Pension fund for Ontario city employees invests $1.87 billion in Texas pipeline

Pension fund for Ontario city employees invests $1.87 billion in Texas pipeline
TORONTO — The Ontario Municipal Employees Retirement System has an agreement to pay $1.87 billion for a 50 per cent stake in BridgeTex Pipeline Company, LLC, which owns a pipeline system that carries crude oil from West Texas to Houston. The two companies that currently own BridgeTex will remain minority shareholders, with Plains All American retaining a 20 per cent... Read More

Statistics Canada reports wholesale sales dropped 0.8 per cent in June

Statistics Canada reports wholesale sales dropped 0.8 per cent in June
OTTAWA — Statistics Canada says wholesale sales fell 0.8 per cent in June to $63.1 billion in June. The report was in line with the 0.8 per cent increase economists had expected for the month, according to Thomson Reuters Eikon. The drop came as the motor vehicle and parts subsectors saw sales drop 1.9 per cent to $10.9 billion. The miscellaneous... Read More

Quebec’s auditor general says provincial books in good shape as election looms

Quebec’s auditor general says provincial books in good shape as election looms
Quebec’s auditor general says the province is on sound financial footing heading into the provincial election. Auditor general Guylaine Leclerc gave her blessing to the Couillard government’s budget strategy in a report released today, ahead of Thursday’s election call. For transparency and to avoid any unpleasant surprises for the next government, lawmakers gave the auditor general’s office a mandate in 2015... Read More

Chinese ambassador hopes to speed trade talks with Canada amid protectionism

Chinese ambassador hopes to speed trade talks with Canada amid protectionism
TORONTO — China’s ambassador to Canada says his country hopes to speed up bilateral trade talks amid a rise of protectionism. Lu Shaye, speaking through a translator, says he hopes to make progress on a free trade agreement with Canada but that there has been little progress on some issues. Canada has pushed for a progressive trade deal with China that... Read More

Annual inflation rate jumped to 3.0% in July, highest reading since 2011

Annual inflation rate jumped to 3.0% in July, highest reading since 2011
OTTAWA — Higher gasoline prices helped push the country’s annual inflation rate in July to its highest reading since September 2011, Statistics Canada said Friday. The federal agency said the consumer price index for July was up 3.0 per cent on a year-over-year basis, up from a 2.5 per cent increase in June. Economists had expected a year-over-year inflation rate of 2.5... Read More

Metro faces supplier pressure, expects higher grocery prices in the future

Metro faces supplier pressure, expects higher grocery prices in the future
Canadian grocery giant Metro Inc. is already facing pressure from suppliers to accept higher prices in light of a recent tariff war with the United States and consumers should expect slightly higher food bills in the future, its CEO said Wednesday. “We’re starting to get demands from some suppliers who are, whose products will be, affected by the new tariffs,” Eric La Fleche said during... Read More

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

Canada in wait-and-see mode as U.S. and Mexico work on bilateral NAFTA issues

Canada in wait-and-see mode as U.S. and Mexico work on bilateral NAFTA issues
OTTAWA — The federal government finds itself in a holding pattern on NAFTA negotiations with one-on-one talks between the United States and Mexico set to spill into next week. A source familiar with the effort said Friday that Canadian negotiators won’t be returning to the NAFTA bargaining table in Washington until its two partners find common ground on their outstanding issues, especially the complex sticking points around the... 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