Business
Jury holds key to fate of $1 billion transmission project
By David Sharp, The Associated Press on April 10th, 2023
PORTLAND, Maine (AP) – A battle over a $1 billion transmission line that won all regulatory approvals only to be rebuked by state residents in a referendum now comes down to nine regular folks. In a rare move, a jury is being asked to decide a complicated constitutional matter – whether developers have a vested ... Read More »
Be the first to comment!Oil and gas sector routinely targeted by cyberattackers, experts say
By The Canadian Press on April 10th, 2023
CALGARY – Cybersecurity experts say they aren’t surprised by the revelation contained within a package of leaked U.S. intelligence documents suggesting Russian-backed hackers successfully gained access to Canada’s natural gas distribution network. They say oil and gas infrastructure in Canada and around the world is routinely targeted by cyber-criminals for financial gain as well as ... Read More »
Be the first to comment!Teck ramps up rhetoric against Glencore offer, pushes own plan to spilt company
By The Canadian Press on April 10th, 2023
VANCOUVER – Teck Resources Ltd. has ramped up its rhetoric against a unsolicited takeover bid by Swiss mining giant Glencore while arguing for its own restructuring plan. Glencore’s proposal is a “non-starter for Teck,” said chief executive Jonathan Price on a conference call Monday. “This is not just about price. We also see serious structural ... Read More »
1 responseS&P/TSX composite up in mid-morning trading on health care, energy stocks
By The Canadian Press on April 10th, 2023
TORONTO – Canada’s main stock index rose in late-morning trading, as health care and energy stocks trended upward. The S&P/TSX composite index was up 46.15 points at 20,242.84. In New York, the Dow Jones industrial average was up 9.97 points at 33,495.26. The S&P 500 index was down 17.54 points at 4,087.48, while the Nasdaq ... Read More »
1 responseScotiabank picks new head of international banking from outside ranks
By The Canadian Press on April 10th, 2023
TORONTO – The top ranks of Scotiabank will have another new face as it has named Francisco Aristeguieta to lead the bank’s international division. The appointment of Aristeguieta comes less than three months after Scott Thomson stepped into the role of chief executive after being chosen from outside the bank’s executive team. Since taking the ... Read More »
1 responseRegional routes see higher airfares, fewer flights even as new carriers emerge
By Christopher Reynolds, The Canadian Press on April 10th, 2023
MONTREAL – Whether you’re catching a flight, opening a new bank account or picking up groceries, a small group of big names takes up most of the market share. Competition Ltd. is a Canadian Press series that explores what this means for products – and prices – in the country. – – – On a ... Read More »
1 responseMore than 40% of farm operators to retire by 2033: report
By The Canadian Press on April 10th, 2023
TORONTO – A new report says more than 40 per cent of farm operators will retire over the next decade, leaving Canada with a shortage. The report from the Royal Bank of Canada, Boston Consulting Group Centre for Canada’s Future and Arrell Food Institute at the University of Guelph says the country will be short ... Read More »
1 responseTeck Resources doubles down on plan to split company after Glencore offer
By The Canadian Press on April 10th, 2023
VANCOUVER – Teck Resources Ltd. is doubling down on its plan to split the company, a week after Swiss mining giant Glencore made an unsolicited bid for the Vancouver miner. In an investor presentation issued today, Teck says its separation will give shareholders more choice and ways to maximize value because they will hold shares ... Read More »
Be the first to comment!Cannabis company Phoena will wind down business under creditor protection
By The Canadian Press on April 10th, 2023
VAUGHAN, Ont. – Phoena Holdings Inc. plans to wind down its business and has obtained creditor protection for a second time. Documents filed with the Ontario Superior Court of Justice, which granted the protection, show the Vaughan, Ont. cannabis company previously called CannTrust Holdings Inc. is insolvent and plans to liquidate its assets. Interim chief ... Read More »
Be the first to comment!Sleep Country to buy Casper’s Canadian operations for $20.6 million
By The Canadian Press on April 10th, 2023
TORONTO – Sleep County Canada Holdings Inc. says it will acquire Casper Sleep Inc.’s Canadian operations. Toronto-based mattress retailer Sleep Country says it will pay US$20.6 million for the U.S. mattress-in-a-box company’s Canadian assets. Sleep Country will receive a US$4.5 million marketing transition fee from Casper over the next four years and three-year warrants which ... Read More »
Be the first to comment!BoC expected to hold interest rate this week, even as economy keeps some steam
By Nojoud Al Mallees, The Canadian Press on April 9th, 2023
OTTAWA – The Bank of Canada is expected to hold its key interest rate steady this week as inflation continues to slow, despite other data suggesting the economy is still running hot. The central bank is set to announce its next interest rate decision on Wednesday. The announcement will be accompanied with updated economic projections ... Read More »
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