Company releases, economic news, and business coverage.
SACRAMENTO, Calif. - A California utility agreed Tuesday to pay $1 billion to 14 local governments to cover damages from a series of deadly wildfires caused by its downed power lines.
The settlement is a sliver of the more than $30 billion in potential damages Pacific Gas & Electric is facing in lawsuits filed by local governments, insurance companies and private property owners.
OTTAWA - There was swift reaction Tuesday to the decision by the Trudeau Liberals to give the go-ahead to the Trans Mountain oil pipeline expansion. Here is what federal, provincial and Indigenous leaders, as well various groups had to say:
"Fundamentally, this isn't a choice between producing more conventional energy or less. It's a choice about where we can sell it and how we get it there safely. We strongly believe that having more options and more markets puts Canada in a stronger, strategic position to create good middle-class jobs and invest in our shared future. That is why we made today's decision." — Prime Minister Justin Trudeau
CALGARY - Ottawa's approval of the Trans Mountain pipeline expansion pleased business leaders on Tuesday but they say they will hold off on popping champagne corks until construction begins on new pipe from Edmonton to the West Coast.
"It was essential to show the world that our country can get major infrastructure projects approved," said CEO Tim McMillan of the Canadian Association of Petroleum Producers at an afternoon news conference.
OTTAWA - Justin Trudeau gave Canada's controversial Trans Mountain pipeline expansion a second lease on life Tuesday, framing the decision in starkly political terms that portrayed his Liberal government as best positioned to walk the narrow tightrope between economic development and environmental protection.
Trapped between the need to find new markets for Canadian oil and his own party's branding as environmental stewards, the prime minister made his best case for a pipeline project — one the federal government now owns outright — that critics see as diametrically opposed to the core Liberal message of confronting the climate crisis.
WASHINGTON - President Donald Trump said he'll hold trade talks with Chinese President Xi Jinping next week at a summit of nations in Japan. And U.S. and Chinese negotiators will resume talks before the leaders meet.
Financial markets greeted the news with relief Tuesday. The Dow Jones Industrial Average closed 1.4% higher, adding 353 points.
SAN FRANCISCO - The Latest on San Francisco's effort to ban sales of electronic cigarettes in the city (all times local):
SAINT JOHN, N.B. - Food and lifestyles guru Martha Stewart says the recipe for success she has followed throughout her career also applies to cannabis companies — offer quality products at fair prices.
"My approach has always been make the best product at the best price and distribute it as widely as possible. That's why when I started my business ... I started at Kmart, that old, wonderful store," Stewart told about 650 cannabis industry leaders Tuesday at the World Cannabis Congress in Saint John, N.B.
NEW YORK - The two top winter sports crowned their champions as summer neared, separated by exactly 10 million viewers.
The sixth game of the NBA Finals, where the Toronto Raptors dethroned the depleted Golden State Warriors, was seen by 18.76 million viewers in the United States, according to the Nielsen company. The final two games buoyed ABC, which had been suffering in the ratings with the series between a Canadian opponent and a team competing in its fifth consecutive finals.
MONTREAL - DavidsTea Inc. saw sales slip in its most recent quarter, despite a gain in tea sales online and at grocery stores.
The Montreal-based company says its sales for the first quarter were $44.3 million — down $1.5 million or 3.3 per cent from $45.8 million in the same quarter the previous year.
OTTAWA - The final version of a new Liberal telecommunications policy, in effect as of Tuesday, takes steps to address industry concerns while maintaining a more consumer-oriented direction than the 2006 policy it replaces.
The new policy directive to the Canadian Radio-television and Telecommunications Commission still emphasizes the need for affordable access to wireless, internet and other telecom services throughout the country.