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TMCNet: The Canadian Press Business News Budget for Friday, June 6, 2008

[June 07, 2008]

The Canadian Press Business News Budget for Friday, June 6, 2008

(Canadian Press (delayed) Via Acquire Media NewsEdge) Here are The Canadian Press Business budget lines for 10 p.m. ET.

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

In addition to the following, stories slugged BC-GM-Cuts have moved World (W) and Business (B).

Top Stories:

TORONTO _ Oil prices shot up to a new record above US$139 a barrel on Friday, an unprecented daily jump that could send gasoline prices soaring by several cents a litre in Canada and the United States over the next few days. 850 words. By John Valorzi. With Photo. BC-Oil-Prices, 8th Writethru Bgt. Moved Business (B) and General (G).

OTTAWA _ The Canadian economy's job-creation machine stalled in May, keeping the unemployment rate at 6.1 per cent and narrowly averting an outright loss of jobs through a massive increase in part-time employment. Still, the fact there was no outright retreat in jobs _ with a modest net 8,400 created in May _ showed the economy may be slowing but is not in recession, said Bank of Montreal economist Douglas Porter. 830 words. By Julian Beltrame. Filed Business (B) and General (G); will be updated; with BC-Jobs-Provs, BC-Jobs-Cities. BC-Jobs, 5th Writethru. Moved.

MONTREAL _ New U.S. brewing giant MillerCoors, whose roots include the Molson brand of products, may mark Canada's birthday by formally launching its operations. The brewer is hoping to formally open its doors July 1 once the joint venture between London-based SABMiller and Molson Coors Brewing Co. (TSX:TAP.B) closes, uniting their operations in the United States and Puerto Rico. 578 words. By Ross Marowits. BC-Molson-Coors, 2nd Writethru. Moved

MONTREAL _ Catalyst Asset Management and a shareholder representative are seeking intervener status to offer contrary views when the Supreme Court of Canada hears an appeal by BCE Inc. (TSX:BCE) against a Quebec court ruling that threatens a $52-billion plan to take BCE private. 750 words. By Ross Marowits. BC-BCE, 3rd Writethru. Moved

TORONTO _ Patheon Inc. (TSX:PTI) has reported a February-April net loss of US$8.5 million, improving on a year-earlier loss of $22 million. The international drug manufacturer, reporting in U.S. dollars, said revenue in its second quarter was up 16 per cent from a year earlier to $186 million. The top-line increase was nine per cent in local-currency terms, as production volumes grew eight per cent. 850 words. By Eric Morrison. BC-Patheon, 1st Writethru. Moved.

TORONTO _ The drawn out effort to restructure $32 billion in asset-backed commercial paper is nearing its finale, after a judge approved the proposal late Thursday, but left behind are many lessons for the financial community and some scars that observers say will have a lasting impact on investors. 700 words. By David Friend. BC-ABCP, 1st Writethru. Moved

CALGARY _ Ottawa gave Imperial Oil Ltd. (TSX:IMO) the go-ahead to start work on its Kearl oilsands mine Friday, meaning the controversial $8-billion project will remain on track. 650 words. By Lauren Krugel. BC-Oilsands-Kearl, Bgt, 4th Writethru. Moved..

WASHINGTON _ The U.S. unemployment rate jumped to 5.5 per cent in May _ the biggest monthly rise since 1986 _ as nervous employers cut 49,000 jobs. The latest snapshot of business conditions showed a deeply troubled economy, with dwindling job opportunities in a time of continuing hardship in the housing, credit and financial sectors. 650 words. By Jeannine Aversa. BC-US-Economy, 2nd Writethru, Bgt. Moved.

SAN FRANCISCO _ Hoping to negotiate a compromise, activist investor Carl Icahn urged Yahoo Inc. to declare it's willing to sell for US$49.5 billion _ about $2 billion above Microsoft Corp.'s last offer for the Internet pioneer. 850 words. By Michael Liedtke. With Photo. BC-Yahoo-Icahn, 1st Writethru, Bgt. Moved.

SAN JOSE, Calif. _ Intel Corp. has been subpoenaed by the Federal Trade Commission about its business dealings in the microprocessor market, a sharp escalation of the legal problems plaguing the world's largest computer chip maker. 750 WORDS. BY Jordan Robertson. BC-Intel-FTC, 1st Writethru, Bgt. MOVED.

WASHINGTON _ The ousting of the Air Force's top military and civilian leaders by Defense Secretary Robert Gates over embarrassing nuclear mix-ups appeared to have a chilling effect on defense stocks. The outlook for contractors is even more uncertain: Wall Street investors and military analysts are wondering what impact the historic shake-up will have on two multibillion-dollar contracts involving Lockheed Martin and other industry leaders, and on the future of the Air Force's buying strategy. By Business Writer Donna Borak. BC-Defence-Contractors-Outlook. Moved Datafile only

FAYETTEVILLE, Ark. _ Wal-Mart executives said Friday that a reinvigorated focus on price has allowed the world's largest retailer to beat out competitors in a challenging economic environment. By Chuck Bartels and Anne D'Innocenzio. With AP Photos. BC-Wal-Mart-Shareholders, 1st Writethru Bgt. Moved

DETROIT _ The rapid decline in pickup and sport utility sales may be grabbing the headlines, but minivan sales have also seen an unprecedented decline, tumbling 20 percent in the first five months of this year. And unlike trucks, which could rebound once construction picks up, it's unclear if minivans have a future in the U.S. market or if they're being killed off by crossovers and the taint of the stodgy, soccer mom image. By Dee-Ann Durbin. See Photos NYBZ143-144. With QuickFacts. BC-Auto-Sales-Minivans. Moved.

The Canadian Press is also following:

TORONTO _ The Toronto stock market drifted to a lower close Friday after hitting a new intraday high as oil prices staged their biggest single-day gain ever and ended with a record close. But outside of oil and metals, other TSX sectors were lower and New York markets sold off as a surprisingly weak U.S. employment report for May and soaring oil prices raised fresh concerns about the American economy. 744 words. By Malcolm Morrison. BC-Dollar-Markets, 6th Writethru.

QUEBEC _ Lyrtech Inc. (TSXV:LYT), a developer of digital signal processing technologies, widened its net loss to $0.8 million from $0.65 million. Per share losses for both periods were negligible for both periods, the Quebec company said Friday. 229 words. BC-Lyrtech.

MONTREAL _ Quebec Labour Relations Board orders Petro-Canada (TSX:PCA) to stop intimidating locked-out employees at Montreal refinery and to negotiate in good faith. BC-Petro-Canada-Labour

TORONTO _ Timminco Ltd. (TSX:TIM) is shutting its small magnesium plant in Haley, Ont., 100 kilometres west of Ottawa, as it focuses on its glamorous solar-power-grade silicon business. The company said Friday the closure, ``consistent with its strategy to restore its magnesium extrusion and related specialty metals business to profitability,'' is expected to save $5 million a year. 247 words. BC-Timminco.

TORONTO _ Noront Resources Ltd. (TSXV:NOT) and WSR Gold Inc. (TSXV:WSR) team up to acquire 70 per cent stake in Golden Valley property in the James Bay area of northern Ontario from Golden Valley Mines Ltd. (TSXV:GZZ). BC-Noront-WSR-Gold.

TORONTO _ Moody's Investors Service upgraded its outlook Friday for about $5 billion in debt belonging to Rogers Communications Inc. (TSX:RCI.B) from ``stable'' to ``positive.'' The rating agency also affirmed the company's Baa3 senior unsecured and Ba1 senior subordinated debt ratings. 135 words. BC-Rogers-Moody's.

TORONTO _ A letter to shareholders from Biovail Corp. (TSX:BVF) opposing an attempt by founder Eugene Melnyk to shake up the executive suite is misleading and Biovail's current management has been ``disrespectful and dismissive,'' says Bruce Brydon, Melnyk's proposed CEO. Brydon, responding to Biovail's letter issued Thursday, said seven of the 10 board nominees on the dissident slate are independent, and ``many of these individuals have not even spoken to Eugene Melnyk in years and a number had never spoken to Mr. Melnyk prior to this proxy contest.'' 288 words. BC-Biovail-Melnyk. Moved

MONTREAL _ In a move that will affect about 20 jobs, a Montreal English-language radio station has decided to switch formats. Radio station 940 AM will move from a news talk format to a music format June 14. 89 words. Moves Business (B) and General (G). BC-Mtl-Radio-Job-Cuts.

TORONTO _ Brownstone Ventures Inc. (TSXV:BWN) to acquire a 50 per cent interest in applications (and subsequent permits) for 150,000 hectares of land in the Quebec Lowlands, where there's potential for natural gas shales. The company says it has a letter of intent to acquire the half -interest from X-Terra Resources Corp. (TSXV:XT), which has staked the property. BC-St-Lawrence-Gas-Brownstone

TORONTO _ Tahera Diamond Corp. (TSX:TAH) said Friday that the last batch of diamonds from its shut-down Jericho mine contained stones valued at just under $550,000. BC-Tahera-Diamond. Moved

MISSISSAUGA, Ont. _ Synergex Corp. (TSX:SYX) has sold its technology workgroup to its chief executive officer and majority shareholder, David Aiello. The divestiture, in exchange for a $3.9-million note, ``will allow Synergex to focus on its core integrated logistics and distribution services businesses, including its expansion into Latin America,'' the company stated Friday. 206 words. BC-Synergex.

GUELPH, Ont. _ Armtec Infrastructure Income Fund (TSX:ARF.UN), a construction services company and pipe and sewer maker, says its Con-Force division has won a $40 million contract to build a new parkade structure and elevated parkway for Calgary International Airport. BC-Armtec-Contract.

WINNIPEG _ Gendis Inc. (TSX:GDS), a Winnipeg-based investment company, reported it earned profits of nearly $1.2 million for the first quarter ended April 30, reversing a loss of $781,000 for the same period the previous year. BC-Gendis. Moved.

MEDICINE HAT, Alta. _ Reece Energy Exploration Corp. (TSXV:RXR) has struck oil with its first exploratory well in the Bakken structure in southeast Saskatchewan. The well, half-owned by Reece, ``has been tested over the past six days with satisfactory oil recovery without fracture treatment,'' the company said Friday. 137 words. BC-Reece.

CALGARY _ Nevada Bob's International Inc. (TSXV:NBI.U), a company better known for golf, is getting into the mining business with the acquisition of Loncor Resources Inc., a company with exploration permits in the Democratic Republic of Congo. BC-Nevada-Bobs-Loncor.

CALGARY _ Bronco Energy Ltd. (TSX:BCF) says an equity offering announced Friday morning was greeted so enthusiastically that the oil and gas company put even more stock up for sale later in the day. The Calgary company said it increase the size of the offering to 4,275,000 common shares at $14.75 on a bought-deal basis, for a total of $63 million. 204 words. BC-Bronco-Energy.

CALGARY _ Ivanhoe Energy Inc. (TSX:IE) plans to raise up to $50 million in an issue of warrants convertible into common shares. The money is to be used to make the initial $30-million payment on three Alberta oilsands leases Ivanhoe is acquiring from Talisman Energy Canada (TSX:TLM), and for working capital purposes. BC-Ivanhoe-Energy. Moved.

CALGARY _ Patriot Energy Corp. (OTC:PGYC), a junior oil and gas company, says it has acquired TelTeck Solutions, a telematics security services company. BC-Patriot-Energy. Moved Datafile only

CALGARY _ Ember Resources Inc. (TSX:EBR) (``Ember'') raised its offer for Cordero Energy Inc. (TSX:COR) and added a cash component to the proposed deal Friday in its takeover battle with Calgary utility Enmax Corp. Ember said it would pay $5.35 in cash or 2.61 Ember shares for each share of Cordero Energy, up from an earlier offer of 2.56 Ember shares for each Cordero share. 268 words. BC-Ember-Cordero.

VANCOUVER _ Winfield Resources Ltd. (TSXV:WWF.H), a junior Vancouver company, says it has received approval from the Libyan Foreign Investment Board to build build, own and operate a new 300,000 barrel per day oil refinery in the north African country. BC-Winfield-Resources.

THE CANADIAN PRESS

Copyright ? 2008 The Canadian Press

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