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Business News Summary Headlines

Company releases, economic news, and business coverage.

Is Elon Musk closing troublesome Twitter account or teasing?

SAN FRANCISCO - Tesla CEO Elon Musk abruptly revealed that he is closing the popular Twitter account that has repeatedly landed him in legal trouble, but then proceeded to keep it open long after announcing he had deleted it.

The mixed messaging began to unfold Sunday when Musk changed his Twitter handle to DaddyDotCom in apparent homage to Father's Day. Then he signalled in a tweet that he was scrapping the account. But 17 hours later, the account remained open under its old "elonmusk" handle with 27 million followers.

Monday, June 17, 2019 | 06:40 PM

The corporate winners and losers from the Toronto Raptors's historic win

We The North mania spread across Canada as the Toronto Raptors created history as the first Canadian team to win an NBA championship, and businesses attempted to capitalize on the frenzy. Some came out on top earning the goodwill of fans, while others garnered negative publicity.

Here's a look at some of the business winners and losers of the Raptors' championship run.

Monday, June 17, 2019 | 06:20 PM

Oil and gas sector cautious as clock ticks down to Trans Mountain decision

CALGARY - Observers on the front lines of Western Canada's oil and gas sector are looking forward to what's widely expected to be approval of the Trans Mountain pipeline expansion on Tuesday.

But they acknowledge the expected decision by the Liberal cabinet in Ottawa won't solve all their problems.

Monday, June 17, 2019 | 05:40 PM

North American markets rise ahead of key Federal Reserve meeting on rate cuts

TORONTO - North American markets moved slightly higher to start the week on gains by the energy and materials sectors as investors await signals from the Federal Reserve on expected rate cuts.

Overall it was a quiet day, says Craig Fehr, a Canadian markets strategist with Edward Jones.

Monday, June 17, 2019 | 05:14 PM

HBC appoints interim CFO as Ed Record takes medical leave of absence

TORONTO - The Hudson's Bay Co. says its chief financial officer is taking a medical leave of absence.

HBC says Ed Record's leave begins today.

Monday, June 17, 2019 | 05:05 PM

GMP Capital selling capital markets business to U.S. firm Stifel Financial

TORONTO - Shares of GMP Capital Inc. soared after the Toronto-based financial services firm agreed to sell the bulk of its capital markets business to Stifel Financial Corp. in a deal worth roughly $70 million.

GMP's shares on the Toronto Stock Exchange surged after the announcement on Monday, closing at $2.29, up more than 13 per cent.

Monday, June 17, 2019 | 04:41 PM

'Hunger Games' prequel novel coming in 2020

NEW YORK - A decade after seemingly wrapping up "The Hunger Games," Suzanne Collins is bringing readers back to Panem. A prequel, set 64 years before the beginning of her multimillion-selling trilogy, is coming next year.

The novel, currently untitled, is scheduled for release on May 19, 2020. Collins said in a statement Monday that she would go back to the years following the so-called "Dark Days," the failed rebellion in Panem. Collins set the "Hunger Games" books in a post-apocalyptic dystopia where young people must fight and kill each other, on live television.

Monday, June 17, 2019 | 03:35 PM

Employers take flexible approach to Raptors parade as huge numbers head downtown

TORONTO - The massive response to the Toronto Raptors NBA championship parade has led numerous major employers to take a more flexible approach to work Monday.

Sobeys Inc., an official partner of the Raptors, says it offered about 900 employees in the Greater Toronto Area a paid day off to watch the parade, while also hosting viewing parties for employees across the country.

Monday, June 17, 2019 | 03:31 PM

Shoppers to use blockchain technology to track medical cannabis quality

SAINT JOHN, N.B. - The vice-president of business development at Shoppers Drug Mart says blockchain technology can provide assurance for doctors and pharmacists about the quality of medical cannabis.

Ken Weisbrod says his company has signed a deal with TruTrace Technologies for a pilot program to provide the software to track medical cannabis from seed to final product. He made the announcement Monday at the World Cannabis Congress in Saint John, N.B.

Monday, June 17, 2019 | 03:28 PM

Bank of Canada deputy governor says flexible exchange rate helps economy

EDMONTON - Canada's flexible exchange rate has helped the economy adjust to external shocks and contributed to low and stable inflation, a senior Bank of Canada official said Monday.

Speaking in Edmonton, deputy governor Lawrence Schembri said while the central bank's inflation target normally gets most of the attention, the value of the floating dollar risks being overlooked.

Monday, June 17, 2019 | 02:48 PM