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Business News Summary Headlines

Company releases, economic news, and business coverage.

Hannity defends Fox News president Shine amid report

NEW YORK - Sean Hannity is defending Fox News Channel president Bill Shine following a report that members of the controlling Murdoch family refused to release a statement of support for the executive.

New York magazine cites anonymous sources in reporting that Shine recently asked 21st Century Fox CEO James Murdoch and his brother, Lachlan, who's the company's co-chairman, for a statement of support amid a spat of negative publicity for the network. Spokespeople for Shine and the Murdochs tell the magazine he never asked them directly for a statement.

Friday, April 28, 2017 | 09:10 AM

HOOPP's chief executive quits Home Capital board, citing potential conflict

TORONTO - The chief executive of HOOPP has resigned as a director of Home Capital Group and its subsidiaries, citing a potential conflict of interest following the pension fund's decision to provide $2 billion of credit to the mortgage company.

The Healthcare of Ontario Pension Plan manages more than $70 billion of retirement funds and will receive a $100 million non-refundable fee plus 10 per cent interest on money provided to Home Trust through the agreement.

Friday, April 28, 2017 | 09:09 AM

Bombardier rejects Boeing claim CSeries was dumped into the U.S. at below cost

MONTREAL - Bombardier and the federal government have rejected Boeing's claim in a complaint filed with the U.S. government that its Canadian rival has dumped its new CSeries commercial jet into the United States at below cost.

"Bombardier structures its commercial dealings to ensure compliance with the laws and regulations of the jurisdictions in which we operate, including those issues raised by Boeing," the Montreal-based aircraft manufacturer said in an emailed statement.

Friday, April 28, 2017 | 08:54 AM

Justin Trudeau defends carbon tax after visit to Saskatchewan farm

GRAY, Sask. - Prime Minister Justin Trudeau appears to like farmer Todd Lewis's combine, but Lewis does not like Trudeau's carbon tax.

Trudeau happily hopped into a combine during a visit Thursday to the Lewis family's century-old farm in the community of Gray, south of Regina.

Friday, April 28, 2017 | 08:53 AM

Ontario's first balanced budget in decade promises billions in health care

TORONTO - Ontario's Liberal government is promising to inject billions of new dollars into health care in its first balanced budget in a decade, a fiscal plan designed to appeal to nearly everyone in the province ahead of an election next summer.

Crafted by a party in power since 2003 that has been faring poorly in recent polls, the $141-billion budget tabled Thursday has measures targeted at both young and old, people who access the health-care system and anyone who owns or rents a home and pays an electricity bill.

Friday, April 28, 2017 | 08:51 AM

N.S. Liberals bring in broad middle class tax cut in pre-election budget

HALIFAX - Nova Scotia's Liberal government has promised an average $160 tax cut for half the province's population, in a surplus budget that seeds the ground for an election campaign that may begin within days.

Premier Stephen McNeil touted the move as proof his restraint of public sector wages over the past year has permitted him to shift money back into taxpayers' pockets, even as he books a $26-million surplus in this year's $10.5-billion budget.

Friday, April 28, 2017 | 08:50 AM

Home Capital stock rises as it secures credit line, says exploring options

TORONTO - Home Capital Group Inc. shares regained some ground on Thursday after it secured a $2-billion credit line and said it's exploring its strategic options, suggesting it could be up for sale.

The stock (TSX:HCG) rose nearly 34 per cent to close at $8.02 on the Toronto Stock Exchange after the mortgage lender said it hired RBC Capital Markets and BMO Capital Markets "to advise on further financing and strategic options."

Friday, April 28, 2017 | 06:21 AM

Wealthsimple targeting older U.S. demographic due to student loan debt, says CEO

TORONTO - Three months after expanding its millennial-targeted robo-adviser service to the United States, Wealthsimple is now seeking to capture an older demographic south of the border due to the burden of student loan debt there.

CEO Michael Katchen said while he's pleased with Wealthsimple's early success in the U.S, he doesn't expect to see 25- to 35-year-olds the company's key adopters in Canada signing up for its online investment management services in large numbers in the U.S. any time soon.

Friday, April 28, 2017 | 04:00 AM

White House wants to push tax overhaul without Democrats

WASHINGTON - A senior administration official said Thursday the White House plans to push its tax overhaul without any support from congressional Democrats.

It's a sign of the intense partisanship over President Donald Trump's outlines for cutting tax rates in hopes of stimulating faster economic growth, increasing business activity and helping the middle class. The proposal unveiled Wednesday would also repeal several taxes that target the wealthy but eliminate many deductions they use. Democratic lawmakers say the plan would favour the wealthy and blow a deep hole in the federal budget.

Thursday, April 27, 2017 | 10:35 PM

Amid reports of US NAFTA pullout, Mexico leaned on diplomacy

MEXICO CITY - Like the rest of the world, Mexico only learned through media reports that the Trump administration was considering a draft executive order to withdraw the United States from the North American Free Trade Agreement.

Mexico's top diplomat said Thursday that President Enrique Pena Nieto's government immediately launched a diplomatic full-court press. That led to a Pena Nieto phone call with President Donald Trump, a U.S. promise not to leave NAFTA for now and a commitment by all three nations in the pact to work on renegotiating it.

Thursday, April 27, 2017 | 10:32 PM