May 26th, 2024

Business

Gerry Schwartz to step down as CEO at Onex, Bobby Le Blanc named next CEO

By The Canadian Press on November 11th, 2022

TORONTO – Onex Corp. says founder Gerry Schwartz will step down as chief executive of the company after its next annual meeting, but remain chairman. The private equity investment firm says veteran Onex executive Bobby Le Blanc will take over the top job. Schwartz says Le Blanc has shown exemplary leadership over his 23 years ... Read More »

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Algonquin Power & Utilities reports Q3 loss, cuts guidance for full year

By The Canadian Press on November 11th, 2022

OAKVILLE, Ont. – Algonquin Power & Utilities Corp. reported a $195.2-million loss in its latest quarter and cut its financial guidance for the year. The power utility, which keeps its books in U.S. dollars, says it lost 29 cents per share for the quarter ended Sept. 30 compared with a loss of US$27.9 million or ... Read More »

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Hydro One reports $307M third-quarter profit, up from $300M a year ago

By The Canadian Press on November 11th, 2022

TORONTO – Hydro One Ltd. reported a third-quarter profit of $307 million, up from $300 million in the same quarter last year. The power utility says the profit amounted to 51 cents per diluted share for the quarter ended Sept. 30. The result compared with a profit of 50 cents per diluted share in the ... Read More »

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Power utility Emera reports $167M Q3 profit compared with a loss a year ago

By The Canadian Press on November 11th, 2022

HALIFAX – Emera Inc. reported a third-quarter profit of $167 million compared with a loss of $70 million in the same quarter last year. The power utility said Friday the profit amounted to 63 cents per share for the quarter ended Sept. 30 compared with a loss of 27 cents per share a year earlier. ... Read More »

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Nova Scotia Power parent company expected to detail impact of power rate cap

By Brett Bundale, The Canadian Press on November 11th, 2022

HALIFAX – The fallout from the Nova Scotia government’s imposed rate cap on the province’s privately owned electrical utility is expected to be detailed during Emera Inc.’s earnings call today. The parent company of Nova Scotia Power says it will provide an updated rate base investment forecast and funding plan during its third-quarter call. The ... Read More »

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Asian stocks surge after lower US inflation eases rate fears

By Joe Mcdonald, The Associated Press on November 10th, 2022

BEIJING (AP) – Asian stock markets surged Friday after U.S. inflation eased by more than expected, spurring hopes the Federal Reserve might scale down plans for more interest rate hikes. Hong Kong’s market benchmark jumped 5.4%. Seoul and Sydney rose almost 3%. Shanghai and Tokyo also advanced. Oil prices edged higher. Wall Street’s benchmark S&P ... Read More »

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Ontario Teachers’ Pension Plan invested US$95M into failing crypto platform FTX

By The Canadian Press on November 10th, 2022

The Ontario Teachers’ Pension Plan says it invested US$95 million into failing cryptocurrency exchange platform FTX Trading. Rival exchange platform Binance pulled out of a deal to purchase FTX due to significant concerns, sending cryptocurrency prices falling, with Bitcoin sinking to a two-year low. FTX is now being investigated for potential securities violations. OTPP says ... Read More »

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Aurora Cannabis CEO says company on track for profitability as it posts Q1 net loss

By Tara Deschamps, The Canadian Press on November 10th, 2022

Aurora Cannabis Inc.’s chief executive insisted his company was on track to meet its profitability target even as it recorded a $51.9 million net loss and saw consumer pot net revenue fall 28 per cent from a year ago. “This will be an incredible achievement, which will also be sustainable,” said Miguel Martin, on a ... Read More »

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Saputo earnings up 48 per cent in second quarter, revenues rise 21 per cent

By The Canadian Press on November 10th, 2022

MONTREAL – Saputo Inc. saw its net earnings rise by 48 per centin its fiscal 2023 second quarter ended Sept. 30. The Montreal-based company reported net earnings of $145 million or 35 cents per diluted share, up from $98 million or 24 cents per diluted share in the same quarter last year. Revenues rose to ... Read More »

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Competition Bureau investigating Canadian Gas Association claims after complaint

By Amanda Stephenson, The Canadian Press on November 10th, 2022

CALGARY – The federal Competition Bureau is investigating the Canadian Gas Association to determine if it made misleading statements about the environmental impact of natural gas. The bureau confirmed Thursday it has launched an inquiry into “alleged deceptive marketing practices” by the industry lobby group. The inquiry was prompted by a complaint lodged by six ... Read More »

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Former workers of Aveos win their battle against Air Canada

By Michel Saba, The Canadian Press on November 10th, 2022

OTTAWA – Air Canada violated federal law by not keeping its maintenance centres in Montreal, Winnipeg and Mississauga operational during the collapse of Aveos a decade ago, the Quebec Superior Court ruled Thursday in favour of thousands of former workers. “Air Canada did not take reasonably serious steps to comply with the law after the ... Read More »

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