Business News Summary Headlines

Company releases, economic news, and business coverage.

Analog Devices buys Maxim, creating $68 billion chipmaker

NEW YORK - Computer chip maker Analog Devices is buying Maxim Integrated in an all-stock deal that will create a company worth about $68 billion, and strengthens its position in the analog semiconductor sector.

The $20 billion acquisition would also give Analog a more defined roll in the development technology for 5G networks and self-piloted vehicles.

Monday, July 13, 2020 | 01:30 PM

Uncertainty over schooling plans has working mothers mulling leaving workforce

Sarah Pretty is no stranger to complicated situations. The Toronto-based retail distributor has had to confront myriad supply chain issues during the COVID-19 pandemic, but she calls the current school and home life situation of Canadian families an "operational nightmare."

"It's the uncertainty that's eating away at people," says Pretty, adding that some of her retailer customers are relying on a skeleton staff of childless workers to keep physical locations running. "I can't make plans about how to grow my businesses. . . . I can't imagine what my revenue might be like."

Monday, July 13, 2020 | 01:22 PM

Yamana says Canadian Malartic gold mine exceeded post-COVID production targets

TORONTO - Yamana Gold Inc. says the Canadian Malartic mine in Quebec has ramped up production more quickly than anticipated following a COVID-related shut-down.

The mine, one of North America's largest gold producers, milled more than 60,000 tonnes per day of ore in both May and June, partially offsetting the down time and ramp-up in production that began April 15 after the province allowed work to resume.

Monday, July 13, 2020 | 12:41 PM

Initiative to fight anti-Black systemic racism on Bay St. launched

TORONTO - A coalition of Canadian business leaders have announced a strategic partnership for a program to support Black professionals on Bay Street and elsewhere.

The Canadian Council of Business Leaders Against Anti-Black Systemic Racism and the Canadian Association of Urban Financial Professionals announced the plan dubbed the Black North Initiative on Monday.

Monday, July 13, 2020 | 11:59 AM

IMF: Mideast loses $270B oil income amid virus, recession

DUBAI, United Arab Emirates - The Middle East's energy producers are expected to earn $270 billion less in oil revenue compared to last year as the region's economic heavyweight, Saudi Arabia, sinks deeper into recession amid the coronavirus pandemic, according to the International Monetary Fund's outlook released Monday.

The international lender expects an overall economic contraction of 7.3% in Mideast oil exporting countries this year due to hits from the coronavirus outbreak and oil market turmoil. The contraction is 2% greater than the IMF's initial projections in mid-April.

Monday, July 13, 2020 | 11:55 AM

Intertape says demand strong as COVID closures lifted, Q2 revenue above estimate

MONTREAL, Ont. - Intertape Polymer Group Inc. says its second-quarter revenue was substantially above its expectations due to strong demand as customers resumed activity following their COVID closures.

According to Intertape's preliminary estimate, revenue for the three months ended June 30 was US$267 million ó 6.8 per cent above the high end of its May 13 estimate.

Monday, July 13, 2020 | 09:57 AM

Five things to watch for in the Canadian business world in the coming week

TORONTO - Five things to watch for in the Canadian business world in the coming week:

Statistics Canada report

Sunday, July 12, 2020 | 10:00 AM

Asia Today: No masks on red carpet as Taiwan logs few cases

TAIPEI, Taiwan - Taiwan wrapped up an annual film festival with an awards ceremony Saturday night, as the island holds more public events after keeping its coronavirus outbreak to a few hundred cases.

Actors and others lined up for photo shoots with no social distancing, and participants didnít wear masks in historic Zhongshan Hall in Taipei. Taiwan, with a population of about 23 million people, has had 451 confirmed cases and seven deaths.

Sunday, July 12, 2020 | 08:09 AM

Ubisoft cuts ties with managing director of Canadian studios as restructuring continues

MONTREAL - A Paris-based game developer is cutting ties with the managing director of its Canadian studios as the company continues to grapple with allegations of misconduct.

Ubisoft says Yannis Mallat is "stepping down from his role and will leave the company, effective immediately."

Saturday, July 11, 2020 | 10:00 PM

NordStar raises bid for Torstar Corp. to $60 million days after rival offer

TORONTO - A Canadian investment firm attempting to purchase Torstar Corp. has upped its bid in response to a rival offer for the media conglomerate.

NordStar Capital LP has amended its agreement to purchase the owner of the Toronto Star and other community newspapers, saying it will now pay $60 million instead of the initially agreed-upon $52 million.

Saturday, July 11, 2020 | 09:34 PM