June 27th, 2019

Business

Dried cannabis sales up 6 per cent in April, inventories rise 215,665 kilograms

By The Canadian Press on June 25th, 2019

OTTAWA – Heath Canada says sales of legal dried cannabis grew 16 per cent in April compared with the prior month. More than 8,800 kilograms of recreational and medical cannabis was sold in the month, up from 7,627 kilograms in March. Total cannabis oil sales grew 3.5 per cent to 8,196 litres. Almost 76 per ... Read More »

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Bombardier sells regional jet business to Mitsubishi as it narrows its focus

By Christopher Reynolds, The Canadian Press on June 25th, 2019

MONTREAL – Bombardier Inc. has reached a deal to sell its floundering regional jet program to Mitsubishi Heavy Industries Ltd. for US$550 million, cementing the plane-and-train maker’s departure from commercial aviation following a three-decade run. The definitive agreement paves the way for Bombardier to focus on its rail and business jet units, leaving it with ... Read More »

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Minnesota appeals court orders hearing on PolyMet permit

By Steve Karnowski, The Associated Press on June 25th, 2019

MINNEAPOLIS – A district court must determine if state environmental regulators improperly sought to suppress a federal agency’s serious concerns about the pollution risks arising from a proposed copper-nickel mine in northern Minnesota, the state Court of Appeals ruled Tuesday. The St. Paul-based Ramsey County District Court must hold a hearing “as soon as practicable” ... Read More »

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Stocks in Toronto and U.S. down on signal about smaller Fed rate cut

By The Canadian Press on June 25th, 2019

TORONTO – Canada’s main stock index posted a triple-digit decline and U.S. markets fell after the Federal Reserve signalled an interest rate cut next month could be smaller than forecast. The S&P/TSX composite index closed down 152.19 points to 16,371.28. In New York, the Dow Jones industrial average was down 179.32 points at 26,548.22. The ... Read More »

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Lawsuit argues new air travel rules violate passengers’ charter rights

By The Canadian Press on June 25th, 2019

OTTAWA – Two advocates have filed a lawsuit against Canada’s transport regulator, arguing that new air travel rules that allow tarmac delays of nearly four hours violate the charter rights of some Canadians living with a disability. Bob Brown, a disability rights advocate, says the long-awaited regulations reduce by up to 2,000 kilometres the distance ... Read More »

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Enmax CEO Gianna Manes says she will retire from City of Calgary-owned utility next spring

By The Canadian Press on June 25th, 2019

CALGARY – The CEO of Enmax Corp. says she will retire next spring after leading the city-owned utility to its first major U.S. investment earlier this year. Gianna Manes, who has guided the City of Calgary-owned electricity generator and distributor since 2012 and was twice named one of Canada’s most powerful women by the Women’s ... Read More »

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Mitsubishi Motors to relocate North America HQ to Tennessee

By Kimberlee Kruesi, The Associated Press on June 25th, 2019

NASHVILLE – Mitsubishi Motors announced on Tuesday that it is relocating its North America headquarters from California to Tennessee, a move that will bring the Japanese automaker closer to its sister company Nissan and strengthen Tennessee’s growing reputation as an epicenter of the automotive sector. Tennessee Gov. Bill Lee and Department of Economic and Community ... Read More »

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Developers seek financing for Minnesota copper-nickel mine

By The Associated Press on June 25th, 2019

HOYT LAKES, Minn. – Developers of a proposed copper-nickel mine in northern Minnesota are courting bankers for $950 million in financing, even as environmental groups push back against the project over water pollution fears. PolyMet Mining Corp. CEO Jon Cherry tells the Star Tribune that he’s confident the project will move forward despite concerns over ... Read More »

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Group Mach reaches deal with Quebec, drops financing condition of Transat bid

By The Canadian Press on June 25th, 2019

MONTREAL – Group Mach Inc. says it has reached a non-binding agreement with the Quebec government in connection with its bid for Transat AT Inc. and dropped a key financing condition. The real estate development firm has proposed to acquire all of Transat’s shares for $14 each or roughly $527.6 million. Transat began exclusive talks ... Read More »

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Stocks in Toronto and U.S. down in late-morning trading, loonie up

By The Canadian Press on June 25th, 2019

TORONTO – Canada’s main stock index posted a triple-digit decline on broad-based weakness as the key financial, industrial and materials sectors moved lower. The S&P/TSX composite index was down 103.86 points at 16,419.61. In New York, the Dow Jones industrial average was down 43.83 points at 26,683.71. The S&P 500 index was down 10.60 points ... Read More »

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