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Business News Summary Headlines

Company releases, economic news, and business coverage.

Public advocate backs power line; environment group opposed

HALLOWELL, Maine - A proposed transmission line across western Maine that would serve as a conduit for Canadian hydropower is "in the best interest" of state electricity customers thanks to incentives negotiated with Central Maine Power, the state's public advocate said Thursday.

The state's largest environmental advocacy organization, however, remains opposed to the 145-mile (230-kilometre) line.

Thursday, March 07, 2019 | 06:24 PM

Canadian dollar dips for sixth straight day amid dovish tone about interest rates

TORONTO - The Canadian dollar dipped for sixth consecutive day and North American markets fell Thursday after global central banks continued convey a dovish tone about raising interest rates.

The loonie traded at an average of 74.42 cents US compared with an average of 74.52 cents US on Wednesday. Since Feb. 27, the currency has lost 1.65 cents or nearly 2.2 per cent.

Thursday, March 07, 2019 | 05:41 PM

Most actively traded companies on the TSX

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

Toronto Stock Exchange (16,056.51, down 35.56 points).

Thursday, March 07, 2019 | 04:47 PM

Spin Master shares trade down after earnings drop from Toys R Us closures

TORONTO - Shares of Spin Master Corp. closed down over 10 per cent Thursday after the toy and entertainment company's earnings dropped and it warned of lingering disruptions from the U.S. bankruptcy of Toys R Us.

The Toronto-based company behind popular brands including Paw Patrol and Hatchimals says the liquidation of the roughly 700 U.S. Toys R Us stores will continue to disrupt the retail landscape for the first half of the year.

Thursday, March 07, 2019 | 04:38 PM

Here's what a 10-year ban on federal contract bids would mean for SNC-Lavalin

MONTREAL - As a scandal surrounding SNC-Lavalin Group Inc.'s lobbying efforts to avoid criminal charges continues to plague the federal government, it remains unclear exactly what a conviction would mean for the company.

The engineering and construction giant is facing criminal prosecution over alleged bribes to Libyan government officials while pursuing business in that country. Under the current rules, a conviction includes a 10-year ban on federal contracts.

Thursday, March 07, 2019 | 04:15 PM

Federal government pledges $49 million for $3.5-billion plastics project

CALGARY - A $3.5-billion project to turn Alberta propane into plastic pellets for the manufacture of consumer products is to receive $49 million from the federal government.

Ottawa says the money provided to Calgary-based Inter Pipeline Ltd. through the $1.6-billion Strategic Innovation Fund will help secure jobs and support the environmentally cleaner production of plastic products.

Thursday, March 07, 2019 | 04:10 PM

Central bank 'surprised' by weak data before longer slump call, rate-hike doubts

OTTAWA - A weak data report "surprised" the Bank of Canada ahead of its decision to cast doubts about future interest-rate hikes and to warn Canadians the ongoing slump could prove to be unexpectedly stubborn, says one of the bank's top officials.

Deputy governor Lynn Patterson said in a speech Thursday that the central bank had been expecting a growth slowdown in the energy sector over the final three months of 2018, particularly after the oil-price drop late in the year.

Thursday, March 07, 2019 | 04:08 PM

Canadian Natural says oil curtailments work, despite rivals' complaints

CALGARY - Alberta's crude curtailment plan is working so well to support western Canadian oil prices that it won't likely be needed for too much longer, say executives at Canadian Natural Resources Ltd.

Furthermore, the profitability of crude-by-rail shipments to the U.S. Gulf Coast is intact and will encourage more export capacity growth, they added on Thursday.

Thursday, March 07, 2019 | 02:43 PM

Airbnb acquires last-minute booking service HotelTonight

SAN FRANCISCO - Airbnb is acquiring last-minute booking service HotelTonight in order to boost its offerings.

The two San Francisco-based companies announced the deal Thursday. Terms weren't revealed.

Thursday, March 07, 2019 | 01:40 PM

Nova Scotia to spend $691 million on capital projects in fiscal 2019-20

HALIFAX - Nova Scotia's Liberal government announced its largest capital plan since coming to power in 2013, committing $691.3 million for hospitals, schools and highways in 2019-20.

The figure announced Thursday is an $86-million increase over last year's capital budget.

Thursday, March 07, 2019 | 01:29 PM