Business News Summary Headlines

Company releases, economic news, and business coverage.

Infrastructure bank looks to avoid distraction from election talk, CEO says

OTTAWA - The pitched political debate about the future of Canada's nascent infrastructure financing agency doesn't reflect the ongoing behind-the-scenes talks on projects with provincial governments of various partisan stripes, says the Crown corporation's chief executive.

Pierre Lavallee said staff at the Canada Infrastructure Bank are trying to block out the electoral debate about the agency's future to avoid getting distracted from delivering on the agency's mandate to find new ways to finance projects and ease the strain on the federal treasury.

Saturday, August 03, 2019 | 08:10 AM

Conservatives, if elected, would work to restore ties with Saudi Arabia

OTTAWA - A Conservative government, if elected this fall, would work to fix Canada's relationship with Saudi Arabia by trying to build back rapport with the kingdom in areas that it considers of mutual interest.

Erin O'Toole, the Conservative critic for foreign affairs, said in an interview they would try to "win some trust" with Saudi Arabia by focusing on improving commercial ties and by offering more aid, development and refugee support in the Gulf region.

Friday, August 02, 2019 | 07:16 PM

Class action lawsuit launched in Vancouver over Capital One data breach

VANCOUVER - A Vancouver law firm says a class action lawsuit has been launched on behalf of six million Canadians whose personal information was compromised by a data breach at Capital One Financial Corp.

Ted Charney, lead counsel of Charney Lawyers, says the breach may turn out to be "extremely serious."

Friday, August 02, 2019 | 07:07 PM

States sue Trump administration over fuel economy penalties

SACRAMENTO, Calif. - A coalition of states sued the Trump administration Friday for the second time to block a planned reduction in the penalties automakers pay when they fail to meet fuel economy standards.

Twelve states and the District of Columbia sued the National Highway Traffic Safety Administration for replacing an Obama-era regulation that imposed a penalty of $14 for every tenth of a mile-per-gallon that an automaker falls below the standards.

Friday, August 02, 2019 | 06:52 PM

2 Fed officials say data did not support interest rate cut

WASHINGTON - Two Federal Reserve officials who dissented from the central bank's decision to cut a key policy rate this week said Friday they did not believe economic conditions justified the move.

Eric Rosengren, president of the Fed's Boston regional bank, said that he saw no "clear and compelling" reason for the rate cut. Esther George, head of the Fed's Kansas City bank, said she would be willing to support a future rate cut should incoming data weaken.

Friday, August 02, 2019 | 06:32 PM

Group Mach offers $14 per share in bid to block Transat sale to Air Canada

Montreal real estate developer Group Mach is again offering Transat A.T. shareholders $14 per share, this time in an effort to scoop up 19.5 per cent of the airline's shares in order to block its sale to Air Canada.

The offer represents an eight per cent premium over Air Canada's $13 per share offer that was approved by Transat's board in June. Group Mach hopes to secure "at least" 6.9 million Class B shareholders at a cost of about $97 million.

Friday, August 02, 2019 | 06:31 PM

How Trump's latest China tariffs could squeeze US consumers

WASHINGTON - The latest tariffs President Donald Trump plans to impose on Chinese goods would cost U.S. households an average of $200 a year, some economists estimate, and would start to bite consumers and retailers just as the holiday shopping season begins.

That cost would come on top of the roughly $830 cost imposed per household from Trump's existing tariffs, according to a New York Federal Reserve analysis.

Friday, August 02, 2019 | 06:31 PM

Trump says new agreement with EU will boost beef exports

WASHINGTON - President Donald Trump celebrated a new agreement Friday that is projected to increase beef exports to the European Union by more than $270 million a year once it is fully in place.

Trump portrayed the agreement as standing up for farmers and ranchers. Producers have been hurt by retaliatory tariffs that China imposed after Trump imposed 25% tariffs on $250 billion in Chinese products.

Friday, August 02, 2019 | 06:30 PM

Coastal GasLink lacks assessments, halts work on part of LNG pipeline in B.C.

VANCOUVER - The company building a 670-kilometre natural gas pipeline from northeastern British Columbia to the coast in Kitimat, B.C., says clearing along a section of the pipeline route has been suspended because some work began before required assessments were in place.

Coastal GasLink says in a statement that an internal audit determined archaeological impact assessments were not done before construction began at two points along the pipeline route east of Kitimat.

Friday, August 02, 2019 | 05:36 PM

North American markets cap one of the worst weeks of year with trade concerns

TORONTO - North American markets endured one of the worst weeks of the year as heightened trade tensions between the United States and China rattled investors.

U.S. President Donald Trump's decision Thursday to add 10 per cent tariffs on US$300 billion of Chinese goods as of Sept. 1 was the dominant issue in a risk-off day as the Chinese vowed to retaliate.

Friday, August 02, 2019 | 05:31 PM