Company releases, economic news, and business coverage.
OTTAWA - A $21.7-billion surge in federal program expenses was almost entirely responsible for the government's expected 2016-17 deficit, according to a preliminary analysis of Ottawa's books.
The Finance Department numbers released Friday suggest the government's on track to run a $21.8-billion shortfall in the last fiscal year. The new figure puts the Liberal government close to its 2016-17 deficit projection of $23 billion, without counting a $3-billion risk adjustment that was added to the accounting framework.
WASHINGTON - President Donald Trump has vowed to revive the coal industry and regularly promises to "put our miners back to work." But one of his top White House advisers apparently does not share Trump's affinity for coal.
Economic adviser Gary Cohn says, "Coal doesn't even really make that much sense anymore as a feedstock."
TORONTO - Nortel Canada's long-suffering creditors will finally begin to receive their share of more than US$4 billion to be distributed under a plan approved in January, eight years after the former technology titan began bankruptcy proceedings.
Nortel Networks Corp. — the formerly public multinational company that was headquartered in Canada — announced Friday that the initial distribution of the money is expected to be made in late June or early July.
CALGARY - Penn West Petroleum Ltd. (TSX:PWT) wants to change its name to Obsidian Energy Ltd. after surviving an accounting scandal, debt crisis and commodity price crash over the past three years.
David French, who took over as CEO of the Calgary oil and gas company in October, says shareholders will be asked to approve the change because the company no longer resembles the "old Penn West."
TORONTO - Scotiabank has reached a deal to sell its Malaysian unit to Cathay Financial Holding Co Ltd.
The Canadian bank (TSX:BNS) indicated earlier this year that it was seeking a buyer for Bank of Nova Scotia Berhad.
ATLANTIC CITY, N.J. - Jim Allen once worked for Donald Trump in Atlantic City. Now, the chairman of Hard Rock International is doing all he can to scrub the influence of the man who is now president of the United States from his signature casino.
Hard Rock, the gambling arm of the Seminole Indian tribe of Florida, is working on a remake of the former Trump Taj Mahal casino, which the company bought in March for $50 million, for about 4 cents on the dollar from the $1.2 billion Trump spent to open it in 1990.
REGINA - Hundreds of unionized workers at Evraz North America's steel plant in Regina have voted overwhelmingly in favour of strike action to back contract demands.
The vote by members of United Steelworkers Local 5890 took place Thursday at a special meeting to discuss the company's contract proposals.
WASHINGTON - U.S. orders for long-lasting manufactured goods dropped in April for the first time in five months, and a key category that tracks business investment went nowhere for the second straight month.
The Commerce Department said Friday that durable goods orders fell 0.7 per cent in April after rising 2.3 per cent in March. The April downturn was the first since durable goods orders fell 4.6 per cent in November.
WASHINGTON - The U.S. economy started 2017 out with a whimper, but it wasn't quite as weak as first thought. The government revised up its January-March growth reading to a rate of 1.2 per cent — better than an earlier estimate of 0.7 per cent but well below President Donald Trump's ambitious growth targets.
Growth in the gross domestic product, the broadest measure of economic health, is down from a 2.1 per cent annual growth rate in the fourth quarter and marks the weakest result in a year, the Commerce Department reported Friday.
MONTREAL - Quebec Premier Philippe Couillard says he will begin the process of adopting back-to-work legislation Monday if there is no agreement in the province's construction strike.
Couillard told reporters in Jerusalem on Thursday he's giving the sides the weekend to hammer out a deal.