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Business News Summary Headlines

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TSX caps good week by closing higher as investors respond to pipeline action

TORONTO - Canada's main stock index capped a good week with the energy sector closing higher Friday as investors responded positively to federal action to kick-start construction of the Trans Mountain pipeline expansion.

Ottawa ordered the National Energy Board to redo its environmental review of the controversial project, this time taking into account the impact of additional oil tanker traffic off the coast of British Columbia.

Friday, September 21, 2018 | 04:57 PM

Audit finds boosters of Muskrat Falls megaproject 'understated' its costs

HAPPY VALLEY-GOOSE BAY, N.L. - An audit has found Newfoundland's Nalcor Energy may have overstated the potential value of its Muskrat Falls hydro megaproject and prematurely dismissed alternative electricity options for the province.

Accountants from Grant Thornton testified Friday at the inquiry into cost overruns of the $12.7-billion Labrador dam, presenting a report on the provincial Crown corporation's early financial analysis and consideration of other options.

Friday, September 21, 2018 | 04:01 PM

Twitter notifies users of bug allowing developers to receive direct messages

SAN FRANCISCO - Twitter is notifying users that a bug may have sent direct messages and protected tweets to developers who were not authorized to receive them.

In notifications sent to users, Twitter says the bug has been around since May 2017, but it was only discovered on Sept. 10.

Friday, September 21, 2018 | 03:47 PM

Is $1,100 too much for an iPhone? Get an older one for less

NEW YORK - The $1,100 price tag on Apple's latest iPhone turned heads when the company announced it last week. But for less than half as much, you can still get a good camera, a decent-sized screen and other popular features.

Just buy a two-year-old iPhone 7.

Friday, September 21, 2018 | 03:03 PM

Canada to boost support for riskier forms of renewable energy: minister

HALIFAX - Millions of dollars in subsidies for a Nova Scotia tidal project is just one of the coming announcements as Ottawa boosts riskier forms of renewable energy, says the federal natural resources minister.

Amarjeet Sohi said Friday at a G7 energy ministers meeting that a $30-million contribution to a $117-million tidal project to harness the immense power of the Bay of Fundy tides will be among a series of subsidies given to kickstart innovations in emerging sectors across the country.

Friday, September 21, 2018 | 03:02 PM

Legal pot sales could reach $1 billion in fourth quarter: StatCan

OTTAWA - Statistics Canada forecasts Canadians could spend more than $1 billion on legal cannabis between October and December this year once marijuana for adult use is legalized on Oct. 17.

The agency estimates that the amount spent on legal pot during the fourth quarter could range between $816 million and $1.02 billion.

Friday, September 21, 2018 | 03:01 PM

UK leader May hits back on Brexit plan; pound falls

LONDON - British Prime Minister Theresa May accused the European Union on Friday of creating an "impasse" in divorce negotiations by bluntly rejecting her blueprint for Brexit, sending the value of the pound falling as worries about a chaotic U.K. exit from the EU soared.

With British newspapers declaring that May had been "humiliated" by EU leaders, the prime minister used a televised statement from 10 Downing St. to insist she was prepared to take Britain out of the bloc without a deal if it did not treat the country with more respect.

Friday, September 21, 2018 | 02:30 PM

Ontario finance minister projects $15B deficit for province

TORONTO - Ontario's finance minister said the province will have to make sacrifices as it grapples with a newly revised $15-billion deficit, a message critics predicted would pave the way for significant cuts to government services.

In a speech to the Economic Club in Toronto on Friday, Vic Fedeli said the province had chosen to adopt the accounting practices used by the auditor general in reviewing the recently defeated Liberal government's budget and projections, and found greater deficits than had been reported.

Friday, September 21, 2018 | 02:28 PM

Case for interest rate hike builds with resilient inflation data: analysts

OTTAWA - The country showed signs of growing price pressures last month with inflation staying strong and its underlying pace grinding higher both of which propped up expectations that higher interest rates are on the way.

The annual inflation rate for August receded somewhat to 2.8 per cent, easing from July's three per cent pace that marked Canada's highest reading in seven years. Last month's step back was largely due to more-moderate expansion in gasoline prices, Statistics Canada said Friday as it released its latest consumer price index.

Friday, September 21, 2018 | 12:07 PM

World trade body to rule on US, China anti-dumping spat

GENEVA - A World Trade Organization arbitrator will step into a years-old dispute brought by China over U.S. anti-dumping measures.

A trade official said Friday the arbitration was triggered automatically after the U.S. objected to Beijing's request for authorization to retaliate against more than $7 billion worth of U.S. goods in the case.

Friday, September 21, 2018 | 11:30 AM