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Business News Summary Headlines

Company releases, economic news, and business coverage.

Most actively traded companies on the TSX

Some of the most active companies traded Wednesday on the Toronto Stock Exchange:

Toronto Stock Exchange (15,830.22 down 92.15 points):

Wednesday, February 22, 2017 | 04:48 PM

Garth Drabinsky has been punished enough, lawyer tells Ontario securities regulator

TORONTO - Garth Drabinsky has paid his debt to society and shouldn't be punished again for his role in the Livent Entertainment fraud scandal, his lawyer said Wednesday as Ontario's securities regulator began opening submissions in its long-running case against the disgraced theatre mogul.

Drabinsky, who has a visible limp and was using a walker, declined comment on his way into the hearing room at the Ontario Securities Commission, which launched its regulatory cases against him and two Livent executives in 2001. Those cases were put on hold while criminal charges against the three worked their way through the courts.

Wednesday, February 22, 2017 | 04:46 PM

HBC denies deceptive pricing accusations from competition watchdog

TORONTO - Canada's competition watchdog is suing Hudson's Bay Co., alleging that the retailer engaged in deceptive pricing practices for four years, an accusation the company denies.

The Competition Bureau claims HBC (TSX:HBC) misled customers over the prices of mattresses and box springs sold together since at least March 2013, according to a notice of application filed to the Competition Tribunal.

Wednesday, February 22, 2017 | 04:31 PM

Fed officials discussed possible rate hike 'fairly soon'

WASHINGTON - Federal Reserve officials earlier this month discussed the need to raise a key interest rate again "fairly soon," especially if the economy remains strong.

Minutes of the discussions in minutes released Wednesday showed that while Fed officials decided to keep a key rate unchanged at their Jan. 31-Feb. 1 meeting, there was growing concern about inflation if the economy out-performed expectations.

Wednesday, February 22, 2017 | 03:55 PM

Canada seeks 'coalition of the willing' on Asian trade, post TPP, says Champagne

OTTAWA - Canada is searching for a new "coalition of the willing" to forge trade links in Asia following President Donald Trump's decision to kill the Trans-Pacific Partnership, says the new Liberal trade minister.

Trump followed through on his promise to pull the U.S. out of the 12-country Pacific Rim pact in the days after his inauguration last month, a decision that has effectively killed the TPP.

Wednesday, February 22, 2017 | 03:40 PM

Business jet makers will be bolstered by lower U.S. tax rates, says association

MONTREAL - The U.S. government's plan to cut corporate taxes will bolster the business jet industry which last year had its weakest performance since 2004, an association representing the sector said Wednesday.

"It will be a good shot in the arm for the industry," said Pete Bunce, CEO of the General Aviation Manufacturers Association.

Wednesday, February 22, 2017 | 03:32 PM

HSN looks for new shoppers beyond TV's reach

NEW YORK - HSN Inc., long a base for home shopping on TV, wants to refashion itself for shoppers more used to buying on their mobile phones.

The company still broadcasts live to more than 90 million households in the U.S., but also features more than 50,000 products on its website. Fifty-five per cent of its business now comes from online sales, with almost half of that from mobile devices. But HSN, like its rival QVC, has been wrestling with sluggish sales recently for the same reasons as other retailers Amazon's dominance online, and a preference for experiences over stuff.

Wednesday, February 22, 2017 | 03:08 PM

SodaStream recalls thousands of bottles due to danger they could rupture

OTTAWA - SodaStream is recalling thousands of its bottles in Canada and the U.S. because of a danger they may rupture when a user is in the process of carbonating water.

The maker of water carbonation machines said it was voluntarily recalling the bottles due to a manufacturing defect.

Wednesday, February 22, 2017 | 02:25 PM

TransCanada asks shippers to support new natural gas pipeline tolls

CALGARY - TransCanada (TSX:TRP) is proposing a new pipeline tolling system it says will allow western Canadian natural gas to be shipped to Ontario at lower rates to better compete with growing American supplies.

The Calgary-based energy transport company is inviting shippers to sign long-term binding commitments by March 9 to move gas on its underutilized Canadian Mainline system from a shipping centre in Alberta to a hub in southern Ontario.

Wednesday, February 22, 2017 | 02:23 PM

Saputo poised to gain full control of Australia's Warrnambool dairy

MONTREAL - Canadian dairy giant Saputo Inc. is poised to gain full ownership of Warrnambool Cheese and Butter Factory Co. after Lion Dairy and Drinks accepted a sweetened offer to sell its minority stake in the Australian cheese and dairy producer.

Lion, a subsidiary of Japanese beverage firm Kirin, said Wednesday it formally accepted Saputo's improved offer of A$9.05 per share cash (C$9.17 at current exchange rates) for each of the remaining shares. Saputo took control of the company in 2014 after a hard-fought takeover battle.

Wednesday, February 22, 2017 | 02:17 PM