Business News Summary Headlines

Company releases, economic news, and business coverage.

New Gold Q2 production drops on pandemic impact, lower ore grades

TORONTO - New Gold Inc. is reporting lower production from its Rainy River and New Afton gold mines in Canada during the second quarter, in part due to COVID-19 disruptions.

Gold production at Rainy River dropped to 48,800 ounces in the three months ended June 30 from 50,400 ounces in the first quarter after the mine was closed for 12 days so its workers could follow the two-week self-isolation period recommended for those who had travelled outside Canada.

Tuesday, July 14, 2020 | 12:38 PM

One in five businesses face tough choices if COVID-19 lasts more than six months

OTTAWA - A survey by Statistics Canada suggests that almost one in five businesses will look to further staffing cuts, bankruptcy or closing their doors if present COVID-19 conditions last for six months or more.

According to the survey released on Tuesday, 19.3 per cent of businesses could operate at their current level of sales and spending for less than six months but would have to take additional action if it lasts for a longer duration. Nearly 35 per cent of hotels and restaurants only have the runway for six more months of lockdown measures, says the survey conducted May 29 to July 3.

Tuesday, July 14, 2020 | 12:35 PM

Burger King addresses climate change by changing cows' diets

Burger King is staging an intervention with its cows.

The chain has rebalanced the diet of some of the cows by adding lemon grass in a bid to limit bovine contributions to climate change. By tweaking their diet, Burger King said Tuesday that it believes it can reduce a cow's daily methane emissions by about 33%.

Tuesday, July 14, 2020 | 12:08 PM

COVID-19 can pose cost and delay challenges to N.S. hospital project: auditor

HALIFAX - Nova Scotia's auditor general says the COVID-19 pandemic has the potential to raise costs for a health care expansion project that represents the largest capital output in the province's history.

Michael Pickup released his second report today on the expansion of the Halifax Infirmary and the construction of a community outpatient centre, which has an estimated $2-billion price tag.

Tuesday, July 14, 2020 | 11:51 AM

P.E.I. ranked No. 1 province in analysis of Canadian job postings per capita

TORONTO - Prince Edward Island is Canada's smallest province but has the country's highest number of job postings per capita, according to an analysis from Top Data.

The analytics firm says data collected from job website found that P.E.I. had 1,161 job postings per 10,000 people as of July 13.

Tuesday, July 14, 2020 | 11:41 AM

Greater Toronto Airport Authority cutting 500 positions due to drop in traffic

TORONTO - The operator of Canada's largest airport is cutting the size of its workforce by 27 per cent, including some of its management, due to a reduction of air traffic due to the COVID-19 pandemic.

The Greater Toronto Airports Authority announced Tuesday that 500 positions to be eliminated, including 300 that will involve layoffs and voluntary departures.

Tuesday, July 14, 2020 | 09:59 AM

Spiking cost of gasoline pushes June consumer prices up 0.6%

WASHINGTON - U.S. consumer prices increased 0.6% in June, after three months of declines, with a big jump in gasoline prices accounting for over half of the gain.

The Labor Department reported Tuesday that the increase in its consumer price index followed declines of 0.4% in March, 0.8% in April and 0.1% in May as the hit to demand caused by the widespread shutdowns of the economy kept a lid on prices.

Tuesday, July 14, 2020 | 09:43 AM

Oilpatch optimism expected to rise as difficult second-quarter finally ends

CALGARY - A rebound in oil prices as consumer demand for gasoline rises will buoy energy companies as they give quarterly results starting next week, but analysts say there are still too many uncertainties to expect any new spending in the sector.

The second-quarter reporting season for Canadian major oil and gas producers begins July 22, with results from Calgary-based Suncor Energy Inc.

Tuesday, July 14, 2020 | 09:05 AM

Calfrac Well Services seeks to swap shares for debt in recapitalization plan

CALGARY - Calfrac Well Services Ltd. is seeking to restructure in a plan that will see its debtholders swap unsecured notes for shares in the company.

The company says it has obtained a preliminary interim order under the Canada Business Corporations Act as part of its plan.

Tuesday, July 14, 2020 | 08:49 AM

WestJet increasing service for August, but still remains fall below a year ago

CALGARY - WestJet plans to restart non-stop flights from Calgary to London and Paris next month as it slowly increases the number of flights it offers this summer.

The airline says it will resume the flights to London and Paris starting Aug. 20.

Tuesday, July 14, 2020 | 08:07 AM