Business News Summary Headlines

Company releases, economic news, and business coverage.

Pandemic leads 7-Eleven to forgo free Slurpees on 7-11

DALLAS - The coronavirus pandemic has taken away another summertime tradition in the U.S.: There will be no free Slurpees at 7-Elevens on Saturday July 11 to hail a date that doubles as an abbreviation of the convenience store chain's name.

7-Eleven has been giving away its slushy beverage to all customers for nearly 20 years on July 11, but it scrapped the promotion this summer to reduce the risk of people flocking to its stores and risking contracting the coronavirus.

Saturday, July 11, 2020 | 01:29 PM

Vintage Super Mario Bros. video game sells for $114,000

DALLAS - An unopened copy of a vintage Super Mario Bros. video game has been sold for $114,000 in an auction that underscored the enduring popularity of entertainment created decades ago.

A bidder who wished to remain anonymous snapped up an early version of the pioneering Super Mario Bros. game released in 1985 for Nintendo's NES console during an auction conducted Friday by Dallas-based Heritage Auctions.

Saturday, July 11, 2020 | 12:51 PM

NHL's Canadian hubs offer little economic benefit, but morale boost is valuable: experts

TORONTO - A plan to operate NHL game hubs in Edmonton and Toronto could draw hundreds of hockey players and staff to both Canadian cities, but business experts say their presence won't give a huge boost to local economies.

While hundreds of people could be employed in positions relating to the games and hubs such as security jobs, rink staff, food services and hotel housekeeping the financial benefit of two bubble communities under tight seal would be "modest" at best, suggested Bank of Montreal chief economist Douglas Porter.

Saturday, July 11, 2020 | 10:52 AM

With debt, deficit numbers out, experts say Liberals need plan for growth

OTTAWA - The Trudeau Liberals' fiscal update this week put a cost to all the emergency COVID-19 aid the federal treasury will dole out. It delivered some shocks: a gigantic deficit and a projection that the federal debt will top $1 trillion.

What is causing the federal deficit to hit $343.2 billion?

Saturday, July 11, 2020 | 06:00 AM

Shaw posts lower third-quarter profit, revenue amid COVID but beats expectations

CALGARY - Shaw Communications Inc.'s third-quarter revenue and profit were down from the same time last year due to COVID-19's impact, but the cable and wireless company still beat expectations Friday.

Net income for the three months ended May 31 fell 18.9 per cent from the same time last year to $184 million or 35 cents per share. Revenue slipped 0.8 per cent to $1.31 billion.

Friday, July 10, 2020 | 07:39 PM

Cirque du Soleil creditors preparing offer for insolvent company

MONTREAL - The Cirque du Soleil's creditors are finalizing an agreement that could replace the one put forward by the insolvent entertainment company's shareholders.

The turn of events was disclosed Friday at the Quebec Superior Court.

Friday, July 10, 2020 | 07:01 PM

Grocers defend pandemic pay cut decisions as independently made despite emails, calls

Executives from three of Canada's largest grocery chains were in communication before launchingand ending temporary wage increases for grocery store workers during COVID-19, but maintain their decisions were not co-ordinated.

Metro Inc. was aware of Loblaw Companies Ltd.'s decision to stop its so-called pandemic pay program before it made a similar decision, chief executive Eric La Fleche told the House of Commons standing committee on industry, science and technology Friday.

Friday, July 10, 2020 | 06:50 PM

American Airlines threatens to cancel some Boeing Max orders

DALLAS - American Airlines is warning Boeing that it could cancel some overdue orders for the grounded 737 Max unless the plane maker helps line up new financing for the jets, according to people familiar with the discussions.

American's stand comes as airlines are finding financing increasingly difficult and expensive as the coronavirus pandemic has crippled their operations.

Friday, July 10, 2020 | 06:46 PM

Job numbers show cautious optimism with long road ahead: B.C. finance minister

VICTORIA - Statistics Canada's labour force survey for June shows 118,000 people in B.C. found jobs and the unemployment rate fell slightly to 13 per cent.

Finance Minister Carol James said Friday the latest numbers paint a picture of cautious optimism with a long road ahead on B.C.'s path to recovery during the COVID-19 pandemic.

Friday, July 10, 2020 | 06:36 PM

Shareholders approve SSR Mining-Alacer Gold deal to merge operations

VANCOUVER - Shareholders in SSR Mining Inc. and Alacer Gold Corp. have endorsed a no-premium deal to merge operations.

The Toronto-listed companies say 99.9 per cent of the votes cast by Alacer shareholders and 96.5 per cent of the votes by SSR Mining shareholders were in favour of the transaction in special meetings on Friday.

Friday, July 10, 2020 | 06:02 PM