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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 (16,167.56, down 20.54 points).

Wednesday, March 20, 2019 | 05:05 PM

SNC-Lavalin CEO says he never cited job losses in push for remediation agreement

TORONTO - The chief executive of SNC-Lavalin Group Inc. says he never cited the protection of 9,000 Canadian jobs as a reason the company should be granted a remediation agreement to avoid a criminal trial on allegations it paid millions of dollars in bribes to obtain government business in Libya.

In an interview with The Canadian Press, Neil Bruce said Wednesday if the engineering firm is convicted and barred from bidding on federal contracts here at home its workers would end up working for the Montreal-based company's foreign rivals.

Wednesday, March 20, 2019 | 05:04 PM

Europe fines Google $1.7 billion in antitrust case

BRUSSELS - Europe's antitrust regulators slapped Google with a big fine Wednesday for the third time in less than two years, ordering the tech giant to pay 1.49 billion euros ($1.7 billion) for freezing out rivals in the online advertising business.

The ruling brings to nearly $10 billion the fines imposed against Google by the European Union. And it comes at a time when big tech companies around the world are facing increasing regulatory pressure and fierce political attacks over privacy violations, online misinformation, hate speech and other abuses.

Wednesday, March 20, 2019 | 04:20 PM

Pot sector players welcome edibles tax change, but unhappy medical tax remains

TORONTO - Cannabis industry players welcomed the change in the Federal Budget to tax edibles, extracts, oils and concentrates based on the amount of tetrahydrocannabinol rather than weight, as it could ease pricing for some products and potentially boost product availability.

However, licensed producers and a patient advocate group say they are disappointed that medical cannabis will continue to be taxed, despite a campaign calling on Ottawa to exempt patients.

Wednesday, March 20, 2019 | 04:19 PM

Rogers sells flagship magazines Maclean's, Chatelaine in deal with St. Joseph

TORONTO - The publisher of Toronto Life, Weddingbells and Fashion Magazine will acquire the last of Rogers Media's consumer-oriented print and digital publications in a deal that seems at odds with the prevailing pessimism about traditional media.

Seven print and digital titles including Maclean's and the French and English versions of Chatelaine will move from Rogers Media to St. Joseph Communications, a privately owned printing and publishing company based in Toronto.

Wednesday, March 20, 2019 | 03:27 PM

Baltimore sues to block move of Preakness Stakes

Baltimore has ratcheted up a bitter dispute with the owners of a historic racetrack in an effort to seize a nearly 150-year-old course and block the move of one of America's premier horse races out of the city where it was first run in 1873.

Under state law, the Preakness Stakes the middle jewel of the Triple Crown of thoroughbred horse racing can be moved to another track in Maryland "only as a result of a disaster or emergency." But the Canada-based development company that owns and operates the rundown Pimlico Race Course in Baltimore has made it abundantly clear that it wants to move the storied race out of the city.

Wednesday, March 20, 2019 | 01:57 PM

Uber expands its freight operations into Europe

SAN FRANCISCO - Ride-hailing giant Uber is expanding its freight business into Europe.

The service connects trucking companies with shippers who have loads to haul.

Wednesday, March 20, 2019 | 01:54 PM

Targeted methane emission cut rules estimated to save billions, says CERI study

CALGARY - A study from the Canadian Energy Research Institute suggests the oil and gas industry could save billions of dollars if governments implement optimized methane emission reduction regulations instead of requiring the same level of cuts at every emitting source.

The federal government has proposed regulations for methane emission reductions from the upstream oil and gas sector that would start early next year with the target of cutting by 45 per cent below 2012 levels by 2025 Alberta has the same percentage target but compared with 2014 emissions.

Wednesday, March 20, 2019 | 01:31 PM

UK judge denies bail to fugitive Indian diamond tycoon

LONDON - Diamond tycoon Nirav Modi, whose jewels once adorned stars from Bollywood to Hollywood, was ordered held without bail in London on Wednesday, more than a year after Indian authorities alleged he was involved in a $1.8 billion bank fraud.

A judge remanded Modi into custody at the end of a Westminster Magistrates' Court hearing. District Judge Marie Mallon said there was a risk Modi wouldn't appear for future hearings because of his access to large sums of money that could help him evade the courts and his "keenness to do so."

Wednesday, March 20, 2019 | 11:29 AM

Disney closes $71B deal for Fox entertainment assets

Disney has closed its $71 billion acquisition of Fox's entertainment business, putting "Cinderella," ''The Simpsons," ''Star Wars" and "Dr. Strange" under one corporate roof.

The deal is likely to shake up the media landscape. Among other things, it paves the way for Disney to launch its streaming service, Disney Plus, due out later this year. It will also likely lead to layoffs in the thousands, thanks to duplication in Fox and Disney film-production staff.

Wednesday, March 20, 2019 | 11:10 AM