Business News Summary Headlines

Company releases, economic news, and business coverage.

Fiat Chrysler calls GM's bribery allegations 'preposterous'

DETROIT - Allegations by General Motors that Fiat Chrysler Automobiles bribed union officials are “preposterous” and read like a script from a “third-rate spy movie,” FCA lawyers wrote in court documents filed Monday.

GM, in a motion last week, alleged that Fiat Chrysler used foreign bank accounts to bribe union officials so they would stick GM with higher labour costs.

Monday, August 10, 2020 | 04:22 PM

Ottawa sets minimum unemployment rate at 13.1 per cent for EI calculation

OTTAWA - The federal government has temporarily set a minimum unemployment rate of 13.1 per cent to calculate employment insurance benefits during the COVID-19 pandemic.

Those people living in regions with an unemployment rate lower than that threshold will have their EI benefits calculated at that rate.

Monday, August 10, 2020 | 04:06 PM

McDonald's sues ousted CEO, alleging employee relationships

McDonald’s says it's suing Stephen Easterbrook, the CEO it ousted last year over an inappropriate relationship with an employee, alleging Monday that he covered up relationships with three other employees and destroyed evidence.

The company now wants to reclaim millions of dollars in compensation paid to Easterbrook.

Monday, August 10, 2020 | 02:54 PM

Canadian Natural to take over Painted Pony Energy in $461-million deal

CALGARY - Canadian Natural Resources Ltd. has struck a $461-million deal to buy Painted Pony Energy Ltd. as it looks to grow its position in the liquids-rich Montney natural gas region of northeastern B.C.

"This acquisition further strengthens Canadian Natural's natural gas assets and production base in key operating areas and complements the company's diversified portfolio," Canadian Natural president Tim McKay said in a statement.

Monday, August 10, 2020 | 02:39 PM

Alstom says Bombardier rail problems may affect terms of deal as talks continue

MONTREAL - French rail giant Alstom SA is warning that problems at Bombardier's train division may affect negotiations to buy it, but says it still plans to go ahead with the takeover deal.

Alstom says that "negative developments" around the train unit's operations and finances revealed in Bombardier's quarterly earnings report last week have prompted the would-be buyer to "take into account the consequences" during upcoming discussions.

Monday, August 10, 2020 | 12:53 PM

Sidewalk Labs Toronto office up for lease after layoffs, abandoning smart city

TORONTO - Sidewalk Labs' Toronto office space is available for lease months after the company walked away from building a tech-savvy neighbourhood in the city.

An online property listing shows both floors of the Lakeshore Boulevard East building the Manhattan-based Google affiliate occupied are available for $35 per square foot per year for a total of about $155,000 annually.

Monday, August 10, 2020 | 12:32 PM

US employers post more jobs in June, pull back on hiring

WASHINGTON - U.S. employers advertised more jobs in June compared with the previous month, but overall hiring fell, painting a mixed picture of the job market.

The number of jobs posted on the last day in June jumped 9.6% to 5.9 million, the Labor Department said Monday, a solid gain but still below the pre-pandemic level of about 7 million. And employers hired 6.7 million people in June, down from 7.2 million in May, a record high.

Monday, August 10, 2020 | 11:48 AM

Canopy reports decline in recreational pot sales

SMITH FALLS, Ont. - Canopy Growth Corp. says a decline in recreational cannabis sales during the COVID-19 pandemic contributed to a rocky quarter.

The Smiths Falls, Ont. company says its consumer sales dropped by 12 per cent when it was forced to close its 22 stores until mid-May during the health crisis.

Monday, August 10, 2020 | 11:47 AM

Ensign Energy Q2 revenue drops 48 per cent, Canada's share of revenue plunges

CALGARY - Ensign Energy Services Inc. reported a $17.1-million net loss in its second quarter, as revenue fell by nearly half compared with the same time last year.

The loss amounted to 10 cents per share, an improvement on the year-earlier loss of $30.2 million or 20 cents per share due partly to a $52-million gain from repurchasing some outstanding debt.

Monday, August 10, 2020 | 10:24 AM

Hong Kong newspaper raided, tycoon detained under new law

Hong Kong authorities broadened their enforcement of a new national security law on Monday, arresting media tycoon Jimmy Lai, searching the headquarters of his Next Digital group and carting away boxes of what they said was evidence.

In the evening, police also arrested prominent pro-democracy activist Agnes Chow Ting at her home, according to a tweet by fellow activist Nathan Law, who is currently in Britain. A post on Chow's official Facebook page said police had arrived at her home and that her lawyers were rushing to the scene.

Monday, August 10, 2020 | 10:14 AM