Business Watch
Winnipeg Free Press
Wed 21 Sep 2005
Page: B9

Section: Business
Byline: Puma buys Manitoba stake
Source:

RIMOUSKI, Que. -- Puma Exploration Inc. has struck a deal
to acquire control of a strategic gold deposit in Manitoba.

Under an agreement announced yesterday, Puma said it has obtained from
Tanqueray Resources Ltd. an option to acquire 51 per cent of the Little Stull
Lake property in northeastern Manitoba. To acquire its stake, Puma must spend
$750,000 over four years and issue 400,000 shares to Tanqueray, a small company
based in Calgary.

Canada overtaxed: report

OTTAWA -- Canada taxes investment more heavily than any competing country
except China, according to a report by economic think tank C.D. Howe Institute, which
used the findings to back a call for multi-year tax relief from the federal and
provincial governments.

Canada's effective tax rate on investment is the second highest of 36
nations, posing a threat to jobs and incomes, the report said.

Fed boosts interest rate

WASHINGTON -- The U.S. Federal Reserve boosted a key interest rate yesterday
for the 11th straight time and signalled that more rate hikes are likely even as
the country recovers from the devastating effects of hurricane Katrina.

The action pushed the Fed's target for the federal funds rate -- the interest
that banks charge each other-- to 3.75 per cent. That's the highest level since
the summer of 2001.

In a brief statement explaining the action, the Fed said all the problems
from Katrina "will be a setback in the near term" for the economy.

Stelco seeks bailout

TORONTO -- Stelco Inc. yesterday unveiled a plan to bring itself out of
bankruptcy protection, one that calls on the Ontario government to cough up $100
million to help pay down the company's pension deficit.

The plan, which could be approved by an Ontario court as early as today, will
also cancel the steelmaker's shares and reissue new equity to creditors.
Cancelling shares is typical in most bankruptcy cases, but the move sparked
outrage among investors who were betting Stelco's equity would survive its now
20-month restructuring because the steelmaker is making money.

Times slashes workforce

NEW YORK -- The New York Times Co. said yesterday it would cut about 500
jobs, or about four per cent of its work force, as part of an effort to reduce
costs. The reductions come atop another 200 jobs cut earlier this year.

The Times said it expected 250 jobs at its main newspaper group to be
affected, which includes the Times, the International Herald Tribune and the
online operation of the Times. Of those job cuts, about 45 will come from the
Times' newsroom, the company said in a statement.

-- From the news services

Length: 436 words