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Business News Summary Headlines

Company releases, economic news, and business coverage.

Uber, Lyft driver strike latest move to organize gig workers

PROVIDENCE, R.I. - A strike by Uber and Lyft drivers in cities across the United States this week caused barely a ripple to passengers looking to catch a ride, highlighting the challenges in launching a labour movement from scratch in an industry that is by nature decentralized.

Activists and others involved in the labour movement are still declaring it a success. It grabbed headlines, trended on Twitter and won the support of several Democrats running for president. The action was also closely watched by labour organizers, who are brainstorming about ways to build worker power in the 21st-century economy.

Thursday, May 09, 2019 | 06:50 PM

Facebook co-founder Chris Hughes: Time to break up company

Facebook co-founder Chris Hughes says it's time to break up the social media behemoth.

In a New York Times opinion piece published Thursday, Hughes said CEO Mark Zuckerberg has turned Facebook into an innovation-suffocating monopoly.

Thursday, May 09, 2019 | 06:49 PM

Trump backs Fla. plan to import lower-cost meds from abroad

WASHINGTON - In a move sure to get attention in a 2020 battleground state, President Donald Trump indicated Thursday that his administration may approve a Florida plan to import lower-cost prescription drugs from abroad for use by residents.

It's the latest flashpoint in a confrontation between the Trump administration and the pharmaceutical industry, which for years successfully has fought off importation proposals. Drugs in other economically advanced countries are often much cheaper because governments set prices.

Thursday, May 09, 2019 | 06:47 PM

Aritzia Inc. reports 18th straight quarter of comparable sales growth

VANCOUVER - Canadian clothing retailer Aritzia Inc. touted strong sales as it eyes more opportunities for growth in its online and American businesses.

"We're extremely pleased with our results," said CEO Brian Hill during a conference call with analysts Thursday after the company released its fourth-quarter and full-year fiscal 2019 earnings report.

Thursday, May 09, 2019 | 06:42 PM

Mountain Equipment Co-op appoints Best Buy Canada executive as CEO

VANCOUVER - Mountain Equipment Co-op has appointed a Best Buy Canada executive to head the outdoor gear retailer.

Philippe Arrata takes over on July 2 from David Labistour, who is stepping down after more than 11 years as chief executive.

Thursday, May 09, 2019 | 06:33 PM

Most actively traded companies on the TSX

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

Toronto Stock Exchange (16,321.75, down 75.65 points).

Thursday, May 09, 2019 | 05:37 PM

North American stocks drift as U.S.-China trade war escalation looms

TORONTO - North American markets drifted up and down again Thursday with every presidential tweet and comment ahead of a possible escalation in the U.S.-China trade war.

Markets have been volatile all week since U.S. President Donald Trump threatened higher tariffs Sunday ahead of the resumption of negotiations.

Thursday, May 09, 2019 | 05:34 PM

CTV News restructuring, cutting jobs in five provinces, says union

TORONTO - The union representing staff at CTV News said restructuring announced on Thursday has impacted jobs at stations in at least five provinces, and will result in a net reduction of staffing.

Unifor says the stations affected by restructuring include the CTV1 stations in Alberta, Saskatchewan, Manitoba, Ontario and Quebec.

Thursday, May 09, 2019 | 05:22 PM

Telus raises dividend and extends payout growth policy through 2022

VANCOUVER - Telus Corp. is raising its quarterly dividend and extending its payout program as it targets annual growth of seven to 10 per cent through 2022.

The telecommunications company will now pay a quarterly dividend of 56.25 cents per share, up3.2 per cent from 54.5 cents per share.

Thursday, May 09, 2019 | 05:02 PM

Quebecor CEO mulls Transat acquisition, company doubles quarterly dividend

MONTREAL - The head of Quebecor Inc. says he is exploring a possible acquisition of Montreal-based tour operator Transat A.T., but another prospective buyer is already a step ahead.

Chief executive Pierre Karl Peladeau said Thursday he has commissioned a financial analysis by an investment firm.

Thursday, May 09, 2019 | 04:34 PM