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Business News Summary Headlines

Company releases, economic news, and business coverage.

TSX has one of its best days of the year on rally by three largest sectors

TORONTO - Canada's main stock index inched to within one per cent of a record high Tuesday on a broad-based rally spurred on by renewed hope of U.S. interest rate cuts and a possible trade deal between the U.S. and China.

The S&P/TSX composite index closed up 149.90 points to 16,503.35 after hitting an intraday high of 16,527.28.

Tuesday, June 18, 2019 | 05:24 PM

Bank of Canada to review Facebook's cryptocurrency white paper 'very carefully'

OTTAWA - The Bank of Canada says it will review Facebook's white paper on its proposed global cryptocurrency Libra "very carefully," but would not comment on whether the social media giant has been in touch about its ambitious plans.

When asked about whether Facebook has reached out about its plan to launch its own digital currency, similar to Bitcoin, a Bank of Canada spokeswoman said it does not discuss private meetings that officials may have.

Tuesday, June 18, 2019 | 04:42 PM

SNC-Lavalin CEO names 'project oversight' executive in effort to rein in costs

MONTREAL - The new head of SNC-Lavalin Group Inc. has named a senior executive to oversee big-ticket contracts in an effort to keep a lid on costs at the beleaguered company, which announced further streamlining Tuesday.

Interim chief executive Ian Edwards has appointed Nigel White as executive vice-president of a newly created oversight project office in the United Kingdom that reports directly to the CEO.

Tuesday, June 18, 2019 | 04:30 PM

Most actively traded companies on the TSX

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

Toronto Stock Exchange (16,503.35, up 149.90 points).

Tuesday, June 18, 2019 | 04:29 PM

Ottawa estimates corporations dodged up to $11.4 billion in 2014 tax payments

Corporations avoided paying Ottawa between $9.4 billion and $11.4 billion in taxes in 2014, according to a new federal estimate by the Canada Revenue Agency.

The report estimates a "tax gap" the difference between what is owed to the government and what was collected for small and medium enterprises of between $2.7 billion and $3.5 billion and for large corporations of between $6.7 billion and $7.9 billion.

Tuesday, June 18, 2019 | 03:26 PM

Teachers' drops sale of its stake in Hudson's Bay to HBC executive chairman

TORONTO - The Ontario Teachers' Pension Plan has terminated an agreement to sell its 10 per cent stake in Hudson's Bay Co. to a private entity controlled by the retailer's executive chairman, Richard Baker.

The announcement, by one of Baker's private companies, came after HBC's publicly traded shares rose above what Teachers was to get under the Jan. 3 agreement.

Tuesday, June 18, 2019 | 03:21 PM

Boeing signs first deal for 737 Max jet since deadly crashes

PARIS - Boeing is selling its 737 Max planes again.

The company announced at the Paris Air Show on Tuesday that International Airlines Group, the parent company of British Airways and other carriers, signed a letter of intent for 200 Boeing 737 aircraft.

Tuesday, June 18, 2019 | 02:40 PM

China suspends imports from Canadian pork company over food safety issues

MONTREAL - China is targeting another Canadian pork producer by temporarily halting imports allegedly over food safety issues at a time when diplomatic tensions are intensifying between the two countries.

The decision follows the reported discovery of ractopamine, a food additive banned in China, in a shipment of frozen pork tongues shipped to the city of Nanjing from Quebec-based Frigo Royal, according to the Xinhua News Agency.

Tuesday, June 18, 2019 | 01:58 PM

AP names Michael Tackett deputy Washington bureau chief

WASHINGTON - The Associated Press on Tuesday named Michael Tackett, an award-winning journalist, as deputy bureau chief in Washington, directing coverage of the White House, Congress and politics.

The appointment was announced by Julie Pace, AP's chief of bureau in Washington.

Tuesday, June 18, 2019 | 12:47 PM

Facebook plans its own currency for 2 billion-plus users

SAN FRANCISCO - Facebook already rules daily communication for more than two billion people around the world. Now it wants its own currency, too.

The social network unveiled an ambitious plan Tuesday to create a new digital currency similar to Bitcoin for global use, one that could drive more e-commerce on its services and boost ads on its platforms.

Tuesday, June 18, 2019 | 12:24 PM