Business
Canopy breaks out Canadian operations in new unit, lays off 55
By The Canadian Press on November 30th, 2022
SMITHS FALLS, Ont. – Canopy Growth Corp. says it will be breaking out its Canadian cannabis operations into a stand-alone business unit and laying off 55 staff. Brenna Eller, the Smiths Falls, Ont. pot company’s vice-president of communications, says the move is meant to help the company reach profitability. She did not say what roles ... Read More »
1 responsePowell: Fed to keep rates higher for longer to cut inflation
By Christopher Rugaber, The Associated Press on November 30th, 2022
WASHINGTON (AP) – The Federal Reserve will push rates higher than previously expected and keep them there for an extended period, Chair Jerome Powell said Wednesday, in remarks likely intended to underscore the Fed’s single-minded focus on combating stubborn inflation. Powell also signaled in a written speech to be delivered to the Brookings Institution that ... Read More »
1 responseHouse votes to avert rail strike, impose deal on unions
By Kevin Freking And Josh Funk, The Associated Press on November 30th, 2022
WASHINGTON (AP) – The U.S. House moved urgently to head off the looming nationwide rail strike on Wednesday, passing a bill that would bind companies and workers to a proposed settlement that was reached in September but rejected by some of the 12 unions involved. The measure passed by a vote of 290-137 and now ... Read More »
1 responseWestern Forest Products to temporarily reduce lumber production levels in December
By The Canadian Press on November 30th, 2022
VANCOUVER – Western Forest Products Inc. says it will temporarily reduce its lumber production levels for the rest of the year. The Vancouver-based forest products company says the reduction will amount to about 200 million fewer board feet. It says the reduction is being made to manage inventory levels to current market conditions. The reduction ... Read More »
1 responseTax implications of Rogers-Shaw deal discussed at hearing before tribunal
By The Canadian Press on November 30th, 2022
OTTAWA – Canada’s competition watchdog says the tax revenue implications of Rogers Communications Inc.’s $26-billion proposed takeover of Shaw Communications Inc. will not necessarily benefit consumers. During cross-examination of economics expert and witness Roger Ware, counsel for the Competition Bureau tried to make the case that if there are job losses resulting from the deal, ... Read More »
1 responseAlta. sovereignty act damaging to business: Calgary Chamber of Commerce
By The Canadian Press on November 30th, 2022
CALGARY – The Calgary Chamber of Commerce says Alberta’s proposed sovereignty act will be damaging to businesses. Chamber president and CEO Deborah Yedlin says the proposed legislation creates investment uncertainty and will make it difficult for Alberta businesses to attract capital. She says it also negatively affects Alberta’s image, and will make it harder for ... Read More »
1 responseGerman gas importer Uniper seeks damages from Gazprom
By The Associated Press on November 30th, 2022
BERLIN (AP) – German energy company Uniper said Wednesday it’s suing Gazprom for damages over natural gas that hasn’t been delivered since June, when the Russian supplier started reducing amounts to Germany. Gas importer Uniper said it has initiated proceedings against Gazprom Export at an international arbitration tribunal in Stockholm. It said the cost to ... Read More »
Be the first to comment!RBC reports $3.9B Q4 profit as it prepares for a more turbulent year ahead
By Ian Bickis, The Canadian Press on November 30th, 2022
TORONTO – Royal Bank of Canada is taking measures to prepare for a more uncertain year ahead, but results from the past quarter still show gains in key areas like loans and new client additions. The bank, which on Tuesday announced it had reached a deal to buy HSBC Bank Canada for $13.5 billion, said ... Read More »
1 responseDesjardins buying Guardian insurance, fund and investment distribution networks
By The Canadian Press on November 30th, 2022
MONTREAL – Desjardins Group has signed a deal to buy Guardian Capital Group Ltd.’s life insurance, mutual fund and investment distribution networks for $750 million. Desjardins Group chief executive Guy Cormier says the deal positions it as a leader in life insurance independent distribution in Canada and strengthens its distribution of retail investment products. Under ... Read More »
1 responseFeds name doctors, academics and lawyer to Cannabis Act review panel
By The Canadian Press on November 30th, 2022
OTTAWA – The federal government has announced a panel of experts that will lead a statutory review of the country’s Cannabis Act. Panel members include Dr. Oyedeji Ayonrinde, an associate professor in the psychiatry and psychology departments at Queen’s University, and Dr. Patricia Conrod, a registered clinical psychologist and professor at the University of Montreal’s ... Read More »
Be the first to comment!Canadian Natural Resources plans $5.2 billion in capital spending in 2023
By The Canadian Press on November 30th, 2022
CALGARY – Canadian Natural Resources Ltd. says it expects to spend $5.2 billion on its capital budget next year as it looks to grow production. The company says the plan includes about $4.2 billion in base capital spending and $1.0 billion in strategic growth capital. In its guidance, the company says it expects production between ... Read More »
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