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Business News Summary Headlines

Company releases, economic news, and business coverage.

US businesses increase stockpiles in July

WASHINGTON - U.S. businesses increased their stockpiles in July, but at a slower pace than in June. Sales also rose by a small amount.

Business inventories rose by a seasonally adjusted 0.2 per cent in July, following June's gain of 0.5 per cent, the Commerce Department said Friday. The June increase in inventories was the most since a 0.9 per cent gain in November of last year.

Friday, September 15, 2017 | 10:10 AM

Survey: Factory activity in New York state remains solid

WASHINGTON - Factory activity in New York was strong this month after reaching a three-year high in August.

The Federal Reserve Bank of New York said Friday that its Empire State manufacturing index dipped to 24.4 in September, a level that still points to a brisk pace of growth for factories. The August reading of 25.2 had been the highest since September 2014.

Friday, September 15, 2017 | 10:04 AM

US retail sales dipped 0.2 pct. in August as auto sales fell

WASHINGTON - Consumers cut back on their shopping in August by the largest amount in six months as declining auto sales offset gains in other areas.

Retail sales fell 0.2 per cent last month after a 0.3 per cent gain in July, the Commerce Department said Friday. It was the biggest one-month drop since an identical decline in February. Auto sales sank 1.6 per cent, the most in seven months.

Friday, September 15, 2017 | 09:40 AM

Justice ministers push feds for answers on support for pot legalization

VANCOUVER - Canada's justice ministers are asking for clarity and support as they scramble to organize and police an entirely new marijuana industry in fewer than 10 months.

British Columbia Solicitor General Mike Farnworth said he hopes this week's meeting between federal Justice Minister Jody Wilson-Raybould and her provincial and territorial counterparts will provide more answers about how the Canadian government intends to make good on its plans to legalize pot by summer 2018.

Friday, September 15, 2017 | 08:59 AM

Equifax faces growing scrutiny as CAA says thousands may be impacted

TORONTO - Equifax Canada is facing intensifying calls for transparency on its massive cyberhack as the Canadian Automobile Association informs thousands of its members that their data may have been compromised and frustrated consumers ask questions about why they're being treated worse than their U.S. counterparts.

CAA said Thursday it partnered with Equifax on its identity protection program and is notifying the roughly 10,000 members who participated that they may have had sensitive data divulged in the security breach made public last week.

Friday, September 15, 2017 | 08:58 AM

Partners pull plug on Aurora LNG project near Prince Rupert for economic reasons

CALGARY - In the latest setback to B.C.'s liquefied natural gas export industry prospects, the partners developing the Aurora LNG project say they are ending a feasibility study after four years.

Nexen Energy, a Calgary-based subsidiary of Chinese oil giant CNOOC Ltd., says it has decided with Japanese partner INPEX Gas British Columbia Ltd. to stop work on the proposal effective immediately.

Friday, September 15, 2017 | 08:56 AM

Garneau, airlines face off over Liberals' proposed air passenger bill of rights

OTTAWA - Transport Minister Marc Garneau pushed back Thursday against suggestions the Liberals' proposed air passenger bill of rights is too heavy-handed with airlines, saying the government's intent is not to pick on air carriers.

Garneau told a Commons committee studying the proposal that the government's goal is to create regulations that are fair to airlines and passengers to ensure everyone knows their rights and responsibilities.

Friday, September 15, 2017 | 08:53 AM

'Moving from megabytes to gigabytes:' Ottawa pledges $50M for Arctic internet

IQALUIT, Nunavut - The federal government has promised to contribute nearly $50 million to bring high-speed internet to Nunavut where some of the poorest and most expensive service in Canada has long been considered an economic drag.

The money, together with $73 million from regional service provider Northwestel, will put satellite dishes and ground stations in all 25 Nunavut communities, Innovation, Science and Economic Development Minister Navdeep Bains said Thursday in Iqaluit.

Friday, September 15, 2017 | 08:51 AM

Eldorado receives more approvals in Greece, still waiting for others

VANCOUVER - Eldorado Gold Corp. (TSX:ELD) says it has received another permit and the approval of a technical study for the closure of its Old Olympias mine in Greece.

The company has been embroiled in a fight with the Greek government over its gold mining operations in the country.

Friday, September 15, 2017 | 07:30 AM

Canadian retailer Roots files for IPO, plans international expansion

TORONTO - Another Canadian clothing retailer, Roots Corp., wants to take its company public as it plans a massive North American and international expansion over the next several years.

For the heritage-fashion retailer the switch from being a private company for more than four decades comes against a challenging retail environment that's seen numerous bankruptcies, and mass store closures and layoffs in recent years.

Thursday, September 14, 2017 | 10:17 PM