Business News Summary Headlines

Company releases, economic news, and business coverage.

Most actively traded companies on the TSX

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

Toronto Stock Exchange (16,309.23, up 95.92 points).

Wednesday, August 21, 2019 | 04:44 PM

More Telcos raise concern over CRTC's new wholesale broadband rates

TORONTO - A growing number of telecom companies are pushing back against the CRTC's decision to lower the rates they can charge smaller internet providers to use their networks.

Shaw Communications Inc. warned Wednesday of long-term negative consequences from the decision to dramatically reduce the federally regulated wholesale broadband prices.

Wednesday, August 21, 2019 | 04:31 PM

ACOA writes off balance of two multimillion-dollar loans to Irving company

FREDERICTON - An Irving-owned company is off the hook on repaying the balance owed on two multimillion-dollar federal loans it received to open a drywall plant in Saint John, N.B.

The two conditionally repayable loans, totalling $7.4 million, were issued in 2011 and 2012 under an Atlantic Canada Opportunities Agency program aimed at offsetting the impact of the closing of the Irving-owned Saint John shipyard.

Wednesday, August 21, 2019 | 04:03 PM

Fed officials widely divided on rates at July meeting

WASHINGTON - Federal Reserve officials were widely divided at their meeting last month when they decided to cut rates for the first time in a decade, with some arguing for a bigger rate cut while others insisted the Fed should not cut rates at all.

The minutes of the July 30-31 discussions released Wednesday show two officials believed the Fed should cut its benchmark policy rate by a half-percentage point, double the quarter-point reduction the central bank eventually agreed upon. On the other end, some Fed officials argued for no rate cut at all, believing that the economy was beginning to improve after a soft patch in the spring.

Wednesday, August 21, 2019 | 03:58 PM

Ontario Teachers earns 6.3 per cent return on investments in first half of 2019

TORONTO - Ontario Teachers' Pension Plan says it earned a 6.3 per cent return on its investments in the first six months of the year, raising its net assets to $201.4 billion.

The gain increased the pension fund's net assets by $10.3 billion as of June 30 after delivering contributions across every asset class in its portfolio, led by fixed income which accounts for 47 per cent of its assets.

Wednesday, August 21, 2019 | 12:21 PM

RBC's Q3 net income rises to $3.3B, misses estimates on weaker capital markets

TORONTO - Royal Bank of Canada increased its dividend as its third-quarter profit rose by five per cent to hit a record, but the lender's latest earnings missed estimates as challenging market conditions weighed on its capital markets division.

Earnings from its investor and treasury services arm also fell, but strength in personal and commercial banking, wealth management and insurance compensated for these weaknesses to reach a new quarterly high.

Wednesday, August 21, 2019 | 12:05 PM

Iran moves to strike 4 zeroes from its battered currency

TEHRAN, Iran - Iran's president sent a bill to parliament Wednesday that would cut four zeroes from the value of the Islamic Republic's sanctions-battered currency, the rial, as tensions remain high between Tehran and Washington.

By sending the bill to lawmakers, President Hassan Rouhani's government shows it is serious about an idea mulled for some time in Iran, where people discuss monetary transactions in both rials and —informally but more commonly — in tomans. A toman is worth 10 rials.

Wednesday, August 21, 2019 | 11:39 AM

Inflation hits Bank of Canada 2% target for second straight month

OTTAWA - Canadian annual inflation hit the Bank of Canada's ideal target for a second straight month, providing a stretch of price stability that's unlikely to weigh heavily on next month's interest-rate decision.

The inflation number came in at two per cent last month, Statistics Canada said Wednesday, which kept it right at the mid-point of the central bank's range of one to three per cent.

Wednesday, August 21, 2019 | 11:35 AM

US home sales rose 2.5% in July, aided by low mortgage rates

WASHINGTON - U.S. home sales increased 2.5% in July, a sign that lower mortgage rates have produced a spurt of home-buying.

The National Association of Realtors said Wednesday homes sold last month at a seasonally adjusted annualized rate of 5.42 million units, up from 5.29 million in June.

Wednesday, August 21, 2019 | 10:56 AM

China says British consulate staffer detained 15 days

BEIJING - China says a staffer at the British consulate in Hong Kong has been given 15 days of administrative detention in the Chinese city of Shenzhen.

At a daily briefing Wednesday, foreign ministry spokesman Geng Shuang offered no details about why he was being detained.

Wednesday, August 21, 2019 | 04:18 AM