Business News Summary Headlines

Company releases, economic news, and business coverage.

Federal appeal court greenlights airlines' challenge to passenger bill of rights

OTTAWA - The Federal Court of Appeal has agreed to hear airlines' legal challenge to Canada's new passenger bill of rights.

The appeal, which aims to quash rules that beef up compensation for travellers subjected to delayed flights and damaged luggage, was filed last month by Air Canada and Porter Airlines Inc. along with 15 other airlines and two industry groups.

Thursday, August 15, 2019 | 05:12 PM

Most actively traded companies on the TSX

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

Toronto Stock Exchange (16,012.53, down 33.41 points).

Thursday, August 15, 2019 | 04:45 PM

Russian pilot safely lands jetliner disabled by bird strike

MOSCOW - A Russian pilot whose passenger jet lost power in both engines after colliding with a flock of gulls shortly after takeoff Thursday managed to land in a cornfield smoothly enough that only one person was hurt seriously enough to be hospitalized.

The quick thinking of the captain, 41-year old Damir Yusupov, drew comparisons to the 2009 "miracle on the Hudson," when Capt. Chesley Sullenberger safely ditched his plane in New York's Hudson River after a bird strike disabled its engines.

Thursday, August 15, 2019 | 04:02 PM

Intact inks $1B deal for two insurers as a portal to rich clients

TORONTO - Intact Financial Corp. has signed a deal to buy two specialty insurers in a move that gives it a foothold in the market for wealthy clients, part of a broader push among financial services firms toward high-net-worth customers.

The $1-billion agreement with Princeton Holdings Ltd. will see The Guarantee Co. of North America and Frank Cowan Co. Ltd. come under the umbrella of Intact, it said Thursday.

Thursday, August 15, 2019 | 04:02 PM

Economic outlook credits major projects in B.C. for continued growth: Central 1

VANCOUVER - A financial services organization in British Columbia is forecasting modest but slower growth for the province through 2022.

Central 1 says economic growth in B.C. should remain just above two per cent over the next 28 months.

Thursday, August 15, 2019 | 02:15 PM

Halifax-based Irving shipyard gets $500 million frigate maintenance contract

Halifax-based Irving Shipbuilding Inc. has been awarded a $500-million federal contract to carry out maintenance work for the Royal Canadian Navy.

The initial five-year contract guarantees a minimum of three Halifax-class frigates for the shipyard, with work planned to begin in the early 2020s.

Thursday, August 15, 2019 | 12:38 PM

Canadian Real Estate Association reports home sales climbed higher in July

Canadian home sale rose in July in broad gains as markets start to recover from the stress test tightening last year, though economists say global concerns raise some uncertainties for the future.

The Canadian Real Estate Association said Thursday that home sales rose 12.6 per cent in July from a year earlier, and were up 3.5 per cent seasonally adjusted from June.

Thursday, August 15, 2019 | 12:20 PM

Walmart delivers big in 2Q

NEW YORK - Walmart offered a dose of optimism amid growing concerns over weakening economic growth by raising its annual outlook after a strong second quarter.

Sales at stores opened at least a year rose 2.8%, its 20th consecutive quarter in the right direction as the world's largest retailer continues to expand its grocery delivery services. U.S. online sales increased 37%.

Thursday, August 15, 2019 | 10:47 AM

Dashcams provide 'unbiased witness' when bad things happen to good drivers

CALGARY - In a video taken through the windshield of Dung Le's 15-year-old Toyota Echo, an oncoming car breaks the monotony of a wide, nearly empty street on a quiet August morning in a sprawling residential Edmonton neighbourhood.

As it approaches, the car leaves its lane as though turning into a driveway, then straightens and aims head-on at Le's car. There's a crashing noise, the dashcam is jolted upward to focus on empty blue sky and a man's voice is heard saying, "What happened? What happened?"

Thursday, August 15, 2019 | 10:00 AM

US productivity grew a healthy 2.3% rate in 2nd quarter

WASHINGTON - U.S. productivity increased at a decent pace in the second quarter, a trend that could lead to higher wages if it continues.

The Labor Department said Thursday that productivity or output per hour worked rose 2.3% in the April-June quarter, down from 3.5% in the first three months of the year. The first quarter gain was the best in four years.

Thursday, August 15, 2019 | 08:34 AM