it earned US$1.6 million or 13 cents per share for the three months ended March 31 compared with a profit of $984,000 or eight cents per share a year ago. 209 words. BC-WFI-Industries.
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