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Business staffing plans for Wednesday, May 21, 2008(Canadian Press (delayed) Via Acquire Media NewsEdge) BUSINESS EDITORS: Here are Canadian Press Business staffing plans as of 4:30 p.m. ET. Plans may change as circumstances warrant. Queries should be addressed to assistant business editor Andrew Flynn at 416-507-2016 or to Craig Wong or David Paddon on the business desk at 416-507-2138. To contact Canadian Press Business by e-mail, send messages to business(at)thecanadianpress.com. Top Stories: Editors: In addition to the following stories, an item on the comparitively slow rise in gas prices versus oil prices slugged BC-Gas-Prices and another on the latest inflation figrues slugged BC-Prices will move on Business and General news wires and are promoted on the General news budget. MONTREAL _Air Canada wants to make its pricing more transparent as North American airline customers get hit with fuel surcharges. CEO Montie Brewer warned that further increases could be on their way with oil reaching $130-a-barrel. But analysts say simply raising prices won't be enough to defray higher operating costs, and anticipated the Canadian carrier will also cut capacity. 600 words. By Jonathan Montpetit. See Photo. Will be updated; Moves Business and General. With BC-Oil-Prices, BC-American-Airlines. BC-Air-Canada, 1st Writethru. TORONTO _ Investors in the metals sector shouldn't expect big changes to the overall market following last week's earthquake in China, as the need for steel to rebuild the affected areas should keep the sector strong despite any short-term problems. 550 words. By Romina Maurino. BC-China-Quake-Metals. CALGARY _ Talisman Energy Inc. (TSX:TLM) will hold a conference call to discuss its new strategic direction. The company announced Tuesday it plans to spend up to $1.3 billion by the end of next year on evaluating the potential of its huge unconventional natural gas holdings in North America. 600 words. By Lauren Krugel. BC-Talisman-Energy, 1st Writethru. NEW YORK _ Oil prices bolted to a new record above US$132 a barrel Wednesday after the U.S. government reported that supplies of crude oil and gasoline fell unexpectedly last week. And crude's rise in the futures market again pressured consumers by pulling prices at the pump higher _ a gallon of regular gas rose overnight to a new record above $3.80 a gallon. 841 words. By John Wilen. Will be updated BC-Oil-Prices, 5th Writethru. NEW YORK _ Time Warner Inc. said Wednesday it would formally split off its cable TV business, giving the media conglomerate a US$9.25-billion windfall and allowing it to focus on cable network, entertainment and publishing operations. The separation of Time Warner Cable Inc. gets Time Warner out of the media distribution business altogether, something investors had been clamouring for. The company announced its decision to split up last month and said Wednesday that the boards of the two companies had agreed to financial terms. 704 words. By Seth Sutel. See Photo NYML304, NYML303. BC-Time-Warner, 2nd Writethru. FORT WORTH, Texas _ American Airlines will start charging US$15 for the first checked bag, cut domestic flights and lay off possibly thousands of workers as it grapples with record-high fuel prices. Rival Delta has no current plans to match American's fee for the first checked bag, a spokeswoman said. 414 words. By David Koenig. See Photo NYBZ166. BC-American-Airlines, 2nd Writethru. WASHINGTON _ The latest Federal Reserve economic projection for this year is bleak, with the central bank expecting higher unemployment and inflation as a result of blows from the housing and mortgage industries and zooming energy prices. But even with the more downbeat outlook, minutes of the April 29-30 meeting of Fed officials left the impression that they would not be inclined to cut interest rates further. 699 words. BC-Fed-Economy. The Canadian Press is also following: TORONTO _ A dismal economic outlook from the U.S. Federal Reserve forecasting slower growth and higher inflation sent stock markets reeling Wednesday, knocking Toronto's key index below 15,000 just a day after crossing that milestone. High oil prices also heightened inflation worries as crude came within a whisker of the US$134 a barrel mark. 933 words. By Malcolm Morrison. BC-Dollar-Markets, 6th Writethru. ST. JOHN'S, N.L. _ Rutter Inc. (TSX:RUT) chairman and CEO Donald Clarke has resigned effective immediately, citing personal reasons. The company said Wednesday that his roles will be split: David Beutel has been elected chairman while Ryan Hinz becomes president and chief executive. 151 words. BC-Rutter. HALIFAX _ An Internet domain-name firm is expanding its operation in Nova Scotia, with plans to hire up to 350 people over the next six years. Register.com, headquartered in New York City, currently has a Canadian operation in Yarmouth, N.S., and says it will now open a Halifax office. 129 words. Moves both (A) Atlantic and (B) business. Guard against duplication. BC-NS-Domain-Company. QUEBEC _ The already sky-high stock of Junex Inc. (TSXV:JNX) gained another 25 per cent Wednesday after the junior exploration company announced it has agreed to settle a dispute over its drilling rights in the vicinity of a potentially major new natural gas play. Junex shares traded as high as $4.34 _ a record _ in moderately heavy volume at the TSX Venture Exchange. They gave up some of their early gains but were still up 84 cents or 25 per cent at $4.14 in early afternoon trading. 329 words. With BC-Talisman, BC-St-Lawrence-Gas-Questerre. BC-St-Lawrence-Gas-Junex. OTTAWA _ Canadian auto parts makers face another tough year with production falling by eight per cent in the face of the strong loonie and declining U.S. demand, says the Conference Board of Canada. The economic think-tank's outlook notes that despite aggressive price cutting and sales incentives, American auto sales are expected to be the weakest in a decade. 180 words. BC-Auto-Parts-Profits. OTTAWA _ Zarlink Semiconductor Inc. (TSX:ZL) said Wednesday it lost US$19.1 million in its fourth quarter, weighed down by a loss of $18.2 million on the sale of its Swindon Foundry. The Ottawa-based chip maker, which keeps its books in U.S. dollars, said the loss amounted to 16 cents per share for the quarter ended March 28 compared with a loss of $900,000 or a penny per share a year ago. 228 words. BC-Zarlink. TORONTO _ Nortel Networks Corp. (TSX:NT) is issuing US$500 million worth of unsecured notes bearing interest of 10.75 per cent, to repay other lower-interest debt coming due later this year. Nortel also said Wednesday it is confirming its outlook for 2008, including ``low-single-digit'' percentage sales growth. 136 words. BC-Nortel. TORONTO _ CI Financial Income Fund (TSX:CIX.UN) remains very much interested in acquisitions, and may take another run at DundeeWealth Inc. (TSX:DW) if it becomes available, CEO Bill Holland told unitholders Wednesday at the company's annual meeting. For CI Financial, ``there is some interest in several of the fund companies in Canada, and Dundee would probably have to rank as one of the more attractive ones for us,'' he told a news conference after the event attended by about 200 unitholders. 303 words. BC-CI-Financial. TORONTO _ Enbridge Gas Distribution Inc. (TSX:ENB) has been granted leave to build natural gas distribution line to supply the Georgian Bay area by Ontario's energy regulator. The Ontario Energy Board said it would allow the project to go forward. 140 words. BC-Enbridge-OEB. TORONTO _ Queenston Mining Inc. (TSX:QMI) posted a first-quarter profit of $1.1 million, reversing a year-ago loss on future income-tax recoveries. The Toronto-based company said its earnings amounted to two cents per share, for the three months ended March 31, compared to a loss of $291,665 or a penny per share in the same period last year. 132 words. BC-Queenston-Mining. BRANTFORD, Ont. _ Liquidation World Inc. (TSX:LQW) has posted another decline in same-store sales during the second quarter, and the company's chief executive says he's making plans to stop the bleeding. On Wednesday, the company reported that same-store sales fell 4.2 per cent in the second quarter over the same period last year. 204 words. BC-Liquidation-World. REGINA _ Viterra Inc. (TSX:VT) said Wednesday it will spend $3.7 million to increase the loading capability at two of its elevators served by Canadian Pacific Railway Ltd. (TSX:CP). Construction at Grenfell, Sask., and Grassy Lake, Alta., is expected to begin shortly, with completion targeted for the 2008 harvest, the company said. 65 words. BC-Viterra. EDMONTON _ Poly-Pacific International Inc. (TSXV:PMB), a company specializing in the reclamation of industrial waste, says testing suggests there are 10.4 million kilograms of waste nylon that could be available for recovery from a Kingston, Ont. landfill. The Edmonton-based company said Wednesday that six of eight boreholes drilled at the site contained nylon close to the surface and down as far as 10 metres. 157 words. Espy Kingston. BC-Poly-Pacific. EDMONTON _ United Protection Security Group Inc. (TSXV:UZZ), an Edmonton-based security company, says its first-quarter revenue to $6.6 million, up 35 per cent from the same time last year. Fredy Ramsoondar, the company's CFO, said in a release that net income amounted to $236,884, or 0.4 cents per basic and diluted earnings per share, compared with $53,249, or 0.1 cent a share the same period last year, when revenue was $4.9 million. 184 words. Spelling of Fredy is correct. BC-United-PSG. CALGARY _ Questerre Energy Corp. (TSX:QEC), one of the companies active in the St. Lawrence Lowlands shale gas play, said Wednesday it is issuing 15 million new common shares. Questerre, interlisted on the Toronto Stock Exchange and in Oslo, said the underwriters have an overallotment option on an additional 1.125 million shares. 206 words. BC-St-Lawrence-Gas-Questerre. CALGARY _ Penn West Energy Trust (TSX:PWT.UN) has announced an agreement to take over Endev Energy Inc. (TSX:ENE) in a units-for-shares deal valuing Endev at $170 million including assumed debt. The proposed plan of arrangement will exchange each Endev share for 0.041 of a Penn West unit. Based on Tuesday's closing price for Penn West on the TSX, this equates to $1.41 per share for Endev, a premium of 18.5 per cent over Endev's share price of $1.19, with a 52-week high and low of $1.32 and 62 cents. 210 words. BC-Penn-West-Endev. CALGARY _ EnQuest Energy Services Corp. (TSXV:ENQ) said Wednesday it cannot meet the filing deadline for financial results for last year and the first quarter of this year. The company said it has applied for a management cease-trade order, blaming the holdup in reporting numbers from predecessor corporation Irontree Oilfield Services Corp. on the recently completed amalgamation and ``the complexity involved in making the transition from a non-reporting issuer to a reporting issuer and the combination of two active businesses.'' 141 words. BC-EnQuest-Energy. CALGARY _ Atco Structures has been contracted to build modular dormitory housing for a 2,000-worker camp at the Fort Hills oilsands project north of Fort McMurray, Alta. The value of the contract with the Fort Hills Energy Limited Partnership _ operator Petro-Canada (TSX:PCA), UTS Energy Corp. (TSX:UTS) and Teck Cominco (TSX:TCK.B) _ was not disclosed Wednesday. 159 words. BC-Atco. CALGARY _ Vannessa Ventures Ltd. (TSXV:VVV) said Wednesday it will stop reporting to U.S. regulators due to increased costs, but continue to be listed on the TSX Venture Exchange. The Calgary-based company, which is not listed on any U.S. stock exchange, said the administrative burdens and costs associated with being a U.S.-reporting company had increased ``materially'' in the past few years, particularly with respect to the stricter Securities Exchange Commission's Sarbanes-Oxley requirements. 126 words. BC-Vannessa-Ventures. BERLIN _ Bombardier Transportation (TSX:BBD.B) has linked up in a joint venture with Russian train manufacturer CJSC Transmashholding to develop new line of locomotives. The Berlin-based railway equipment division of Bombardier Inc. said Wednesday that the electric locomotives would be manufactured in Russia. 154 words. BC-Bombardier. THURSDAY CALENDAR OTTAWA _ Statistics Canada releases March retail trade. (8:30 a.m. at www.statcan.ca) OTTAWA _ Statistics Canada releases first-quarter financial statistics for enterprises. (8:30 a.m. at www.statcan.ca) TORONTO _ Sherritt holds annual meeting. Scrum to follow. (10 a.m. at Roy Thomson Hall) TORONTO _ Chartwell Seniors Housing REIT holds annual meeting. TORONTO _ Hotel owner InnVest REIT holds annual meeting. CALGARY _ Enterra Energy holds first-quarter earnings conference call. Dial 1-866-540-8136 or go to www.enterraenergy.com (9 a.m.) EDMONTON _ ATB Financial holds conference call to discuss year-end results. Dial 1-780-493-8962. (2 p.m. at Consulate Room at the Westin Hotel, 10135 100th St.) WINNIPEG _ Manitoba Telecom holds annual meeting. VANCOUVER _ Program for Journalists, a seminar by The Fraser Institute, runs through May 23. (The Pacifc Palisades Hotel) NEW YORK _ Talisman Energy discusses new strategic direction with investors in New York at 8:30 ET on Wednesday. Session to be broadcast live on Talisman's website and replay will be available later in the day. Sessions will be held in Toronto on Thursday and Calgary on Friday. (8:30 a.m.) NEW YORK _ Domtar Corp. President and CEO, Raymond Royer, will be presenting at the Goldman Sachs Basic Materials Conference. Webcast available at http://www.domtar.com/en/investors/media/index.asp. (3 p.m.) NEW YORK _ Bank of Canada Governor Mark Carney speaks to the New York Association for Business Economics at 1:30 p.m. (Harvard Club, Cambridge Room, 27 West 44th St (between 5th and 6th Avenues)) The Canadian Press Copyright ? 2008 The Canadian Press |