Auto sales to dip in most provinces, led by Ontario’s 3.1% drop: Scotiabank

Auto sales to dip in most provinces, led by Ontario’s 3.1% drop: Scotiabank
TORONTO — Canadian sales of cars and light trucks this year are expected to dip from last year’s all-time high, mostly because of weaker economic conditions in Ontario, Scotiabank said Friday in a report. The bank’s automotive outlook projected that 2018 could end a five-year string of successive records that included 2.04 million vehicles sold in 2017 — largely fuelled by demand in Ontario as well... Read More

Canfor going ahead with US$120M sawmill in U.S. as softwood dispute continues

Canfor going ahead with US$120M sawmill in U.S. as softwood dispute continues
VANCOUVER — Canfor Corp. says its going ahead with the construction of a US$120 million sawmill in Washington, Ga., as Canada’s softwood lumber industry continues to deal with punitive duties from the U.S. But the Vancouver-based lumber company said early Friday that construction of the new 275-million board feet mill may not start in the second quarter of 2018 as initially planned. Canfor... Read More

Expectations high that federal budget will make big investments in cybersecurity

Expectations high that federal budget will make big investments in cybersecurity
OTTAWA — Government and industry insiders have high expectations next week’s federal budget will contain big investments to help Canada reinforce its cybersecurity defences in an age of heightened global threats to businesses, privacy and democracy. A senior government official says Tuesday’s budget is poised to dedicate funding for a multi-departmental effort to strengthen the country’s protections and response capabilities in the event of an attack. The official, speaking on condition of anonymity about details not yet public, said Ottawa’s cyber-effort... Read More

Pension fund manager OMERS earns 11.5 per cent return after all expenses in 2017

Pension fund manager OMERS earns 11.5 per cent return after all expenses in 2017
TORONTO — Pension fund manager OMERS earned an investment return of 11.5 per cent after all expenses last year, topping the 10.3 per cent result it posted in 2016. The defined-benefit pension plan for Ontario’s municipal employees said all of its major asset classes performed well for the year. OMERS public equity investments were up 14.7 per cent in 2017, while its total... Read More

TD Bank stops allowing customers to use credit cards to buy cryptocurrency

TD Bank stops allowing customers to use credit cards to buy cryptocurrency
TORONTO — TD Bank says it is taking a pause on allowing customers to use its credit cards to buy cryptocurrency. The big bank says it made the decision to conduct a review and assessment of the evolving market. The decision follows moves by several U.S. banks to stop allowing credit card purchases of bitcoin and other cryptocurrencies. The value... Read More

RBC hikes dividend as it reports flat first-quarter profit of $3 billion

RBC hikes dividend as it reports flat first-quarter profit of $3 billion
TORONTO — The Royal Bank of Canada hiked its dividend and delivered flat profits in the first quarter, as new U.S. tax reforms weighed on its latest earnings but also boosted the bank’s business south of the border. The Toronto-based lender increased its quarterly payment to common shareholders by three cents to 94 cents per share as it reported net income of $3 billion... Read More

Most actively traded companies on the TSX

Most actively traded companies on the TSX
Some of the most active companies traded Thursday on the Toronto Stock Exchange: Toronto Stock Exchange (15,508.17, down 15.84 points) Bombardier Inc. (TSX:BBD.B). Aerospace, rail equipment. Up seven cents, or 1.82 per cent, to $3.92 on 9.3 million shares. Trican Well Service Ltd. (TSX:TCW). Oil and gas. Down 31 cents, or 8.96 per cent, to $3.15 on 7.9 million shares. Hydro One Ltd. Instalment... Read More

CIBC raises dividend following better-than-expected first quarter

CIBC raises dividend following better-than-expected first quarter
TORONTO — The Canadian Imperial Bank of Commerce kicked off banks’ earnings season with a dividend hike and first-quarter net income that beat market expectations on the back of strong results at home and south of the border. Canada’s fifth-largest lender said Thursday it continues to see benefits from the purchase of Chicago-based The PrivateBank, which CIBC acquired in June 2017 and rebranded in September as CIBC Bank... Read More

Gildan expects American Apparel revenues to double in 2018 to US$100 million

Gildan expects American Apparel revenues to double in 2018 to US$100 million
MONTREAL — Gildan Activewear Inc. expects sales of the American Apparel brand it acquired last year will double in 2018 as it looks to expand sales of the product globally. The Montreal-based maker of apparel, including T-shirts, socks and underwear says the iconic brand it acquired last February should add about US$100 million of net sales this year, up from US$50... Read More

SNC-Lavalin forecasts double-digit adjusted earnings growth in 2018

SNC-Lavalin forecasts double-digit adjusted earnings growth in 2018
MONTREAL — SNC-Lavalin Group Inc. anticipates a double-digit increase in adjusted profits in 2018 as the acquisition of British engineering firm WS Atkins offsets continuing market challenges in some sectors. The Montreal-based engineering and construction firm said its full-year adjusted net earnings should range between $3.60 and $3.85 per diluted share. That’s 12.5 to 20 per cent higher than the $3.20... Read More