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Business News Summary Headlines

Company releases, economic news, and business coverage.

Calgary man on lam in Mexico sentenced to 3 years in $27M mortgage fraud

CALGARY - A Calgary man who was arrested after being on the lam for two years in Mexico for his part in a $27 million mortgage fraud has been sentenced to three years in prison.

Kenneth Charles Fowler was president of The Investment Exchange Mortgage Corporation (TIE Mortgage).

Friday, May 26, 2017 | 05:35 PM

Alberta sees another credit rating downgrade on rising debt levels

EDMONTON - Alberta's credit rating has once again been knocked down over concerns of rising debt levels and unbalanced budgets.

S&P Global Ratings says it has reduced the province's rating two notches from AA to A+ on its expectation of continued high deficits in the next two years as Alberta tries to stimulate the economy.

Friday, May 26, 2017 | 05:34 PM

Broker, agent who worked with subsidiary of Home Capital disciplined

TORONTO - An Ontario regulator says it has imposed disciplinary actions against a mortgage broker and agent who worked with Home Trust Co., a subsidiary of Home Capital Group (TSX:HCG), over their handling of mortgages.

The Financial Services Commission of Ontario (FSCO) says it conducted a review of 45 mortgage brokers and agents that Home Capital cut ties with after they were accused of falsifying income information several years ago.

Friday, May 26, 2017 | 05:09 PM

Company faces backlash for pulling Hannity ads

NEW YORK - Financial services firm USAA, facing a backlash to its decision to pull advertising from Sean Hannity's show on Fox News Channel, says it is withdrawing from other opinion-based television programs.

The company, which sells insurance and other products to members of the U.S. military, veterans and their families, had cited its aversion to opinionated programming in backing away from Hannity. The veteran talk show host has become a liberal target because of his focus on a discredited story about a murdered Democratic National Committee staffer.

Friday, May 26, 2017 | 04:51 PM

North American stock indices relatively flat ahead of Memorial Day weekend

TORONTO - North American stock markets were relatively flat Friday, while the price of oil rebounded after dropping nearly US$2.50 a barrel the day before.

The S&P/TSX composite index inched forward 6.20 points to 15,416.93 as the gold sector led the way.

Friday, May 26, 2017 | 04:49 PM

Most actively traded companies on the TSX

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

Toronto Stock Exchange (15,416.93, up 6.20 points):

Friday, May 26, 2017 | 04:45 PM

Ottawa won't impose national threshold for electric car purchases, says Garneau

MONTREAL - Ottawa has appointed an advisory group to develop a plan for getting more zero-emission vehicles on the road, but it won't follow Quebec in requiring automakers to sell a minimum number of electric cars, Transport Minister Marc Garneau said Friday.

"We just decided that instead of giving ourselves a specific number what we would do is try to make the conditions more favourable for people to buy zero-emissions vehicles," he said in an interview at an electric vehicle show.

Friday, May 26, 2017 | 03:59 PM

G7 leaders agree on counterterrorism, but clash with Trump on climate, trade

TAORMINA, Italy - Donald Trump and his six fellow G7 leaders, who seemed to take up a lot less space next to the larger-than-life U.S. president, agreed Friday to do more to counter violent extremism, but remained far apart on issues like climate change and free trade.

A statement, separate from the not-yet-complete final communique, said that while the G7 is already committed to the fight against terrorism, Monday's deadly attack in Manchester has driven home the need to step up efforts and quickly.

Friday, May 26, 2017 | 03:50 PM

Jay Z's Tidal streaming service loses its 3rd CEO in 2 years

NEW YORK - Jay Z's Tidal streaming service has lost its third CEO in two years.

Tidal said Friday that Jeffrey Toig has left the company, which was launched in 2015. Toig joined Tidal in January 2016.

Friday, May 26, 2017 | 03:28 PM

Trump ruffles feathers by calling Germans 'bad' - on trade

TAORMINA, Italy - President Donald Trump has criticized Germany's trade surplus with the United States, drawing attention to a contentious issue at a summit of world leaders where trade is already a sticking point.

As the leaders of seven wealthy democracies gathered for difficult talks on trade and climate change, Germany's Der Spiegel reported that Trump had told EU leaders the day before that the Germans were "bad, very bad" when it came to trade.

Friday, May 26, 2017 | 03:09 PM