Morneau launches consultations on safeguards to prevent steel flooding

Morneau launches consultations on safeguards to prevent steel flooding
OTTAWA — The federal government is planning to introduce safeguards to tackle a flood of steel entering the Canadian market due to “exceptional circumstances.” Finance Minister Bill Morneau said the government is embarking on a 15-day consultation to explore safeguards it can use to mitigate potential negative effects to Canadian steel producers in the event foreign steel producers divert U.S.-bound product to... 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

Yamana Gold founder Peter Marrone shifts from CEO to executive chairman role

Yamana Gold founder Peter Marrone shifts from CEO to executive chairman role
TORONTO — Yamana Gold says it is shuffling its top executives as founder Peter Marrone takes a step away from day-to-day operations at the mining company. Marrone will take on the new position of executive chairman to drive Yamana’s strategic vision and liaise between the board of directors and management. He will also serve as mentor to Daniel Racine, who steps into... Read More

Saudi Arabia reportedly directing selloff of Canadian assets after criticism

Saudi Arabia reportedly directing selloff of Canadian assets after criticism
TORONTO — Saudi Arabia has directed asset managers to sell off Canadian equities as part of an escalating response to criticism from Canada according to a report by the Financial Times. The Saudi central bank and state pension funds have sent instructions to overseas asset managers to dispose of Canadian equities, bond, and cash holdings at any cost, the newspaper said, citing unnamed sources.... Read More

Canada’s June trade numbers surprisingly strong despite U.S. tariffs on metals

Canada’s June trade numbers surprisingly strong despite U.S. tariffs on metals
Surging exports led by higher-priced energy products allowed Canada to shrug off new U.S. steel and aluminum tariffs in June to post the lowest monthly merchandise trade deficit with the world in 17 months. The difference between Canada’s exports and imports narrowed from a negative $2.7 billion in May to $626 million in June, the smallest deficit since January 2017, fuelled by an increase in the... Read More

Toromont stock soars, hits record high after Q2 results surpass estimates

Toromont stock soars, hits record high after Q2 results surpass estimates
TORONTO — Toromont Industries Ltd. stock soared to an all-time high Wednesday, a day after the Caterpillar equipment distributor beat analysts estimates with a 67 per cent increase in second-quarter profit. Its shares were up nearly 13 per cent at $64.95 during mid-afternoon trading Wednesday. Earlier, they hit a record intra-day high of $65.05, according to records going back 20 years. The Toronto-based company... Read More

Barrick loses president to AngloGold Ashanti; Dushnisky to relocate to Johannesburg

Barrick loses president to AngloGold Ashanti; Dushnisky to relocate to Johannesburg
TORONTO — Barrick Gold Corp.’s second-highest ranking executive will be leaving the company at the end of August to become chief executive of AngloGold Ashanti Ltd. in South Africa. Toronto-based Barrick says a replacement for Kelvin Dushnisky will be announced at a later time. John Thornton remains executive chairman. Dushnisky was educated at universities in Manitoba and British Columbia before joining Barrick in 2002.... Read More

Aecon Group joint venture wins Enbridge Line 3 replacement contract

Aecon Group joint venture wins Enbridge Line 3 replacement contract
TORONTO — Aecon Group Inc. says its joint venture with Robert B. Somerville Co. Ltd. has won a $282-million contract for a work on Enbridge Inc.’s Line 3 replacement project in Manitoba. The work includes constructing 92.2 kilometres of pipeline in the area of Brandon, Man., and 96.5 km of pipeline near Morden, Man. Construction is expected to start in... Read More

NAFTA talks hurt Canadian exporters even before trade dispute escalation: poll

NAFTA talks hurt Canadian exporters even before trade dispute escalation: poll
OTTAWA — A growing number of Canadian exporters were saying the NAFTA talks were having a negative impact on their operations even before the trade dispute with the United States escalated in recent weeks. A survey done for Export Development Canada found 28 per cent of the 1,000 exporters asked said the NAFTA talks had a negative impact on their... Read More

Stampede spirit boosts attendance but Calgary economy still in recovery mode

Stampede spirit boosts attendance but Calgary economy still in recovery mode
Calgary’s economy is looking good as Stampede spirit grips Canada’s oil and gas headquarters city — although not quite as good as it was a few years ago. The annual outdoor event set an attendance record for its parade day last Friday and cumulative attendance through Tuesday is second only to the overall record set in 2012 when the Stampede celebrated its 100th anniversary. Ben Gerwing, president of manufacturer... Read More