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Business  

Locals to lead rebuild

May 27, 2016 / 4:50 pm
The Alberta government says Fort McMurray employers have received four out of every five contracts to rebuild the fire-damaged community. Economic Development Minister Deron Bilous says of the 532 contracts signed by the Regional Municipality of Wood Buffalo, which includes the city of Fort...

Baby powder class action

May 27, 2016 / 3:24 pm
A Canadian class-action lawsuit has been filed against Johnson & Johnson over an alleged link between its baby powder products and ovarian cancer in adult women who used the product for long periods of time. The suit's plaintiffs include seven women and family members living in Ontario...

12M recalls over air bags

May 27, 2016 / 6:54 am
Eight automakers are recalling more than 12 million vehicles in the U.S. to replace potentially dangerous Takata air bag inflators. Documents detailing recalls by Honda, Fiat Chrysler, Toyota, Mazda, Nissan, Subaru, Ferrari and Mitsubishi were posted Friday by the National Highway Traffic Safety...

Abe claims G7 success

May 27, 2016 / 6:52 am
Japanese Prime Minister Shinzo Abe claimed success Friday in winning support for his approach to fighting off a possible economic crisis from fellow leaders of the Group of Seven wealthy nations, despite mounting evidence the formula is failing to yield promised results in Japan. In meetings at...

Loblaw getting out of gas

May 27, 2016 / 6:34 am
Loblaw Co. says it's taking steps to sell its network of 212 gasoline-filling stations. The statement from Loblaw head office in Brampton, Ont., says the gas bars continue to deliver strong, stable cash flows. The company owns gas bars operated under the Real Canadian Superstore brand in...

G7 leaders pledge action

May 26, 2016 / 10:30 pm
The leaders of the Group of Seven rich economies pledged Friday to "collectively tackle" major risks to global growth, including direct political threats to the international order from terrorist attacks, violent extremism and refugee flows. Meeting at a seaside resort with expansive...

Transat laying off 78

May 26, 2016 / 2:51 pm
Transat A.T. is eliminating 78 jobs as it closes its Toronto call centre and reorganizes its some of its tour activities in a bid to improve profitability. The Montreal-based company, which operates Air Transat, said 66 positions will be eliminated when the Toronto call centre closes Sept....


Emission offsets to be costly

May 26, 2016 / 2:51 pm
It will cost millions of dollars more to build the Trans Mountain expansion because of an unprecedented requirement to offset greenhouse gas emissions from pipeline construction, the project's proponent says. But Ian Anderson, president of Kinder Morgan Canada, said Thursday he has no...

Banks brace for patch losses

May 26, 2016 / 2:46 pm
Canadian banks are setting aside more money for sour loans as the oil price shock continues to take its toll on borrowers in Western Canada. Royal Bank said Thursday it has boosted its provision for credit losses to $460 million, up $178 million from a year ago, while CIBC earmarked $324 million...

Bubblin' crude

May 26, 2016 / 12:24 pm
Benchmark oil prices averaged below US$35 per barrel in the first three months of this year, but since then they've strengthened to the point where they were trading above US$50 on Thursday. What's driving the rally in West Texas Intermediate and other types of crude? Put simply, it's...

Gawker exploring options

May 26, 2016 / 10:24 am
The embattled online media company Gawker Media has hired an investment banker to explore its options, including a possible sale. Two months ago, Gawker lost a $140 million invasion-of-privacy suit against Hulk Hogan over a sex tape of the wrestler that the site posted online. It emerged this...

Canada Goose going retail

May 26, 2016 / 10:19 am
Canada Goose, the luxury winter jacket maker, will open its first two retail stores this fall. One will be at Toronto's Yorkdale mall and a second in New York City. The Toronto-based company says each store will be more than 4,000 square feet and showcase some of its vintage styles and...

Crude prices crack $50

May 26, 2016 / 6:49 am
The benchmark price for crude oil popped above US$50 a barrel this morning, lending support to the Canadian dollar. At 8:30 a.m. ET, July crude oil futures were at US$50.05 a barrel and the loonie was at 77.25 cents US, up nearly half a cent from Wednesday's close. Crude hasn't closed...

Invest to grow: Trudeau

May 26, 2016 / 6:24 am
Justin Trudeau's point person to the Group of Seven says Canada is promoting deficit-fuelled economic growth with the other leaders at this week's summit in Japan. But Peter Boehm says each G7 country has its own system and its own unique set of circumstances to navigate. Trudeau told...

BC oil on a nine-year high

May 26, 2016 / 6:21 am
In Premier Christy Clark's vision of British Columbia's economic future, natural gas is the headliner as the province gears up to export billions of tonnes of liquefied natural gas from proposed West Coast projects. But the premier may have to make room on the bill for another fossil...

F-150 recall due to brakes

May 25, 2016 / 12:47 pm
Ford Motor Co. is recalling about 271,000 F-150 trucks, including close to 44,000 in Canada, due to concerns about their front brakes. The automaker says the recall, which affects 2013 and 2014 models, is being issued to replace the brake master cylinders. The company says in some cases, the...

European films quotas

May 25, 2016 / 9:45 am
On-demand video providers like Netflix, iTunes and Amazon will be required to have a fifth of their films and TV shows on offer in the European Union be Europe-made, under new proposals issued Wednesday. The quota would match one that already exists for TV networks in European countries and aims...

BMO's profit falls 3 per cent

May 25, 2016 / 9:43 am
The Bank of Montreal saw its second-quarter profit slip three per cent from a year ago as it took a restructuring charge and set aside more money for bad loans. The bank (TSX:BMO) reported net income of $973 million during the quarter, or $1.45 per share, down from $999 million, or $1.49 per...

G7 seeks way forward

May 25, 2016 / 6:43 am
Leaders of the Group of Seven rich nations plan to voice unity over fighting terrorism, pandemics and tax evasion at their summit in Japan this week. Finding a consensus on how to breathe life into their sluggish economies is proving more elusive. Aging workforces, sagging productivity and...

Deal reached to halt fishery

May 25, 2016 / 6:30 am
Greenpeace says it has brokered an agreement between two major fishing groups and a number of major fish processors and retailers to prevent fishing for cod in a part of the Arctic Ocean where it has not been sourced from previously. Fiskebat, the Norwegian Fishing Vessel Owners Association, and...

Uber offers concessions

May 24, 2016 / 7:15 pm
Ride-hailing giant Uber is willing to temporarily suspend operations in Quebec in order to find common ground with the province and is prepared to offer various concessions, a company representative said Tuesday. Jean-Nicolas Guillemette, general manager of Uber Montreal, said the U.S.-based...

Jail for exploiting workers

May 24, 2016 / 2:21 pm
An Edmonton woman has been sentenced to 2 1/12 years in jail for exploiting foreign workers. Jennilyn Morris was also ordered to pay $22,000 in restitution to 13 of those workers. Canadian Border Services Agency says Morris made job offers between 2007 and 2010 to three people in the...

Twitter gets wordier

May 24, 2016 / 12:01 pm
Twitter is making some big changes, at least in the context of 140 characters or fewer. The social media service said Tuesday that in coming months, photos, videos and other media won't count toward Twitter's 140-character limit. Now, for example, when a user posts a photo, it counts for...

85 firms still not compliant

May 24, 2016 / 10:43 am
At least 85 real estate companies have not implemented a plan showing how they are trying to detect money laundering and other suspicious transactions, nearly 15 years after they were required to do so, according to data obtained by The Canadian Press. The federal anti-money laundering agency...

Bombardier lowers forecast

May 24, 2016 / 10:36 am
Bombardier now expects the aviation industry's business aircraft sector will deliver 8,300 jets over the next 10 years, an eight per cent decline from the previous forecast. Last year's forecast was for 9,000 deliveries of business jets in the decade to 2024, including 210 that...

Public hearing on skinny TV

May 24, 2016 / 10:33 am
Canada's broadcast regulator is launching a public hearing to evaluate the implementation of so-called skinny TV services. As of March 1, the CRTC mandated cable and satellite TV service providers to offer basic cable packages capped at $25 monthly and let consumers either add channels onto...

Trudeau pitches automakers

May 24, 2016 / 6:41 am
Prime Minister Justin Trudeau personally invited Japanese auto executives Tuesday in Tokyo to invest more in Canada. But it appears his efforts in Japan won't secure immediate, concrete commitments from the auto industry. Trudeau met with parts manufacturers and the presidents of three...

Big deal for gas exports

May 24, 2016 / 6:25 am
A Calgary-based company has lined up a buyer for half of the propane it hopes to export from a deep-water terminal northwest of Vancouver. AltaGas Ltd. says it's reached a preliminary agreement on key terms with Astomos Energy Corp., which would buy at least 50 per cent of the 1.2 million...

Anniversary in Japan

May 23, 2016 / 9:46 pm
Justin Trudeau's trip to Japan for bilateral talks and the Group of Seven summit will be about more than just business. The prime minister isn't planning to hold any meetings or events Wednesday, so he can celebrate his 11th wedding anniversary with his wife Sophie Gregoire...

Telecommuting on the rise

May 23, 2016 / 7:33 am
Like many Canadians, Carla Holub has gladly given up commuting for the ease and comfort of working from home. The 41-year-old WestJet sales agent says she has no regrets since she made the change three years ago. Telecommuting affords her the time to take her children to dance lessons and hockey...

GE bets big on Saudi Arabia

May 23, 2016 / 7:28 am
General Electric Co. said Monday it made a series of deals with Saudi Arabia worth more than $1.4 billion as part of the kingdom's ambitious plan to wean itself off crude oil. GE said $1 billion worth of projects would be implemented by 2017 with the Saudi Arabian Industrial Investments Co.,...

$62B bid for Monsanto

May 23, 2016 / 6:43 am
German drug and chemicals company Bayer AG announced Monday that it has made a $62 billion offer to buy U.S.-based crops and seeds specialist Monsanto. The proposed combination would create a giant seed and farm chemical company with a strong presence in the U.S., Europe and Asia. Bayer said...

Business: 5 things to watch

May 23, 2016 / 6:32 am
Five things to watch this week in Canadian business: Trudeau in Japan: Prime Minister Justin Trudeau heads to the Land of the Rising Sun where he will attend the G7 summit. Expect Trudeau to continue preaching the need for stimulus to revitalize a global economy that has experienced feeble...

'Prompt payment' law?

May 22, 2016 / 8:43 pm
A Conservative senator is looking for the Liberal government to enact "prompt payment" legislation on federal projects, making sure cash paid to large construction firms flows without delay to the trade contractors doing the work. The idea contained in Sen. Don Plett's private bill...

Wildfire's economic impact

May 21, 2016 / 6:24 am
Finance Minister Bill Morneau says he expects the Alberta wildfires to have a relatively modest impact on the broader economy. Morneau also says the economic fallout from the disaster will be largely contained to the current quarter of the fiscal year. A huge wildfire forced the evacuation of...

Bracing for damage report

May 20, 2016 / 3:27 pm
When the smoke cleared, unbelievably, there was good news. A $1.5-million stockpile of logs harvested over the winter and stored in a gravel pit north of Fort McMurray had caught fire but only about half of it was consumed before the flames burned themselves out. The stacks contained about...

Bud launches near-beer

May 20, 2016 / 2:31 pm
Budweiser is launching its first non-alcoholic beer since Prohibition in Canada in the hopes of sating a growing thirst for near-beer. Canadians have increasingly guzzled low- and non-alcoholic beverages in recent years, and Labatt, which has brewed Budweiser in Canada since 1980, is counting on...

3D-printed motorcycle

May 20, 2016 / 2:10 pm
What weighs 77 pounds, goes 80 km/h and looks like Swiss cheese on wheels? An electric motorcycle made from tiny aluminum alloy particles using a 3D printer. European aeronautics giant Airbus unveiled the 'Light Rider ' in Germany on Friday. Manufactured by its subsidiary APWorks, a...

Tidal power for Fundy

May 20, 2016 / 2:08 pm
The first of two towering turbines designed by Cape Sharp Tidal to harness the immense power of the Bay of Fundy will be installed next month off the coast of Nova Scotia, an company official announced Thursday. Sarah Dawson, the community relations manager for the project, said one of the...

'Aggressive' change needed

May 20, 2016 / 2:04 pm
The man hand-picked to help revive the Canadian economy enters the job with a lot of hope, but he's adamant that the country needs to act — and soon. Dominic Barton, the global managing director of consulting giant McKinsey & Co., was tapped by Finance Minister Bill Morneau to...
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