| RBC Capital Markets raises target and rating on Interfor after acquisition
VANCOUVER - RBC Capital Markets raised its outlook on International Forest Products Ltd. (TSX:IFP.A) on Tuesday after the company announced a deal to buy three sawmills and timber tenures from troubled forestry firm Pope and Talbot. Analyst Mark Bishop noted the deal would diversify the company's base and increased his rating on the stock from "sector perform" to "outperform" with "above-average risk." He also increased his price target on the stock from $8 to $8.75. "While the resulting mix will increase Interfor's sensitivity to Canadian dollar volatility and increase exposure to softwood lumber duties, we expect the impact will be offset by a higher valued lumber grade mix," Bishop wrote in a report to clients. Intefor shares were up 11 cents at $5.36 in trading on the Toronto Stock Exchange on Tuesday.
GM Shares Drop to 17-Month Low
Deepening concerns about deteriorating credit-market conditions helped send shares of General Motors Corp. to their lowest level in about 17 months on Monday. The auto maker, in the midst of a restructuring aimed at restoring profitability, has been stung in recent months by the weak performance at GMAC Financial Services, which has struggled due to losses at its residential-mortgage business even as auto loans continue to be profitable. .
Delphi, GM revise plan to help Delphi leave bankruptcy protection
DETROIT (AP) _ Delphi Corp. has agreed with General Motors Corp. and an investment group on a revised plan that would enable the auto parts maker to leave bankruptcy protection with $5.2 billion in financing, Delphi said Thursday.
But Delphi said its creditors' and equity committees still oppose the amended plan.
The new plan, details of which were expected to be filed Thursday in U.S. Bankruptcy Court in New York, is smaller than a plan released Sept. 6, which called for $7.1 billion in exit financing, the Delphi statement said.
"Today's filings, which have been agreed upon by GM and all of our plan investors, are the cornerstones of a plan of reorganization that we believe can be achieved during this challenging capital markets environment," John Sheehan, Delphi's chief restructuring officer, said in a statement.
Micronas USA appeals for backers
LONDON Micronas USA Inc. (Santa Clara, Calif.) has said it is looking for backers following the announcement that its consumer and automotive semiconductor parent, Micronas Holding GmbH (Zurich, Switzerland) plans to sell it as part of a restructuring initiative. "In the interim, Micronas has pledged on-going financial support for Micronas USA, and all projects continue as scheduled," the company said in a note. .
k1049 BC-H&RBlock-CEO 2ndLd-Writethru 11-20 0683
Eds: UPDATES with comment from analyst, company spokesman, closing price. Moving on general news and financial services. KANSAS CITY, Mo. (AP) -- Mark Ernst has resigned as chairman, president and chief executive of H e tax preparation and accounting services company said Tuesday. Ernst is being replaced as chairman by former chairman of the Securities and Exchange Commission, Richard Breeden, who led a dissident shareholder group that won three seats on the H ormer Aetna Inc. executive Alan Bennett was named interim CEO while H r a permanent replacement. Breeden has criticized the company's diversification into mortgage lending, investment advising and banking, saying it had robbed momentum from the company's core tax preparation and accounting services business. Ernst's departure follows the resignation of Chief Financial William Trubeck earlier this month.
Nursing Home Company Declares Bankruptcy
A nursing home company, run by the same executive who heads up the record label for country star Travis Tritt, has declared bankruptcy amid allegations of poor care and a state inquiry into whether it illegally used federal funds meant for patients for other purposes including a lakeside home and the record company's launch. .
Polluting companies to be shut out of stock market-英语点津
Major industrial polluters will be barred from raising capital on the stock market, the top environment watchdog said yesterday while pledging to step up efforts to reduce industrial waste. "Enterprises found guilty of environmental violations or failing to meet pollutant discharge requirements will not be allowed to list their shares," said Zhou Shengxian, minister of the State Environmental Protection Administration (SEPA). Listed companies "should open up their environmental records to public scrutiny", Zhou added. In addition, starting in 2009, all enterprises that discharge pollutants must obtain environmental permits. "Otherwise, they will not be allowed to continue, or start operations," he warned. "We will speed up industrial restructuring to ensure that the target of phasing out outdated techniques, equipment and products is met by the end of 2010," Zhou said.
H&R Block Boss Resigns As Chairman, CEO
H&R Block Inc., the tax preparation and accounting services company that is reeling from its foray into the collapsing subprime mortgage business. The company said Tuesday that Ernst's replacement as chairman is Richard Breeden, the former head of the Securities and Exchange Commission, who led a dissident shareholder group that won three seats on the H&R Block board. A retired Aetna Inc. chief financial officer, Alan Bennett, was named interim CEO while H&R Block looks for a permanent replacement. Breeden has criticized the company's diversification into mortgage lending, investment advising and banking, saying it had robbed momentum from its core tax preparation and accounting services business. Ernst's departure follows the resignation of Chief Financial William Trubeck earlier this month.
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