Company releases, economic news, and business coverage.
LAVAL, Que. - Valeant Pharmaceuticals International Inc. says a U.S. District Court judge gave his preliminary approval Tuesday to a US$290-million settlement of lawsuits stemming from the unsuccessful attempted hostile takeover in 2014 of Botox maker Allergan Inc.
As part of the deal agreed to in December, Quebec-based Valeant (TSX:VRX) will pay US$96.25 million, with co-defendant Pershing Square Capital Management, L.P. paying the rest.
Some of the most active companies traded Tuesday on the Toronto Stock Exchange:
Toronto Stock Exchange (16,298.88, down 72.93 points)
EDMONTON - Alberta's transportation minister says they are making contingency plans to clear and maintain roads as they monitor the financial fallout of a multinational United Kingdom construction company.
Brian Mason says for now they believe the bankruptcy of Carillion PLC won't affect the operations of its Canadian subsidiary.
TORONTO - Canada's main stock index lost ground on Tuesday as U.S. stocks finished off a roller-coaster day of trading in the red.
The S&P/TSX composite index fell 72.93 points to 16,298.88, in a largely broad-based decline led by the influential energy and materials sectors.
OTTAWA - After months of battling controversies, Bill Morneau's spring budget has the potential to blunt some criticism by showing that a return to balanced books could be within striking distance in just a few years.
However, it will likely be up to the finance minister himself whether his next spending blueprint includes a long-awaited federal timeline to eliminate the deficit.
CALGARY - Steep discounts in prices for western Canadian heavy oil are moderating and should gradually ease through 2018 to allow Canadian producers to reap bigger rewards from strengthening world oil prices, according to GMP FirstEnergy.
A spike in the difference between Western Canadian Select crude prices and benchmark U.S. prices was made worse by volume constraints on the Keystone pipeline system between Alberta and the U.S. Gulf Coast following a leak in South Dakota in November, said analyst Martin King in a presentation in Calgary on Tuesday.
WINNIPEG - A former chair of the Winnipeg Chamber of Commerce says it's about time that men-only clubs open their doors to women.
Jodi Moskal, an electrician who also ran for the provincial Progressive Conservatives in a byelection last year, has been researching clubs in Winnipeg that once allowed only men but changed to admit women.
MONTREAL - An iconic Canadian company with roots in printed telephone directories has shed nearly 18 per cent of its workforce in what may be its final attempt to remain viable in the digital age, says an industry expert.
"I think this is it," said Louis Hebert of the University of Montreal HEC business school.
HALIFAX - The Nova Scotia government has awarded payroll rebates to Ernst and Young as the professional services firm establishes its first Canadian-based Global Centre of Excellence for Robotic Process Automation Service in Halifax.
Nova Scotia Business Inc.'s payroll rebate, valued at more than $2.4-million over five years, is contingent on the firm creating 150 jobs in Halifax.
TORONTO - Australia has filed a complaint about Canada's rules around wine sales with the World Trade Organization.
The complaint filed Friday argues that Canada's distribution, licensing and sales measures discriminate against imported wine.