May 27th, 2020

Business

SpaceX on cusp of launching astronauts, back on home turf

By Marcia Dunn, The Associated Press on May 27th, 2020

CAPE CANAVERAL, Fla. – SpaceX was on the cusp of launching NASA astronauts into orbit Wednesday, a first for a private company and a giant leap forward for the booming business of space travel. The planned afternoon liftoff to the International Space Station will be the first of Americans from the U.S. in nearly a ... Read More »

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Torstar shares climb after privatization deal with NordStar Capital

By The Canadian Press on May 27th, 2020

TORONTO – Shares of Torstar Corp. jumped more than 50 per cent in early trading after the media giant struck a $52-million deal to be bought by a firm operated by two Canadian businessmen. The owner of the Toronto Star newspaper, and numerous other local media outlets, announced late Tuesday it would be taken private ... Read More »

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Financials boost S&P/TSX composite, U.S. stocks mixed at start of trading

By The Canadian Press on May 27th, 2020

TORONTO – Strength in the financial sector offset losses in the materials sector as Canada’s main stock index moved higher in early trading. The S&P/TSX composite index was up 13.37 points at 15,161.49. In New York, the Dow Jones industrial average was up 345.12 points at 25,340.23. The S&P 500 index was up 22.12 points ... Read More »

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Royal Bank Q2 profit falls 54 per cent as it increases provisions for bad loans

By The Canadian Press on May 27th, 2020

TORONTO – A massive increase in provisions for bad loans due to the COVID-19 pandemic resulted in Royal Bank of Canada reporting a 54 per cent decline in its second-quarter profit. It recorded a $2.4-billion increase in provisions for credit losses at its personal and commercial banking, capital markets and wealth management units. “We moved ... Read More »

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Search continues for missing N.L. fisherman Wednesday after three bodies found

By The Canadian Press on May 27th, 2020

ST. LAWRENCE, N.L. – The search for a fisherman missing since Monday evening is continuing off the south coast of Newfoundland today after the bodies of three others from the lost vessel were recovered. The Canadian Coast Guard confirmed that searchers worked through the night near the mouth of Placentia Bay. A man and his ... Read More »

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Royal Bank Q2 profit cut to $1.48 billion compared with $3.23 billion a year ago

By The Canadian Press on May 27th, 2020

TORONTO – Royal Bank of Canada saw its second-quarter profit cut to less than half what it was a year ago as the amount it set aside for bad loans soared due to the pandemic. The bank says it earned $1.48 billion or $1.00 per diluted share for the quarter ended April 30, down from ... Read More »

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BMO reports Q2 profit down from year ago as provisions for credit losses rise

By The Canadian Press on May 27th, 2020

TORONTO – BMO Financial Group reported a second-quarter profit of $689 million, down from $1.5 billion a year ago, as it increased the amount set aside for bad loans due to the pandemic. The bank says its total provision for credit losses for the quarter was $1.11 billion, up from $176 million in the same ... Read More »

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MPs to gather for first time both virtually and in-person in the Commons

By The Canadian Press on May 27th, 2020

OTTAWA – Members of Parliament will make history today as a few dozen of them gather in the House of Commons where they’ll be joined by the other 300-odd MPs participating via videoconference. The new hybrid of in-person and virtual proceedings goes into effect after the NDP joined forces Tuesday evening with the Liberals to ... Read More »

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Toronto Star owner Torstar to be sold, taken private in $52 million deal

By Tara Deschamps, The Canadian Press on May 26th, 2020

TORONTO – Torstar Corp., one of Canada’s last remaining family-controlled media conglomerates, has reached a $52-million deal that will see the company taken private by a Toronto-based investment firm. The owner of the Toronto Star and other community newspapers revealed Tuesday evening that NordStar Capital LP, run by businessmen Paul Rivett and Jordan Bitove, has ... Read More »

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Torstar to be sold, taken private in $52 million deal

By The Canadian Press on May 26th, 2020

TORONTO – Newspaper chain owner Torstar Corp. says it has agreed to be sold to NordStar Capital LP in a $52-million deal. The transaction will see the Toronto-based media company taken private by NordStar, a firm run by businessmen Paul Rivett and Jordan Bitove. Under the terms of the transaction, NordStar will acquire all of ... Read More »

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