Business News Summary Headlines

Company releases, economic news, and business coverage.

Bombardier stocks drop as investors flinch at sale of train division to Alstom

MONTREAL - Bombardier Inc.'s shares dropped almost 10 per cent Tuesday, one day after announcing the sale of its rail business to French train giant Alstom SA.

The deal would shrink the Montreal-based transportation company by more than half as it shifts focus solely to private business jets.

Tuesday, February 18, 2020 | 05:32 PM

Ottawa changing stress test rate for insured mortgages starting April 6

OTTAWA - The federal government is changing the stress test rate for insured mortgages starting April 6 that experts say should make it marginally easier for some buyers to purchase their first home, or owners refinancing their existing mortgages.

The new minimum qualifying rate will be the greater of the borrower's contract rate or the weekly median five-year fixed insured mortgage rate from mortgage insurance applications, plus two percentage points.

Tuesday, February 18, 2020 | 04:53 PM

Coastal GasLink pipeline investor committed to closing deal despite protests

CALGARY - An investment firm buying a stake in the Coastal GasLink pipeline says it remains "committed" to the deal despite protester blockades that have shut down railway lines in parts of Canada and threaten to inflict damage to the Canadian economy.

Alberta Investment Management Corp., which looks after more than $115 billion in public sector pension funds for the province, agreed with American partner KKR in December to form a consortium to buy a 65 per cent interest in the project.

Tuesday, February 18, 2020 | 04:47 PM

Higher gold prices prevent Toronto stock market from slipping into red

TORONTO - Canada's main stock index avoided slipping into the red Tuesday as the price of gold hit a seven-year high.

The precious metal moved above US$1,600 an ounce for the first time since March 2013.

Tuesday, February 18, 2020 | 04:45 PM

Air Canada says 737 Max grounding, coronavirus to hurt first-quarter earnings

MONTREAL - Air Canada is bracing for a rough first quarter as the effects of the novel coronavirus and the continued grounding of its fleet of Boeing 737 Max jets bite into sales.

The company lost roughly 25 per cent of its narrow-body fleet after authorities around the globe banned the Max in March following two fatal crashes. Last month, Air Canada halted all flights to mainland China and its Toronto-Hong Kong route due to the spread of COVID-19, a virus that has led to mass quarantines in China and caused more than 1,800 deaths.

Tuesday, February 18, 2020 | 03:43 PM

Nova Scotia tables largest single-year capital plan at just over $1 billion

HALIFAX - Nova Scotia's Liberal government has announced the largest single-year capital plan in the province's history at just over $1 billion for 2020-21.

The $1.042-billion figure released Tuesday is a 51 per cent year-over-year increase in capital spending, which saw $691.3 million allocated in 2019-20.

Tuesday, February 18, 2020 | 03:26 PM

Business groups call on Ottawa to end rail blockade stranding goods

TORONTO - Urgent action is needed to restore rail service currently being disrupted by anti-pipeline blockades, a group of business leaders said Tuesday.

Dennis Darby, CEO of Canadian Manufacturers and Exporters, said at a press conference in Toronto that the federal government needs to act as some $425 million worth of goods are being held up for every day the blockade goes on.

Tuesday, February 18, 2020 | 01:35 PM

Centerra Gold reports excavator operator killed at its Kumtor Mine

Toronto-based Centerra Gold Inc. says an employee at its Kumtor Mine in the Kyrgyz Republic in Central Asia has been killed.

The company says the person was operating an excavator which tipped over and slipped into a water-filled basin near the edge of Petrov Lake, about five kilometres northeast of the Kumtor mill site.

Tuesday, February 18, 2020 | 11:17 AM

HBC says three proxy advisers recommend shareholders back privatization deal

TORONTO - Hudson's Bay Co. says three proxy advisory firms have recommended shareholders vote in favour of a plan to take the retailer private.

The company says Institutional Shareholder Services, Glass Lewis and Egan-Jones have all recommended that HBC shareholders back the deal.

Tuesday, February 18, 2020 | 09:24 AM

Jeff Bezos commits $10 billion to fight climate change

NEW YORK - Amazon founder Jeff Bezos said Monday that he plans to spend $10 billion of his own fortune to help fight climate change.

Bezos, the world’s richest person, said in an Instagram post that he'll start giving grants this summer to scientists, activists and nonprofits working to protect Earth.

Tuesday, February 18, 2020 | 09:23 AM