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Vast shale oil reserves estimated for central Northwest Territories

May 22, 2015 / 2:44 pm

The first official estimate of how much oil may lie beneath the central Northwest Territories says there could be nearly 200 billion barrels of the resource in two separate fields.The National Energy Board and the Northwest Territories Geological Survey warn that not all of that oil will be...

Most actively traded companies on the TSX

May 22, 2015 / 2:06 pm

Some of the most active companies traded Friday on the Toronto Stock Exchange:Toronto Stock Exchange (15,200.76, down 2.85 points):Bombardier Inc. (TSX:BBD.B). Aerospace, rail equipment. Down seven cents, or 2.76 per cent, to $2.47 on 6.7 million shares. Legacy Oil + Gas Inc. (TSX:LEG). Oil and...

US agency sets restrictions for restarting pipeline that spewed oil on California coastline

May 22, 2015 / 1:52 pm

LOS ANGELES, Calif. - The company responsible for a pipeline that spilled thousands of gallons of oil along the California coast was ordered to take a series of steps before it can restart the line, federal regulators said Friday.The Pipeline and Hazardous Materials Safety Administration required...

Boss of biggest oilsands player calls for tougher action on climate change

May 22, 2015 / 1:34 pm

CALGARY - Calls for tougher carbon pricing are coming from what may, on the surface, seem like an unlikely source: Calgary business leaders, including the boss of Canada's biggest oilsands player."Climate change is happening," Suncor Energy CEO Steve Williams said in a speech Friday. "Doing nothing...

Rate hike on the horizon

May 22, 2015 / 12:48 pm

U.S. Federal Reserve Chair Janet Yellen said Friday she expects to begin raising interest rates later this year — if the job market improves and the Fed is confident inflation will climb closer toward its target rate. She described the U.S. economy as "well positioned for continued...

Yellen says if economy keeps improving, first rate hikes likely to occur before end of year

May 22, 2015 / 11:32 am

WASHINGTON - Federal Reserve Chair Janet Yellen said Friday she expects to begin raising interest rates later this year — if the job market improves and the Fed is confident inflation will climb closer toward its target rate.She described the U.S. economy as "well positioned for continued...

CEO's 96% pay cut

May 22, 2015 / 10:00 am

BlackBerry chief executive John Chen took a major pay cut last year as he worked to turn around the money-losing company. The head of the Waterloo, Ont.,-based technology firm saw the value of his total pay package drop 96 per cent to US$3.4 million. Most of the decline was due to share-based...

Former Saskatchewan premier Calvert says Albertans need not fear royalty review

May 22, 2015 / 9:58 am

CALGARY - Former Saskatchewan NDP premier Lorne Calvert says oil and gas companies shouldn't panic or lash out over the new Alberta government's plans to review royalty rates.Calvert, who led Saskatchewan from 2001 to 2007, reviewed that province's royalty regime in 2002."We lowered the rates...

RBC backs off bill fee

May 22, 2015 / 9:57 am

The Royal Bank is backing off on its plan to charge customers a fee to make credit card, loan and mortgage payments under certain circumstances. The big bank says it has listened to client feedback and reversed its original decision to include those transactions in a customer's monthly limit...

Toronto stock market slips

May 22, 2015 / 8:22 am

The Toronto stock market was moderately lower near midday as crude oil prices and the financial sector pulled back. The S&P/TSX composite dropped 15.16 points to 15,203.61. Energy stocks dropped 0.4 per cent as the July crude contract slipped 85 cents at US$59.87 a barrel. The June...

Gordon Eckstein, key player in Livent fraud scandal, reaches OSC settlement

May 22, 2015 / 7:50 am

TORONTO - Gordon Eckstein, one of the key players in the Livent Entertainment financial fraud scandal, has been permanently banned from being a director or officer of a public company or an investment fund manager.But Eckstein, who once served as the vice-president of finance at Livent...

Inflation falls to 0.8%

May 22, 2015 / 6:31 am

The country's annual inflation rate decelerated under the weight of low energy prices to just 0.8 per cent last month – its lowest since October 2013. The April inflation reading came in much lower than the 1.2 per cent increase in March. Statistics Canada's latest consumer...

QuickList: April inflation rates for Canadian provinces, territories

May 22, 2015 / 5:46 am

OTTAWA - Canada's national inflation rate was 0.8 per cent in April, Statistics Canada says. Here's what happened in the provinces and territories. (Previous month in brackets):_ Newfoundland and Labrador,-0.4 (0.4)_ Prince Edward Island, -1.2 (-0.8)_ Nova Scotia, 0.3 (0.5)_ New Brunswick, -0.1...

QuickList: April inflation rate for selected Canadian cities

May 22, 2015 / 5:44 am

OTTAWA - Canada's national annual inflation rate was 0.8 per cent in April, Statistics Canada says. The agency also released rates for major cities, but cautioned that figures may fluctuate widely because they are based on small statistical samples (Previous month in brackets):_ St. John's, N.L.,...

Shopify's success shines bright light on 'renaissance' of Ottawa's tech sector

May 22, 2015 / 5:16 am

OTTAWA - Shopify Inc.'s successful stock-market debut is expected to reverberate well beyond the firm's Ottawa headquarters — and shine a spotlight on what some see as the second coming of the Canadian capital's tech sector.Years after part of Ottawa's once-flourishing tech industry crashed,...

Saskatchewan wrestles with controversial issue of farmland ownership

May 22, 2015 / 5:16 am

CALGARY - Saskatchewan Agriculture Minister Lyle Stewart expects to catch an earful when the province's residents start to weigh in on who should and shouldn't be allowed to own farmland in Canada's breadbasket."There are strong opinions on both sides, and that's why we're doing this consultation,"...

German business confidence drops slightly in May with increased worries over future

May 22, 2015 / 4:02 am

BERLIN - A closely watched survey shows German business confidence has slipped slightly as companies expressed satisfaction with their current situation but increasing worries about the future.The Ifo Institute said Friday its Business Climate Index dipped to 108.5 points for May from 108.6 points...

Wall shuffles cabinet; Kevin Doherty named new Saskatchewan finance minister

May 21, 2015 / 4:08 pm

REGINA - Saskatchewan Premier Brad Wall says a small cabinet shuffle and the appointment of a new finance minister is in line with the government's economic plan."It's very much about continuity," he said Thursday.Wall named Kevin Doherty to replace Ken Krawetz, who has said he will not run in the...

HP sells stake in Chinese storage and server unit for $2.3B amid tech tensions

May 21, 2015 / 3:32 pm

NEW YORK, N.Y. - Hewlett-Packard is selling a controlling stake in its China server and storage unit, a move that comes as the Chinese government, apparently worried about U.S. cyberspying, has encouraged the use of local companies.HP said Thursday it will sell the 51 per cent stake in the business...

Gap's 1Q profit falls 8 per cent on currency rates, sluggish sales at Gap

May 21, 2015 / 3:30 pm

NEW YORK, N.Y. - Gap Inc. reported an 8 per cent decline in its first-quarter profit, as results were hurt by currency fluctuations and persistent sluggish sales at its Gap and Banana Republic stores.The San Francisco-based company, however, stuck with its annual profit outlook Thursday.Gap is...

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Do or do not

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