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Reuters Canada Business Summary

04/09/08

Tembec unit seeks bankruptcy protection in U.S.

NEW YORK (Reuters) - A unit of Canadian forestry firm Tembec Inc filed for Chapter 15 bankruptcy protection in New York on Thursday as a procedural step to implement a debt restructuring already approved in Canada. Chapter 15 covers cross-border insolvencies and allows U.S. courts to recognize a foreign proceeding.

Toronto stocks dive to 5-month low on growth woes

TORONTO (Reuters) - The Toronto Stock Exchange's main index skidded to it lowest in more than five months on Thursday, battered by worries about slowing global growth and the impact that will have on the demand for resources. Concerns over weakness in the U.S. labor market and a drop in prices for oil, gold and other metals also combined to knock the Toronto benchmark down more than 2 percent -- bringing its losses over three days to 7 percent.

Borealis to bid C$2 billion for Teranet

TORONTO (Reuters) - Borealis, an investment unit of one of Canada's largest pension plans, said on Thursday it would offer more than C$2 billion ($1.9 billion) for Teranet Income Fund to tap the steady cash flow generated by its land-registry business. Borealis Infrastructure Management Inc said it plans to offer C$11 a unit in the hostile bid for Teranet, which offers a variety of e-commerce services, including access to Ontario's property registration database.

Air Canada, WestJet August load factors at record

CALGARY, Alberta (Reuters) - Canada's two biggest airlines said on Thursday they flew fuller planes last month, despite higher costs for passengers because of fuel surcharges. Air Canada and WestJet Airlines Ltd said their August load factors, a measure of how much available space is sold to passengers, rose to records for the month.

Zinc producer settles suit over Alaskan mine waste

ANCHORAGE, Alaska (Reuters) - Zinc producer Teck Cominco Ltd has agreed to pay up to $120 million for a wastewater pipeline to settle a lawsuit by Inupiat Eskimo villagers who claimed mine pollution was fouling their drinking water and the fish that are a staple of their diet. The settlement, terms of which were filed in U.S. District Court in Anchorage on Wednesday, ensures that waste from the Red Dog mine in Alaska will bypass the river that is the water and food source for residents of the village of Kivalina, said Luke Cole, the attorney representing the villagers.

Alaska gas project hailed by Palin still embryonic

ANCHORAGE, Alaska (Reuters) - A long-delayed natural gas pipeline championed by Gov. Sarah Palin that would carry supplies from Alaska to Canada and then to the lower 48 states exists in concept only and is years away from fruition. The vice presidential hopeful, in her speech Wednesday to the Republican National Convention, said she fought to bring about "the largest private-sector infrastructure project in North American history" to bolster America's energy security.

Dollar sags as oil slips, greenback rallies

TORONTO (Reuters) - The Canadian dollar weakened against U.S. dollar on Thursday, giving back all its gains from the previous day as oil prices fell and the greenback rallied. Domestic bond prices, with no Canadian data to influence a move, rallied on a safe-haven bid as equity markets suffered steep losses.

Reitmans sales drop on weak economy, bad weather

OTTAWA (Reuters) - Reitmans Ltd said on Thursday quarterly sales dropped as bad weather and a weak economy crimped spending at its women's clothing stores, but profit rose on new accounting rules and a stronger Canadian dollar. Net earnings increased 10 percent to C$35 million, or 50 Canadian cents a share, in the period ended Aug 2, from $32 million, or 44 Canadian cents, in the year-ago quarter.

Canadian regulator approves Repsol's LNG plan

CALGARY, Alberta (Reuters) - Spanish oil firm Repsol YPF will be allowed to import liquefied natural gas into a New Brunswick terminal for shipment to the U.S. northeast, Canada's energy regulator said on Thursday. The National Energy Board said it had approved Repsol's application to bring LNG into the Canaport terminal it and partner Irving Oil Ltd, Canada's largest privately owned refiner, are building at Saint John, New Brunswick.

Bombardier profit, aircraft deliveries grow

TORONTO (Reuters) - Bombardier Inc reported a stronger fiscal second quarter on Thursday as demand for its aircraft grew and its backlog rose to a record, buoying hopes that the company can ride out a softening market. The high level of new orders and deliveries for its business aircraft offset declines in regional jets as commercial carriers focused on weathering the impact of economic slowdown on passenger traffic, the Montreal-based maker of aircraft and rail equipment said.

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