Business News Summary Headlines

Company releases, economic news, and business coverage.

Tarion CEO steps down, minister orders changes to board

TORONTO - Ontario's government and consumer services minister says she asked the CEO of the corporation that enforces warranties on new homes to step down.

That follows a recent auditor general report that slammed Tarion Warranty Corp., saying it has favoured the interests of builders over homeowners.

Thursday, December 05, 2019 | 03:07 PM

Approved oilsands project now awaits pipeline capacity increases: developer

CALGARY - The developer of a 12,000-barrel-per-day thermal oilsands project approved Thursday by the Alberta government says actually going ahead with construction depends largely on when new pipelines can be in service.

President Serge Bisson of privately held Grizzly Oil Sands ULC says the company will now meet with its owners, Wexford Capital LP with 75 per cent and Gulfport Energy Corp. with 25 per cent, to discuss how to proceed with the May River project, which is estimated to cost more than $200 million to build.

Thursday, December 05, 2019 | 02:02 PM

The Second Cup agrees to buy Ottawa chain Bridgehead Coffee for $9.5 million

The Second Cup Ltd. shares soared after the company announced it will acquire a popular Ottawa-based coffee chain in its first deal since it revealed plans to become a conglomerate of players in the coffee, food service and cannabis sectors.

The company's shares were up more than 19 per cent on the Toronto Stock exchange following the announcement before paring back somewhat. Shares gained 10 cents, or 7.4 per cent, to $1.45 in early afternoon trading.

Thursday, December 05, 2019 | 01:15 PM

Bank of Canada deputy governor Timothy Lane says Canadian economy resilient

OTTAWA - The Canadian economy remains resilient despite the global uncertainty caused by the trade war between the United States and China, a senior Bank of Canada official said Thursday.

In a speech to the Ottawa Board of Trade, deputy governor Timothy Lane said inflation in Canada remains on target and a strong job market points to sources of growth.

Thursday, December 05, 2019 | 11:59 AM

Statistics Canada says merchandise trade deficit was $1.1B in October

OTTAWA - Statistics Canada says the country's merchandise trade deficit with the world was $1.1 billion in October.

The result came as figures for September were revised to show a deficit of $1.2 billion compared with an initial reading of a deficit of $978 million.

Thursday, December 05, 2019 | 10:52 AM

Aeroplan workers ratify collective agreement after joining Air Canada

TORONTO - About 400 Aeroplan workers have ratified a collective agreement that standardizes wages for employees of the newly acquired loyalty program.

Unifor says workers hired after 2016 were being paid less, but will now see a roughly 60 per cent increase in compensation over the course of the five-year agreement.

Thursday, December 05, 2019 | 10:05 AM

A little financial housekeeping at the end of the year can help on your taxes

OTTAWA - You may be reluctant to add one more item to an already daunting holiday to-do list, but financial experts want to make sure your financial plan doesn't get neglected in the year-end rush as 2019 comes to a close.

Mike Laughton, a financial planner at RBC, says the mistake many Canadians make is that they don't think about their taxes until April and by that time it is too late to take advantage of the many opportunities available to reduce what they must pay.

Thursday, December 05, 2019 | 10:00 AM

US trade gap narrows 7.6% to $47.2 billion in October

WASHINGTON - The U.S. trade deficit narrowed in October as imports fell faster than exports. The politically sensitive trade gap with China dropped.

The Commerce Department said Thursday that the gap between what America sells and what it buys abroad dropped 7.6% to $47.2 billion in October. Imports tumbled 1.7% to $254.3 billion on reduced purchases of foreign oil, cars and auto parts and pharmaceuticals. Exports dipped 0.2% to $207.1 billion on a drop in sales of soybeans and aircraft engines.

Thursday, December 05, 2019 | 08:42 AM

Low water flows at crux of next phase in Fraser River salmon rescue mission: DFO

LILLOOET, B.C. - Government officials say there is a "high risk" they won't be fully successful in rescuing salmon species threatened by a massive landslide on British Columbia's Fraser River.

The landslide at Big Bar northwest of Kamloops was discovered in June and the government has said several species are at risk of extinction.

Wednesday, December 04, 2019 | 09:16 PM

Telus to buy German call centre firm Competence Call Center for $1.3 billion

VANCOUVER - Telus Corp. is buying a German call centre company through its Telus International subsidiary for about $1.3 billion.

Vancouver-based Telus says it has agreed to acquire Competence Call Center (CCC), a business services provider of with a focus on customer relations and management and content moderation.

Wednesday, December 04, 2019 | 09:08 PM