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Business News Summary Headlines

Company releases, economic news, and business coverage.

Woman sues Chinese billionaire Liu for alleged rape

MINNEAPOLIS - A woman who said she was raped by JD.com founder Richard Liu filed a lawsuit Tuesday against the billionaire and his company alleging he and other wealthy Chinese executives coerced her to drink during a dinner in the hours before she was attacked.

Jingyao Liu, a student at the University of Minnesota, claims Liu forced himself upon her in his vehicle after the dinner and later raped her at her apartment. The lawsuit seeks damages of more than $50,000.

Tuesday, April 16, 2019 | 09:00 PM

Trump to allow lawsuits over US properties seized in Cuba

WASHINGTON - Stepping up pressure on Cuba, the Trump administration will allow lawsuits against foreign companies doing business in properties seized from Americans after the island's 1959 revolution, a senior administration official said Tuesday.

The move marks a change in more than two decades of U.S. policy on Cuba.

Tuesday, April 16, 2019 | 06:11 PM

Defence awards Boeing $14.3B bomber maintenance contract

OKLAHOMA CITY - Boeing Co. has won a $14.3 billion contract to service and maintain all B-1 Lancer and B-52 Stratofortress bombers at Tinker Air Force Base in Oklahoma City.

The contract includes hardware and software development and integration, ground and flight testing, configuration management, studies and analyses and modernization, said the Department of Defence in a statement last week.

Tuesday, April 16, 2019 | 05:52 PM

Canadian Civil Liberties Association files lawsuit over Quayside project

TORONTO - The Canadian Civil Liberties Association launched a lawsuit Tuesday against all three levels of government involved in a bid to bring a high-tech neighbourhood to Toronto's downtown core.

Federal, provincial and municipal governments are all named in the notice of application filed by the civil rights and freedoms group, which has been threatening since March to launch legal action over the yet-to-be-approved Quayside project.

Tuesday, April 16, 2019 | 05:27 PM

TSX moves into negative territory near end of trading as gold sinks to 2019 low

TORONTO - Canada's main stock index moved negative near the end of trading Tuesday as the price of gold sank to a 2019 low.

The S&P/TSX composite index closed down 13.26 points to 16,502.20, after hitting an intraday high of 16,553.39, just 14 points off the all-time high set last July.

Tuesday, April 16, 2019 | 05:05 PM

Most actively traded companies on the TSX

Some of the most active companies traded Tuesday on the Toronto Stock Exchange:

Toronto Stock Exchange (16,502.20, down 13.26 points).

Tuesday, April 16, 2019 | 04:35 PM

Canada Post forecasts continuing sector losses despite booming parcel deliveries

OTTAWA - Parcel delivery is booming, but Canada Post says it will struggle to meet its government-mandated goal of self-sustainability in coming years due to an ongoing decline in letter mail, higher employee costs and billions in needed capital spending.

In a corporate forecast quietly tabled in Parliament, the Crown corporation says it is expecting to achieve "modest" profits of between $10 million and $125 million from 2019 through to 2023 — but those will be driven primarily by its Purolator subsidiary, while the base Canada Post segment will post losses.

Tuesday, April 16, 2019 | 04:30 PM

Activist investor sues Hudbay Minerals over regulatory filings ahead of meeting

TORONTO - An activist investor has launched a legal suit against Hudbay Minerals Inc. over the way it's been represented in company filings.

Waterton Global Resources, which owns about 12 per cent of Hudbay stock, has accused Hudbay of making "inflammatory and inaccurate aspersions" against it in an information circular ahead of the company's May 7 special and annual meeting.

Tuesday, April 16, 2019 | 03:54 PM

Indigenous leaders want less drilling near sacred sites

SANTA FE, N.M. - Leaders of the Navajo Nation and Pueblo tribes expressed frustration Monday with federal oversight of oil and gas leases on public holdings near ancient Native American cultural sites and endorsed legislation to restrict natural gas development around Chaco Culture National Historic Park.

Acoma Pueblo tribal Gov. Brian Vallo told members of the House Subcommittee on Energy and Mineral Resources at a hearing in New Mexico that not enough is being done to safeguard sacred sites scattered beyond the national park at Chaco Canyon.

Tuesday, April 16, 2019 | 03:48 PM

Canopy Growth CEO expects to hit $1B in revenue for fiscal year 2020

TORONTO - Canopy Growth Corp.'s co-chief executive Bruce Linton is expecting a “growth quarter” ahead and foresees the cannabis company will generate $1 billion in revenue during its next financial year.

The Smiths Falls, Ont.-based licensed producer has ramped up the pace of its packaging and shipping processes and anticipates sales growth to accelerate by the final quarter of the calendar year as the number of legal retailers grows and edibles hit the market, he said on Tuesday.

Tuesday, April 16, 2019 | 03:26 PM