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Business News Summary Headlines

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Quebecor banks on new wireless and broadcast services to grow Videotron

MONTREAL - Quebecor Inc. is banking on new services in wireless and television broadcasting to fuel the growth of Videotron, while performance continues to slow in its media division.

Ramping up for the launch of Fizz, a low-cost cellular and internet provider, and Helix, a new internet-connected television platform, the Montreal-based media giant said it is looking to increase the number of customers.

Thursday, November 08, 2018 | 05:12 PM

Toronto stock market falls as energy sector hurt by lower oil prices

TORONTO - Canada's main stock index lost a little ground Thursday as a further drop in the price of oil to an eight-month low weighed on the key energy sector.

Markets on both sides of the border were softer after a very strong day following the U.S. midterms, says Jayson Moss, research analyst at Franklin Bissett Investment Management.

Thursday, November 08, 2018 | 05:08 PM

Canada Jetlines plans to base Montreal operations at small St. Hubert airport

Discount airline Canada Jetlines Ltd. says it plans to base its Montreal operations in a couple of years out of a small airport that is undergoing an expansion.

The Vancouver-based company hasn't yet launched service, but it announced Thursday a partnership with Montreal Saint-Hubert Longueuil Airport to support its efforts to build a low-cost secondary airport on the south shore of the city.

Thursday, November 08, 2018 | 04:53 PM

Operations suspended after chain falls near workers on N.S. offshore drill rig

HALIFAX - Operations of some non-producing wells at the Sable Offshore Energy Project have been suspended after an accident on a drilling rig involved in decommissioning wells off Nova Scotia.

A news release Thursday from the Canada-Nova Scotia Offshore Petroleum Board reported a near miss on Nov. 5 after a chain dropped on the Noble Regina Allen rig.

Thursday, November 08, 2018 | 04:48 PM

Magna reports Q3 profit and sales up, trims forecast for full year

AURORA, Ont. - Magna International Inc. trimmed its outlook for the year in its latest earnings results but says overall volumes in the auto industry remain strong.

The company's expectations of total light vehicle production from North America have dropped by about 400,000 vehicles since the start of the year to 17 million, including 200,000 from last quarter, but are still favourable, said Vince Galifi, Magna's chief financial officer on an earnings call Thursday.

Thursday, November 08, 2018 | 04:42 PM

Energy companies roll out production cuts along with third-quarter results

CALGARY - Production cutbacks and deferred drilling programs are emerging as a common theme as Calgary-based oil and gas companies elect to leave barrels in the ground rather than sell at current low prices.

In third-quarter results released this week, energy companies large and small say they are avoiding wider-than-usual price discounts compared with U.S. benchmark prices blamed on difficulty in getting barrels to market due to full export pipelines.

Thursday, November 08, 2018 | 04:20 PM

Stantec reveals construction firm sold for lower-than-expected $102.6 million

Canadian engineering-design firm Stantec Inc. says it will record a non-cash goodwill expense of $53 million and account for an $8.7-million deferred tax charge on the sale of its construction services business.

The Edmonton-based company revealed Thursday the sale announced in October and closed last week of MWH Constructors resulted in gross proceeds of $102.6 million, less transaction costs and working capital adjustments of $57 million.

Thursday, November 08, 2018 | 04:15 PM

Canadian Tire reports third-quarter profit up from year ago, raises dividend

TORONTO - Canadian Tire Corp. Ltd. raised its dividend following a quarter spent quietly staging a return to the e-commerce marketplace.

The Toronto-based retailer reported Thursday that a spike in third-quarter profits and sales had caused it to increase its quarterly dividend to $1.04 per share, up from its previous 90 cents.

Thursday, November 08, 2018 | 04:10 PM

High Liner Foods cuts salaried workforce by 14 per cent after disappointing Q3

High Liner Foods Inc. shares fell more than 20 per cent as the company announced Thursday it cut 14 per cent of its salaried workforce following a "disappointing" third quarter.

"It's never easy to lose good people," said CEO Rod Hepponstal during a conference call with analysts in the afternoon after the company released its most recent financial results.

Thursday, November 08, 2018 | 04:02 PM

Montreal news outlet La Presse to cut 37 jobs as advertising revenue drops

MONTREAL - Management at Montreal's La Presse news group informed unionized employees Thursday that efforts to cut costs will lead to the elimination of 37 jobs through voluntary buyouts.

The media outlet has 230 journalists in its newsroom and a total of 550 employees.

Thursday, November 08, 2018 | 03:42 PM