Business News Headlines - Canadian Press

ST ANDREWS, Scotland - Finance Minister Jim Flaherty has dismissed the idea of imposing tax on financial transactions to guard against another crisis in the banking sector.

OMAHA, Neb. - Paper gains on derivative contracts helped Berkshire Hathaway Inc. triple its third-quarter profit as its insurance businesses did well, but Warren Buffett's company said Friday that many of its other operating businesses struggled.

EDMONTON - AutoCanada Income Fund (TSX:ACQ.UN) said Friday that it earned $5.1 million in its latest quarter compared with a loss of $38.3 million a year ago.

Regulators on Friday shut small banks in Georgia, Michigan, Minnesota and Missouri, bringing the number of bank failures this year to 119 amid the struggling economy and a cascade of defaults on loans.

LOS ANGELES - In a tacit acknowledgment of a delay in their plan to combine, Live Nation Inc. and Ticketmaster Entertainment Inc. said in filings Friday that a shareholders meeting to approve the deal is set for Jan. 8.

EDMONTON - Epcor Utilities Inc. reported a loss in its most recent quarter on Friday compared with a profit a year ago.

TORONTO - Trustees of Livingston International Income Fund (TSX:LIV.UN) re-affirmed their recommendation Friday that unitholders vote in favour takeover by group led by the Canada Pension Plan Investment Board after receiving a second offer by Mullen Group Ltd. (TSX:MTL).

RED DEER, Alta. - Parkland Income Fund (TSX:PKI.UN) said Friday that it earned $10.1 million in its latest quarter, down from a year ago.

WASHINGTON - Freddie Mac's losses narrowed to US$6.3 billion in the third quarter, but the government-controlled mortgage finance company didn't need a federal cash infusion.

WASHINGTON - Just when it was beginning to look a little better, the U.S. economy relapsed Friday with a return to double-digit unemployment for only the second time since the Second World War and warnings that next year will be even worse than previously thought.

TORONTO - Machine parts maker General Donlee Income Fund (TSX: GDI.UN) said sales fell 36 per cent in the July-September period, citing the impact of the economic slowdown on the manufacturing industry.

MONTREAL - Air Canada (TSX:AC.B) is seeing small signs of improvement in air travel but says a full recovery in its key business class could be least a year away, the airline's chief executive said Friday.

MILWAUKEE - A judge has tossed out a decision - for now at least - that could have cost PepsiCo Inc. $1.26 billion after the soft drink maker didn't respond to a lawsuit claiming it stole the idea for bottled water.

WASHINGTON - President Barack Obama signed into law a $24 billion economic stimulus bill providing tax incentives to prospective homebuyers and extending unemployment benefits to the longtime jobless who have been left behind as the U.S. economy veers toward recovery.

TORONTO - Shares of Magna International Inc. (TSX:MG.A) jumped more than 14 per cent in trading Friday after the auto parts company reported a third-quarter profit of $51 million and was reported to be involved in a new auto palant in Russia.

SASKATOON - Claude Resources Inc. (TSX:CRJ), a small gold miner based in Saskatoon, reports its net loss narrowed in the third quarter to $0.4 million from $1.7 million.

VANCOUVER, B.C. - Telus Corp. revenue and profit will come in lower-than-expected this year due to impacts from a weak economy and the telecom giant's increased spending on the early launch of a new advanced wireless network, the company (TSX:T) says.

NEW YORK - AIG said Friday it was profitable for the second straight quarter as its core insurance operations continue to stabilize after the company's bailout by the government last year.

MONTREAL - The new head of SNC-Lavalin (TSX:SNC) says the engineering and construction company is not overly concerned about security threats to its operations in Algeria.

MONTREAL - Even though the BlackBerry is the top smartphone in North America, the iPhone is right behind and other players will also put pressure on its premiere position, analysts say.

RICHMOND, B.C. - MacDonald, Dettwiler and Associates Ltd. (TSX:MDA) said Friday it has won a $46-million contract from the Canadian Space Agency to develop prototypes and new robotic systems for future space missions.

MISSISSAUGA, Ont. - ClubLink Enterprises Ltd. (TSX:CLK) said Friday that it earned $17 million in its latest quarter, up from $14.5 million a year ago.

CALGARY - Petrolifera Petroleum Ltd. (TSX:PDP) reported a major reversal Friday in third-quarter revenue and earnings.

VANCOUVER, B.C. - The Keg Royalties Income Fund (TSX:KEG.UN) said Friday that it earned $2.9 million in its latest quarter as sales held steady compared with a year ago.

MONTREAL - Shares in Cascades Inc. (TSX:CAS) increased almost five per cent on Friday after the Quebec-based paper and packaging company (TSX:CAS) reported its sixth consecutive quarter of improved results.

HALIFAX, N.S. - Power producer Emera Inc. (TSX:EMA) reported Friday third-quarter profits of $34.9 million, up from $6.5 million in the same period of 2008, when the company logged significant accounting adjustments.

TORONTO - The Toronto stock market was slightly higher late Friday morning, held aloft by rising gold stocks as bullion continued to advance.

DETROIT - Carl-Peter Forster, the chief executive of General Motors Europe who runs its struggling Opel unit, will leave the company, GM said Friday.