Company releases, economic news, and business coverage.
BOSTON - Tufts University is cutting ties with the billionaire family that owns OxyContin maker Purdue Pharma, saying it will strip the Sackler name from its campus and accept no further donations amid concerns over the family's role in the opioid crisis.
University officials announced the decision Thursday, ending a relationship that has spanned nearly four decades and brought $15 million to the school’s science and medical programs. Tufts leaders said they considered the issue for more than a year before concluding it is inconsistent with the school's values to display the family's name.
OTTAWA - Justin Trudeau ushered in a new era of minority Liberal rule Thursday with a throne speech brimming with humility, goodwill and promises of collaboration with opposition parties whose support he needs to ensure his government's survival.
The effort worked, at least insofar as guaranteeing the government will win a vote on the throne speech. Bloc Quebecois Leader Yves-Francois Blanchet said his party's 32 MPs will support it, despite serious reservations about its content.
TORONTO - Canada's main stock index fell Thursday while U.S. counterparts stayed relatively flat as investors awaited news from an OPEC meeting and economic data due out tomorrow.
"Flat would definitely be the word for today," said Michael Currie, vice president and investment adviser at TD Wealth.
TORONTO - Canada's banking sector closed out its fourth-quarter earnings season Thursday with CIBC and TD providing more evidence of a challenging economic environment.
Canadian Imperial Bank of Commerce reported $1.19 billion of net profit in the fourth quarter, down six per cent from the comparable period of 2018, while its adjusted earnings of $2.84 per share came in below analyst estimates.
TORONTO - Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Toronto Stock Exchange (16,854.92, down 42.42 points.)
TORONTO - Enterprise Holdings Inc. says it has agreed to buy Toronto-based Discount Car and Truck Rentals as the mobility space rapidly evolves.
The two privately-held, family-owned companies did not disclose financial terms of the deal, which will bring together Enterprise's roughly 760 Canadian locations with Discount's more than 300.
TORONTO - TD Bank Group's profit slipped in the fourth quarter compared with a year ago as it recorded restructuring charges and increased provisions for credit losses compared with last year.
As with most of its peers during this year's fourth-quarter earnings season, TD's message was that lower interest rates and more normal credit loss provisions created a more difficult environment but that the organization is adjusting.
DUBAI, United Arab Emirates - Saudi Arabia's state-owned oil company Aramco on Thursday set a share price for its IPO — expected to be the biggest ever — that puts the value of the company at $1.7 trillion, more than Apple or Microsoft.
The company said it will sell its shares at 32 riyals ($8.53) each, putting the overall value of the stake being sold at $25.6 billion. That surpasses IPO record holder Alibaba Group Holding Ltd, the Chinese conglomerate and e-commerce company that raised about $25 billion in 2014.
CALGARY - An application from Chevron Canada for a 40-year licence to export natural gas from the proposed Kitimat LNG project has been approved despite environmental opposition, says the Canada Energy Regulator.
The application filed last spring to the National Energy Board, the CER's predecessor, aimed to double the previously approved export licence duration and increase the potential output of the facility to 997 billion cubic feet of natural gas per year.
ATLANTA - In a story Dec. 3 about Mercer Music at Capricorn, The Associated Press reported erroneously that one of the co-founders of Capricorn Records was Frank Fenton. It should have said his last name was Fenter, not Fenton.
A corrected version of the story is below: