Canwest's losses climb to $1.44B for Q2

WINNIPEG - Canwest Global Communications Corp. reported a staggering net loss of $1.44 billion in its second quarter, which included a $1.19 billion write-down of assets primarily in its publishing operations. Describing the write-downs as “consistent with those of other media organizations throughout North America and which reflect lower future profit expectations as a result of the current outlook for advertising in the operations”, the company clarified in an announcement that the write-downs are all are non-cash charges to income “that do not affect its liquidity, cash flows from operating activities, debt covenants or have any impact on future operations”....