Business News Summary Headlines

Company releases, economic news, and business coverage.

Gaultier bids the runway adieu on final day of couture

PARIS - John Galliano put on a tongue-in-cheek show for Maison Margiela on the final day of Paris Fashion Week, as Jean Paul Gaultier bid adieu to the Paris couture runway with a fashion show and surprise guest singer Boy George at the Chatelet Theater.

Gaultier on Wednesday retired from runway couture collections — the designer’s only remaining runway show outlet since ending his ready-to-wear collections in 2014. Hanging up his couture pin cushion — and with it effectively his catwalk career — is a big moment for the industry, but also a logical step for the onetime enfant terrible of French fashion, who had acknowledged his disillusionment with the frenetic pace of the modern fashion industry.

Wednesday, January 22, 2020 | 04:58 PM

TSX resumes record climb, loonie falls after BoC says open to rate cuts

TORONTO - Canada's main stock index resumed its climb to record highs midweek as the Bank of Canada said it was finally open to lowering interest rates.

The central bank kept interest rates on hold Wednesday at 1.75 per cent in the face of a slower-than-expected start to 2020 for the Canadian economy, but governor Stephen Poloz left the door open to a rate cut if the weakness is more persistent than expected.

Wednesday, January 22, 2020 | 04:56 PM

Rogers chief executive warns Ottawa against making negative regulatory changes

TORONTO - Rogers Communications Inc. plans to spend nearly $3 billion on capital investments this year but its chief executive warned Wednesday that amount could be reduced if Canada's government or telecom regulator adopt the wrong policies.

The Toronto-based company — owner of one of Canada's biggest wireless and internet businesses — issued 2020 guidance that includes an estimate of between $2.7 billion and $2.9 billion of capital expenditures this year.

Wednesday, January 22, 2020 | 04:56 PM

Hallmark media CEO leaves, month after same-sex ad backlash

NEW YORK - The head of Hallmark's media business is leaving the company after 11 years, just a month after its flagship Hallmark Channel faced an outcry over a decision to pull an ad with a lesbian couple kissing.

No reason was given for Bill Abbott's departure, and no replacement was immediately named.

Wednesday, January 22, 2020 | 04:54 PM

Most actively traded companies on the TSX

TORONTO - Some of the most active companies traded Wednesday on the Toronto Stock Exchange:

Toronto Stock Exchange (17,599.86, up 27.58 points).

Wednesday, January 22, 2020 | 04:28 PM

Saudi crown prince's WhatsApp linked to Bezos phone hack

DUBAI, United Arab Emirates - The cellphone of Amazon founder and Washington Post owner Jeff Bezos was hacked in what appeared to be an attempt by Saudi Arabia's crown prince to "influence, if not silence" the newspaper's reporting on the kingdom, two U.N. human rights experts said Wednesday.

The U.N. experts called for an “immediate investigation” by the United States into a report commissioned by Bezos that showed the billionaire technology mogul's phone was likely hacked after he received an MP4 video file sent from Crown Prince Mohammed bin Salman's WhatsApp account after the two men exchanged phone numbers during a dinner in Los Angeles in 2018.

Wednesday, January 22, 2020 | 04:23 PM

Scotiabank chief economist doubtful on recession, expects interest rate cut

TORONTO - The Bank of Nova Scotia's senior vice president and chief economist isn't fretting over a potential recession because he believes predictions that one will hit Canada are "exaggerated."

"We don't think a recession is likely whether that's in the U.S., whether it's in Canada ..." said Jean Francois Perrault at the bank's investor day in Santiago, Chile on Wednesday. "We think Canadian fundamentals remain pretty solid."

Wednesday, January 22, 2020 | 03:53 PM

Bank of Canada keeps key rate target on hold, trims growth expectations for 2020

OTTAWA - The Bank of Canada kept its key interest rate on hold at 1.75 per cent Wednesday in the face of a slower-than-expected start to 2020 for the Canadian economy, but governor Stephen Poloz left the door open to an rate cut if the weakness is more persistent than expected.

In its latest quarterly forecast, the central bank predicted the Canadian economy will grow by 1.6 per cent this year, down 0.1 of a percentage point from its projection in October.

Wednesday, January 22, 2020 | 03:20 PM

SNC-Lavalin recruits ex-Bombardier asset sales specialist to lead transformation

MONTREAL - SNC-Lavalin Inc. has recruited a former Bombardier executive who oversaw key asset sales to oversee the engineering and construction firm's strategic transformation.

Louis Veronneau will take on the new role of chief transformation officer, which includes possible divestments and reducing costs. The mergers and acquisitions specialist led negotiations to sell Bombardier's majority stake in the C Series to Airbus, a stake of its rail division to the Caisse de depot et placement du Quebec and its Downsview site in Toronto to a pension fund.

Wednesday, January 22, 2020 | 01:46 PM

Johnson & Johnson posts higher sales, big 4Q profit jump

Higher prescription drug sales and lower legal costs drove Johnson & Johnson's fourth-quarter profit 32% higher.

The world's biggest maker of health care products on Wednesday reported net income of $4.01 billion, or $1.50 per share. That's up from $3.04 billion, or $1.12, a year earlier.

Wednesday, January 22, 2020 | 01:10 PM