HL:The Canadian Press Business News Budget for Thursday, June 25, 2009

MONTREAL@ — Quebecor World's (TSX:IQW) effort to restructure the insolvent printer hit a roadblock Thursday after the U.S. government asked a U.S. Bankruptcy judge to deny the plan because of unpaid taxes and environmental penalties. The government said the plan, which was set to be confirmed Tuesday in New York, improperly lets a wide swath of third parties off the hook for claims and liabilities, including US$150 million in Clean Air Act penalties and more than US$10 million owed to the Internal Revenue Service. 574 words. By Ross Marowits. BC-Quebecor-World.

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MONTREAL @— The economic recession is convincing more newlyweds to discuss financial compatibility before they walk down the aisle in a bid to avoid a leading cause of discord and divorce, say financial advisers."A bright light in all of this pullback is that people are now starting to think twice and not jumping off as blindly as before," says Jeannette Brox, a certified financial planner with the Investors Group. 674 words. By Ross Marowits. BC-Money-Monitor.

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MONTREAL@ — It's being called a "mobile wallet." Canadian consumers can start using their mobile phones to send and receive money and make small purchases due to co-operation between Rogers Wireless, Bell Mobility and Telus Corp. The technology, called Zoompass, is currently being tested and used by some Canadians. 600 words. By LuAnn LaSalle. BC-Mobile-Payments.

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OTTAWA@ — Former Liberal deputy prime minister John Manley says growing government economic activism since the recession needs to be watched to ensure it does not stifle business competitiveness. Manley made the comments Thursday after being named the new head of the Canadian Council of Chief Executives, one of the country's most influential business lobby groups. 632 words. By Julian Beltrame. BC-Manley-Chief-Executive, 3rd Writethru.

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OTTAWA@ — The federal government is asking Canada's premiers to sign a declaration that their provinces won't discriminate against American suppliers as a carrot to convince the U.S. to drop protectionist measures. Trade Minister Stockwell Day said in an interview Thursday that federal and provincial officials discussed the issue on Monday and that the premiers have been given a draft procurement agreement that would act as an adjunct to the North American Free Trade Agreement. 661 words. By Julian Beltrame. BC-Day-Buy-America, 1st Writethru.

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TORONTO@ — Loosening credit conditions are making it easier for consumers to buy new vehicles and should boost auto sales in the second half of the year, according to a new report by Scotia Economics. The bank's global auto report, released Thursday, says Canadian auto loan approvals have increased to their highest level since April 2008. Study author Carlos Gomes said this provides evidence that credit markets are starting to thaw after freezing up in response to the financial crisis. 700 words. By Kristine Owram. Moves General and Business. Avoid duplication. BC-Auto-Loans, 3rd Writethru.

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TORONTO@ — A lawyer for Biovail Corp. (TSX:BVF) founder Eugene Melnyk says his client was caught up in the uncertainty and chaos that enveloped the drug maker, and one of its customers, in the days after the highway traffic accident which caused it to report financial information that was only later proven incorrect. Kent Thomson told an OSC panel, which has heard allegations Melnyk mislead stockholders, that the former Biovail CEO was operating to the best of his ability as he and other executives hurried to give investors full details on a shipping truck accident. 691 words. By David Friend. BC-OSC-Melnyk, 2nd Writethru.

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CALGARY@ — Alberta has announced a one-year extension for two incentive programs designed to breathe life into a sagging natural gas drilling sector that has been ravaged by low commodity prices. The move means the province would pony up as much as $3 billion between now and March 2011, Energy Minister Mel Knight told reporters Thursday. 860 words. By Lauren Krugel. Moves on general (G) and business (B) wires. Guard against duplication. BC-Alta-Drilling-Incentives, 3rd Writethru.

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VANCOUVER@ — Teck Resources Ltd. (TSX:TCK.B) says a geotechnical problem at a mine in Kamloops, B.C. is forcing the company to trim copper production for the next year and a half. The Vancouver-based mining giant is cutting copper production by 35 million pounds in the second half of this year and by 115 million pounds next year due to the issues at the Highland Valley mine. 733 words. BC-Teck-Resources, 1st Writethru.

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VANCOUVER@ — The former president and CEO of Southwestern Resources Corp. (TSX:SWG) has admitted to fraud and illegal insider trading related to the tampering of drill data from the company's Boka gold project in China. In a settlement with the B.C. Securities Commission, John Paterson admitted to entering false assay results related to the Boka project into the company's database. 557 words. By Brenda Bouw. BC-Paterson-Southwestern, 3rd Writethru.

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CHICAGO@ — Household-products maker Kimberly-Clark Corp. said Thursday it plans to cut 1,600 jobs, or three per cent of its global work force, as it slims down in the tough economy. The maker of Kleenex tissues, Huggies diapers and scores of other household items employs 53,000 people around the world. It plans to make the cuts primarily among salaried and non-production workers and executives said the company doesn't plan to close any plants. 413 words. By Ashley M. Heher. BC-US-Kimberly-Clark-Job-Cuts, 4th Writethru.

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NEW YORK@ — Oil prices jumped above US$70 a barrel Thursday after the government said that the economy may be faring better than previously thought. In a revised reading on gross domestic product in the first quarter, the Commerce Department reported a 5.5 per cent annualized decline from January to March, rather than the 5.7 per cent it reported a month ago. 465 words. By Chris Kahn. BC-Oil-Prices, 2nd Writethru.

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WASHINGTON@ — The American economy tumbled at a 5.5 per cent pace in the first quarter, but appears to be doing better now, even though heavy layoffs persist.The revised reading on gross domestic product, released Thursday by the U.S. Commerce Department, showed the economy from January through March didn't fall as deeply as the 5.7 per cent annualized decline reported a month ago. Economists expected the government would stick with its previous estimate. 813 words. By Jeannine Aversa. See Photo . BC-US-Economy.

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WASHINGTON@ — U.S. Federal Reserve chairman Ben Bernanke faced an unusual political trial Thursday and disputed accusations that he pressured Bank of America to acquire Merrill Lynch in a deal that cost taxpayers US$20 billion. Bernanke denied to a House committee investigating the matter that he threatened action against Bank of America's CEO Kenneth Lewis or the bank's board members if they abandoned the takeover. 1040 words. By Jeannine Aversa. Moves on Business and World wires. Avoid Duplication. BC-US-Bernanke, 2nd Writethru.

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TORONTO@ — Energy stocks helped the Toronto stock market gain more than 200 points for a second day in a row Thursday on hopes that small signs of economic improvement will result in the start of a recovery by the end of the year. Toronto's S&P/TSX composite index advanced 254.92 points to 10,355.85, following a 204-point runup on Wednesday. 847 words. By Malcolm Morrison. BC-Dollar-Markets, 8th Writethru.

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MONTREAL @— Vincent Lacroix, who was behind one of Canada's biggest financial scandals, wants his criminal trial stopped, saying he has already been convicted of the same offences.The former head of the Norbourg investment house is being tried on criminal charges of bilking 9,000 investors of about $130 million. 130 words. BC-CRIME-Lacroix-Trial.

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MONTREAL@ — North American airlines suffered a 10.9 per cent drop passenger traffic in May, as the emergence of the H1N1 virus in Mexico discouraged travel to sun destinations, the International Air Transport Association said Thursday. Passenger demand was also undermined by recession-driven drops in both transatlantic and transpacific markets, IATA said. 456 words. BC-Airline-Traffic, 1st Writethru.

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TEMISCAMING, Que.@ — Tembec Inc. (TSX:TBC) has extended a curtailment of its newsprint operations in Pine Falls, Man., by three weeks. The original curtailment, which began on June 16, was estimated to be for three weeks. 123 words. BC-Tembec-Pine-Falls.

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OTTAWA@ — Total non-farm payroll employment fell by 51,400 in April, down 0.4 per cent from March.Statistics Canada reports the number of employees has fallen every month since they peaked in October 2008, bringing total losses over this period to 376,500. 217 words. BC-StatsCan-Payrolls.

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OTTAWA@ — Mosaid Technologies Inc. (TSX:MSD) reported Thursday an increase in fourth-quarter profits compared with a year ago as revenue grew six per cent. The semiconductor company said it earned $5.6 million or 55 cents per diluted share for the quarter ended April 30 compared with a profit of $5.4 million or 50 cents per diluted share a year earlier. 281 words. BC-Mosaid-BizFlash, 1st Writethru.

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TORONTO@ — Theatre equipment company Imax Corp. (TSX:IMX) has appointed a 15-year veteran of the media and entertainment industry to the newly created position of chief operating officer. "Our organization will benefit from Gary's leadership skills, business insight and experience, enabling Imax to identify business opportunities, generate efficiencies across the organization and address the day-to-day needs of a dynamic company," said chief executive Richard Gelfond. 189 words. BC-Imax.

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TORONTO@ — HydraLogic Systems Inc.'s (TSXV:HLS) odour control division has signed a five-year distribution agreement with Shanghai Yema EPE Co. Ltd.The deal, effective July 1, will require the Chinese company to meet annual purchases totalling US$5.08 million over the term of the agreement, the Toronto company said Thursday. 187 words. BC-HydraLogic-Systems.

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TORONTO@ — A union representing workers of the Globe and Mail says the newspaper's management will email staff on Friday with a "final offer" to replace a contract that expires next week. The Communications, Energy and Paperworkers Union sent a letter to its members on Thursday saying that Globe representatives informed them that all concessions and changes will be implemented by July 1. 226 words. BC-CRAFT-Globe-and-Mail.

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TORONTO@ — Fairfax Financial Holdings Ltd. (TSX:FFH) said Thursday that the U.S. Securities and Exchange Commission has completed its investigation into the company and said it does not intend to recommend any enforcement action. "We were gratified to learn that the SEC staff does not intend to recommend any enforcement action against Fairfax," Fairfax chairman and chief executive Prem Watsa said in a statement. 217 words. BC-Fairfax-Financial-SEC, 1st Writethru.

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GUELPH, Ont. @— Biorem Inc. (TSXV:BRM), a maker of filters for pollution control in industrial and municipal systems, said Thursday it has secured two industrial contracts in China worth $800,000.The company, based in Guelph, Ont., said one contract will be to treat pollution from an industrial airstream in Tiangin. 119 words. BC-Biorem.

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THUNDER BAY, Ont.@ — A plan has been formed for Toronto to secure all the funding it needs for a $1.2-billion streetcar contract.The project for 204 streetcars, to built at Bombardier (TSX:BBD.B) in Thunder Bay, Ont., was contingent on securing a one-third share from Ottawa by Saturday. 172 words. BC-Toronto-Streetcars.

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WINNIPEG@ — Underwriters agree to purchase $40 million of convertible debt from Artis Real Estate Investment Trust (TSX:AX.UN) under previously announced offering. The Series E debentures will bear interest at a rate of 7.50 per cent per year. 36 words. BC-Artis.

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SASKATOON@ — Potash Corp. of Saskatchewan Inc. (TSX:POT) cut its earnings guidance due to lower than expected sales volumes due to the deferral of purchases by customers around the world and lower realized prices for phosphate fertilizers. The company said it now expects to earn roughly 70 cents per diluted share for the quarter, down from an initial target of $1.10 to $1.50 per share. 296 words. BC-PotashCorp.

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CALGARY @— Oilsands company Opti Canada Inc. (TSX:OPC) says the Toronto Stock Exchange won't approve an equity offering announced earlier this week without a shareholder vote.Opti had reached an agreement with its underwriters to issue 88.25 million common shares at a price of $1.70 per share for total proceeds of $150 million. 302 words. BC-Opti-Offering.

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CALGARY@ — Harvest Energy Trust (TSX:HTE.UN) mailed its offer to buy Pegasus Oil & Gas Inc. (POG.A) in a friendly takeover in a deal valued at $18.7 million, including the assumption of $14 million of debt.Pegasus's directors unanimously support the offer, which was announced June 15 and expires July 30. 157 words. BC-Harvest-Pegasus.

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CALGARY@ — Copper Fox Metals Inc. (TSXV:CUU) warns the company may be insolvent if it can't raise enough capital to fund its operations. "Given the company's current inability to raise additional capital, the company may need to avail itself of creditor protection to preserve its property value," the company said Thursday. 230 words. BC-Copper-Fox.

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VANCOUVER@ — Copper Mesa Mining Corp. (TSX:CUX) says it is exploring new possibilities for the sale of one of its subsidiaries after the initial buyer failed to make a payment.Nortec Ventures Corp. (TSXV:NVT) had agreed to buy the subsidiary, which controls most of Copper Mesa's assets in Ecuador, for US$5.5 million. 100 words. BC-Nortec-Copper-Mesa.

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VANCOUVER@ — Western Canadian Coal Corp. (TSX:WTN) said Thursday higher coal prices and a higher loonie pushed it to a profit of $47.6 million for the fourth quarter of its 2009 financial year, reversing a year-earlier loss. The earnings for the quarter ended March 31 amounted to 23 cents a share, compared to a loss of 33 cents per share or $37.8 million a year earlier. Revenue for the quarter was $111.7 million, up 48 per cent from $75.3 million in the fourth quarter of fiscal 2008. 396 words. BC-Western-Canadian-Coal.

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BOSTON@ — Edmonton-based engineering and design company Stantec Inc. (TSX:STN) will redesign the West Roxbury Tunnel, a major sewer project in Boston.The company said Thursday that the project is "the largest and most complex linear infrastructure rehabilitation project ever awarded to the firm." 184 words. BC-Stantec.


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