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Business News Summary Headlines

Company releases, economic news, and business coverage.

UK's May, EU chief call latest Brexit talks 'constructive'

BRUSSELS - After the resignations of three of her party's lawmakers over Brexit, British Prime Minister Theresa May came away from more talks on preventing the U.K. from crashing out of the European Union with both she and the EU's chief deeming their meeting "constructive" Wednesday.

No breakthrough was announced from the dinner meeting at EU headquarters in Brussels between May and European Commission President Jean-Claude Juncker.

Wednesday, February 20, 2019 | 04:06 PM

Summary of CRTC's findings about telecom sales practices

Here's a list of findings by the Canadian Radio-television and Telecommunications Commission after it investigated allegations of misleading and aggressive sales tactics by wireless and internet service providers:

Overview: Misleading or aggressive retail sales practices are present in the telecommunications service provider market in Canada. They exist in all types of sales channels and are harming Canadian consumers.

Wednesday, February 20, 2019 | 03:38 PM

U.S.-based Devon Energy says it intends to exit Canadian oilsands sector

CALGARY - Another foreign oil company says it's getting out of the Canadian oilsands.

Oklahoma City-based Devon Energy Corp. announced after markets closed Tuesday that it will pursue the "separation" of its Canadian assets and its Barnett Shale holdings in Texas from its core business.

Wednesday, February 20, 2019 | 03:35 PM

Barrick helps facilitate Acacia Mining deal with Tanzanian government

TORONTO - Barrick Gold Corp. says it has helped facilitate a deal between Acacia Mining and the government in Tanzania as Barrick's new CEO looks to reorder the company.

Under the agreement, the economic benefits from Acacia's operations will be shared on an equal basis with Tanzania's government in the form of royalties, taxes and a 16 per cent free carry interest in the Tanzanian operations.

Wednesday, February 20, 2019 | 03:30 PM

CEOS for Royal Bank, Enbridge, call for better balance in energy policies

TORONTO - The CEOs of Canada's largest bank and its largest pipeline company say the country needs an energy strategy that will better balance environmental and Indigenous goals with the need to develop its abundant oil and gas resources.

But Royal Bank CEO Dave McKay and Al Monaco, CEO of Calgary-based Enbridge Inc., had little in the way of specific advice for government during a Canadian Club event in Toronto.

Wednesday, February 20, 2019 | 02:48 PM

Tesla's top lawyer leaves after only 2 months on the job

Tesla's top lawyer is leaving the company after only two months on the job.

Tesla said in a prepared statement Wednesday that General Counsel Dane Butswinkas (But-SWIN-kiss) will return to a legal practice in Washington, D.C. He'll continue to work for Tesla as outside counsel. No reason for the departure was given.

Wednesday, February 20, 2019 | 02:16 PM

French court hits Swiss bank UBS with $5.1 billion penalty

PARIS - A French court ordered Switzerland's largest bank, UBS, to pay 4.5 billion euros ($5.1 billion) in fines and damages for helping wealthy French clients evade tax authorities, sending a stern warning to tax dodgers and the banks that aid them.

The Paris court convicted Zurich-based UBS AG on Wednesday of aggravated money laundering of the proceeds of tax fraud and illegal bank soliciting, issuing what French media called a record fine.

Wednesday, February 20, 2019 | 02:12 PM

Alberta government helping new methanol plant with $80M in royalty credits

GRANDE PRAIRIE, Alta. - Alberta is giving $80 million in future royalty credits for construction of a new methanol plant in the province's northwest.

Premier Rachel Notley says Nauticol Energy is to start construction on the $2-billion plant near Grande Prairie next year with an opening set for 2020.

Wednesday, February 20, 2019 | 01:52 PM

Stelco says fed measures helping steel prices as it focuses on domestic market

HAMILTON - Steel producer Stelco Holdings Inc. says federal protections for the industry have helped prop up earnings as it focuses more on the domestic market.

Executive chairman Alan Kestenbaum said measures Ottawa put in place to protect against cheap steel imports have been helpful to isolate the company from U.S. price declines for steel.

Wednesday, February 20, 2019 | 01:51 PM

Crude-by-rail shipments set new record in December despite lower price discounts

CALGARY - The National Energy Board says crude-by-rail exports from Canada reached a record high in December.

Canada exported nearly 354,000 barrels per day of oil, up seven per cent from November's total of 330,400 bpd and the 152,000 bpd moved in December 2017.

Wednesday, February 20, 2019 | 12:39 PM