Company releases, economic news, and business coverage.
New York’s attorney general sued the National Rifle Association on Thursday, seeking to put the powerful gun advocacy organization out of business over claims that top executives illegally diverted tens of millions of dollars for lavish personal trips, no-show contracts for associates and other questionable expenditures.
Attorney General Letitia James’ lawsuit, filed in Manhattan state court, highlighted misspending and self-dealing claims that have roiled the NRA and its longtime leader, Wayne LaPierre, in recent years — from hair and makeup for his wife to a $17 million post-employment contract for himself.
TORONTO - Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Toronto Stock Exchange (16,579.10, up 77.49 points.)
MONTREAL - WSP Global sees a lucrative horizon despite fallout from the pandemic, with an updated guidance predicting strong earnings comparable to its pre-COVID-19 expectations.
The outlook, which was suspended after the outbreak, projects net revenues of between $6.7 billion and $7 billion in 2020, with adjusted earnings of at least $1 billion — roughly five per cent below previous guidance
TORONTO - Major North American indexes advanced Thursday, while the price of gold reached a new height.
Markets were up "modestly," said Anish Chopra, managing director with Portfolio Management Corp, with gains at or below one per cent.
Cargojet Inc. shares surged to a record high Thursday after it reported second-quarter revenues soared 65 per cent amid heightened e-commerce driven by work-from-home activity during the COVID-19 lockdowns.
Its shares gained nearly 16 per cent to close up $26 at $192.38 on the Toronto Stock Exchange. Earlier, they hit an intraday high of $194.70, a record for Cargojet.
OTTAWA - The federal government is being urged to rethink Canada's employment insurance program as millions of workers are moved off of an emergency benefit while the country's job market is still recouping heavy losses due to COVID-19.
The government estimates four million people will be moved onto EI when the Canada Emergency Response Benefit starts winding down next month. Prime Minister Justin Trudeau is promising a parallel benefit for gig and contract workers who don't qualify for payments through the decades-old system.
Bausch Health Companies Inc. is planning to spin off its iconic eye care business into an independent publicly traded company, Canada's largest publicly traded pharmaceutical producer said Thursday.
The firm, based near Montreal in Laval, Que., said the spinoff of Bausch + Lomb would allow it to focus on its gastroenterology, aesthetics/dermatology, neurology and international pharma business.
Restaurant Brands International Inc. saw the pandemic take a big bite out of earnings last quarter, with sales down 31 per cent year over year despite a rebound during the past month as commuters return to the roads.
The absence of morning coffee consumers and afternoon snack seekers for much of the second quarter pushed down profits at the parent of Tim Hortons and Burger King by 37 per cent compared with a year earlier, the company said.
CALGARY - A new paper suggests a federal program meant to buffer provinces against economic shocks is not up to the task — especially in the COVID-19 era.
University of Calgary economist Trevor Tombe is urging Ottawa to review and reform the federal stabilization program in short order so it can help provincial economies weather the effects of the pandemic.
CALGARY - Shares in Canadian Natural Resources Ltd. rose Thursday after it reported record production of synthetic crude oil and lower operating costs at its oilsands mining operations in northern Alberta during the second quarter.
Production of synthetic crude — oilsands bitumen that fetches higher prices after being upgraded to a light oil quality — rose to a record 464,300 barrels per day, despite maintenance activities at its Horizon oilsands mine in May.