Air Canada exec Benjamin Smith to become new CEO at Air France-KLM

Air Canada exec Benjamin Smith to become new CEO at Air France-KLM
MONTREAL — Air Canada’s chief operating officer Ben Smith has been named the new CEO of Air France-KLM. The longtime No. 2 at Air Canada will be the first non-French national to helm the Franco-Dutch airline. Smith will replace former Air France CEO Jean-Marc Janaillac, who quit more than three months ago when staff turned down his offer of a pay deal aimed... Read More

Canopy Growth head talks U.S. expansion plans after $5B investment

Canopy Growth head talks U.S. expansion plans after $5B investment
TORONTO — The head of Canopy Growth is talking more aggressively about expansion in the United States, if and when the drug becomes legal there, a day after the marijuana producer announced a $5-billion infusion of cash. Chief executive Bruce Linton says he has lined up an option to acquire a “humongous” greenhouse in California as part of a broader strategy to enter the... Read More

BMO launches blockchain-based pilot for fixed-income transactions

BMO launches blockchain-based pilot for fixed-income transactions
TORONTO — The Bank of Montreal’s capital markets arm says it has successfully launched a pilot involving the use of blockchain in a Canadian dollar debt deal transaction. BMO Capital Markets says the fixed-income issuance transaction included the bank as the issuer and the Ontario Teachers’ Pension Plan as the buyer of $250 million of one-year floating rate deposit notes. The bank... Read More

Scotiabank signs deal for Banco Dominicano del Progreso in the Domincan Republic

Scotiabank signs deal for Banco Dominicano del Progreso in the Domincan Republic
TORONTO — Scotiabank says it has reached a deal to acquire Banco Dominicano del Progreso, a bank with operations in the Dominican Republic. The Canadian bank, which has been focused on expanding its presence in Latin America, says the transaction is not financially material. Scotiabank says the acquisition will make it the Dominican Republic’s fourth-largest loan provider and fourth-largest full-service bank as... Read More

Montreal’s hot real estate market spawns rare phenomenon: bidding wars

Montreal’s hot real estate market spawns rare phenomenon: bidding wars
Montreal’s sizzling real estate market has spawned bidding wars, a common occurrence in recent years in the frenzied Toronto and Vancouver markets, but a rare phenomenon in Canada’s second-largest city. A mix of very low inventory, a solid Quebec economy and influx of foreign buyers has caused home prices in Greater Montreal to appreciate above the national average for the first time in... Read More

Judge: Canadian firm can go after Venezuela’s US refineries

Judge: Canadian firm can go after Venezuela’s US refineries
CARACAS, Venezuela — A Canadian gold mining company on Thursday won the right to go after Venezuela’s prized U.S.-based oil refineries and collect $1.4 billion it lost in a decade-old take-over by the late socialist President Hugo Chavez. Chief Judge Leonard P. Stark of the U.S. Federal District Court in Delaware made the ruling in favourof Crystallex, striking a blow to... Read More

Toronto stock market closes higher in broad advance, U.S. markets mixed

Toronto stock market closes higher in broad advance, U.S. markets mixed
TORONTO — Canada’s main stock index closed higher in a broad advance as tensions with Saudi Arabia appeared to ease, while U.S. markets were mixed. The Toronto Stock Exchange’s S&P/TSX composite index closed up 101.90 points at 16,416.98 as information technology, financials, and materials gained. In New York, the Dow Jones industrial average closed down 74.52 points at 25,509.23. The S&P 500 index ended down 4.12 points... Read More

Finning’s Q2 above estimates on higher equipment sales and product support

Finning’s Q2 above estimates on higher equipment sales and product support
VANCOUVER — Finning International Inc.’s second-quarter profit and revenue beat analyst estimates as the heavy-equipment dealer benefited from stronger sales of new equipment, higher product support revenue and improved margins. The Vancouver-based company, which sells Caterpillar equipment in Western Canada and several other countries, said its net income was up 44 per cent from last year at $81 million and revenue was up nine per... Read More