CEOS for Royal Bank, Enbridge, call for better balance in energy policies

CEOS for Royal Bank, Enbridge, call for better balance in energy policies
TORONTO — The CEOs of Canada’s largest bank and its largest pipeline company say the country needs an energy strategy that will better balance environmental and Indigenous goals with the need to develop its abundant oil and gas resources. But Royal Bank CEO Dave McKay and Al Monaco, CEO of Calgary-based Enbridge Inc., had little in the way of specific advice for government during a Canadian... Read More

Tesla’s top lawyer leaves after only 2 months on the job

Tesla’s top lawyer leaves after only 2 months on the job
Tesla’s top lawyer is leaving the company after only two months on the job. Tesla said in a prepared statement Wednesday that General Counsel Dane Butswinkas (But-SWIN-kiss) will return to a legal practice in Washington, D.C. He’ll continue to work for Tesla as outside counsel. No reason for the departure was given. He’ll be replaced by Jonathan Chang, an eight-year... Read More

Stelco says fed measures helping steel prices as it focuses on domestic market

Stelco says fed measures helping steel prices as it focuses on domestic market
HAMILTON — A Hamilton steel producer says federal protections for the industry have helped prop up earnings and isolate it from price declines in the U.S. Stelco Holdings Inc. chairman Alan Kestenbaum told analysts on a conference call that measures the federal government put in place to protect against cheap steel imports have been very effective. The company announced a... Read More

CRTC report confirms unacceptable sales practices used by telecom industry

CRTC report confirms unacceptable sales practices used by telecom industry
The Canadian Television-Radio and Telecommunications Commission confirmed Wednesday what has been widely alleged for years — that Canada’s telecommunications industry uses unacceptable sales practices that mislead consumers and harm vulnerable members of the public. The national telecom regulator said the misleading and aggressive practices exist in all types of sales channels including in stores, online, over the telephone and at homes when companies conduct door-to-door sales campaigns.... Read More

Hudbay Minerals shares up following earnings, plans growth at Lalor mine

Hudbay Minerals shares up following earnings, plans growth at Lalor mine
TORONTO — Hudbay Minerals Inc. shares were up nearly six per cent in late-morning trading following its fourth-quarter results and a plan to increase gold production at a Manitoba gold mine. The company, which reports in U.S. dollars, lost US$3.5 million or a penny per share for the quarter ending Dec. 31. That compared with a profit of $94.3 million and 36... Read More

Materials sector helps lift Toronto stock market, loonie moves higher

Materials sector helps lift Toronto stock market, loonie moves higher
TORONTO — The materials sector led the way on the Toronto stock market in late-morning trading as Canada’s main stock index climbed higher. The S&P/TSX composite index was up 64.52 points at 16,001.96. In New York, the Dow Jones industrial average was up 17.92 points at 25,909.24. The S&P 500 index was up 2.82 points at 2,782.58, while the Nasdaq composite... Read More

U.S.-based Devon Energy says it intends to exit Canadian oilsands sector

U.S.-based Devon Energy says it intends to exit Canadian oilsands sector
CALGARY — Another foreign oil company says it’s getting out of the Canadian oilsands. Oklahoma City-based Devon Energy Corp. says it will pursue the “separation” of its Canadian assets from its core business, a move that could include an outright sale or creation of a new company to own and operate them. Devon owns the Jackfish steam-driven oilsands complex, with a capacity of 105,000 barrels per... Read More

Tilray to acquire hemp food company Manitoba Harvest for up to $419 million

Tilray to acquire hemp food company Manitoba Harvest for up to $419 million
Cannabis producer Tilray Inc. has signed a deal to acquire Hemp Hearts-maker Manitoba Harvest for up to $419 million in cash and stock as the two companies look to launch CBD-infused products where permissible in the U.S. The acquisition accelerates the Nanaimo, B.C.-based pot grower’s entry into the U.S. market as the hemp food manufacturer’s products are already on the shelves of retailers such... Read More

Barrick helps facilitate Acacia Mining deal with Tanzanian government

Barrick helps facilitate Acacia Mining deal with Tanzanian government
TORONTO — Barrick Gold Corp. says it has helped facilitate a deal between Acacia Mining and the government in Tanzania. Under the agreement, the economic benefits from Acacia’s operations will be shared on an equal basis with Tanzania’s government in the form of royalties, taxes and a 16 per cent free carry interest in the Tanzanian operations. A US$300-million payment to the government... Read More