Business News Summary Headlines

Company releases, economic news, and business coverage.

Kinaxis shares rise after acquisition of India-based Prana Consulting

OTTAWA - Shares of Kinaxis Inc. shot up about 11 per cent after the company announced it had acquired India-based Prana Consulting Inc. to boost its global supply chain business.

Ottawa-based Kinaxis says the deal adds a skilled team and creates a regional hub from which it could expand services in the region.

Wednesday, February 26, 2020 | 03:16 PM

High Liner Foods beats fourth-quarter expectations in transformative year

LUNENBURG, N.S. - High Liner Foods Inc. beat expectations as it capped what the Nova Scotia company called a transformative year.

The Lunenburg-based fisheries company says its net loss for its fourth quarter surged to US$3 million or nine cents per diluted share compared with a loss of US$810,000 or two cents per diluted share a year earlier.

Wednesday, February 26, 2020 | 01:53 PM

CIBC first-quarter profit beats expectations as company embarks on restructuring

TORONTO - Canadian Imperial Bank of Commerce is in the midst of an overhaul involving job losses and a slew of new faces in top roles with a goal of simplifying the bank.

CIBC chief executive Victor Dodig opened up about the changes Wednesday as the bank reported its latest results and named a handful of new senior executives including Shawn Beber as the bank's new chief risk officer.

Wednesday, February 26, 2020 | 01:33 PM

Desjardins Group says 2019 theft of 4.2 million members' data cost $108 million

MONTREAL - The Desjardins Group says last year's theft of the personal data of its 4.2 million members ultimately cost the co-operative $108 million.

The Quebec-based financial institution initially estimated the cost of a malicious employee's breach — which also affected 1.8 million credit card holders — at $70 million.

Wednesday, February 26, 2020 | 12:51 PM

Torstar Corp. reports Q4 profit, boosted by one-time gains, as ad revenue drops

TORONTO - Torstar Corp. reported a profit in its fourth-quarter, boosted by one-time gains related to its pension plans and the sale of two real estate properties in Ontario, even as print revenue continued to decline.

The publisher of the Toronto Star and other newspapers said Wednesday that its profit attributable to shareholders amounted to $14.1 million or 17 cents per share for the quarter ended Dec. 31. That compared with a loss attributable to shareholders of nearly $3.1 million or four cents per share in the fourth quarter a year earlier.

Wednesday, February 26, 2020 | 11:30 AM

GMP Capital consolidating ownership of Richardson GMP in all-stock deal

TORONTO - GMP Capital Inc. has signed an agreement to acquire the stake in investment manager Richardson GMP Ltd. that it doesn't already own in an all-stock deal.

The company, which sold the bulk of its capital markets business to Stifel Financial Corp. in a deal worth roughly $70 million last year, said Wednesday the move is the next step in its plan to focus its business on wealth management.

Wednesday, February 26, 2020 | 10:56 AM

China struggles to revive manufacturing amid virus outbreak

BEIJING - Factories that make the world’s smartphones, toys and other goods are struggling to reopen after a virus outbreak idled China’s economy. But even with the ruling Communist Party promising help, companies and economists say it may be months before production is back to normal.

The problem is supply chains — the thousands of companies that provide components, from auto parts to zippers to microchips. China’s are famously nimble and resourceful, but they lack raw materials and workers after the most intensive anti-disease measures ever imposed closed factories, cut off most access to cities with more than 60 million people and imposed travel curbs.

Wednesday, February 26, 2020 | 10:15 AM

US new-home sales climbed 7.9% in January

WASHINGTON - U.S. sales of new homes jumped 7.9% in January to the fastest pace in more than 12 years, a positive sign for economic growth.

The Commerce Department said Wednesday that new homes sold at a seasonally adjusted annual rate of 764,000 last month. That’s the highest sales rate since July 2007, shortly before the U.S. economy slumped into the Great Recession.

Wednesday, February 26, 2020 | 10:04 AM

Virus outbreak stalks markets as 2020 gains get wiped out

LONDON - Global shares fell sharply once again Wednesday as fears over the speed of the new coronavirus around the world accentuated.

With the spread around Europe gathering pace — Greece became the latest country to reveal its first case — investors are getting increasingly concerned about how long it will take for the world to bring the outbreak under some sort of control. United Airlines and Mastercard are just two of the many companies that have warned about the impact of the outbreak on their finances.

Wednesday, February 26, 2020 | 08:04 AM

China sentences Swedish bookseller to 10 years in prison

BEIJING - A court in eastern China has sentenced a Swedish seller of books that took a skeptical look at the ruling Communist Party to 10 years in prison for “illegally providing intelligence overseas," in a further sign of Beijing’s hard line toward its critics.

Gui Minhai first disappeared in 2015, when he was believed to have been abducted by Chinese agents from his seaside home in Thailand. He and four others who worked for the same Hong Kong publishing company all went missing at around the same time, only to turn up months later in police custody in mainland China.

Tuesday, February 25, 2020 | 10:05 PM