INO.com News - HL:The Canadian Press Business News Budget for Monday, Nov. 17, 2008@ (apnews)

HL:The Canadian Press Business News Budget for Monday, Nov. 17, 2008@

BUSINESS EDITORS:@ Here are Canadian Press Business budget lines as of 10 p.m. ET. Plans may change as circumstances warrant.

To contact Canadian Press Business by e-mail, send messages to business(at)thecanadianpress.com.

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NEW YORK @_ Citigroup Inc. is cutting approximately 53,000 more jobs in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt. The plans, posted on the company's website, are being discussed by CEO Vikram Pandit at the company's town hall meeting in New York Monday with employees. 750 words. By Madlen Read. BC-Citigroup-Jobs, 3rd Writethru. Moved.

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CALGARY @_ The partners in the $24 billion Fort Hills oilsands project in northern Alberta have put off an investment decision on building an oilsands mine, likely until next year, and indefinitely shelved the project's proposed upgrading refinery. 750 words. By Lauren Krugel. BC-Fort-Hills, 4th Writethru Bgt Moved.

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MONTREAL @_ Canadians are more comfortable shopping online and they are starting to order items like clothes, jewellry accessories and that's making it more mainstream, Statistics Canada said Monday. Online shopping is complementing the traditional retail shopping experience giving consumers knowledge about the kind of shopping they want to do in stores, said Larry McKeown, of the federal agency's Science, Innovation and Electronic Information division. 600 words. By LuAnn LaSalle. BC-StatsCan-Internet-Shopping, 2nd Writethru. Moved Business (B) and General.

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TORONTO @_ Forsys Metals Corp (TSX:FSY), active in uranium development in Namibia, has struck a nearly $600 million agreement to be taken over by a unit of privately held Africa-based Forrest Group. The C$7.00 per share deal values Forsys at $579 million in cash including outstanding warrants, and signals possible further consolidation in the uranium business as the world's nuclear power industry continues to grow, along with demand for nuclear fuel. 650 words. By David Paddon. BC-Forsys-Metals, 2nd Writethru, Bgt. Moved.

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WASHINGTON@ _ A lengthy action plan from world leaders to address a global economy threatening to slip into a prolonged recession was greeted with tepid reviews. The plan was produced at a weekend meeting of leaders eof the Group of 20, which included the world's wealthiest countries such as the United States, Japan, Germany, Britain and France plus emerging powers such as China, Russia, Brazil and India. 967 words. By Martin Crutsinger. See Photo DCEV148. Moves on Business and World wires. Avoid duplication. BC-Financial-Meltdown.

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SIOUX FALLS, S.D. @_ Oil prices rose above US$58 Monday as cold weather heading into the American East drove up heating oil and natural gas futures and a government report showed a surprise jump in U.S. industrial output. Light, sweet crude for December delivery gained 60 cents to $58.20 a barrel on the New York Mercantile Exchange. 850 words. By Dirk Lammers. BC-Oil-Prices, 3rd Writethru. Moved.

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CHICAGO @_ Lowe's Cos. Inc. posted better-than-expected third-quarter results Monday, even as profit slid more than 24 percent because shoppers postponed big-ticket purchases amid growing economic uncertainty. 550 words. By Ashley M. Heher. BC-Lowe's, 3rd Writethru. Moved.

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WASHINGTON @_ American industrial output posted a bigger-than-expected rebound in October after plunging in September by the largest amount in over 60 years. The Federal Reserve said Monday that industrial output rose 1.3 per cent last month, reflecting a return to more normal operations following hurricanes and a strike at aircraft manufacturer Boeing Co. the previous month. By Martin Crutsinger. BC-US-Economy, 2nd Writethru. Moved.

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WASHINGTON @_ Federal regulators have charged Mark Cuban, owner of the NBA's Dallas Mavericks, with insider trading for allegedly using confidential information on a stock sale of a Montreal company to avoid more than US$750,000 in losses. 950 words. By Marcy Gordon. BC-Mark Cuban-Insider-Trading, 5th Writethru, Bgt. Moved.

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SAN FRANCISCO@ _ Yahoo Inc. co-founder Jerry Yang is stepping down as chief executive, ending a rocky reign marked by his refusal to sell the Internet company to Microsoft Corp. for US$47.5 billion _ more than triple Yahoo's current market value. The change in command announced Monday won't be completed until Yahoo finds his replacement. The Sunnyvale-based company said it is interviewing candidates inside and outside Yahoo in a search led by its chairman, Roy Bostock, and the executive recruitment firm Heidrick & Struggles. 709 words. By Michael Liedtke. See Photo NY122, NY121. BC-Yahoo-CEO-Change, 1st Writethru.

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TOKYO @_ Cash-strapped General Motors Corp. will sell its entire stake in Suzuki Motor Corp. for about US$230 million, the automaker's latest move to stay afloat while awaiting a decision on government aid for the industry. 550 words. By Shino Yuasa. BC-Japan-Suzuki-GM, 1st Writethru, Bgt. Moved.

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TOKYO @_ Japan's economy slid into a recession for the first time since 2001, the government said Monday, as companies sharply cut back on spending in the third quarter amid the unfolding global financial crisis. 700 words. By Tomoko A. Hosaka. BC-Japan-Economy, Bgt. Moved.

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The Canadian Press is also following:@

TORONTO @_ The Toronto stock market ended Monday at its lowest level in three weeks after oil prices tumbled and banking giant Citigroup announced another round of devastating job cuts. 700 words. By David Friend. BC-Dollar-Markets, 5th Writethru. Moved.

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ST. JOHN'S, N.L. @_ Four energy companies have bid a total of nearly $130 million for the right to explore in five areas of Newfoundland and Labrador's offshore. BC-NL-Oil-Exploration. Moved.

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SYDNEY, N.S. @_ Nexient Learning Inc. (NEX:NXL.H) net loss increases to $2.81 million in the third quarter, up from $2.19 million. Net loss per share was 16 cents, compared with 25 cents per share a year earlier. Revenue declined to $11.03 million from $11.66 million. BC-Nexient-Learning.

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HALIFAX @_ Television producer DHX Media Ltd. (TSX:DHX) said Monday it earned $530,000 in its latest quarter, up from a year ago, as the company worked to complete its deal with Entertainment One Ltd. BC-DHX-Media. Moved.

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FREDERICTON @_ Plazacorp Retail Properties Ltd. (TSXV:PLZ) says its board of directors has approved an increase of the real estate company's annual dividend payment to 18.5 cents per share for 2009, from 17.5 cents this year. BC-Plazacorp.

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LEVIS, Que. @_ Quebec financial services leader Desjardins Group said Monday it was hit hard by summer volatility in the financial markets and cut its earnings before member dividends by nearly 40 per cent to $149 million. BC-Desjardins-Group, 1st Writethru. Moved.

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MONTREAL @_ Dynacor Gold Mines Inc. (TSX:DNG), a junior Montreal-based miner with operations in Peru, says it generated record net profits of $297,000 in the third quarter, up from earnings of $185,953 for the same period in 2007. Sales rose to just under $8.4 million from $5.2 million, Dynacor said Monday. BC-Dynacor-Gold. Moved.

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OTTAWA @_ Statistics Canada says the country's oil-and-gas extraction industry spent $2.8 billion to protect the environment in 2006, more than any other industry. BC-StatsCan-Envir-Spending. Moved.

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OTTAWA @_ More Canadians used the Internet to purchase goods and services in 2007, placing almost $12.8 billion worth of orders, up 61 per cent from 2005. BC-StatsCan-Internet-Shopping. Moved.

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TORONTO @_ The Canadian mutual fund industry suffered $8.4 billion in net redemptions last month, and total industry assets ended the month 19.5 per cent below their year-ago level. 500 words. By Gary Norris. BC-Mutual-Funds, 3rd Writethru. Moved

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TORONTO@ _ Pacific Rubiales Energy Corp. (TSX:PRE) said Monday that high oil prices and strong crude production in the third quarter propelled the company to a US$86.4-million profit, up drastically from year-earlier earnings of $2.7 million. The company, active in South America and reporting in U.S. dollars, said net earnings per share amounted to 39 cents, up from three cents. 157 words. BC-Pacific-Rubiales. Moved.

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TORONTO @_ Excellon Resources Inc. (TSX:EXN) says additional cement is being injected into a concrete plug that was placed in the Platosa silver, lead and zinc test mine earlier this month to stop the flow of water. BC-Excellon-Resources.

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TORONTO@ _ It's possible that airport delays for travellers this winter could be even more frustrating because of the strange ripple effect of a strike by miners with the Potash Corp. of Saskatchewan (TSX:POT). A three-month strike by 500 Potash workers has created a massive shortage of potassium acetate, the key ingredient used to make runway de-icer fluid that prevents planes from skidding off the runway when temperatures drop below freezing. 192 words. Moves (G) General and (B) Business. BC-Potash-Strike-De-icing.

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TORONTO @_ Industrial process provider Semcan Inc. (TSXV:STT) is paying US$1.95 million for assets of the ZMI/Portec division of the Conveyer Co., an Iowa company which has been in voluntary bankruptcy. BC-Semcan. Moved Datafile only.

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TORONTO @_ If the U.S. and Canadian governments don't provide financial assistance to the North American automotive industry, the fallout will be enormous, rippling out to hundreds of auto parts suppliers and costing millions of jobs, according to an industry analyst. By Kristine Owram. BC-Auto-Parts-Bailout.

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TORONTO @_ Canada could play a "pivotal role" in rescuing an automaker if the U.S. government doesn't step up to the plate with emergency aid for the struggling industry before the end of the year, an Ontario cabinet minister said Monday. By Maria Babbage. BC-Clement-US-Automakers, 1st Writethru. Moved.

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MISSISSAUGA, Ont. @_ Hy-Drive Technologies Ltd. (TSXV:HGS) said Monday it lost $2.5 million in its most recent quarter compared with a loss of $3.7 million a year ago. BC-High-Drive. Moved Datafile only.

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PUSLINCH, Ont. @_ Forterra Environmental Corp. (TSXV:FTE) has struck a deal to acquire WormSense Inc. from privately held Pagonis Live Bait Ltd. for shares valued at $45,000. BC-Worms.

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GUELPH, Ont. @_ Biorem Inc. (TSXV:BRM), a maker of filters used in pollution control equipment, says it earned $144,000 in the third quarter as higher revenues helped the company reverse a big loss last year. BC-Biorem. Moved.

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CALGARY @_ TransCanada Corp. (TSX:TRP) said Monday that it has signed a deal to raise $1 billion in an issue of shares that will be used to repay debt and fund capital projects including its Keystone Pipeline project. 450 words. By Lauren Krugel. BC-TransCanada, 2nd Writethru. Moved.

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CALGARY @_ Canadian Superior Energy Inc. (TSX:SNG) has reported a third-quarter net loss of $2.1 million as oil and gas sales doubled from a year earlier to $20.5 million and capital spending also doubled, to $39.5 million. BC-Canadian-Superior-Energy. Moved Datafile only.

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CALGARY @_ ProEx Energy Ltd. (TSX:PXE) and Progress Energy Trust (TSX:PGX.UN) plan a merger to create a mid-level Canadian natural gas explorer and producer, with ProEx acquiring Progress in a stock-swap deal. BC-Progress-Energy-ProEx. Moved.

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CALGARY @_ Southern Pacific Resource Corp. (TSXV:STP) says it expects startup costs for its small-scale STP-McKay project at $414.6 million, about $331.7 million net to Southern Pacific. BC-Southern-Pacific.

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CALGARY @_ Sterling Resources Ltd. (TSXV:SLG) says drilling at the Cladhan well in the U.K. North Sea has shown potential for oil production but adds further analysis and testing will be required. BC-Sterling-Cladham-Oil. Moved.

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CALGARY @_ Atco Midstream, a unit of Calgary-based Atco Ltd. (TSX:ACO.Y), says it has bought IPL Holdings Inc., a wholly owned Arctic gas subsidiary of Enbridge Inc. (TSX:ENB). BC-Atco-Inuvik-Gas. Moved.

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CALGARY @_ Highpine Oil & Gas Ltd. (TSX:HPX) says it recently acquired 11,840 net hectares of deep natural gas rights including Montney in the Deep Basin of Alberta for $19.1 million. In addition, Highpine said Monday, the company will will take part in exploring a deep Leduc Reef gas prospect in Alberta in January. BC-Highpine-Oil.

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CALGARY @_ Ausam Energy Corp. (TSXV:AZE) reports its continuing operations had a loss of US$2.5 million or eight cents per share in the third quarter, with revenue from oil and gas at US$1 million. A year earlier, Ausam had no revenue and a loss of $2.7 million or nine cents per share in the third quarter of 2007. BC-Ausum-Energy.

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CALGARY@ _ Turnkey E&P Inc. (TSX:TKY) reported a third-quarter loss of US$9.5 million on Monday and said that its board has decided that its U.S. subsidiary should file for Chapter 11 bankruptcy protection. "Accordingly, the assets of the corporation may not be realized at their carrying values on these financial statements and the corporation may not be able to continue its business operations or emerge from Chapter 11," the company said. 157 words. BC-Turnkey-E&P.

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CALGARY@ _ Enbridge Inc. (TSX:ENB) said Monday it has agreed to invest US$500 million in Enbridge Energy Partners LP to increase its stake to 27 per cent. Under the deal, Enbridge will buy 16.25 million units in Enbridge Energy Partners at a price of $30.76 per unit. Enbridge's subsidiary Enbridge Energy Company Inc., the general partner of EEP, which will also invest $10 million. 170 words. BC-Enbridge.

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VANCOUVER@ _ The Keg Royalties Income Fund (TSX.UN) said Monday that strong sales at its Canadian restaurants helped the fund post net earnings of $3 million, up from year-earlier profits of $2.8 million. The Vancouver-based fun said earnings per unit for the quarter amounted to 32 cents compared to 30 cents a year ago. 172 words. BC-Keg.

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VANCOUVER @_ NaiKun Wind Energy Group Inc. (TSXV:NKW) said Monday that studies on its planned wind farm in Hecate Strait off the northern B.C. coast confirm a strong wind resource and a favourable sea bottom. BC-NaiKun-Wind. Moved.

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VANCOUVER @_ MAG Silver Corp. (TSX:MAG) says its net loss slipped to $4.3 million in the third quarter. That amounts to eight cents per share, down from $4.8 million or 12 cents per share for the same period last year. BC-MAG-Silver. Moved Datafile only.

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NEW YORK@ _ Financial information provider Stockhouse Inc. (TSXV:SHC) has posted a third-quarter net loss of US$1.7 million as revenue declined 27 per cent from a year earlier. The New York-headquartered company, listed on the TSX Venture Exchange, said Monday its licensing and subscription revenue was $2.1 million in the July-September period, down 19 per cent from a year earlier as pager subscription services faced 43 per cent. Advertising sales fell by more than half to $416,000. 293 words. BC-Stockhouse.

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BOSTON @_ Putnam Investments said Monday it will cut 47 jobs, or nearly two per cent of the work force, and merge six of the company's stock mutual funds into larger funds as part of a broad restructuring under its new chief executive. BC-Putnam-Investments-Restructuring, 1st Writethru. Moved.

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THE CANADIAN PRESS BUSINESS@