Winnipeg Free Press

Winnipeg Free Press (Newspaper) - September 6, 2006, Winnipeg, Manitoba Lqqlshj?v3uhplhuh,, september 6, 2006 cops do rate subject to change. Certain conditions May apply. 5 .35 % buy your Gic online at business re frus Rudh Qaq Fth dog Call 788-4040 Thuy Luhv Foo Xiv do editor Steve Pona 697-7264 i Market details b7 i i b6 re Al vow Rhu Zhe Vlah Zzz mrs ads Lido Fps pts 12,198.63 53.53 Dow 11,469.28 5.13 Nash a 2,205.70 12.54 Dollar 89.95? . -0.59?. Oil $68.60barrel -$0.60barrel Gold $638.50troy of $14.10 Inco Calls off $19-b merger Deal . Shareholders reject Phelps Dodge offer. Clears Way for brazilian company card Inco a Stock settled at about $86. Cards bid values Inco at More than $19 billion. Yesterday they still said cards offer is the most Likely to succeed although after months of bids and counter bids no one is willing to Rule out the possibility of a new player. Australia based Bop Billiton Ltd. Nose Bop Britain Sango american pc Nash a Sauk and Anglo australian Rio Tinto pc nose Ftp could All be contenders analysts say although Bop May have antitrust issues because of its existing Nickel assets. ? Canadian press test Well bodes Well for . Oil reserves Washington ? a Trio of Oil Compa Nies led by Chevron corp. Nose Cox has tapped a Petroleum Pool deep beneath the Gulf of Mexico that could boost americas reserves by More than 50 per cent. A test Well indicates it could be the biggest new Domestic Oil discovery since Alaska a Prudhoe Bay a generation ago. But the vast Oil Deposit roughly 6.5 kilo metres beneath the Ocean floor wont significantly reduce the country a dependence on foreign Oil and it wont help lower prices at the pump anytime soon analysts said. Its a Nice positive but the . Still has a big difference Between its con sumption and indigenous production said Art Smith chief executive of Energy consultant John Herold. Well still be importing More than 50 per cent of our Oil Chevron yesterday estimated the 775?square-Kilometre Region where its test Well sits could hold Between three billion and 15 billion barrels of Oil and natural Gas liquids. The . Consumes roughly 5.7 billion barrels of crude Oil in a year. It will take Many years and tens of Bil Lions of dollars to bring the newly tapped Oil to Market but the discovery carries particular importance for the Industry at a time when Western Oil and Gas companies Are finding fewer opportunities in Politi Cally unstable parts of the world including the Middle East Africa and Russia. The proximity of the Gulf of Mexico to the worlds largest Oil consuming coun try makes it especially attractive. And it could bring pressure on Florida and other states to relax limits they have placed on drilling in their offshore Waters for environmental and tourism reasons. The country a reserves currently Are More than 29 billion barrels of Oil equiv Alent according to the . Energy department. But the . Imports most of its Oil from abroad and its Overall sup ply is tiny when compared with say saudi Arabia whose reserves exceed 250 billion barrels. Chevrons Well called Jack 2, was drilled about 8.5 Kilometres below sea level. Chevron has a 50 per cent stake in the Field while partners stat Oil Asa of Norway and Devon Energy corp. Nose Dan of Oklahoma City own 25 per cent each. This area is one of the new and promising deep water areas in the Gulf of Mexico said Ivind Reinertsen senior vice president of stat Oil a Gulf of mexi co operations in Houston. The successful test Well does not mean a huge Supply of cheap Oil will hit the Market anytime soon. Oppenheimer & co. Analyst Fadel Ghent estimated that the first production might not come on line until after 2010, depending on How Many More test Wells the companies Drill. ? associated press by Romina Maurino t Oronto ? Nickel Miner Inco Ltd. Tax n has called off a $19?billion takeover agreement with .-based Phelps Dodge corp. Nose pm Clearing the Way for a rival Deal with brazils companoia Vale do Rio Doce nose Rio ? the Only suitor still standing after a months Long Battle. The Canadian Miner said yesterday it failed to win shareholder support for the Cash and shares bid by Phoenix based Phelps ahead of a meeting scheduled for later this week leading the two Compa Nies to terminate their merger plan. Inco will have to pay Phelps Dodge a $125-million us break fee plus $350 Mil lion us if it completes a similar takeover with another company by sept. 7, 2007. It was very Clear from the proxies we received that Inco shareholders were not going to support the Phelps Dodge transaction so the two companies agreed that it was in our respective Best interests to move on Inco chairman and ceo Scott hand said in a statement. Spokesman Steve Mitchell said the company was not disclosing specific numbers but that a very substantial majority of the shares voted against the we intend to explore any and All alter natives to creates additional value for shareholders and we also continue to be open to discussions and negotiations with card regarding their offer he said. The Phelps combination agreement had prohibited Inco from soliciting other offers. Phelps was initially brought into the fold to help Inco acquire rival Nickel Miner Falconbridge Ltd. In a $40-billion us three Way Deal announced in june. But Falconbridge eventually went to Swiss Miner strata pc Lse St which trumped Inco a bid with an All Cash offer. As the end of the transactions neared most of Inco a and Falconbridge a shares fell into the hands of hedge funds which Are Short term investors and tend to pre Fer the liquidity of Cash Over the uncertainty of shares. Phelps Dodge ceo Steven Whisler said that while Inco with its world class assets also would have been an attractive transaction for our shareholders at the Price we agreed. The synergies available in a two Way combination with Inco were much smaller than those available in the three Way analysts All but called the fight in cards favour As soon As rival Teck Cominto Ltd. Pulled out of the race in August after a failed financing and hires it expert to spearhead its . Drive by Murray Mcneill the founder of momentum health Ware inc. Is getting a demotion and he could to be happier. The Winnipeg software development company was to announce today it has hired a . Information technology expert to serve As its new chief executive and to spearhead a major expansion drive South of the Border. Dan Malmstrom a former senior executive with fargo., great Plains software has been named momentum a new president and ceo. Charles Lafleche used to be chief executive officer but is giving up the position so he can focus on finding new Canadian customers for the 11-year?old firms information technology soft Ware systems for nursing Homes and other health care facilities. That Means a lot less time stuck behind a desk and a lot More time out in the Field which suits him just Fine. Now i get to do what i love the most which is being in front of clients a beaming Lafleche said in an interview yesterday at momentum a Headquarters on Provencher Boulevard. Its actually very liberating for Lafleche said he also has no qualms about handing the company reins Over to someone else. He said he realized a Long time ago the Guy who starts a com Pany in to always the one who takes it to its next big growth spurt. Lafleche also described Malmstrom As a logical person to replace him because he a been a company share Holder and Board member for the last 10 years and the firms strategic adviser for the last two. This is pretty much a logical progression he said. Momentum chairman Dave Wattling said the company a Board was also by Lindsey Wiebe a group of Winnipeg professionals Are doing their part to shatter the Glass Ceil ing with the opening of a new private club ? for women. Called the studios in the Exchange site the downtown facility had its grand opening last night and Aims to be a place for businesswomen to meet relax and network. I like to think of it As Best friends coming Down together and enjoying time together doing All sorts of different things but at the same time meeting new software firm looks South for ceo while the club is intended for women Kar Pyza said the group has no intention of excluding men ? but does to expect Many to take part. I Don to think too Many men Are going to want to be pole dancing she laughed. Membership fees for the club Are $50 annually with a discounted fee for those who join at the groups grand opening running tonight thursday and Friday from 5-9 . Wayne Glowacki / Winnipeg free press new momentum healthcare inc. Chief executive Dan Malmstrom left with founder Charles Lafleche. Impressed with Malmstrom a experience at taking Small companies and building them into something bigger. He brings an impressive blend of operational acumen and entrepreneur Ial savvy to our team ? exactly what momentum needs during our next phase of expansion Wattling said. One of Malmstrom a key roles will be to beef up momentum a presence in the huge . Market which Lafleche said spends More Money per year on nursing Homes than Canada spends on its the entire health care system. The . Market is something we have been dabbling in Over the last few years he noted. Now we want to make a serious entry he said Malmstrom is also the perfect Guy to spearhead the . Expansion drive because of his extensive people said Debra Kar Pyza Sites executive director. The club occupies roughly 10,000 Square feet of space in the old Canada Safeway building on Pacific Avenue and combines elements of a spa with those of a More traditional private club. The fourth floor facility features con Ference rooms an aerobics studio Mas Sage and aromatherapy rooms and even a pole dancing studio. Its been an expensive process but hopefully very worthwhile said Kar Pyza. This has just become very important to me As something that i contacts and experience within the it and Long term health care industries there. In addition to holding senior executive positions with great Plains soft Ware which was sold six years ago to Microsoft corp. For $1.1 billion Malm Strom also worked for a number of years for ism. After leaving great Plains in 1999, he founded and later sold two technology companies one of whom did work for momentum. Malmstrom said momentum a goal is to double its sales Over the next three years from $10 million to $20 million. He said he expects that growth to come from both the Canadian and . Markets but especially the United states. The United states now accounts for about 15 per cent of momentum Sannu wanted to put my energies into and i Hope that other women can Benefit from so far site has attracted 35 practitioners to teach classes for club Mem Bers and Kar Pyza said they re still on the Lookout for new instructors. Kar Pyza a former designer and part owner of the building said she came up with the idea for the club two years ago with her former design business part Ner. Planning with other interested businesswomen began nine months ago and the organizing committee has met weekly Ever since. Al revenues but Over the three years Malmstrom and Lafleche expect that number to grow to 30 to 40 per cent. Although Lafleche has always been based in Winnipeg Malmstrom has a permanent Home near Fergus Falls Minn. He plans to Divide his time Between there Winnipeg and Momen tums . Headquarters in Nashville Tenn. Malmstrom said the recent appoint ment of former Assante Canada vice president and chief financial officer Dennis Stewner As momentum a new executive vice president and chief operations officer also eliminates the need for him to spend most of his time in Winnipeg. businesswomen have site of their own web Check in. A few Clicks and you re on your Way. Calgary Vancouver select your seat and print your boarding pass at Book by today for travel on tuesdays wednesdays and saturdays. $109 $149 Book now at or 1 800 538 5696. Six non Stop flights three non Stop flights daily. Or Call your travel agent. Every business Day. Book by september 6, 2006 for travel until december 15, 2006. For travel on tuesdays wednesdays and saturdays. 3 Day Advance Purchase required. Seats at these fares Are limited and May not be available on All flights. New bookings Only. Taxes fees and surcharges Are extra where applicable.100% non refundable. Offer combi Nable with other fares. All fares shown Are one ;