Divisive Minnesota mine wins permits, but faces challenges

Divisive Minnesota mine wins permits, but faces challenges
MINNEAPOLIS — Minnesota regulators on Thursday granted key permits to the long-planned PolyMet copper-mining project that’s opposed by environmentalists who fear it could someday foul waters, including Lake Superior. The state Department of Natural Resources issued permits to PolyMet Mining Inc. for the company’s proposed NorthMet project in northeastern Minnesota. The project still needs permits from other agencies, and likely... Read More

Fairfax Financial reports net income drop as investments underperform

Fairfax Financial reports net income drop as investments underperform
TORONTO — Fairfax Financial Holdings Ltd. says its profits dropped by 78 per cent in the third quarter compared with last year as it took a hit from investments. The insurance-focused financial services company says net income came in at US$106.2 million, or US$3.34 per diluted share after dividends, down from the US$476.9 million or US$16.42 per share for the same... 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 (15,150.15, up 122.87 points).   Encana Corp. (TSX:ECA). Energy. Down $1.64, or 12.2 per cent, to $11.80 on 25.5 million shares. Aurora Cannabis Inc. (TSX:ACB). Health care. Down 15 cents, or 1.68 per cent, to $8.79 on 24.9 million shares. Aphria Inc. (TSX:APH). Health care. Down 55 cents,... Read More

Taxi drivers’ lawsuit can proceed against Quebec over Uber’s arrival

Taxi drivers’ lawsuit can proceed against Quebec over Uber’s arrival
MONTREAL — Cab drivers have been given the green light to sue the Quebec government over its alleged inaction as Uber increasingly moves into their market. A lawyer for the taxi drivers says if they win their claim, it could cost the province $1 billion to compensate drivers for lost revenues and a drop in the value of their taxi permits. Quebec Superior Justice... Read More

Canadian Natural charges rivals frustrating pipeline efficiency moves for profit

Canadian Natural charges rivals frustrating pipeline efficiency moves for profit
CALGARY — The president of Canadian Natural Resources Ltd. says certain energy industry members are interfering with attempts to make pipelines run more efficiently because they are making “windfall revenues” from current discount prices on Western Canadian oil production. Tim McKay says the unnamed members of the Crude Oil Logistics Committee have voted down changes to inefficient rules that “exacerbate” multi-year high oil price discounts caused mainly by insufficient... Read More

MEG Energy CEO says Husky can ‘pay a lot more’ in its hostile takeover offer

MEG Energy CEO says Husky can ‘pay a lot more’ in its hostile takeover offer
CALGARY — The CEO of MEG Energy Corp. says shareholders should continue to ignore a hostile takeover bid by Husky Energy Inc. because “by their own admission, Husky can afford to pay a lot more.” Derek Evans, on his first financial reporting conference call since being named CEO earlier this year, says Husky’s $11 per share cash-and-stock offer made in... Read More

US average mortgage rates ease; 30-year at 4.83 per cent

US average mortgage rates ease; 30-year at 4.83 per cent
WASHINGTON — Long-term U.S. mortgage rates declined this week, in a quiet pause after weeks of market anxiety over rising interest rates. Home borrowing rates still remain at their highest levels in more than seven years, dampening the outlook for prospective homebuyers. Mortgage buyer Freddie Mac said Thursday the rate on 30-year, fixed-rate mortgages eased to an average 4.83 per... Read More

Israel’s Teva gives upbeat outlook as restructuring proceeds

Israel’s Teva gives upbeat outlook as restructuring proceeds
JERUSALEM — Israeli drug maker Teva Pharmaceutical Industries on Thursday reported a third-quarter loss as it proceeds with an aggressive cost-cutting program and adjusts to declines in key product categories. But the company gave an upbeat outlook, citing stabilization in its core generics business, the launch of new products and progress with its restructuring program. Teva shares surged on the... Read More

SaskEnergy natural gas rate lowest in almost two decades, could go lower

SaskEnergy natural gas rate lowest in almost two decades, could go lower
REGINA — Saskatchewan homeowners and businesses are starting November with a drop in their natural gas rates to the lowest level in almost two decades. The government says SaskEnergy’s commodity rate sits at $2.95 a gigajoule, the lowest rate offered to customers since 1999. A 70-cent reduction was granted SaskEnergy as an interim rate. The Crown utility has applied to the Saskatchewan Rate Review... Read More

Ontario Fall Economic Statement set to be delivered on Nov. 15: minister

Ontario Fall Economic Statement set to be delivered on Nov. 15: minister
TORONTO — Ontario’s Progressive Conservative government will deliver an update on the state of the province’s finances later this month. Finance Minister Vic Fedeli says the Fall Economic Statement will be released on Nov. 15. He did not detail specific measures that will be included in the statement, but says the government does not plan to use one-time revenue to balance the province’s budget. The... Read More