Company releases, economic news, and business coverage.
OTTAWA - Deputy Prime Minister Chrystia Freeland has offered effusive thanks to New Democrats and stinging criticism of the Conservatives after the NDP supported the minority Liberal government's efforts to more speedily ratify the new North American trade agreement.
Freeland said the government wanted to limit study of the new deal, which replaces the quarter-century-old North American Free Trade Agreement, and get on with a vote to put it into effect.
GATINEAU, Que. - A proposal from Canada's telecom regulator runs the risk of making it harder for the country's regional carriers to compete with the three national carriers, possibly resulting in higher overall wireless prices for consumers, the Competition Bureau said Tuesday.
At the opening of nine days of public hearings into mobile virtual network operators, the bureau said Freedom Mobile, Videotron, Eastlink and other regional carriers may not grow big enough to keep a lid on pricing at Rogers, Bell and Telus if a new type of rival is given a CRTC mandate.
MONTREAL - Bombardier Inc.'s shares dropped almost 10 per cent Tuesday, one day after announcing the sale of its rail business to French train giant Alstom SA.
The deal would shrink the Montreal-based transportation company by more than half as it shifts focus solely to private business jets.
OTTAWA - The federal government is changing the stress test rate for insured mortgages starting April 6 that experts say should make it marginally easier for some buyers to purchase their first home, or owners refinancing their existing mortgages.
The new minimum qualifying rate will be the greater of the borrower's contract rate or the weekly median five-year fixed insured mortgage rate from mortgage insurance applications, plus two percentage points.
CALGARY - An investment firm buying a stake in the Coastal GasLink pipeline says it remains "committed" to the deal despite protester blockades that have shut down railway lines in parts of Canada and threaten to inflict damage to the Canadian economy.
Alberta Investment Management Corp., which looks after more than $115 billion in public sector pension funds for the province, agreed with American partner KKR in December to form a consortium to buy a 65 per cent interest in the project.
TORONTO - Canada's main stock index avoided slipping into the red Tuesday as the price of gold hit a seven-year high.
The precious metal moved above US$1,600 an ounce for the first time since March 2013.
TORONTO - Some of the most active companies traded Tuesday on the Toronto Stock Exchange:
Toronto Stock Exchange (17,858.34, up 9.98 points.)
MONTREAL - Air Canada is bracing for a rough first quarter as the effects of the novel coronavirus and the continued grounding of its fleet of Boeing 737 Max jets bite into sales.
The company lost roughly 25 per cent of its narrow-body fleet after authorities around the globe banned the Max in March following two fatal crashes. Last month, Air Canada halted all flights to mainland China and its Toronto-Hong Kong route due to the spread of COVID-19, a virus that has led to mass quarantines in China and caused more than 1,800 deaths.
HALIFAX - Nova Scotia's Liberal government has announced the largest single-year capital plan in the province's history at just over $1 billion for 2020-21.
The $1.042-billion figure released Tuesday is a 51 per cent year-over-year increase in capital spending, which saw $691.3 million allocated in 2019-20.
TORONTO - Urgent action is needed to restore rail service currently being disrupted by anti-pipeline blockades, a group of business leaders said Tuesday.
Dennis Darby, CEO of Canadian Manufacturers and Exporters, said at a press conference in Toronto that the federal government needs to act as some $425 million worth of goods are being held up for every day the blockade goes on.