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VistaJet orders 35 Bombardier business jets, options 25 more

MONTREAL - Bombardier Inc. has received firm and potential orders for 60 business jets from VistaJet of Switzerland, in a sale that would be worth up to US$1.2 billion at current list prices if all the options are exercised.

Vista has placed firm orders for 35 business jets - 11 Challenger 605s, 13 Learjet 60 XRs and 11 Learjet 85 jets.

The two companies have also signed a memorandum of understanding for VistaJet to buy Skyjet International, Bombardier's pioneering charter program.

Lower Churchill could be off if Innu insist on reparations

ST. JOHN'S, N.L. - The Innu Nation's call for compensation for the Upper Churchill Falls project in Labrador could derail a second hydro project on the Churchill River, Premier Danny Williams said Tuesday.

Peter Penashue, deputy grand chief of the Innu Nation, has called on the provincial government to provide reparations on the original hydro development before going ahead with the Lower Churchill project.

Penashue insists the Innu weren't consulted before the province went ahead with the Upper Churchill Falls project and lost hunting grounds and land in the process.

Williams said Penashue's demand could scuttle a deal to proceed with the Lower Churchill.

"We've got a lot of projects on the go, a lot of important things to do, but we need to know whether the Innu are serious." he said.

Merck agrees to US$58M settlement over Vioxx ad claims

HARRISBURG, Pa. - Merck & Co. is paying US$58 million as part of a multistate settlement concerning advertising of the now-withdrawn painkiller, Vioxx.

The settlement announced Tuesday addresses allegations that Merck's advertising deceptively downplayed the health risks of Vioxx. New Jersey-based Merck is not admitting any wrongdoing under the settlement.

Pennsylvania Attorney General Tom Corbett says the settlement ends investigations by 29 states and the District of Columbia into Merck's advertising practices involving Vioxx.

The settlement also calls for Merck to submit all new TV commercials for its drugs to the FDA for review.

Vioxx was taken off the market in 2004 after research showed it doubled the risk of heart attacks and strokes.

Foreign interest in Canadian securities continues to grow

OTTAWA - Foreign acquisitions of Canadian securities reached $5.3 billion in March, the highest level since March 2007, Statistics Canada reported Tuesday.

Meanwhile, Canadian investors divested some foreign securities, all in debt instruments as Canadian holdings of foreign securities declined by $3.3 billion, the agency said.

Non-resident investors added a net $5.9 billion of Canadian equities to their portfolios, the largest such outlay since May 2006.

Purchases of new Canadian equity were focused in the banking sector.

Sources: The Canadian Press, The Associated Press