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Loblaws real estate spinoff Choice Properties beats its first-quarter forecast

BRAMPTON, Ont. - Loblaw spinoff Choice Properties Real Estate Investment Trust (TSX:CHP.UN) delivered first-quarter results on Wednesday that it says are in line with forecasts it made last summer. The real estate trust, which mainly holds a portfolio of retail and warehouse properties housing the businesses of grocer Loblaws, said it recorded an adjusted profit of $40.2 million, above a forecast of $34.8 million prior to its initial public offering.

Chinese-owned Nexen Energy says it's replacing CEO Kevin Reinhart

CALGARY - Nexen Energy, the Calgary-based oil and gas company acquired by Chinese state-owned firm CNOOC Ltd. last year, says it's replacing its CEO. The company says Kevin Reinhart is departing Nexen after a 20-year career there. Reinhart ushered Nexen through its contentious sale to CNOOC last year for $15.1 billion. The deal caused Ottawa to rethink its rules around foreign state-owned control of Alberta's vast oilsands resources. CNOOC executive vice president Fang Zhi will be Nexen's new boss.

Family mourns Suncor worker who had just earned his electrician's ticket

FORT MCMURRAY, Alta. - The family of a worker who died at the Suncor oilsands development in northern Alberta says he had just earned his electrician's ticket and was excited about his new skills. Shane Daye, who was 27, was an instrumentation technician and had worked for Suncor for seven years. Daye, who was born and raised in Fort McMurray, was killed on Sunday while working near electrical panels on the site. An official cause of death has not been released. Suncor has said Daye was severely injured and was pronounced dead in hospital.

Goldcorp bid for Osisko Mining expires, gold miner withdraws board nominees

VANCOUVER - Goldcorp Inc. (TSX:G) said Wednesday that its takeover offer for Osisko Mining Corp. (TSX:OSK) did not meet its minimum conditions and it has allowed the bid to expire. The senior gold miner also said that it has withdrawn its nominees for the Osisko board of directors that it put forth during its hostile takeover attempt of the smaller company. Osisko signed a rival friendly offer worth about $3.9 billion last week from Yamana Gold (TSX:YRI) and Agnico Eagle mines Ltd. (TSX:AEM).

Rogers CEO says company will focus on improving customer service

TORONTO - The new head of Rogers Communications Inc. (TSX:RCI.B) says he's working to make the telecom and media company a leader in its industry, as it works to fend off competitors and vastly improve customer service. The Toronto-based company continues to have Canada's largest base of wireless phone subscribers, a major cable TV and Internet system, and a media arm that includes specialty TV channels, conventional television, radio and publishing.

Goldcorp opts out of Osisko bidding war

Canadian giant Goldcorp said Monday it would drop its hostile takeover bid of rival Osisko Mining, leaving Yamana Gold and Agnico Eagle Mines Limited to go it alone. "We stated from the beginning of this process that we would remain disciplined with respect to our offer to acquire Osisko, and our decision not to amend the offer is consistent with that commitment," said Chuck Jeannes, Goldcorp's president and chief executive.

Rogers faces tough first quarter as soft wireless results hurt profits, revenues

TORONTO - A combination of fewer wireless customers switching carriers and a lack of flashy new smartphones were a drag on the wireless division of Rogers Communications Inc. (TSX:RCI.B), helping to pull down first-quarter results, the Canadian telecom giant said Monday. Rogers reported that net income in the period dropped 13 per cent to $307 million or 57 cents per share from $353 million or 68 cents per share a year earlier.

Lower gold prices fuelling Barrick's latest merger proposal with Newmont: analysts

Barrick Gold's long courtship with another of North America's largest gold producers is reportedly on the rocks despite the attractiveness of a merger fuelled by lower precious metal prices, industry analysts said Monday. "It makes sense for it to happen — on paper," said Pawel Rajszel of Veritas Investment Research. "Will it actually happen, it's hard to say. The fact that they've been talking for over two decades now doesn't make me too confident that it will happen."

Teck Resources makes further investment in Erdene to fund copper exploration

VANCOUVER - Teck Resources Ltd. (TSX:TCK.B) has increased its investment in a small Halifax-based mining company that will use the funds to explore for copper in Mongolia under a strategic alliance announced last year. Vancouver-based Teck, one of Canada's largest mining companies, received two million additional shares of Erdene Resource Development Corp. (TSX:ERD) for 17.5 cents each, for a total of $350,000.

Mobilicity says Telus to acquire company for $350 million in proposed sale

TORONTO - Mobilicity says it has agreed to be purchased by Telus Corp. (TSX:T) for $350 million. Mobilicity says the proposed sale is subject to approval by the Ontario Superior Court of Justice, the Competition Bureau, Industry Canada, and Mobilicity's debtholders. Telus has twice tried to buy struggling Mobilicity, but both times the deal was rejected by Industry Canada. "We will not approve spectrum-transfer requests that decrease competition in our wireless sector," Jake Enwright, a spokesman for Industry Minister James Moore, said Friday.
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