Business
Prime Ontario agricultural land to be protected amid energy expansion, minister says
By Liam Casey, The Canadian Press on August 28th, 2024
Certain solar farms will be banned on prime agricultural land in Ontario as the province expands energy production to meet demand in the coming decades, Energy Minister Stephen Lecce said Wednesday. Ontario is looking to add some 5,000 megawatts of energy to the grid, with Lecce directing the Independent Electricity System Operator to secure “technology ... Read More »
Be the first to comment!Judge acquits Canadian Pacific of contempt of court in ruling tied to long work hours
By The Canadian Press on August 28th, 2024
OTTAWA – A Federal Court of Appeal judge has acquitted Canadian Pacific Kansas City Ltd. of contempt of court related to excessively long hours worked by employees. The ruling from Justice Donald Rennie sets aside a lower court decision, stating it is “impossible to rationalize a finding of contempt with the facts” given CPKC took ... Read More »
Be the first to comment!Shopify fills CTO role with ex-Microsoft executive Mikhail Parakhin
By The Canadian Press on August 28th, 2024
OTTAWA – Shopify Inc. has named a new chief technology officer, filling a role that has been empty since January 2023. The Ottawa-based e-commerce software firm says Mikhail Parakhin will take on the job. Parakhin’s LinkedIn profile says he was previously CEO of Microsoft’s advertising and web services and was chief technology officer at Yandex, ... Read More »
Be the first to comment!Flair Airlines seeks investors to ‘restructure’ finances and grow fleet
By The Canadian Press on August 28th, 2024
VANCOUVER – Flair Airlines says it is looking for partners to inject fresh capital into the budget carrier in order to “restructure” its finances and build out its fleet. Eric Tanner, vice-president of revenue management and network planning, said in an interview the company is seeking out equity partners as a way to deal with ... Read More »
Be the first to comment!RBC sees profit rise in Q3 as credit quality outperforms peers
By Ian Bickis, The Canadian Press on August 28th, 2024
TORONTO – Royal Bank of Canada reported a jump in earnings in the third quarter that handily beat analyst expectations as it had only a modest increase in money set aside for potentially bad loans while revenue rose. The bank reported a third-quarter profit of $4.49 billion, up from $3.86 billion a year earlier. RBC ... Read More »
Be the first to comment!Ontario to procure 5,000 MW of energy, ban solar farms on prime agricultural land
By The Canadian Press on August 28th, 2024
KING CITY, Calif. – Ontario is looking to add some 5,000 megawatts of energy to the grid as new Energy Minister Stephen Lecce lays out his plan to meet demand in the coming decades. Lecce says the government is “energy agnostic” and the new procurement will be a mix of natural gas, hydroelectric, renewables, nuclear ... Read More »
Be the first to comment!French prosecutors say Telegram messaging app CEO has been freed from custody, will appear in court
By The Associated Press on August 28th, 2024
PARIS (AP) – French prosecutors on Wednesday freed Telegram CEO Pavel Durov from police custody after four days of questioning over allegations that the platform is being used for illegal activities. Durov was detained on Saturday at Le Bourget airport outside Paris as part of a judicial inquiry opened last month involving 12 alleged criminal ... Read More »
Be the first to comment!Poland to increase its spending on defense in 2025 to a record high
By The Associated Press on August 28th, 2024
WARSAW, Poland (AP) – Polish Prime Minister Donald Tusk says the 2025 state budget will include record-high spending on defense. Tusk on Wednesday presented the main points of next year’s budget, which he described as “generous” and supporting further economic growth. Tusk said some 186 billion zlotys ($48.5 billion) will be spent next year on ... Read More »
Be the first to comment!National Bank reports $1.03B Q3 profit, up from $830M a year ago
By The Canadian Press on August 28th, 2024
MONTREAL – National Bank of Canada reported a third-quarter profit of $1.03 billion, up from $830 million a year ago, helped by strength across its operations. The Montreal-based bank says its net income amounted to $2.89 per diluted share for the quarter ended July 31, up from $2.33 per diluted share a year earlier. Revenue ... Read More »
Be the first to comment!Royal Bank of Canada reports $4.49B Q3 profit, up from $3.86B a year ago
By The Canadian Press on August 28th, 2024
TORONTO – Royal Bank of Canada reported a third-quarter profit of $4.49 billion, up from $3.86 billion a year earlier. The bank says its net income amounted to $3.09 per diluted share for the quarter ended July 31 compared with a profit of $2.73 per diluted share in the same quarter last year. Revenue totalled ... Read More »
Be the first to comment!Jasper wildfire will cost insurers more than $880 million: Insurance Bureau of Canada
By The Canadian Press on August 27th, 2024
EDMONTON – The Insurance Bureau of Canada says the wildfire that tore through Jasper is the second-most expensive one in Alberta’s history for insured losses. It says initial estimates suggest more than $880 million in insured damage was caused by the fire. The 2016 wildfire in Fort McMurray, Alta., resulted in inflation-adjusted insured losses of ... Read More »
Be the first to comment!
