Business News Summary Headlines

Company releases, economic news, and business coverage.

Liberals unveil $3B sole-source deal for armoured vehicles ahead of election

OTTAWA - The federal Liberal government has unveiled plans to award a sole-source contract for hundreds of light armoured vehicles to General Dynamics Land Systems-Canada, while also promising the London, Ont., company a $650-million loan.

The surprise deal and loan were announced by Defence Minister Harjit Sajjan on Friday, only weeks before the federal election, sparking Conservative allegations the Liberals were trying to buy votes and distract from the SNC-Lavalin affair.

Saturday, August 17, 2019 | 05:17 PM

Clarification to Aug. 16 story slugged Military-Vehicles

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Saturday, August 17, 2019 | 05:16 PM

Yemen rebel drone attack targets remote Saudi oil field

DUBAI, United Arab Emirates - Drones launched by Yemen's Houthi rebels attacked a massive oil and gas field deep inside Saudi Arabia's sprawling desert on Saturday, causing what the kingdom described as a "limited fire" in the second such recent attack on its crucial energy industry.

The attack on the Shaybah oil field, which produces some 1 million barrels of crude oil a day near the kingdom's border with the United Arab Emirates, again shows the reach of the Houthis' drone program. Shaybah sits some 1,200 kilometres (750 miles) from Houthi-controlled territory, underscoring the rebels' ability to now strike at both nations, which are mired in Yemen's yearslong war.

Saturday, August 17, 2019 | 01:05 PM

Signs of recession worry Trump ahead of 2020

WASHINGTON - President Donald Trump is warning of an economic crash if he loses reelection, arguing that even voters who personally dislike him should base their ballots on the nation's strong growth and low unemployment rate.

But privately, Trump is growing increasingly worried the economy won't look so good come Election Day.

Saturday, August 17, 2019 | 06:29 AM

Colorado OKs electric car requirement to fight air pollution

DENVER - Colorado tightened its air quality regulations on Friday, requiring that at least 5% of the vehicles sold in the state by 2023 emit zero pollution.

The state Air Quality Control Commission, which passed the rule on an 8-1 vote, said the requirement applies to auto manufacturers, not buyers. It's intended to boost the number of electric vehicles in a state struggling to control ozone pollution in its most heavily populated area.

Friday, August 16, 2019 | 06:35 PM

Transportation watchdog launches inquiry after WestJet bumps passengers

OTTAWA - Canada's transportation watchdog is launching an inquiry into how WestJet Airlines Ltd. handles its passengers during schedule changes after an incident last month saw travellers bumped without compensation.

The Canadian Transportation Agency says the probe into WestJet's tariff its contract with customers follows a complaint after a Canadian couple en route to Italy were bumped from their flight out of Edmonton.

Friday, August 16, 2019 | 05:24 PM

North American stock markets end wild week with a partial rebound

TORONTO - North American stock markets rebounded Friday to end a roller-coaster week that took investors for a wild ride on concerns about a possible recession and trade uncertainty.

Canada's main stock index closed up 137.26 points at 16,149.79, but was still down for the week.

Friday, August 16, 2019 | 04:59 PM

Canadian airlines taking different tacks with grounded 737 Max aircraft

MONTREAL - Canada's two biggest airlines are taking different tacks to stow their Boeing 737 Max 8s as the aircraft's drawn-out grounding continues to cause turbulence in the flight industry.

Air Canada is looking at sending its two-dozen Max 8s to the desert, where the hot, dry conditions keep corrosion by rain, snow, sleet and ice at bay.

Friday, August 16, 2019 | 03:34 PM

Canopy Growth executives compensation surges following cannabis legalization

Canopy Growth Corp.'s top six executives saw their total compensation surge to a combined $28.5 million payout last year, a period that included the first months since cannabis was legalized in October.

Nearly 90 per cent of the payout to the six top officials was in the form of option-based awards, the Smiths Falls, Ont., company said Friday in a regulatory filing ahead of its annual meeting on Sept. 17.

Friday, August 16, 2019 | 02:39 PM

Oilsands firms considering diluent recovery units to boost crude-by-rail volumes

CALGARY - Ongoing pipeline project delays and growth in crude-by-rail capacity from Western Canada are leading some oilsands producers to consider spending billions of dollars to build diluent recovery units.

Oilsands bitumen is a thick, sticky oil which must be diluted with about half as much light petroleum to flow in a pipeline, but diluent isn't needed for rail transport because the product can be heated for loading and unloading.

Friday, August 16, 2019 | 02:24 PM