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Business News Summary Headlines

Company releases, economic news, and business coverage.

Cheng to pay $400,000 under OSC settlement in Amaya insider tipping case

TORONTO - A former money manager involved in insider tipping of information about Amaya Gaming Group Inc. has agreed to pay a $350,000 penalty and $50,000 in investigation costs as part of a settlement with the Ontario Securities Commission.

Under the conditions of the settlement approved today, former co-chief investment officer and portfolio manager of Aston Hill Asset Management Benedict Cheng is prohibited from trading any securities or derivatives for six years.

Friday, June 15, 2018 | 04:04 PM

A trade war looms as Trump slaps tariffs on Chinese imports

WASHINGTON - President Donald Trump brought the world's two biggest economies to the brink of a trade war Friday by announcing a 25 per cent tariff on up to $50 billion in Chinese imports to take effect July 6.

Beijing quickly responded that it would retaliate with penalties of the same scale on American goods and it spelled out details to impose tariffs on 545 U.S. exports, including farm products, autos and seafood, according to a report in the Wall Street Journal.

Friday, June 15, 2018 | 03:27 PM

Owners of the rail line to Churchill had duty to fix it: regulators

WINNIPEG - Federal regulators have ruled that the owners of a broken rail line to Churchill were wrong not to repair the track that kept the northern Manitoba community connected to the outside world.

The Canadian Transportation Agency said in a ruling released Friday the Hudson Bay Railway Co., owned by Denver-based Omnitrax, has a legal obligation to fix and maintain the line.

Friday, June 15, 2018 | 02:49 PM

CREA cuts home sales forecast, May sales down 16.2% compared with year ago

The Canadian Real Estate Association is now expecting an even bigger decline in home sales this year as the latest statistics showed the crucial spring homebuying season came to a lacklustre end in May.

The industry association which represents about 100,000 real estate agents across Canada said Friday is forecasting home sales this year to fall 11 per cent compared with a year ago to 459,900 units this year.

Friday, June 15, 2018 | 02:19 PM

Letter containing suspicious white powder sent to Trump's envoy in Ottawa

OTTAWA - Foreign Affairs Minister Chrystia Freeland is offering supportive words for U.S. Ambassador Kelly Craft after a suspicious white powder was found in an envelope addressed to the American embassy in Ottawa.

Following a meeting with Craft on Friday, Freeland condemned the "wholly unacceptable threat made against her."

Friday, June 15, 2018 | 02:17 PM

Bill to make La Presse a not-for-profit passes after Quebec invoked closure

QUEBEC - The Quebec government has rammed through legislation aimed at allowing Montreal-based La Presse news group to adopt a not-for-profit structure.

Seventy-six members voted in favour of the bill Thursday evening against 24 who opposed it. Liberal members were joined by the caucuses of the Coalition Avenir Quebec and Quebec solidaire, while the Parti Quebecois and independent member Martine Ouellet voted against it.

Friday, June 15, 2018 | 01:53 PM

OSC staff allege Caldwell Investment broke rules, misled investigators

TORONTO - The enforcement branch of the Ontario Securities Commission is accusing Caldwell Investment Management of executing most of its clients' trades through an affiliated company rather than making reasonable efforts to find the best alternative.

The OSC enforcement staff also allege the Toronto-based firm provided misleading statements to investigators looking into the matter and to an independent review committee established to oversee Caldwell's activities.

Friday, June 15, 2018 | 12:34 PM

Nintendo of America top executive says E3 doesn't hold monopoly on gaming buzz

While information from the annual Electronic Entertainment Expo is still voraciously consumed by gamers hungry for bombshell announcements or updates on anticipated upcoming releases, the ensuing social media talk is as much about what was missing as what was revealed.

If the decrease in sexy news out of E3 is vexing to gamers, they may have to get used to it. One leading industry executive says the premier trade event doesn't have the monopoly on video game buzz that it once did.

Friday, June 15, 2018 | 11:48 AM

Boris Becker claims diplomatic immunity in UK bankruptcy

LONDON - Retired German tennis star Boris Becker is claiming his unpaid role as a sports attache for Central African Republic gives him diplomatic immunity from bankruptcy proceedings in Britain.

The three-time Wimbledon champion took up the attache role in April. His lawyers claimed in Britain's High Court late Thursday that this protects him from ongoing bankruptcy actions.

Friday, June 15, 2018 | 11:19 AM

Statistics Canada says manufacturing sales fell 1.3% in April to $56.2 billion

OTTAWA - Canadian manufacturing sales unexpectedly fell in April as sales in the petroleum and coal products and transportation equipment industries dropped.

Statistics Canada said Friday factory sales dropped 1.3 per cent to $56.2 billion in April, following two consecutive monthly increases.

Friday, June 15, 2018 | 11:01 AM