BUSINESS EDITORS:@ Here are Canadian Press Business budget lines as of 10 p.m. ET. Plans may change as circumstances warrant.
To contact CP Business by email, send messages to business(at)thecanadianpress.com.
In addition to the following, stories slugged BC-Economy-Retail and BC-CRAFT-Media-Industry will move General (G) and Business (B). Please guarde against duplication.
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UNDATED@ — Nortel Networks Corp. (TSX:NT), which is operating under court protection from creditors, announced a deal Friday to sell most of its wireless business for US$650 million and said it's in advanced talks to sell the rest of its operations, winding down a company with a 127 year old history in Canada. Nortel president and chief executive Mike Zafirovski said an orderly sale of the Toronto telecom equipment maker is the best way to preserve value. 800 words. By Craig Wong. See Photos. With Chronology. BC-Nortel-Networks-Sale, 3rd Writethru.
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MONTREAL @— Struggling toy maker Mega Brands (TSX:MB) looks to its new toy Battle Strikers to help spin a corporate recovery at the Montreal company, which has been dealing with recalls and other problems. 600 words. By Ross Marowits. BC-Mega-Brands, 2nd Writethru. Moved.
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TORONTO @— HudBay Minerals Inc. (TSX:HBM) will oaggressively pursue development of the Lalor zinc deposit in northern Manitoba while exploring global acquisition opportunities under its new strategic plan, the companys CEO says.The company, which announced Thursday it will close its copper smelter in the northern Manitoba community of Flin Flon next year, said the region will remain the ocornerstone of its operations going forward. 700 words. By Kristine Owram. HudBay-Annual, 3rd Writethru. Moved.
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CALGARY @— Canadian Superior Energy Inc. (TSX:SNG) is buying one of its partners in a major offshore natural gas field in the Caribbean, Challenger Energy Corp. (TSX:CHQ), in a deal valued at $77.8 million. Both companies are in the midst of restructuring under bankruptcy protection. 650 words. By Lauren Krugel. Canadian Superior Challenger, 2nd writethru. Moved
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NEW YORK @— Gasoline markets showed the first signs this week that an extended rally in pump prices is nearing an end after 52 straight days of price increases. By Chris Kahn. BC-Oil-Prices, 3rd Writethru Moved.
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UNDATED @— Apple's new iPhone went on sale Friday morning across North America and in other countries, greeted by much smaller crowds and less hoopla than previous models. In Canada, the lines were either minimal or non-existent at some Rogers stores. Rogers Wireless is the exclusive Canadian carrier of the iPhone along with its Fido discount service. 750 words. BC-Apple-iPhone, Bgt, 1st Writethru. Moved Business (B) and Entertainment (E)
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MINNEAPOLIS @— Airlines are piling on fees to make money — fees for certain seats, fees to breeze through security, fees just to check in. As they look around the cabin for things they can charge extra for, almost nothing is off-limits. This summer, US Airways and United are even implementing a fee just to pay the baggage fee. By Joshua Freed. With Glance. BC-Airline-Fees. Moved
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BEIJING @- In 2000, Erke was an unknown brand attempting to establish a name in China's sporting apparel market alongside popular global names such as Nike and Adidas. Now, nearly a decade later, the apparel company has achieved widespread brand recognition in China with help from an unlikely ally - North Korea. By Chi-Chi Zhang. BC-China-Sports-Apparel. Moved.
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Canadian Press is also following:@
TORONTO @— The Toronto stock market ended Friday trading with a solid gain in a broad-based advance, reflecting confidence that the spring rally still has legs. By Malcolm Morrison. BC-Dollar-Markets, 6th Writethru. Moved.
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NEW ANNAN, P.E.I. @— Cavendish Farms, one of North America's biggest french fry producers and a member of the Irving group of companies, officially opened a new bio-gas plant Friday at its potato processing operations in Prince Edward Island. BC-Cavendish-Farms. Moved.
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MONTREAL@ — Laurentian Bank has won a contract to operate bank machines in Montreal's subway system. The bank said Friday it will install 44 new machines that currently operate under other banners in addition to 26 already in place. Financial terms of the deal were not disclosed. 84 words. BC-Laurentian-Bank.
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MONTREAL @— Yellow Pages Income Fund (TSX:YLO.UN) says it will raise $260 million in an offering of medium term notes. BC-Yellow-Pages, 2nd Writethru. Moved.
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MONTREAL @— Osisko Mining Corp. (TSX:OSK), a Montreal-based junior miner, says it has struck a non-brokered financing deal to issue up to C$10.6 million worth of flow-through shares. BC-Osisko-Mining.
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QUEBEC @— Pharmaceutical firm Aeterna Zentaris Inc. (TSX:AEZ) says it has reached an agreement to sell 5.3 million common shares at US$1.88 per share for proceeds of US$10 million. BC-Aeterna-Zentaris. Moved.
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TEMISCAMING, Que. @— Tembec Inc. cancelled Friday a two-week shutdown of its Skookumchuck pulp mill in B.C. after Ottawa announced a $1-billion aid program for the pulp and paper industry. BC-Tembec-Skookumchuck, 1st Writethru. Moved.
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TORONTO @— The Ontario Securities Commission is investigating Manulife Financial Corp (TSX:MFC) over what Canada's largest insurance company told investors about the risks of its guaranteed fund business. BC-Manulife-OSC, 1st Writethru. Moved.
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TORONTO @— Research In Motion (TSX:RIM) shares were down more than four per cent in afternoon trading Friday after the BlackBerry maker beat first-quarter expectations but provided an outlook that cooled investors' enthusiasm. BC-Research-In-Motion, 3rd Writethru. Moved.
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TORONTO @— Manulife Financial Corp. (TSX:MFC) named Cigna executive Michael Bell as chief financial officer on Friday. Bell, who has been chief financial officer for the past six years at Cigna, a U.S. health care and benefits company, will join Manulife on Monday. BC-Manulife-CFO.
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TORONTO @— Iamgold Corp (TSX:IMG) invests $11.26 million to buy 17 per cent of Oromin Explorations Ltd. (TSX:OLE), which is principally involved with a joint venture in Senegal close to the Sabodala mine. BC-Iamgold-Oromin.
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TORONTO@ — Trigon Uranium Corp. (TSXV:TEL) and Intercontinental Potash Corp. have entered into a non-binding letter of intent under which Trigon intends to acquire privately owned International, a company in which it already holds a minority stake. Trigon shares had been halted on the TSX Venture Exchange pending news. 296 words. BC-Trigon-Intercontinental.
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TORONTO @— Grandview Gold Inc. (TSX:GVX) has signed a letter of intent with a private Peruvian group to acquire an 80 per cent interest in a 400-hectare property in exchange for cash, exploration spending and equity. BC-Grandview-Gold.
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TORONTO @— Recruiter and staffing services provider Brainhunter Inc. (TSX:BH) says it will close its U.K. office and stop developing new business in the U.K. as part of its ongoing restructuring plan. BC-Brainhunter. Moved
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TORONTO @— Kinross Gold Corp. (TSX:K) said Friday it will increase its stake in Underworld Resources (TSXV:UW) to 11.1 per cent with the purchase of 1.8 million shares in the Vancouver-based junior. BC-Kinross-Underworld, 1st Writethru. Moved.
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TORONTO@ — ZipLocal Inc. (TSXV:ZIP) said Friday that it has signed a deal to be bought by a private Ontario company in an agreement worth $2.383 million. The company said the deal with JLA CP Holdings Inc. includes $1.933 million of secured debt that is in default and owed to affiliates of JLACP, plus $450,000 in cash. 96 words. BC-ZipLocal, 1st Writethru.
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TORONTO@ — The Ontario Securities Commission is investigating Manulife Financial Corp (TSX:MFC) over what Canada's largest insurance company told investors about the risks of its guaranteed fund business. Manulife says it received an enforcement notice from staff of the provincial regulator this week in connection with its disclosure before March of the risks in its variable annuity guarantee and segregated funds business. 507 words. BC-Manulife-OSC, 2nd Writethru.
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KIRKLAND LAKE, Ont.@ — GLR Resources Inc. said Friday that the sale of its Goldfields project to Linear Gold Corp. (TSX:LRR) has been put on hold after the Ontario Superior Court adjourned a planned creditors meeting. The company said the court granted a request by Santa Fe Metals Corp. (TSXV:SFM) to adjourn the meeting that was scheduled for Monday. 219 words. BC-GLR-Resources, 1st Writethru.
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CHATHAM, Ont.@ — Union Gas Ltd. will reduce its residential natural gas rates on July 1. The company says residential customers can expect a further 15-to-20 per cent decrease in their annual natural gas bill. 118 words. Moves (B) Business and (C) Regional. BC-Union-Gas-Rates, 1st Writethru. Moved
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LONDON, Ont. @— Stellar Pharmaceuticals Inc., a pharmaceutical developer and seller of health care products, says it expects to report its "strongest second quarter" in the company's 15-year history with revenues exceeding $1 million. BC-Stellar-Pharmaceuticals, 1st Writethru. Moved.
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CALGARY @— Cathedral Energy Services Income Trust (TSX:CET.UN) said it will transfer its electric line operations, or E-line, to the U.S. as it "realigned operations in its wireline division." The company says the move "will further support its efforts to be strategically positioned for the return of a more favourable operating environment." E-line is designed to service shallow, medium, deep, high pressure and critical sour gas wells. BC-Cathedral-Energy-Services
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EDMONTON @— Epcor Power LP (TSX:EP.UN) said Friday that an attempt to sell its 15.4 per cent stake in Primary Energy Recycling Holdings LLC has failed. BC-Epcor-Primary-Energy, 1st Writethru. Moved.
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VANCOUVER@ — Village Farms Income Fund (TSX:VFF.UN), a Vancouver-based producer of greenhouse vegetables, says it's suspending its monthly distribution for the foreseeable future as the company tries to save cash in the current recession and prepares to convert into a corporation. The company had paid half a cent a unit for May, but said Friday it will end that distribution. 249 words. BC-Village-Farms-Distribution.
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VANCOUVER @— MPH Ventures Corp. (TSXV:MPS) has entered into an agreement to acquire 100 per cent of the Quartz Claims property in the Yukon for $75,000 cash, 800,000 MPH shares and a royalty based on the property's production. BC-MPH Ventures, 1st Writethru. Moved.
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VANCOUVER@ — Teck Resources Ltd. (TSX:TCK.A, TSX:TCK.B) said Friday that it expects its 2009 coal sales to be at the upper end of its guidance for 18 million to 20 million tonnes and cancelled planned temporary production shutdowns at several mines. The company said it expects second quarter sales of about five million tonnes and third quarter sales in excess of six million tonnes. 166 words. BC-Teck-Resources-Coal, 1st Writethru.
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SPOKANE, Wash. @— Minera Andes Inc. (TSX:MAI) shares shot up 10 per cent Friday after the company named Robert McEwen as interim president and CEO, effective immediately. BC-Minera-Andes, 2nd Writethru. Moved.
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BERLIN@ — A consortium led by Bombardier Transportation (TSX:BBD.B) has been awarded a US$193 million contract to modernize 156 passenger rail cars for the state-owned transit operator that runs the Sao Paulo metro system in Brazil's largest city. Bombardier said Friday its share of the contract is US$120 million. The consortium includes two Brazilian partners: Temoinsa and Tejofran. 128 words. BC-Bombardier-Brazil.
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FOR EDITORS PLANNING WEEKEND WEBPAGES OR MONDAY BUSINESS SECTIONS, THE FOLLOWING WILL MOVE ON THE WEEKEND:@
SATURDAY:@
VANCOUVER @- An oversupply of natural gas and weak prices are not deterring investors from snapping up rights to drill and explore in the hot Horn River basin in British Columbia. Oil and gas companies continue to clamour for a piece of the shale-based natural gas play in the northeastern corner of the province, betting on the commodity it produces to eventually rebound. 700 words. By Brenda Bouw BC-Horn-River. Moves General and Business. Moves Saturday.
SUNDAY:@
TORONTO @— Investors are rightly curious about the future of the spring rally on the Toronto market after the TSX lost ground last week after four straight weeks of sharp gains. The TSX gave up 357 points or 3.35 per cent during the week as confidence wavered about whether an economic recovery will be in place by the end of the year and investors thought the market was in need of a break. 650 words. By Malcolm Morrison. BC-Dollar-Markets-Lookahead. Moves Business
THE CANADIAN PRESS@