CN apologizes, promises immediate action to clear backlog of grain shipments

CN apologizes, promises immediate action to clear backlog of grain shipments
OTTAWA — Canadian National Railway Co. is apologizing for failing to keep grain shipments moving reliably by rail, and says it’s taking immediate steps to clear the backlog — including mobilizing more train cars and workers. The move comes just two days after CN dumped its president and CEO amid growing complaints that the backlog of shipments is compromising Canada’s reputation as a reliable exporter, costing sales and... Read More

Aecon profits down on lower mining activity as company awaits fate of takeover

Aecon profits down on lower mining activity as company awaits fate of takeover
TORONTO — Aecon Group Inc. says its profits dropped in 2017 on lower commodities activity but that the proposed takeover of the company by a Chinese state-owned business helps position it for future growth. The proposed $1.5 billion takeover of Aecon by CCCC International Holding Ltd. has, however, raised security concerns, prompting the federal government in February to order a full national security review of... Read More

$1.7M award for B.C. couple after malicious prosecution by Canada Revenue Agency

$1.7M award for B.C. couple after malicious prosecution by Canada Revenue Agency
VICTORIA — A Vancouver Island couple has been awarded nearly $1.7 million in damages after a judge criticized the Canada Revenue Agency for the “ruination” of their business and personal lives by “high-handed, reprehensible and malicious” actions. Justice Robert Punnett of the Supreme Court of British Columbia says Tony and Helen Samaroo of Nanaimo were the victims of an “egregious” prosecution based on unfounded theory and suspicion about alleged tax... Read More

Bank of Canada holds interest rate, underlines ‘growing’ trade uncertainty

Bank of Canada holds interest rate, underlines ‘growing’ trade uncertainty
OTTAWA — The Bank of Canada kept its key interest rate target on hold Wednesday as it pointed to a climate of broadening, important unknowns around trade. In explaining its decision to maintain its benchmark at 1.25 per cent, the central bank noted that recent trade policy developments have created thickening clouds around the outlook for the Canadian and global economies. U.S. President Donald Trump... Read More