Freshii to sell food in grocery stores through Walmart Canada partnership

Freshii to sell food in grocery stores through Walmart Canada partnership
TORONTO — Freshii Inc. says it will soon sell its prepared food offerings in some Walmart Canada locations in Ontario its first partnership with a major grocer. The Toronto-based company that markets its meals as healthier meal options says its products will be in 100 Walmart Canada stores by the end of April as well as online. The news comes as Freshii, which reports in US... Read More

HBC to shutter Home Outfitters brand and likely some Saks Off Fifth locations

HBC to shutter Home Outfitters brand and likely some Saks Off Fifth locations
TORONTO — Hudson’s Bay Co. is shuttering its Home Outfitters business and eyeing the closures of 20 of its Saks Off Fifth locations, in a bid to increase profitability. The Toronto-based company behind a handful of big-box and luxury retailers said its decision to shut down its household goods brand with 37 stores in Canada and review its roster of 133 Saks Off Fifth... Read More

Interest rates low enough to stimulate economy, upward path ‘uncertain’: Poloz

Interest rates low enough to stimulate economy, upward path ‘uncertain’: Poloz
OTTAWA — The head of the Bank of Canada says his trend-setting interest rate is low enough, at its below-inflation level of 1.75 per cent, that it’s delivering stimulative effects to the economy. But even in the stronger economy, governor Stephen Poloz said Thursday that the benchmark rate’s upward journey to its likely destination range of between 2.5 and 3.5 per cent is “highly uncertain.” The... Read More

Trican Well Service cuts 160 jobs during sharp slowdown in Q4 oilpatch activity

Trican Well Service cuts 160 jobs during sharp slowdown in Q4 oilpatch activity
CALGARY — A 40 per cent decline in revenue in the fourth quarter due to a steep downturn in drilling activity in Western Canada resulted in 160 lost jobs at Calgary-based Trican Well Service Ltd. The well completion company posted $5.1 million in severance costs in its fourth-quarter results as its revenue dropped to just $168 million from $280 million in the... Read More

Huawei to continue to work with consumers even if banned in Canada: chairman

Huawei to continue to work with consumers even if banned in Canada: chairman
TORONTO — Huawei Technologies Inc. says it will continue to work with consumers and telecommunications partners including if Canada bans its 5G technology from the country, and won’t pull out of its investments in Canadian research or universities. Speaking at a media roundtable in Toronto, Huawei’s board chairman Liang Hua says he hopes an impending decision from the Canadian government... Read More

QuadrigaCX’s inadvertent transfer due to ‘platform setting error’: monitor

QuadrigaCX’s inadvertent transfer due to ‘platform setting error’: monitor
HALIFAX — The court-appointed monitor overseeing the search for the roughly $260 million owed to clients of the embattled QuadrigaCX cryptocurrency exchange says the bitcoin transfer it “inadvertently” made this month was due to a “platform setting error” that prompted the automatic transaction. Ernst & Young also said in its second report that it has confirmed that the insolvent company’s cold-storage wallets continue... Read More

Well completion companies report sharp slowdown in fourth-quarter activity

Well completion companies report sharp slowdown in fourth-quarter activity
CALGARY — Companies whose services are needed for hydraulic fracturing or “fracking” of oil and gas wells are reporting tough times thanks to a slowdown in drilling in Western Canada in the fourth quarter. Shares in both Trican Well Service Ltd. and Source Energy Services Ltd. trended lower Thursday after the Calgary-based companies reported lower sales in the last three months of 2018.... Read More

Made-in-Canada lab-grown meat a possibility after grant from U.S. non-profit

Made-in-Canada lab-grown meat a possibility after grant from U.S. non-profit
A group of Toronto scientists will soon attempt to develop a less-expensive way to grow lab-made meat after securing a grant from an American non-profit aiming to boost advances in cultured protein. Cellular agriculture has been touted as the future of food thanks to its smaller environmental footprint and consideration for animal welfare, but until recently much of the research has been done south... Read More

Ontario orders Hydro One to cap CEO pay at $1.5 million

Ontario orders Hydro One to cap CEO pay at $1.5 million
TORONTO — Ontario issued a directive Thursday to Hydro One, ordering it to pay its CEO no more than $1.5 million per year — substantially less than the partially privatized utility had proposed. Hydro One and the government have been at loggerheads over executive compensation, with the company refusing repeated requests to slash the CEO pay below $2,775,000. Energy Minister... Read More

Gildan reports fourth-quarter sales and profit up from year ago mark

Gildan reports fourth-quarter sales and profit up from year ago mark
MONTREAL — Gildan Activewear Inc. says strong sales helped propel a leap in its fourth-quarter profit last year. The Montreal-based clothing manufacturer, which keeps its books in U.S. dollars, saw fourth-quarter sales jump 13.6 per cent to US$742.7 million compared with $653.7 million a year ago. That yielded a profit of $59.6 million or 29 cents per diluted share in... Read More