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Business News Summary Headlines

Company releases, economic news, and business coverage.

Chemical cloud over Kansas community dissipates

ATCHISON, Kan. - A chemical spill at a northeast Kansas distilling plant released a noxious cloud of fumes Friday, forcing temporary evacuations and sending more than 50 people to the hospital, including one person who was in intensive care, officials said.

The spill occurred at the MGP Ingredients plant in Atchison, according to Katie Horner, spokeswoman for the Kansas Department of Emergency Management. She said the spill occurred as two chemicals, sulfuric acid and sodium hypochlorite, were mistakenly combined at the plant, which produces premium distilled spirits and employs about 300 people.

Friday, October 21, 2016 | 03:08 PM

Let's toast: Jim Beam strike ends with promise to expand

LOUISVILLE, Ky. - Jim Beam ended a nearly weeklong strike at two bourbon distilleries in Kentucky on Friday, toasting a labour settlement that answers the workers' key demand with a commitment to hire more full-time staff.

Union members picketing since last Saturday approved the company's latest contract offer on a 204-19 vote and will resume producing whiskey Monday, said United Food and Commercial Workers union official Tommy Ballard.

Friday, October 21, 2016 | 02:54 PM

Concordia CEO to step down following appointment of new successor

OAKVILLE, Ont. - Concordia International Corp. (TSX:CXR) says chief executive Mark Thompson will step down following the appointment of a successor.

Thompson founded the company in December 2012.

Friday, October 21, 2016 | 02:33 PM

Bombardier cutting 7,500 jobs in second mass round of layoffs this year

MONTREAL - Bombardier said Friday it plans to eliminate 7,500 positions more than 10 per cent of its global workforce through the end of 2018, the company's second mass round of layoffs in less than a year.

About 2,000 positions will be cut across Canada, including 1,500 in Quebec, the Montreal-based aerospace giant said Friday. Two-thirds of all the job losses will come from Bombardier's transportation division mainly in Europe, with the rest from its aerospace operations.

Friday, October 21, 2016 | 02:09 PM

Thunder Bay Hydro and Kenora Hydro set to explore utility merger deal

THUNDER BAY, Ont. - Thunder Bay Hydro Electricity Distribution Inc. and Kenora Hydro Electric Corp. Ltd. have signed an agreement to explore a potential merger.

Kenora Hydro CEO Dave Sinclair says the utilities based in northwestern Ontario have a history of working together in areas such conservation, back office support and the acquisition of smart meter technology.

Friday, October 21, 2016 | 02:02 PM

$47 billion offer to create world's biggest tobacco company

LONDON - British American Tobacco has offered to buy out Reynolds American Inc. for $47 billion in an attempt to gain a strong presence in the U.S., a lucrative market where sales of electronic cigarettes are booming as traditional smoking fades.

The takeover would create the world's largest publicly traded tobacco company and combine BAT's presence in developing countries, where anti-smoking campaigns are not as strong as in the U.S. and Europe, with Reynolds' almost exclusive focus on the U.S.

Friday, October 21, 2016 | 01:42 PM

Inflation rate up 1.3 per cent last month, Statistics Canada says

OTTAWA - Weaker-than-expected inflation and a drop in retail sales helped to fuel speculation Friday about a possible interest rate cut by the Bank of Canada.

While economists say the bar for a cut is high, the economic data did nothing to quell talk about a future rate cut following comments by Bank of Canada governor Stephen Poloz earlier this week that the possibility was actively discussed by the central bank's governing council.

Friday, October 21, 2016 | 01:03 PM

Child porn accuser drops lawsuit against ex-Subway pitchman

INDIANAPOLIS - The family of one of Jared Fogle's victims in the child pornography case that led to the former Subway pitchman's imprisonment is dropping their lawsuit against him.

A motion filed Thursday in federal court in Indianapolis requested that the lawsuit be dismissed with prejudice, meaning it cannot be brought back to court.

Friday, October 21, 2016 | 12:22 PM

Deadline looming for Canada-EU trade pact, as Europeans push resistant Walloons

OTTAWA - They're listening carefully to the noisy argument spilling out of their neighbour's house but for the moment they're giving the appearance of keeping their noses out of it.

That essentially is the Canadian government's position with the deadline looming for European Union countries to approve their wide-ranging free trade deal with Canada.

Friday, October 21, 2016 | 11:18 AM

Regulating body for Ontario engineers investigates Nipigon River Bridge failure

TORONTO - The regulating body for professional engineers in Ontario is investigating the possibility of incompetence in the failure of the Nipigon River bridge last January, which severed a critical link on the Trans-Canada Highway.

Two engineering reports found that improperly tightened bolts on one portion of the first suspension bridge ever built in Ontario had snapped, causing the steel decking to lift about 60 centimetres.

Friday, October 21, 2016 | 11:17 AM