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Business News Summary Headlines

Company releases, economic news, and business coverage.

Toronto's main stock index falls as energy sector slumps

The Toronto Stock Exchange followed a lower oil price to close in the red Tuesday, snapping an 11-day streak of gains.

The S&P/TSX composite index shed 17.52 points to close at 16,144.79, dragged down by the energy sector where shares lost an average of 0.87 per cent of their worth. The July crude contract, meanwhile, fell 15 cents to US$72.20 per barrel.

Tuesday, May 22, 2018 | 05:02 PM

Most actively traded companies on the TSX

Some of the most active companies traded Tuesday on the Toronto Stock Exchange:

Toronto Stock Exchange (16,144.79, down 17.52 points)

Tuesday, May 22, 2018 | 04:55 PM

Crown seeks 10 years for former executives behind Knowledge House collapse

HALIFAX - Federal Crown prosecutors argued on Tuesday that two of Nova Scotia's most notorious white-collar criminals should be sentenced to 10 to 12 years in prison, prompting a judge to ask: "Where's the body?"

Nearly 17 years after the dramatic collapse of Halifax educational software company Knowledge House, lawyers put forward sentencing recommendations for two architects of the sophisticated multi-million-dollar stock market scheme.

Tuesday, May 22, 2018 | 04:53 PM

Shopify shares slip after Adobe Systems buys e-commerce rival Magento

TORONTO - Shares of Shopify Inc. slumped Tuesday on news that its rival Magento Commerce was bought by Adobe Systems Inc.

The e-commerce company's stock closed at $177.66 in Toronto on Tuesday, marking a 6.12 per cent drop, one day after the U.S. software giant announced the acquisition. Shopify shares on the New York Stock Exchange closed at US$138.75, down nearly four per cent.

Tuesday, May 22, 2018 | 04:39 PM

DavidsTea CEO says retailer can't afford another wave of changes with new team

MONTREAL - DavidsTea probably can't afford another wave of major changes such as those proposed by a co-founder who is trying to replace its board with a dissident slate of nominees, the company's president and CEO Joel Silver said Tuesday.

Herschel Segal's offensive, which includes the nomination of seven candidates to replace the current board of directors, risks compromising the initiatives deployed over the last year, he said.

Tuesday, May 22, 2018 | 04:34 PM

Dozens of North American securities regulators target cryptocurrency schemes

TORONTO - Dozens of North American securities regulators, including have joined forces to investigate and warn investors about cryptocurrency-related schemes.

Operation Cryptosweep includes more than 40 regulators in the U.S. and Canada, including the Ontario Securities Commissioner, which issued a release about the investigation Tuesday.

Tuesday, May 22, 2018 | 04:21 PM

Hunter accused of giving bribes for African elephant kill

DENVER - U.S. prosecutors have indicted the owner of a South African hunting company, accusing him of bribing Zimbabwean officials while guiding a Colorado tourist and working to have the ivory tusks of an elephant that the group illegally killed inside a national park imported to the United States.

Prosecutors in Colorado said Hanno van Rensburg took a hunting party to the area around Gonarezhou National Park in Zimbabwe to hunt elephants in 2015. The Colorado client shot one elephant that did not die. The group then tracked the animal into the national park but could not find it, according to prosecutors.

Tuesday, May 22, 2018 | 04:18 PM

SNC-Lavalin settles shareholder class actions in Ontario and Quebec for $110M

MONTREAL - SNC-Lavalin Group Inc. has moved further from its troubled past by settling two class action lawsuits worth a total of $110 million over allegations of misleading investors about its activities in Libya.

The company said it will contribute $88 million to the settlement of the cases in Ontario and Quebec. The rest will come from its insurance, said Michael Robb of Siskinds LLP, the lead lawyer of the claim. The agreement is subject to court approval.

Tuesday, May 22, 2018 | 04:15 PM

Facebook chief faces EU grilling over his 'digital monster'

BRUSSELS - Facebook CEO Mark Zuckerberg faced tough questions from European Union lawmakers Tuesday over what one of them branded Zuckerberg's "digital monster," and he apologized for the way the social network has been used to produce fake news, interfere in elections and sweep up people's personal data.

At a hearing in the European Parliament in Brussels, legislators sought explanations about the growing number of false Facebook accounts and whether Facebook will comply with new EU privacy rules, but many were left frustrated by Zuckerberg's lack of answers.

Tuesday, May 22, 2018 | 04:06 PM

Dorel producing strollers again in the U.S. to meet demand for domestic goods

MONTREAL - Dorel Industries Inc. has moved to satisfy growing demand south of the border for American-made products by fabricating the Montreal-based company's first stroller in the United States in years.

"We have the facilities in the U.S. and we wanted to get back into some more manufacturing in the U.S.," CEO Martin Schwartz said Tuesday after Dorel's annual meeting.

Tuesday, May 22, 2018 | 03:17 PM