Company releases, economic news, and business coverage.
VANCOUVER - Kinder Morgan says it will proceed with the $7.4-billion Trans Mountain pipeline expansion as long as it secures satisfactory financing for the project through its initial public offering.
The Texas-based company, in conjunction with its indirect subsidiary Kinder Morgan Canada, announced Thursday its final investment decision on the project, which is conditional on the successful completion of the IPO.
WATERLOO, Ont. - BlackBerry Ltd. (TSX:BB) says it will receive US$940 million from Qualcomm by May 31 to settle a dispute over royalty payments.
An arbitrator sided with BlackBerry in April, and announced an interim award of US$814.9 million plus additional amounts for interest and legal fees.
NEW YORK - Mark Zuckerberg returned Thursday to Harvard, where he launched Facebook and then dropped out, telling graduates it's up to them to bring purpose to the world, fight inequality and strengthen the global community.
"Change starts local. Even global changes start small — with people like us," the Facebook CEO said. He shared stories about graduates such as David Razu Aznar, a former city leader who led the effort to legalize gay marriage in Mexico City, and Agnes Igoye, who grew up in conflict zones in Uganda and now trains law enforcement officers.
TOKYO - While world attention has focused on Kim Jong Un's recent missile tests, a monthlong surge in gasoline prices in Pyongyang is showing no signs of letting up — a puzzling problem that if allowed to drag on could be very bad news for the North Korean economy.
Prices have shot up to about $2.30 per kilogram, or about $6.44 a gallon, since the surge began in mid-April, when prices were in the $1.25-30 range. That means North Korea now has some of the highest prices in the world for gasoline. For comparison, the price in April last year was only about 80 cents per kilogram.
NEW YORK - Financial services firm USAA is adding itself to the list of companies that have pulled advertising from Sean Hannity's Fox News Channel show.
But the company, which caters to members of the U.S. military and their families, says the move had nothing to do with pressure on Hannity's advertisers. Some groups have called for an advertiser boycott after Hannity's focus on a discredited story involving a murdered Democratic National Committee employee. On Wednesday, Hannity he would no longer talk about the story of murdered DNC staffer Seth Rich.
CALGARY - Alberta's energy watchdog has agreed to reconsider a plan by Suncor Energy to clean up its tailings ponds so as to take into account new technology the oilsands giant plans to use.
The Alberta Energy Regulator in March denied the Calgary-based company's plan for its Millennium mine. But the regulator said in a letter to a Suncor vice-president this week that it has reviewed the company's request for reconsideration and decided that it would be appropriate in this case.
HOUSTON - Everything is bigger in Texas, including population booms.
Figures released Thursday by the U.S. Census Bureau show that four of the five fastest-growing large cities in the U.S. during the 12 months leading up to last July 1 were in Texas, including some in its sprawling suburban areas.
TORONTO - The price of oil fell below the US$50 mark Thursday as investors expressed disappointment over OPEC's decision to only extend production cuts by another nine months.
The July crude contract plunged $2.46 at US$48.90 per barrel, marking its biggest decline in more than two months.
TORONTO - The CEOs of two of Canada's biggest banks say liquidity troubles at mortgage lender Home Capital are not indicative of a broader problem, but they are monitoring their mortgage portfolios in light of concerns about high house prices.
Home Capital doesn't pose a systemic risk because it comprises only one per cent of the mortgage market, Royal Bank CEO David McKay told analysts Thursday.
WASHINGTON - President Donald Trump's proposal to sell nearly half the U.S. emergency oil stockpile is renewing debate about whether the Strategic Petroleum Reserve is still needed amid an ongoing oil production boom that has seen U.S. imports drop sharply in the past decade.
Trump's budget, unveiled on Tuesday, calls for selling an additional 270 million barrels of oil over the next decade, raising an estimated $16.6 billion. The proposal, on top of planned auctions expected over the next few years, could push the reserve below 300 million barrels by 2025. It now is at 688 million barrels.