Home > News & Features > Business News > Business News Summary Headlines

Business News Summary Headlines

Company releases, economic news, and business coverage.

QuickFacts: Some of the details about the proposed Canada-EU trade deal

OTTAWA - The Comprehensive Economic and Trade Agreement between Canada and the European Union, also known as CETA, appears to be close to foundering on the objections of a small region of Belgium. Here are some facts about the deal:

— Canada is the EU’s 12th most important trading partner. The EU is Canada's second-largest trading partner after the U.S. and accounts for nearly 10 per cent of its external trade.

Friday, October 21, 2016 | 04:30 PM

Ontario to import 2 terawatt hours of Quebec electricity annually under new deal

TORONTO - Ontario will import enough electricity from Quebec to power a city of more than 200,000 people under a seven-year agreement signed Friday, but the provinces won't say how much Ontario is paying Hydro Quebec.

Premiers Kathleen Wynne and Philippe Couillard signed the deal, which will see Ontario import up to two terawatt hours of electricity from Quebec annually, allowing the province to reduce its use of natural gas to generate power.

Friday, October 21, 2016 | 04:18 PM

Cute and not-so-cute: 3 ways federal politics mattered to Canadians this week

OTTAWA - It's been a full year since the 2015 election — an anniversary that was hard to miss this week on Parliament Hill amid all the media-driven assessments, reflections and slide shows, to say nothing of Liberals patting each other on the back.

Cute was the theme of the week. The governing party flogged stickers for their donors, while the NDP issued a tongue-in-cheek report card that found the government and its MP "students" severely lacking.

Friday, October 21, 2016 | 04:00 PM

A giant nude statue in California is stirring controversy

SAN LEANDRO, Calif. - There have long been complaints about the lack of women in the tech industry. Now there's a towering female figure, in a tech park across the bay from San Francisco, although not quite what some people had in mind.

A 55-foot tall statue of a nude woman unveiled this week in the working-class community of San Leandro is stirring controversy and a lot of conversation.

Friday, October 21, 2016 | 03:19 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

Feds seek input on shifting some mortgage default risk from taxpayers to banks

OTTAWA - The federal government formally launched consultations Friday to explore potential changes that would shift some of the financial risk tied to insured mortgages from the shoulders of taxpayers to lenders, such as the banks.

Under Canada's current system, lenders are able to transfer virtually all of the risk from insured mortgages to insurers, which are indirectly backstopped by taxpayers, the government said.

Friday, October 21, 2016 | 02:19 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