Winnipeg Free Press

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GM recalling 300,000 HHR SUVs to fix storage bin

WASHINGTON - General Motors Corp. (NYSE:GM) is recalling about 300,000 Chevrolet HHR sport utility vehicles in the United States to fix a storage bin door that failed to remain closed during government testing. Updated 11:00 AM

1. Michael Ainsworth named chief executive of ARA Safety Inc.

   VANCOUVER - Private firm ARA Safety Inc. has named Michael Ainsworth, former executive vice-president of recently restructured Ainsworth Lumber Co. Ltd. (TSX:ANS), as its chief executive officer. Updated 10:50 AM

2. RSM Richter and Chamberland Hodge merge into bigger accounting firm

   MONTREAL - Quebec accounting firms RSM Richter and Chamberland Hodge have merged into a bigger Montreal-based business services company with more than 400 employees. Updated 10:45 AM

3. ADF Group net income, revenue shoot up in second quarter

   TERREBONNE, Que. - ADF Group Inc. (TSX:DRX) experienced a surge in revenue and profitability in its second quarter, as the steel fabricator benefitted from new equipment and work processes that have increased capacity substantially. Updated 10:20 AM

4. Tata not yet restarting production at Nano plant after farmers' protests

   MUMBAI, India - The yellow barricades that have blocked the highway to the Tata Motors Nano factory in West Bengal came down Monday, but the road is not yet clear for production of the world's cheapest car. Updated 9:30 AM

5. Sherwood Copper and Capstone to merge in $244.4-million deal

   VANCOUVER - Sherwood Copper Corp. (TSXV:SWC) and Capstone Mining Corp. (TSX:CS) have agreed to merge in a deal that will create a bigger player in the North American copper mining sector. Updated 9:25 AM

6. NIR Diagnostics terminates deal with Shaklee Corp. over payment dispute

   CAMPBELLVILLE, Ont. - NIR Diagnostics Inc. (TSXV: NID), an Ontario-based medical test developer, says it is scrapping licence deal with Shaklee Corp. over a payment dispute under the agreement. Updated 9:05 AM

7. Alberta Clipper Energy says production temporarily cut in Trutch area of B.C.

   CALGARY - Alberta Clipper Energy Inc. (TSX:ACN) says its output from natural gas operations in the Trutch area of Northeast British Columbia will be cut after a landslide that shut down a third party's gas gathering pipeline. Updated 8:50 AM

8. CanReit trust acquires eight Canadian Tire stores for $137.3 million

   TORONTO - Two Toronto-based commercial real estate owners have acquired 11 retail properties from Canadian Tire Corp. (TSX:CTC.A). Updated 9:15 AM

9. Fairfax financial makes US$72 million bid for Polish reinsurer

   TORONTO - Fairfax Financial Holdings Ltd. (TSX:FFH) announced Monday it has made a US$72-million bid for Polish reinsurer Polskie Towarzystwo Reasekuracji Spolka Akcyjna, valued at approximately 66 cents US per share. Updated 8:30 AM

10. Verenex Energy considers 'strategic options,' could be up for sale

    CALGARY - Verenex Energy Inc. (TSX:VNX) has indicated it may be interested in courting bidders for a possible sale, declaring Monday now is the "right time" to consider its "strategic options." Updated 8:10 AM

11. Value of building permits increases 1.8 per cent in July, hits to $6.4 billion

    OTTAWA - The value of building permits rose 1.8 per cent to $6.4 billion in July, mainly due to multi-family dwelling permits in Central Canada and industrial construction intentions in Saskatchewan. Updated 8:10 AM

12. Italy's Eni SPA to acquire First Calgary Petroleum for $923 million

    CALGARY - Italian integrated energy company Eni SPA has agreed to buy First Calgary Petroleums Ltd. (TSX:FCP) for $923 million, several years after the company first - unsuccessfully - began looking for a buyer. Updated 8:10 AM

13. World stocks soar after U.S. government bails out Freddie and Fannie

    LONDON - World stock markets soared Monday after Washington announced a bailout of mortgage giants Fannie Mae and Freddie Mac - a move that could help bolster a shaky U.S. housing market and renew global investor confidence. Updated 7:35 AM

14. US government takes on big role in mortgage market, bailing out Freddie, Fannie

    WASHINGTON - Uncle Sam has just become the 800-pound gorilla in the U.S. mortgage market. Updated 7:35 AM

15. Australia's Origin Energy to form joint venture with ConocoPhillips

    SYDNEY, Australia - Takeover target Origin Energy Ltd., Australia's second-largest power retailer, on Monday announced a US$7.9-billion coal seam liquefied natural gas joint venture with U.S. energy giant ConocoPhillips. Updated 7:35 AM

16. Germany's largest industrial union IG Metall wants 7 to 8 per cent pay raise

    FRANKFURT, Germany - Germany's largest industrial union, IG Metall, was meeting Monday to finalize a demand for a pay rise of between seven to eight per cent for its metal and electric industry members - the highest increase sought in 16 years. Updated 7:35 AM

17. OPEC considers cutting oil production as demand destruction continues

    VIENNA, Austria - Iran's oil minister said Monday that there is too much crude on the market, adding that OPEC is reviewing whether supply exceeds demand before deciding whether to cut back production. Updated 7:35 AM

18. London Stock Exchange halts trading due to technical glitch

    LONDON - Trading on the London Stock Exchange, Europe's oldest independent exchange, was halted Monday because of a computer fault. Updated 7:35 AM

19. Hurricane Gustav could cost insurers US$8 billion, says Swiss Re

    ZURICH, Switzerland - Hurricane Gustav will cost the global insurance industry up to US$8 billion, Swiss Reinsurance Co. said Monday. Updated 7:30 AM

20. U.S. savings and loan giant Washington Mutual ousts CEO Kerry Killinger

    NEW YORK - Washington Mutual is ousting chief executive Kerry Killinger as the beleaguered savings and loan moves to overhaul its business, which has been ravaged by sour mortgage loans. Updated 7:30 AM

21. China to review Coca Cola's bid for juice maker Huiyuan

    BEIJING - Coca-Cola Co. will have to submit its bid to buy a Chinese juice producer for review under China's new anti-monopoly law, state television reported, setting up the first major test of the legislation. Updated 7:30 AM

22. Marlboro cigarette maker Altria Group buys UST for about $10B

    NEW YORK - After failing to grab much consumer attention for its own smokeless tobacco products, Altria Group said Monday it would buy the maker of Skoal and Copenhagen for about US$10.3 billion. Updated 8:30 AM

23. Oil rises in Asia as Ike threatens Gulf of Mexico

    DUBAI, United Arab Emirates - Oil prices rose above US$109 a barrel Monday as hurricane Ike took aim at the Gulf of Mexico, delaying efforts to bring oil and gas production back online, and Iran's oil minister said he thinks there is too much crude on the market. Updated 10:05 AM

24. U.S. advertising group opposes Yahoo-Google pact

    SAN FRANCISCO - A group representing big-spending advertisers said Sunday it sent a letter to the U.S. Justice Department asserting an online ad partnership between Yahoo Inc. and Google Inc. will stifle competition and likely raise prices. Updated 9:30 PM 09/07/08

25. Gulf oil and gas producers give Ike a serious look

    NEW YORK - Efforts to bring oil and gas production back online in the Gulf of Mexico slowed Sunday as hurricane Ike barrelled toward the U.S. energy complex, likely to be the second hurricane to slam into the Gulf in as many weeks. Updated 4:35 PM 09/07/08

26. Bush says takeover of mortgage giants necessary because of unacceptable risk

    WASHINGTON - U.S. President George W. Bush says the historic government takeover of mortgage giants Fannie Mae and Freddie Mac is necessary because of the "unacceptable risk" that they can longer operate soundly. Updated 4:20 PM 09/07/08

27. Protests at Tata plant producing the world's cheapest car end

    CALCUTTA, India - Protests that halted production at a plant in India building the world's cheapest car were called off after the local government promised Sunday to compensate angry farmers. Updated 4:20 PM 09/07/08

28. OPEC to consider cutting oil production to prop up crude price

    VIENNA, Austria - With oil prices off nearly 30 per cent from their highs of almost $150 a barrel, OPEC oil ministers are considering what was unthinkable just a few weeks ago - cutting back output to prop up the price of crude. Updated 1:50 PM 09/07/08

29. Arctic countries shouldn't have sole control over North, conference to hear

    Arctic countries such as Canada shouldn't have sole jurisdiction over the protection of northern waters, a United Nations-sponsored conference will hear this week. Updated 12:35 PM 09/07/08

30. Arctic genetics increasingly valuable to international biotechnology industry

    Oil and gas are usually considered the Arctic's most valuable resources, but a new report suggests northern lands and seas are developing another increasingly profitable industry - genetics. Updated 12:20 PM 09/07/08

31. Tories seek to turn economic weakness into electoral strength

    OTTAWA - Suddenly, it's the economy stupid, again. Updated 11:20 AM 09/07/08

32. Oil slips below US$107 a barrel as OPEC faces 'short-term bearish trend'

    NEW YORK -- Oil prices dropped below us$107 a barrel Friday as the American dollar continued to gain on the euro and investors waited to see if OPEC moves to restrict output next week amid a two-month plunge in prices. Updated 7:31 AM 09/05/08

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