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Forestry

AbitibiBowater loses US$248M in first post-merger quarter

MONTREAL - Paper and forestry company AbitibiBowater Inc. (TSX:ABH) reported Thuesday a US$248-million loss in the first quarter on sales of $1.7 billion. The net loss, worth $4.32 per share, is not directly comparable with year-ago pre-merger results for Bowater Inc. and Abitibi-Consolidated Inc. Bowater itself lost $35 million, $1.19 per share, on sales of $772 million in the same period last year. Excluding one-time non-operating items, AbitibiBowater said it lost US$215 million or $3.74 per share in its first full quarter, called by CEO David Paterson a period of "important progress."

Retail

Wal-Mart Canada to open or expand 25-27 Canadian stores by Jan. 2009

MISSISSAUGA, Ont. - Wal-Mart Canada says it plans to open or expand 25 to 27 stores by the end of its current fiscal year in January 2009. The discount retailer says more than half of the projects will be new stores and most of those will be new supercentres. About one third of all projects will see existing discount stores expanded or relocated to become supercentres. Wal-Mart Canada says the expansion will result in 6,000 new in-store jobs for a total of more than 80,000 across the country. The giant retailer says the expansion will also create some 5,000 spinoff jobs.