February 17th, 2019

Business

Amazon dumps New York City as new headquarters site

By Joseph Pisani, The Associated Press on February 14th, 2019

NEW YORK – Amazon abruptly abandoned plans Thursday for a big new headquarters in New York that would have brought 25,000 jobs to the city, reversing course after politicians and others objected to the nearly $3 billion in tax incentives promised to the company. “We are disappointed to have reached this conclusion – we love ... Read More »

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Amazon, in stunning reversal, dumps NYC as new HQ site

By Joseph Pisani, The Associated Press on February 14th, 2019

NEW YORK – Amazon will not build a new headquarters in New York City, a stunning reversal to an ambitious plan that would have brought an estimated 25,000 jobs to the city. The online retailer faced fierce opposition from some New York politicians who were unhappy with the nearly $3 billion in tax incentives Amazon ... Read More »

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New Gold shares plunge on forecast that is smaller, costlier than expectations

By The Canadian Press on February 14th, 2019

TORONTO – Shares of New Gold Inc. were down more than 20 per cent in mid-day trading after the company released weaker than expected guidance for the year. The company, which keeps its books in U.S. dollars, says it expects to produce between 300,000 and 335,000 ounces of gold this year at an all-in sustaining ... Read More »

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Case of cryptocurrency firm QuadrigaCX returns to Halifax courtroom

By The Canadian Press on February 14th, 2019

HALIFAX – More than a dozen lawyers converged on a Halifax courtroom today to make their pitches to represent creditors owed $260 million in the QuadrigaCX cryptocurrency debacle. In all, three teams of lawyers have applied to the Nova Scotia Supreme Court to represent 115,000 cryptocurrency traders, who are owed $70 million in cash and ... Read More »

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Precision Drilling soars on strong U.S. revenue despite $198M Q4 net loss

By Dan Healing, The Canadian Press on February 14th, 2019

CALGARY – Shares in Precision Drilling Corp. jumped by as much as 16.6 per cent Thursday on the Toronto Stock Exchange after it reported strong operational results from its U.S. operations in the fourth quarter. Shares in Precision traded as high as $3.30, up from Wednesday’s close of $2.83, at mid-day. It posted a 52-week ... Read More »

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Liberals announce partners that will run arm’s length skills development agency

By The Canadian Press on February 14th, 2019

OTTAWA – The federal Liberal government has named Ryerson University, The Conference Board of Canada and Blueprint ADE to run its new “Future Skills Centre” job training agency. The Liberals have committed $225 million over four years for the arm’s-length agency, starting this fiscal year, and $75 million annually in subsequent years. The government says ... Read More »

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Stocks rally on Toronto market while U.S. stocks markets move lower

By The Canadian Press on February 14th, 2019

TORONTO – A broad-based rally in Toronto helped Canada’s main stock index gain ground in late-morning trading while U.S. stock markets pulled back. The S&P/TSX composite index was up 70.59 points at 15,697.32. In New York, the Dow Jones industrial average was down 141.43 points at 25,401.84. The S&P 500 index was down 12.21 points ... Read More »

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TVA votes to close coal-fired power plant in Kentucky

By The Associated Press on February 14th, 2019

FRANKFORT, Ky. – A federal utility board has voted to close a coal-fired power plant in Kentucky over the objections of President Donald Trump and some state GOP leaders. The Tennessee Valley Authority voted Thursday to retire the remaining coal-fired unit at its Paradise Fossil Plant in Muhlenberg County, Kentucky, by December 2020. The decision ... Read More »

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Limited chances to reduce government spending and cut deficit: FAO

By The Canadian Press on February 14th, 2019

TORONTO – Ontario’s fiscal watchdog says opportunities for the Progressive Conservative government to cut spending in order to reduce the deficit may be limited. The Financial Accountability Officer says the province’s per capita spending in 2017 on government programs was already the lowest amongst all the provinces. The Tories have said Ontario has a $13.5 ... Read More »

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Bombardier turns annual profit for first time in 5 years as train woes continue

By Christopher Reynolds, The Canadian Press on February 14th, 2019

MONTREAL – Bombardier Inc. turned a profit in 2018 for the first time in five years as it ramped up train revenues despite several project derailments and lower-than-expected margins. The mixed rail results prompted Bombardier to decrease ownership of its train business, which is its highest-grossing division, by 2.5 per cent to 70 per cent. ... Read More »

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