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TMCNet: The Canadian Press Business News Budget for Tuesday, Dec. 22, 2009

[December 23, 2009]

The Canadian Press Business News Budget for Tuesday, Dec. 22, 2009

(Canadian Press DataFile Via Acquire Media NewsEdge) BUSINESS EDITORS: Here are The Canadian Press Business budget lines staffing advisory as of 10 p.m. EST. Plans may change as circumstances warrant. To contact CP Business by email, send messages to business(at)thecanadianpress.com.


In addition to the following, a story slugged BC-Flaherty-Economy has moved Business and National.

TORONTO _ A U.S. federal appeals court has upheld a US$290-million judgement against Microsoft Corp. (NASDAQ:MSFT) in a patent case launched by Toronto-based i4i Inc. The ruling also includes an injunction, set to go into effect Jan. 11, that would prevent the sale of at least some versions of Microsoft's popular Word word processing software. 650 words. By B.H. McKenna. Microsoft-i4i, 3rd Writethru.

TORONTO - The beleaguered auto industry is poised for a slow but steady turnaround in 2010 that could usher in an era of profitability and job creation after years of declines, according to a new forecast by the Conference Beoard of Canada. The private-sector economic forecaster said the auto sector isn't necessarily out of trouble but there are encouraging signs that profits will continue to strengthen in 2010 and each year through to at least 2014. By Sunny Freeman. 730 words. Auto-Industry-Outlook, 2nd writethru. Moved Business and National TORONTO -- Some of Canada's most iconic companies like Nortel and Canwest succumbed to bankruptcy filings or creditor protection this year, as the recession compounded their debts, and that left groups of pensioners fighting to get the money they thought would be guaranteed for their retirements as the corporate giants they once worked for struggled to pay off creditors. 1,000 words. By David Friend. BC-YEAR-Corporate-Collapses. Moved Business and National.

MONTREAL _ SNC-Lavalin (TSX:SNC) is expanding the global reach of its power division after winning two contracts in Iraq and purchasing a leading Brazilian engineering company Tuesday. 600 words. By Ross Marowits. SNC-Lavalin, 3rd Writethru. Moved.

CALGARY _ It's cheaper and cleaner than gasoline and North America is absolutely flush with it. So why aren't more vehicles in Canada and the United States running on natural gas? Proponents frame it as a classic ``chicken and egg'' scenario. No one wants to buy the cars if there's nowhere to conveniently fill them up. And no one wants to invest in fuelling stations if they don't think traffic will come through. That's where supporters hope government incentives and regulations can make a difference. 700 words. By Lauren Krugel. Natural Gas Vehicles.

CALGARY _ Parkland Income Fund (TSX:PKI.UN) says it will become the largest independent petroleum distributor in Canada with the $214-million purchase of Bluewave Energy Limited Partnership, a privately held company based in Dartmouth, N.S. 600 words. By Lauren Krugel. Parkland Income Fund, 5th Writethru. Moved.

WASHINGTON _ The U.S. economy grew at a 2.2 per cent pace in the third quarter, as the recovery got off to a weaker start than previously thought. However, all signs suggest the economy will end the year on stronger footing. By Jeannine Aversa. US-Economy, 1st Writethru Budget. Moved. Will be Updated NEW YORK _ Oil prices rose after the world's biggest oil producers on Tuesday opted to leave production volumes unchanged, a decision that could mean short-term stability for energy prices after a volatile year. 550 words. BC-Oil-Prices, 2nd Writethru Budget. Moved.

WASHINGTON _ Sounding a friendly tone to America's community bankers, President Barack Obama on Tuesday said the White House will seek to cut bureaucratic restrictions so that local lenders can help businesses seize ``enormous opportunities'' for growth after bleak times. 600 words. By Darlene Superville. US-Obama-Banks, Budget. Moved.

REYKJAVIK, Iceland _ For Icelanders coping with 16 months of dizzying economic and political turmoil, the so-called ``red'' Christmas _ as Christmases without snow are called locally _ symbolizes what has become, this year at least, something of a cheerless holiday. By Gudjon Helgason. AP Photos. Iceland-Red-Christmas, 1st Writethru. Moved Datafile only.

CHENGDU, China _ As growing numbers of Chinese shop for their first vehicles, or trade up for newer models, sales in China's immense hinterland are booming, encouraged by tax cuts, government subsidies and growing consumer spending power. 1,000 words. By Elaine Kurtenbach. See AP Photos. AS-China-Auto-Boom. Moved Datafile only.

The Canadian Press is also following: TORONTO _ The Toronto stock market closed higher Tuesday following indications of an improving American economy. By Malcolm Morrison. Dollar-Markets, 6th Writethru. Moved.

HALIFAX _ Overland Realty Ltd. (TSXV:OVL) says its first-quarter loss increased to $542,566 from a loss of $329,742 in the prior-year period. The real estate company did not disclose any per share information. Revenues dipped to $2.6 million from $2.7 million. BC-Overland-Realty.

QUEBEC _ Cominar Real Estate Investment Trust (TSX:CUF.UN) said Tuesday it has acquire Quartier Laval, a major retail property in Laval, Que., for $59.3 million. Cominar, 1st Writethru. Moved.

MONTREAL _ Maestro Real Estate Advisors has bought The Royal on Gordon seniors' home in Guelph, Ont., for $16.7 million, its second recent investment under a three-year plan to generate $1.2 billion worth of new assets under management, the company announced Tuesday. Maestro, 1st Writethru.

MONTREAL _ Dominic D'Alessandro, the retired CEO of Canada's largest insurance company, and Heroux Devtek chief executive Gilles Labbe, have agreed to become directors of CGI Group Inc. (TSX:GIB.A). CGI-Directors, 1st Writethru. Moved.

MONTREAL _ The Quebec government was suddenly singing a more conciliatory tune over its planned purchase of New Brunswick's power utility, suggesting Tuesday the deal was still open for negotiation.Just one day after Quebec's natural resources minister suggested the purchase of NB Power was a done deal and would not be changed, both she and Premier Jean Charest were saying the exact opposite. 434 words. By Tobi Cohen. NB-Hydro-Sale.

OTTAWA _ Thermal Energy International Inc. (TSXV:TMG) said Tuesday it has received an order worth about $4-million from tissue maker Kruger Products Ltd. to provide heat recovery machinery for its mill in Gatineau, Que. Thermal-Energy, 1st Writethru.

OTTAWA _ Non-farm payroll employment increased by a moderate 34,500 in October, Statistics Canada reported Tuesday. The agency said the trend in payroll employment has been flat since June, suggesting a shift from the job cuts that marked the first eight months of the recession. BC-Payrolls, 1st Writethru. Moved.

OTTAWA _ Statistics Canada says the number of people receiving regular Employment Insurance benefits in October edged down 0.5 per cent to 809,600. That was still 61.8 per cent, or 309,300 more than drew benefits in October 2008. Employment-Insurance, 1st Writethru. Moved.

OTTAWA _ The Heart and Stroke Foundation says heart-clogging trans fats are still too commonly found in the food we eat.The foundation wants the government to step in and regulate trans fats, saying voluntary measures clearly aren't working. 266 words. Trans-Fats-Regulation.

TORONTO _ National Bank (TSX:NA) says the $75 million it must pay to settle accusations of misdealings in the asset-backed commercial paper market will not impact its 2010 performance. By Sunny Freeman. ABCP-National-Earnings, 1st Writethru. Moved TORONTO _ The board of C.A. Bancorp Inc. (TSX:BKP) is urging shareholders to reject a hostile takeover bid by Maxam Acquisition Corp., saying the offer is ``financially inadequate.'' Maxam had proposed to buy the Toronto-based company for $1.22 per share, valuing C.A. Bancorp at $32.6 million. 278 words. CABancorp-Maxam.

TORONTO _ RioCan Real Estate Investment Trust (TSX:REI.UN) will acquire a Pennsylvania shopping centre for US$18.9 million as part of its strategic expansion in the United States with its American joint venture partner. RioCan, 1st Writethru. Moved TORONTO _ Shares of newly formed Goldstone Resources Ltd. (TSX:GRC) will begin trading Dec. 24. Shares of Roxmark Mines Ltd. (TSXV:RMK) and Ontex Resources Ltd. (TSX:ONT), which merged and created Goldstone, will be delisted. Ontex-Roxmark, 1st Writethru. Moved.

TORONTO _ The Bank of Nova Scotia (TSX:BNS) said Tuesday it has been approved to set up independent operations in Dubai's financial district, making it the first Canadian bank to do so. Scotiabank-Dubai.

TORONTO _ Mega Uranium Ltd. (TSX:MGA) posted a profit of $21.5 million or 11 cents a share for its 2009 financial year compared with a year-earlier loss of $195.5 million or $1.07 a share. The uranium miner did not disclose any revenues. Mega-Uranium, 1st Writethru. Moved.

TORONTO _ Automaker Ford (NYSE:F) has confirmed that a round of buyouts aimed at reducing its global workforce will be offered to about 20 per cent of its 6,200 workers in Canada. BC-Ford-Buyouts, 2nd Writethru. Moved Business and National.

TORONTO _ HudBay Minerals Inc. (TSX:HBM) said Tuesday it has signed an option agreement with Halo Resources Ltd. (TSXV:HLO) to earn up to a 67.5 per cent interest in Halo's Cold and Lost properties in Manitoba.HudBay can earn 51 per cent stake by making $800,000 in cash payments and completing $1.25 million in work on the properties within the next two years. 119 words. HudBay-Halo.

MISSISSAUGA, Ont. _ Atomic Energy of Canada Limited has signed a multimillion-dollar product and services contract with Tokyo Electric Power Company, the Canadian Crown corporation's first contract in Japan. AECL-Japan, 1st Writethru.

CAMBRIDGE, Ont. _ Satellite systems maker Com Dev International Ltd. (TSX:CDV) said Tuesday it had been awarded a $7-million contract from an unidentified customer to work on a broadband communications satellite. COM-DEV, 1st Writethru. Moved SUDBURY, Ont. _ A judge has imposed picket line rules at strikebound Vale Inco in Sudbury, Ont. Justice John Poupore called both sides back to court today, after they failed to come to an agreement on their own. BC-Vale-Inco. Moved Datafile only.

WINNIPEG _ Lanesborough Real Estate Investment Trust (TSX: LRT.UN) said Tuesday it will make a special distribution to unitholders worth $1.09 per unit.Unitholders will receive the payment in the form of additional units in the trust based on the closing price on Dec. 31. 122 words. Lanesborough-Real-Estate.

PRINCE ALBERT, Sask. _ Iogen confirmed Tuesday talks were off between itself and Domtar about part of the former pulp and paper mill site becoming a state-of-the art ethanol plant. However, Iogen executive vice-president Jeff Passmore said the company remained confident it would eventually strike a deal. 342 words. Domtar.

CALGARY _ Bankers Petroleum Ltd. (TSX:BNK) plans a US$152-million capital program for next year, an increase of 275 per cent above the 2009 program, with much of the spending to be focused on its oil fields in Albania. Bankers-Petroleum, 2nd Writethru. Moved.

NISKU, Alta. _ Garneau Inc. (GAR.H:NEX) says it will cease operations at its manufacturing business in Nisku, Alta., after insufficient work orders made it tough to maintain profits. In an announcement late Monday Garneau said it has laid off most of its employees with remaining workers expected to have their jobs cut by February. 164 words. Garneau, 2nd Writethru. Moved.

EDMONTON _ Dalmac Energy Inc. (TSXV:DAL) slid into the red in the second quarter as revenues plunged 31 per cent due to lack of drilling and servicing activity in the oil and gas industry. Dalmac-Energy, 1st Writethru. Moved.

VANCOUVER _ Ballard Power Systems (TSX:BLD) said Tuesday it has sold its 19.9 per cent interest in Automotive Fuel Cell Co-operation Corp. to an unidentifed financial institution for $44.5 million. Ballard, 2n Writethru. Moved.

VANCOUVER _ Jinshan Gold Mines (TSX:JIN) to be renamed China Gold International Resources Co. Ltd. Jinshan-Gold-Name, 1st Writethru .

VANCOUVER _ QLT Inc. (TSX:QLT) forms new subsidiary, called QLT Ophthalmics, Inc., to take on the U.S. sales and marketing of the Visudyne treatment for age-related blindness from Novartis Pharma AG, effective Jan. 1, 2010. QLT-Ophthalmics, 1st Writethru.

VANCOUVER _ Bill payment processor TIO Networks Corp. (TSXV:TNC) blamed slightly higher expenses and a currency exchange reversal for a wider loss in the first quarter despite an increase in revenue. TIO-Networks, 1st Writethru. Moved.

VANCOUVER _ NovaGold Resources Inc. (TSX:NG) has signed a deal to buy the Ambler copper-zinc-gold-silver property in Alaska for US$29 million. The Ambler property includes 36,670 hectares of mining claims covering a the Ambler volcanogenic massive sulfide belt. BC-NovaGold-Ambler, 1st Writethru. Moved.

VANCOUVER _ WebTech Wireless Inc. (TSX:WEW), which provides technology and services for tracking vehicles and fleets, will pay an undisclosed amount to settle a patent infringement suit brought against it 2 1/2 years ago by LunarEye Inc. WebTech-Wireless, 1st Writethru. Moved.

VICTORIA _ Vecima Networks Inc. (TSX:VCM) said Tuesday it has acquired a property in Colwood, B.C., west of Victoria, for a relocated corporate headquarters. Vecima-Networks, 1st Writethru. Moved.

DUBAI, U.A.E. _ Scotiabank has received licensing approval to expand operations in Dubai's financial district.The clearance from the Dubai International Financial Center allows the bank's ScotiaMocatta division to open an independent branch in one of the Middle East's hubs for international finance. 126 words. ML-Dubai-Scotiabank.

THE CANADIAN PRESS (c) 2009 The Canadian Press

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