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Business staffing plans for Tuesday, Dec. 15, 2009
(Canadian Press DataFile Via Acquire Media NewsEdge) BUSINESS EDITORS: Here are The Canadian Press Business Staffing lines as of 5 p.m. EST. Plans may change as circumstances warrant. Queries should be addressed to business editor John Valorzi at 416-507-2146 or Brian McKenna on the business desk at 416-507-2138 or Craig Wong at 613-231-8631. To contact CP Business by email, send messages to businessthecanadianpress.com.
In addition to the following, a story slugged BC-Economy will move National and Business. Please guard against duplication.
MONTREAL _ Commercial printer and media company Transcontinental (TSX:TCL.A) earned $43.1 million in the fourth quarter, reversing last year's $94.3 million loss, despite a nine per cent drop in revenue. Last year's loss was primarily due to a write-off of goodwill related to direct mail operations in the United States and a restructuring charge. 500 words. By LuAnn LaSalle. BC-Transcontinental, 2nd Writethru. Moved. Will be updated.
TORONTO _ Indigo Books & Music Inc. (TSX:IDG) said Tuesday it has spun off its Shortcovers digital book business to Kobo, a new company controlled by Indigo along with some well-known international partners. Indigo said late Tuesday that the transaction will see Canada's largest bookstore chain own 58 per cent of Kobo. Other partners include major book retailers in the United States and Australia, and a Hong Kong conglomerate involved in everything from cellphones and real estate to shipbuilding and life sciences. 700 words. By John Valorzi. BC-Indigo-Kobo, 2nd Writethru Budget. Moved. Will be Updated.
CALGARY _ When the world's largest publicly traded company makes a US$29-billion acquisition, investors take notice. Shares in major Canadian natural gas names soared after ExxonMobil Corp. (NYSE:XOM) announced plans to buy XTO Energy Inc. (TSX:XTO). ``The thought is there could be another deal,'' said Genuity Capital Markets analyst Philip Skolnick. 700 words. By Lauren Krugel. BC-Exxon-XTO-Cda. Moved.
UNDATED _ Despite increasingly hot competition in the wireless phone market, Telus Corp. (TSX:T) is confident its upgraded network will help propel revenue growth into 2010, as the now-smart phone equipped telecommunications provider focuses on its wireless and data operations. By Sunny Freeman. 700 words. Telus-Targets, 4th Writethru. Moved.
WASHINGTON _ U.S. inflation at the wholesale level surged in November, reflecting price jumps in energy and other products. The bigger-than-expected increase is certain to raise the attention of Federal Reserve policy-makers beginning a two-day meeting on interest rates. The Fed has been able to keep interest rates at record-low levels to bolster the shaky recovery, but if inflation pressures begin to mount, the central bank could be forced to start raising rates sooner than expected. 550 words. words. BC-US-Economy, 1st Writethru. Moved.
NEW YORK _ Oil prices rose sharply Tuesday for the first time in nine days with OPEC predicting energy demand will rebound faster than it had thought. Benchmark crude for January delivery increased $1.18 to US$70.69 a barrel on the New York Mercantile Exchange. In London, Brent crude for January delivery rose 52 cents to $72.41 a barrel on the ICE Futures exchange. 500 words. By Chris Kahn. BC-Oil-Prices, 2nd Writethru. Moved.
WASHINGTON _ The Federal Reserve is expected to leave interest rates at a record low this week. The big question is whether Chairman Ben Bernanke and his colleagues will hint about when they will reverse course and start boosting rates. By Jeannine Aversa.BC-US-Fed-Interest-Rates, 3rd Writethru. Moved.
GENEVA _ The global airline industry will face another harrowing year in 2010, with sector-wide losses expected to reach $5.6 billion despite some recovery in passenger and cargo traffic, the International Air Transport Association said. 650 words. By Bradley S. Klapper. BC-World-Airlines-Losses, 2nd Writethru. Moved.
DETROIT _ Former telephone executive Edward Whitacre Jr. is acting quickly to change General Motors. He's already moving to pay back government loans faster and tackling a dysfunctional culture where decision by committee, isolated upper management and fear of risk produced mediocre cars for years at the nation's largest automaker. But some question if his demands for sudden change are realistic. By Tom Krisher. See AP Photo. BC-GM-Whitacre. Moved.
NEW YORK _ Consumers buying more electronics help send Best Buy Co.'s third-quarter profit higher. But the lower-priced notebook computers and flat-panel TVs they're taking advantage of have the company warning that its profit margins will be squeezed. By Mae Anderson. BC-US-Earns-Best-Buy.
UNDATED _ General Electric CEO Jeffrey Immelt said Tuesday the giant conglomerate is undergoing a renewal after what has been one of the most difficult years in the company's 117-year history. By Stephen Manning. BC-GE-Outlook, 1st Writethru. Moved.
The Canadian Press is also following:
TORONTO _ The Toronto stock market was modestly higher at midday Tuesday as commodities prices remained subdued and mixed economic data on both sides of the border provided little motivation. By David Friend. BC-Dollar-Markets, 4th Writethru Moved. Will be Updated.
QUEBEC CITY _ The minimum wage in Quebec is going up by 50 cents to $9.50 an hour next May. The provincial government says more than 320,000 workers will benefit from the third increase in the minimum wage in three years. 77 words. BC-Que-Minimum-Wage.
MONTREAL _ The federal Competition Bureau says cable provider Cogeco (TSX:CCA) has clarified advertising claims about the speed of its Internet services in two Quebec cities. Exact details were not immediately available. 104 words. BC-Cogeco-Internet.
MONTREAL _ Biopharmaceutical company Ibex Technologies Inc. (TSXV:IBT) said Tuesday its first-quarter profits slid despite a six per cent gain in revenues. Net income totalled $71,877 or less than a penny a share in the period ended Oct. 31. That's almost 80 per cent lower from $337,414 or a penny a share it generated last year. 193 words. BC-Ibex-Technologies.
MONTREAL _ Stella-Jones Inc. (TSX:SJ), a maker of railway ties and utility poles, said Tuesday it plans to buy privately held U.S.-based Tangent Rail Corp. for an undisclosed amount as it seeks to expand its business in the United States. Tangent provides wood crosstie supply chain services to the railroad industry with 2009 annual sales estimated at about US$175 million. 201 words. BC-Stella-Jones.
MONTREAL _ CGI Group Inc. (TSX:GIB.A) has signed contracts with North American financial institutions in the fourth quarter worth $1.1 billion, the information technology provider said Tuesday. CGI said the deals signed in the October-December quarter included both new contracts and renewals. 165 words. BC-CGI-Group, 1st Writethru. Moved.
MONTREAL _ Biopharmaceutical company Ibex Technologies Inc. (TSXV:IBT) said Tuesday its first-quarter profits slid despite a six per cent gain in revenues. BC-Ibex-Technologies, 1st Writethru. Moved.
OTTAWA _ The labour productivity of Canadian businesses fell 0.2 per cent in the third quarter after fluctuating between increases and declines of 0.1 per cent since the second quarter of 2008. In each of the preceding five quarters, real gross domestic product (GDP) and hours worked declined in tandem and, as a result, Statistics Canada says productivity changed little. 148 words. BC-StatsCan-Productivity.
OTTAWA _ The composite leading index rose by 1.3 per cent in November, equalling the largest of its six straight increases. Statistics Canada reports the advance was led by household demand, while the recovery of demand in the United States gave a boost to manufacturing in Canada. 151 words. StatsCan-Indicators.
OTTAWA _ New motor vehicle sales increased 3.5 per cent to 133,559 units in October after rising in September. October's sales were 3.2 per cent lower than October 2008. 105 words. StatsCan-Vehicles.
TORONTO _ Greehouse grower Village Farms Income Fund (TSX:VFF.UN) has obtained approval from the Ontario Superior Court of Justice for its conversion from an income fund into a publicly traded corporation. BC-Village-Farms, 1st Writethru. Moved.
TORONTO _ The world's biggest steelmaker plans to reduce its global workforce next year, but the Canadian operations of ArcelorMittal shouldn't be affected other than through natural attrition, a spokesman says. Reports say the company, which operates Dofasco in Hamilton, Ont., is looking to reduce overall headcount by about 3.5 per cent or 10,000 people in 2010 with most of the cuts likely to occur in Europe and the U.S. 285 words. BC-ArcelorMittal-Dofasco.
TORONTO _ Metrolinx, the provincial Crown corporation responsible for the Toronto-area commuter rail system, has bought a rail line from railway giant CN (TSX: CNR) for C$68 million. BC-Metrolinx-CN. Moved.
TORONTO _ A private member's bill seeking to govern the activities of Canadian companies operating in developing countries could have the unintended effect of pushing miners out of Canada to less responsible jurisdictions, a business law firm argues. BC-Cda-Mining-Bill. Moved.
TORONTO _ Canadians added to their mutual fund holdings in November as sales of balanced and bond funds outweighed net redemptions of of equity funds and short-term funds. BC-Mutual-Funds-November, 1st Writethru. Moved.
REGINA _ Alliance Grain Traders (TSX:AGT) is acquiring all the assets of Finora Inc., including three processing plants in Saskatchewan and one in Alberta, for US$8.9 million in cash. BC-Alliance-Finora, 2nd Writethru.
CALGARY _ A panel examining the social and environmental effects of a delayed Arctic natural gas pipeline is expected to meet its latest deadline _ barely. BC-NWT-Mackenzie. Moved Business and National
CALGARY _ Enterra Energy Trust (TSX:ENT) said Tuesday it has delivered a notice of termination to a U.S. farmout partner that had ceased drilling on Enterra land in February. Enterra's agreement with North American Petroleum Corp., a subsidiary of Petroflow Energy Ltd. (TSXV:PEF), required the company to maintain a certain pace of drilling to continue on Enterra-owned lands in the Oklahoma Hunton play. 199 words. BC-Enterra-Energy.
CALGARY _ Triton Energy Corp. (TSXV:TEZ) announced it is bringing in a new management team and accquiring privately-held Waldron Energy Corp. in an effort to recapitalize. The Calgary-based oil and gas company said it plans to change its name to Waldron Energy Corp., after acquiring all the assets of Alberta-based Waldron for $1.98 million. 259 words. BC-Triton-Energy-Corp.
CALGARY _ CanElson Drilling Inc. (TSXV:CDI), a Calgary-based energy services and equipment company, says it has signed a definitive deal with CCS Corporation to buy a telescopic double drilling rig for $6 million. The company said the purchase will be financed from existing cash and bank financing and is expected to close by the end of the week. 231 words. BC-CanElson-Drilling.
CALGARY _ Pristine Power Inc. (TSX:PPX), a Calgary-based developer and operator of electricity and steam generation plants, says it has struck a bought deal with underwriters led by National Bank Financial Inc. (TSX:NA) to sell 4.17 million share and warrant units at $2.40 each to raise $10 million. BC-Pristine-Power. Moved.
VANCOUVER _ Selwyn Resources Ltd. (TSXV:SWN) has agreed to form a joint venture company with a Chinese zinc and lead producer to finance a key project in the Yukon. Selwyn said late Monday it would make up half of a joint venture company with Yunnan Chihong Zinc & Germanium Co. Ltd. to advance its flagship Selwyn project to bankable feasibility and production if warranted. 326 words. BC-Selwyn-Resources.
VANCOUVER _ Starcore International Mines Ltd. (TSX:SAM) returned to profitability in the first quarter on improved metal production combined with lower costs despite a drop in revenues, the company said Tuesday. The Vancouver-based miner booked profits of $562,000 or a penny a share in the August-October period versus a loss of $109,000 or less than a penny a share in the year-earlier quarter. 141 words. BC-Starcore.
VANCOUVER _ PNI Digital Media (TSXV:PN) booked record revenues for the fourth quarter and fiscal 2009, helping it return to profitability in the quarter while narrowing its full-year loss. For the quarter ended Sept. 30, the Vancouver-based digital media solutions provider earned $600,000 or two cents a share, reversing year-earlier loss of $2.7 million or eight cents a share. 151 words. BC-PNI-Digital-Media.
RICHMOND, B.C. _ MacDonald, Dettwiler and Associates Ltd. (TSX:MDA) awarded US$254-million contract to provide communication satellite system to National Space Agency of Ukraine. BC-MDA-Ukraine-Contract.
VANCOUVER _ Starcore International Mines Ltd. (TSX:SAM) returned to profitability in the first quarter on improved metal production combined with lower costs despite a drop in revenues, the company said Tuesday. BC-Starcore, 1st Writethru. Moved
VANCOUVER _ PNI Digital Media (TSXV:PN) booked record revenues for the fourth quarter and fiscal 2009, helping it return to profitability in the quarter while narrowing its full-year loss. BC-PNI-Digital-Media, 1st Writethru. Moved.
COVINGTON, Ky. _ Canadian private equity fund manager TorQuest Partners has signed a deal to acquire the wood rosin and natural wood terpens business from a subsidiary of Ashland Inc. in $75-million deal, Kentucky-based Ashland (NYSE:ASH) said Tuesday. BC-Ashland-TorQuest, 1st Writethru. Moved.
COLORADO SPRINGS; Colo. _ Century Casinos, Inc. is adding to its holdings in Alberta by acquiring the insolvent Silver Dollar casino in Calgary in a $10.6-million deal with its operators, the Colorado-based company said Tuesday. Century said its Austrian subsidiary, Century Casinos Europe GmbH, had entered into a definitive agreement to acquire 100 per cent of the outstanding common stock of Frank Sisson's Silver Dollar Ltd. and 100 per cent of the outstanding common stock of EGC Properties Ltd. 283 words. BC-Century-Casinos, 2nd Writethru.
WEDNESDAY BUSINESS CALENDAR:
X-MONTREAL _ Cogeco holds its annual meeting. Louis Audet, president and chief executive, will be meeting with the media at 2 p.m. at the Delta Hotel (777 University St. Room 532). (2 p.m. at Tour de la Bourse Square Victoria)
X-OTTAWA _ Statistics Canada releases October survey of manufacturing. (8:30 a.m. at www.statcan.ca)
OTTAWA _ Statistics Canada releases October travel between Canada and other countries. (8:30 a.m. at www.statcan.ca)
X-TORONTO _ Bank of Canada governor Mark Carney speaks to the Empire Club of Canada. Media lock-up at 11:20 a.m. in the Bank's head office in Ottawa. News conference at 2 p.m. in Salon A. (11:45 a.m. at Royal York Hotel, 100 Front St., Concert Hall)
X-TORONTO _ Globalive and WIND Mobile to make joint announcement, unveil mobile store, products and services. Photo op at 10:30 a.m. followed by announcement at 10:40 p.m. (Queen's Quay Terminal, ground level, east side of the building, 207 Queen's Quay West)
CALGARY _ Germain Resources Ltd. scheduled to enter a plea on charges under the Alberta Safety Codes Act after a three-year-old girl was killed by debris that flew off a building under construction during a windstorm. (8:30 a.m. at CR 308 Calgary Courts Centre - 601 5th Street SW)
VANCOUVER _ Finning International Inc., the world's largest Caterpillar equipment dealer, holds investor day. (12 p.m.)
VANCOUVER _ Decision rendered today in injunction case Rogers is seeking against Bell for false and misleading advertising. (B.C. Supreme Court )
THE CANADIAN PRESS
(c) 2009 The Canadian Press
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