Enbridge sells distribution business in N.B. to Algonquin Power and Utilities

Enbridge sells distribution business in N.B. to Algonquin Power and Utilities
CALGARY — Enbridge Inc. has signed a deal to sell its natural gas distribution business in New Brunswick to Algonquin Power and Utilities Corp. for $331 million in cash. Enbridge Gas New Brunswick operates and maintains more than 1,200 km of natural gas distribution pipeline in 12 communities in New Brunswick with 12,000 customers. The company says employees, customers, partners... Read More

Teck sells 30 per cent stake in Quebrada Blanca Phase 2 to Sumitomo for US$1.2B

Teck sells 30 per cent stake in Quebrada Blanca Phase 2 to Sumitomo for US$1.2B
VANCOUVER — Teck Resources Ltd. has sold a 30 per cent stake in its Quebrada Blanca Phase 2 project to Sumitomo Metal Mining Co. Ltd. and Sumitomo Corp. for US$1.2 billion. The Vancouver-based miner also says that its board has approved the project for full construction with first production expected in the second half of 2021. Quebrada Blanca Phase 2 is a... Read More

Bank of Montreal hikes dividend as it reports Q4 net income surge

Bank of Montreal hikes dividend as it reports Q4 net income surge
TORONTO — Bank of Montreal hiked its dividend as it reported a fourth-quarter profit that jumped 38 per cent compared with a year ago and beat analyst estimates. Canada’s fourth-largest bank said Tuesday it will now pay a quarterly dividend of $1 per share, up four cents from its previous payment. The increase in payment to shareholders came as BMO reported its... Read More

France suspends fuel tax, but protesters vow to fight on

France suspends fuel tax, but protesters vow to fight on
PARIS — The French government’s decision to suspend fuel tax and utility hikes Tuesday did little to appease protesters, who called the move a “first step” and vowed to fight on after large-scale rioting in Paris last weekend. In a major U-turn for the government, Prime Minister Edouard Philippe announced in a live televised address that the planned increases, which... Read More

Aphria defends Latin American operations following short sellers report

Aphria defends Latin American operations following short sellers report
LEAMINGTON, Ont. — Aphria Inc. says it stands behind its Latin American operations as its shares continued to fall in the wake of a short-sellers’ report that raised questions about the company’s acquisitions in the region. Aphria chief executive Vic Neufeld said Tuesday the acquisition of licenses and other assets and related businesses in Colombia, Argentina and Jamaica and a right... Read More

Majority of Montreal condo investors have negative cash flow: CMHC

Majority of Montreal condo investors have negative cash flow: CMHC
TORONTO — A report by Canada Mortgage and Housing Corp. suggests a majority of landlord investors who bought properties in large, high-rise condominium buildings in downtown Montreal are not collecting enough rent to recoup their operating expenses. The national housing agency estimates that investors who made a 20 per cent down payment on their properties are spending more on mortgage payments,... Read More