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Business News Summary Headlines

Company releases, economic news, and business coverage.

Law firms selected to represent users owed millions from QuadrigaCX platform

HALIFAX - Two law firms have been selected to represent users of the insolvent QuadrigaCX exchange who are owed about $260 million, most of it in cryptocurrency.

Justice Michael Wood of the Nova Scotia Supreme Court issued a decision Tuesday saying he had appointed Miller Thomson of Toronto and Halifax-based Cox & Palmer as representative counsel.

Tuesday, February 19, 2019 | 04:33 PM

Most actively traded companies on the TSX

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

Toronto Stock Exchange (15,937.44, up 99.20 points).

Tuesday, February 19, 2019 | 04:31 PM

Dessau to pay $1.9 million in settlement over bid-rigging on public contracts

Defunct engineering firm Dessau will pay $1.9 million in a settlement over bid-rigging on public contracts in Quebec, says Canada's competition watchdog.

The settlement, filed Tuesday in the Superior Court of Quebec, marked the end of a Competition Bureau investigation into Dessau's role in a bid-rigging conspiracy that set its sights on municipal infrastructure contracts in Quebec City, Laval, Gatineau and Montreal-area municipalities between 2003 and 2011.

Tuesday, February 19, 2019 | 02:46 PM

Hudbay investors ramps up criticism of company in push for leadership change

TORONTO - An investor in Hudbay Minerals Inc. has released more detailed criticisms of the company as part of an effort to replace its leadership team.

Waterton Global Resource Management Inc., which owns about 12 per cent of Hudbay, outlined its grievances around the miner's leadership and share performance in a lengthy investor presentation.

Tuesday, February 19, 2019 | 02:39 PM

Designer Karl Lagerfeld, Chanel's global icon, dies in Paris

PARIS - Karl Lagerfeld, the iconic couturier whose designs at Chanel and Fendi had an unprecedented impact on the entire fashion industry, died Tuesday in Paris, prompting an outpouring of love and admiration for the man whose career spanned six decades.

Although he spent virtually his entire career at luxury labels catering to the very wealthy including 20 years at Chloe Lagerfeld's designs quickly trickled down to low-end retailers, giving him global influence.

Tuesday, February 19, 2019 | 02:32 PM

Payless to close 248 Canadian stores, saying its 'ill-equipped' for market

TORONTO - Mounting debts and a challenging retail market are forcing Payless ShoeSource Canada Inc. to shutter all of its North American stores by May.

The Kansas-based discount footwear retailer said Tuesday that it will soon file for creditor protection in Canada, making way for liquidation sales at the 248 locations it owns in the country.

Tuesday, February 19, 2019 | 02:05 PM

Emera reports adjusted earnings beat on performance of U.S. utilities

HALIFAX - Record earnings from its utility operations in Florida and New Mexico helped Halifax-based Emera Inc. beat analyst expectations in the fourth quarter of 2018.

The division reported adjusted net income of $101 million in the last three months of 2018, up from $80 million in the same period of 2017.

Tuesday, February 19, 2019 | 01:33 PM

EU, UK to have more Brexit talks but key disagreement intact

BRUSSELS - The European Union on Tuesday warned British Prime Minister Theresa May that her trip to EU headquarters to seek an elusive breakthrough in Brexit negotiations stands no chance of success when it comes to her central demand for the divorce deal to be reopened.

Reinforcing the message, EU Commission President Jean-Claude Juncker made it clear that he had little hope that something fruitful would emerge during his evening talks with May Wednesday, and that the stalemate between Britain and the 27 other EU nations would likely continue.

Tuesday, February 19, 2019 | 01:00 PM

Nova Scotia liquefied natural gas project signs agreements with unions, Mi'kmaq

HALIFAX - A proposed liquefied natural gas project says it has signed agreements with the Assembly of Nova Scotia Mi'kmaq Chiefs, the Nova Scotia Construction Labour Relations Association, and unions in Cape Breton.

Bear Head LNG says the mutual benefits agreement with the assembly is a commitment to develop the project on the Strait of Canso in an environmentally sustainable manner.

Tuesday, February 19, 2019 | 12:02 PM

Honda to shut plant in Brexit-shaken Britain

LONDON - Japanese carmaker Honda plans to close its car factory in western England in 2021, a fresh blow to the British economy as it struggles with the uncertainty associated with leaving the European Union next month.

The company announced the decision, which will imperil 3,500 jobs and possibly many more, at a news conference in Tokyo.

Tuesday, February 19, 2019 | 10:51 AM