August 4th, 2020

Business

Imperial Oil cautious on ramping up operations as it reports Q2 earnings miss

By Dan Healing, The Canadian Press on July 31st, 2020

CALGARY – The CEO of Imperial Oil Ltd. says the company will be cautious in ramping up spending despite a recovery in fuel demand following the collapse earlier this year amid the COVID-19 pandemic lockdowns. Brad Corson said the company can’t talk about whether it will reverse this year’s spending cuts next year, but it’s ... Read More »

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Laura’s Shoppe starts restructuring process after securing creditor protection

By The Canadian Press on July 31st, 2020

MONTREAL – Laura’s Shoppe (P.V.) Inc. says it has started a restructuring process under creditor protection amid the unprecedented challenges the retail industry has faced during the COVID-19 pandemic. The Montreal-based company says the Superior Court of Quebec has granted it an initial order under the Companies’ Creditors Arrangement Act that will allow it to ... Read More »

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Fiat Chrysler muscles through, green shoots in North America

By Tom Krisher, The Associated Press on July 31st, 2020

DETROIT – Fiat Chrysler overcame coronavirus-related factory shutdowns to post losses that were not as bad as feared, and the company predicted improving conditions for the remainder of 2020. The Italian-American automaker lost just over $1.2 billion, (1.05 billion euros) but still made $46.2 million before taxes in North America, where it was forced to ... Read More »

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Oil giants lost billions as pandemic crushed demand for fuel

By Cathy Bussewitz, The Associated Press on July 31st, 2020

NEW YORK – Two American oil giants lost more than $9 billion in the second quarter as the pandemic kept households on lockdown, cutting a gaping hole into a once-thriving business as the need for oil diminished around the world. Exxon lost $1.1 billion in the second quarter, and the Irving, Texas-based oil producer brought ... Read More »

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Merck ups outlook, turns profit during global vaccine hunt

By Linda A. Johnson, The Associated Press on July 31st, 2020

FAIRLESS HILLS, Pa. – Surging sales of cancer medicines and reduced spending across the board helped Merck overcome a big hit from the coronavirus pandemic and pushed second quarter profits up by 12%. The drugmaker blew past Wall Street projections and boosted its financial forecast for the year Friday even as it spends heavily on ... Read More »

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SNC-Lavalin to restructure resources business to be profitable next year

By Christopher Reynolds, The Canadian Press on July 31st, 2020

MONTREAL – SNC-Lavalin Group Inc. is restructuring its money-losing resources business with a plan to sell off or shut down the non-profitable parts and fold the remnants into its engineering services division. The announcement Friday came alongside earnings that fell short of analysts’ expectations as the engineering giant lost $111.6 million in the second quarter ... Read More »

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Caisse hires UN ambassador Blanchard as executive in charge of global portfolio

By The Canadian Press on July 31st, 2020

MONTREAL – Quebec’s pension fund manager, the Caisse de depot, has hired Canada’s United Nations ambassador as a senior executive. Marc-Andre Blanchard, 54, will head CDPQ Global with responsibility for the United States/Latin America, Europe and Asia/Pacific as of Sept. 8. Blanchard has been ambassador since 2016, and was previously chairman and CEO of law ... Read More »

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EU clears Alstom’s acquisition of Bombardier rail unit

By Associated Press, The Associated Press on July 31st, 2020

BRUSSELS – The European Commission has given its go-ahead to the acquisition of the rail business of Canadian engineering firm Bombardier by French train maker Alstom. Alstom, which makes the French TGV high-speed trains, said this year it had signed an agreement with a view to buy full control of Bombardier Transportation, for a price ... Read More »

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Trudeau says feds will create EI-like benefit for gig, contract workers

By The Canadian Press on July 31st, 2020

OTTAWA – Prime Minister Justin Trudeau says the government will create a transitional benefit to help workers who exhaust emergency pandemic aid and don’t qualify for employment insurance. The $80-billion Canada Emergency Response Benefit is set to wind down over the coming weeks, with those who are EI-eligible to move onto that separate program. Speaking ... Read More »

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Canadians can now download new COVID-19 exposure-alert smartphone app

By The Canadian Press on July 31st, 2020

OTTAWA – Canadians can now begin downloading a voluntary smartphone app meant to warn users they’ve been near someone who tests positive for COVID-19. Prime Minister Justin Trudeau says he downloaded the “COVID Alert” app this morning and says the more people who sign up to use it, the better it will be able to ... Read More »

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