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Business News Summary Headlines

Company releases, economic news, and business coverage.

Conservatives balk at GOP plan to avert government shutdown

WASHINGTON - Disgruntled conservatives threatened late Tuesday to scuttle Republican leaders' plans to prevent a weekend government shutdown, saying GOP leaders now lack the votes to push their proposal through the House. The setback came as a deal between President Donald Trump and Congress to protect young immigrants from deportation also remained distant.

The intransigence by the House Freedom Caucus came as Republican leaders raced against a Friday deadline for pushing a short-term spending bill through Congress. If they fail, federal agencies would start shutting their doors over the weekend an election-year debacle that GOP leaders and many Democrats are eager to avoid for fear of alienating voters.

Tuesday, January 16, 2018 | 11:28 PM

Canadian Western Agribition in Regina spurs Saskatchewan economy: report

REGINA - A new study says Canadian Western Agribition in Regina pumped $73 million into Saskatchewan's economy last year.

The annual event is the largest livestock show in Canada and features beef cattle, horses, bison, sheep, goats and an agribusiness trade show.

Tuesday, January 16, 2018 | 09:37 PM

Short seller sues Home Capital Group, 3 former executives for $4M in damages

TORONTO - A short seller is suing Home Capital Group (TSX:HCG) and three former executives for $4 million, alleging the alternative mortgage lender's false representations scandal cost him millions when he closed his position early.

Marc Cohodes filed a statement of claim Monday with the Ontario Superior Court of Justice saying he took a substantial short position in Home Capital's shares in 2014 after determining the company was overvalued.

Tuesday, January 16, 2018 | 08:10 PM

GE to pay $15B for past mistakes amid breakup speculation

SAN FRANCISCO - General Electric Co. will pay $15 billion to make up for the miscalculations of an insurance subsidiary as a new regime weighs future changes that could culminate in a breakup of a company conceived in the industrial age.

The setback announced Tuesday is rooted in North American Life & Health, a part of the company's GE Capital division that helps cover the risks assumed by insurers that sell policies to consumers.

Tuesday, January 16, 2018 | 07:07 PM

B.C. premier rejects Green call for foreign buyers ban days before Asia visit

VICTORIA - Premier John Horgan says he has plans to tone down speculation in British Columbia's real estate market but they don't include banning foreign buyers.

Horgan said Tuesday he rejects recent calls by Green party Leader Andrew Weaver to implement a New Zealand-style law that restricts the purchase of existing homes to residents of New Zealand and Australia.

Tuesday, January 16, 2018 | 07:06 PM

Trudeau optimistic NAFTA can be saved, brushes off contradictory U.S. signals

OTTAWA - Justin Trudeau remains optimistic that Canada, the United States and Mexico can strike a deal to modernize NAFTA that benefits all three countries.

In an interview this week with The Canadian Press, the prime minister said he still believes there's a good chance negotiations will result in what he calls a "win-win-win" notwithstanding contradictory signals from the U.S. that have frequently left the impression that the North American Free Trade Agreement is doomed.

Tuesday, January 16, 2018 | 06:14 PM

Scheer heads to Washington as part of united front in defence of NAFTA

OTTAWA - Conservative Leader Andrew Scheer is visiting Washington this week to form a united front with the Liberal government and help promote the benefits of the North American Free Trade Agreement.

He will lead a delegation of Tories who will meet with U.S. officials, including U.S. Transportation Secretary Elaine Chao.

Tuesday, January 16, 2018 | 06:01 PM

Magna to increase investments in electrification and vehicle autonomy

Magna International Inc. is increasing its bet on electric and autonomous vehicles by investing more in these areas in anticipation of long-term returns, its chief executive said Tuesday.

"At a time when there is unprecedented change happening in the industry, we believe Magna is uniquely positioned to capitalize on the key trends, which include taking weight out of the vehicle, electrification, autonomy and new mobility solutions for the future," Donald Walker told analysts at the Deutsche Bank 2018 Global Auto Industry Conference in Detroit.

Tuesday, January 16, 2018 | 05:53 PM

Beer Canada calls on feds to axe increasing beer tax as consumption trends down

The federal government's plan to hike excise taxes on beer every year will result in consumers paying more for the alcoholic beverage and business owners investing less in their operations, says an industry association fighting the change.

The industry is already grappling with high taxes, said Beer Canada, a trade association for the country's major brewers. These future increases, which will be tied to inflation, will only exacerbate the challenges it's facing and possibly accelerate the slowing of beer consumption in Canada, the organization said Tuesday.

Tuesday, January 16, 2018 | 05:38 PM

Champagne to announce ombudsman for corporate social responsibility

OTTAWA - The Liberal government is planning to make good on a campaign promise to create an ombudsman with teeth to oversee the conduct of Canadian companies operating abroad.

International Trade Minister Francois-Philippe Champagne is expected to announce the creation of a new position on Wednesday.

Tuesday, January 16, 2018 | 05:22 PM