Business
Shaw, Rogers, Quebecor say they welcome Federal Court of Appeal ruling
By The Canadian Press on January 24th, 2023
OTTAWA – The Federal Court of Appeal has dismissed the Competition Bureau’s effort to overturn a key approval of Rogers Communications Inc.’s takeover of Shaw Communications Inc. Court of Appeal Justice David Stratas said Tuesday the bureau’s arguments don’t meet the threshold of an overriding error going to the core of the case that would ... Read More »
Be the first to comment!CN Rail earns $1.4B in Q4, but warns of rockier times ahead in 2023
By Amanda Stephenson, The Canadian Press on January 24th, 2023
Canadian National Railway Co. warned Tuesday of rockier times ahead in 2023, even as it celebrated double-digit earnings gains for the fourth quarter of 2022. The Montreal-based railway reported Tuesday fourth-quarter earnings growth of 23 per cent year-over-year, to $1.42 billion in the three months ended Dec. 31, 2022 – up from $1.2 billion in ... Read More »
Be the first to comment!‘Disappointing’ that U.S. pressing ahead with duties on Canadian softwood lumber: Ng
By The Canadian Press on January 24th, 2023
WASHINGTON – Canada’s international trade minister says the United States appears to be pressing ahead with what she calls “unjustified” duties on softwood lumber imports. Mary Ng says the anti-dumping and countervailing duties the U.S. imposes on Canadian softwood lumber are little more than a tax on American consumers. A raft of documents filed today ... Read More »
1 responseHudson’s Bay to shed 2% of workforce amid ‘strategic realignment’
By Brett Bundale, The Canadian Press on January 24th, 2023
Hudson’s Bay is laying off two per cent of its total workforce, estimated to be about 250 employees, largely within Canada. The layoffs will impact corporate roles at The Bay and Hudson’s Bay, the retailer’s online and brick-and-mortar operations, respectively, the company said Tuesday. Retail workers in stores are not affected by the job losses. ... Read More »
1 responseS&P/TSX composite unchanged Tuesday, U.S. markets mixed
By Rosa Saba, The Canadian Press on January 24th, 2023
TORONTO – Canada’s main stock index was largely unchanged Tuesday as weakness in energy was offset by gains in telecom and industrials, while U.S. markets were mixed. The S&P/TSX composite index was down 2.03 points at 20,629.55. In New York, the Dow Jones industrial average was up 104.40 points at 33,733.96. The S&P 500 index ... Read More »
1 responseCN Rail earns $1.4B in Q4 on higher fuel surcharges, weaker Canadian dollar
By The Canadian Press on January 24th, 2023
MONTREAL – Canadian National Railway Co. says it earned $1.42 billion in the three months ended Dec. 31, 2022, up from $1.2 billion in the fourth quarter of 2021. Montreal-based CN says its fourth quarter earnings worked out to $2.10 per share, a 23 per cent increase year over year. The railway company reported fourth ... Read More »
1 responsePostmedia to lay off 11 per cent of staff, sources say
By The Canadian Press on January 24th, 2023
TORONTO – Sources say newspaper publisher Postmedia Network Corp. is laying off 11 per cent of its editorial staff. Postmedia announced the layoffs at a town hall this afternoon. The company, which owns publications such as the National Post, Vancouver Sun and Edmonton Sun, employs approximately 650 journalists. It says all properties within its network ... Read More »
1 responseFederal Court of Appeal rejects Competition Bureau’s appeal on Rogers-Shaw
By The Canadian Press on January 24th, 2023
OTTAWA – The Federal Court of Appeal has rejected the Competition Bureau’s appeal on the Rogers-Shaw deal. The Court of Appeal found the Competition Bureau’s arguments did not meet the high threshold needed to overturn the decision by the Competition Tribunal approving Rogers Communications Inc.’s takeover of Shaw Communications Inc. The Competition Bureau’s arguments had ... Read More »
Be the first to comment!Canadian Press NewsAlert: Postmedia to layoff 11 per cent of staff, sources say
By The Canadian Press on January 24th, 2023
TORONTO – Newspaper publisher Postmedia says 11 per cent of its staff will be laid off, sources tell The Canadian Press. The sources asked not to be identified as they were not authorized to publicly speak on the matter. The job cut comes days after the company announced it had sold the Calgary Herald building ... Read More »
Be the first to comment!Alphabet to close Edmonton office of AI subsidiary DeepMind
By The Canadian Press on January 24th, 2023
EDMONTON – Alphabet Inc. says it will close the Edmonton office owned by its artificial intelligence subsidiary DeepMind. Spokesperson Lauren Skelly says DeepMind’s Edmonton office was the only international site directly managed by the subsidiary, making it more resource-intensive than the other DeepMind spaces. The U.K.-headquartered subsidiary will consolidate its remaining operations, but maintain its ... Read More »
Be the first to comment!Hudson’s Bay to shed 2% of corporate workforce amid ‘strategic realignment’
By The Canadian Press on January 24th, 2023
TORONTO – Hudson’s Bay is laying off two per cent of its corporate workforce, estimated to be about 250 employees, largely within Canada. The company says the layoffs will impact corporate roles at The Bay and Hudson’s Bay, the retailer’s online and brick-and-mortar operations, respectively. Spokeswoman Tiffany Bourre says the changes come as the retail ... Read More »
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