Business News Summary Headlines

Company releases, economic news, and business coverage.

Trump ups mileage proposal slightly over Obama standard

WASHINGTON - The Trump administration is making a concession on its proposed minimum fuel economy requirement for new vehicles, but environmental groups and a key Democratic senator complain it does not go far enough, and still falls well below the requirements set under the Obama administration.

Fuel economy standards would increase 1.5% per year from 2021 through 2026 under the new proposal. That's a reversal from the Trump administration's proposal in 2018, which sought to freeze the standards at 2020 levels.

Thursday, January 23, 2020 | 06:36 PM

Facing minority Parliament, Trudeau tells MPs to respect opposition

OTTAWA - Play nice.

That was Justin Trudeau's advice Thursday to Liberal MPs as they gathered to plot strategy for Monday's resumption of Parliament for its first extended sitting since the Oct. 21 election reduced the Liberals to a minority in the House of Commons.

Thursday, January 23, 2020 | 06:27 PM

Stocks rebound after WHO calms fears about virus being global crisis

TORONTO - Canada's main stock index rebounded from morning losses after the World Health Organization tempered fears that a deadly virus outbreak in China was a global crisis.

The S&P/TSX composite index closed up 21.92 points to a new record close of 17,621.78 after hitting an intraday low of 17,540.77.

Thursday, January 23, 2020 | 05:17 PM

Sunrise Records owner to buy U.S. retailer For Your Entertainment for US$10 million

TORONTO - Canadian retail chain Sunrise Records is branching out into the United States with the acquisition of For Your Entertainment, a music, film and pop culture outlet that operates across much of the country.

Doug Putman, president of the Sunrise, said the deal is valued at roughly US$10 million and comes with more than 200 locations that he plans to continue operating under the U.S. brand name.

Thursday, January 23, 2020 | 04:58 PM

Most actively traded companies on the TSX

TORONTO - Some of the most active companies traded Thursday on the Toronto Stock Exchange:

Toronto Stock Exchange (17,621.78, up 21.92 points.)

Thursday, January 23, 2020 | 04:29 PM

Cannabis price gap increases, as illegal cannabis prices fall: StatCan

The gap between what Canadians pay for legal and illicit cannabis is widening — a sign experts say points to the need for the marijuana industry to make prices a priority this year.

Statistics Canada said Thursday that the average price of legal cannabis increased to $10.30 per gram in the period between October and December 2019 from $9.69 per gram the year before.

Thursday, January 23, 2020 | 01:49 PM

Waterfront Toronto seeks extension for Sidewalk Labs decision day

TORONTO - Waterfront Toronto's board will have more time to make a decision on whether to move forward with Sidewalk Lab's proposal to build a smart city.

The agency and Sidewalk have agreed to extend the deadline by which Waterfront Toronto must make a decision about the controversial Quayside project pitched for a swath of Toronto's lakefront to May 20 from March 31.

Thursday, January 23, 2020 | 01:40 PM

Next stop, Brexit: Britain's EU divorce bill becomes law

LONDON - Britain’s delayed and disputed Brexit bill became law on Thursday, removing the last U.K. obstacle to the country leaving the European Union in just over a week.

The U.K. is finally leaving the 28-nation bloc more than 3 1/2 years after voters narrowly opted to do so in a June 2016 referendum — and after interminable rounds of political wrangling.

Thursday, January 23, 2020 | 01:22 PM

Birchcliff shares fall after it unveils higher-than-expected 2020 budget

CALGARY - Shares in natural gas producer Birchcliff Energy Ltd. fell by as much as 13.7 per cent on Thursday after it announced a higher-than-expected $350-million 2020 capital spending budget.

The Calgary-based company's stock slipped to as little as $1.77, down 28 cents from its $2.05 close on Wednesday. In the past year, its shares have ranged from $4 in March to $1.70 in August.

Thursday, January 23, 2020 | 12:48 PM

Knopf names Reagan Arthur as its new publisher

NEW YORK - One of the world's most prestigious literary publishers has chosen just its fourth editorial leader in its 105-year history: Reagan Arthur has been named executive vice-president and publisher of Alfred A. Knopf, where authors have ranged from Robert A. Caro to the late Toni Morrison.

Arthur, 55, currently heads another venerable publisher, Little, Brown and Company, and will begin her new job on Feb. 11. She succeeds longtime Knopf publisher Sonny Mehta, who died in December and had mentioned her in recent months as a worthy replacement. According to Madeline McIntosh, CEO of parent company Penguin Random House, Mehta and Arthur had met last fall to discuss future plans.

Thursday, January 23, 2020 | 12:04 PM