Markets up slightly ahead of US GDP data, European central bank meeting

Markets up slightly ahead of US GDP data, European central bank meeting
TORONTO — Major North American markets were relatively flat Monday while awaiting a trifecta of news this week. The S&P/TSX composite index gained 32.94 points to 16,518.88. In New York, the Dow Jones industrial average advanced 17.70 points to 27,171.90. The S&P 500 index rose 8.42 points to 2,988.03, while the Nasdaq composite moved up 57.64 points to 8,204.13. The Canadian dollar traded... Read More

Expert warns of Huawei monopoly in North, leaving residents vulnerable to China

Expert warns of Huawei monopoly in North, leaving residents vulnerable to China
Ottawa is creating conditions for the telecom giant Huawei to create a monopoly on high-speed internet in Canada’s Far North, leaving its residents vulnerable to Beijing’s will, says a leading analyst. Michael Byers, an Arctic-affairs expert at the University of British Columbia, said there’s no immediate security threat to Huawei Canada’s Monday announcement that it will partner with a northern... Read More

Wholesale trade falls in May, breaking five-month streak of increases

Wholesale trade falls in May, breaking five-month streak of increases
OTTAWA — Statistics Canada says wholesale sales broke a five-month streak of increases in May, falling 1.8 per cent to $63.8 billion, driven mainly by decreases in the motor vehicle and motor vehicle parts and accessories subsector. The drop surpassed the 0.6 per cent loss that had been expected on average by economists, according to Thomson Reuters Eikon. Sales were lower in six subsectors, accounting for... Read More

Technology, energy help lift Toronto market index, U.S. stocks mixed

Technology, energy help lift Toronto market index, U.S. stocks mixed
TORONTO — Information technology and energy stocks helped lift Canada’s main stock index in late-morning trading, while U.S. stocks were mixed. The S&P/TSX composite index was up 15.14 points at 16,501.08. In New York, the Dow Jones industrial average was down 52.33 points at 27,101.87. The S&P 500 index was up 1.59 points at 2,978.20, while the Nasdaq composite was up 36.96 points at 8,183.45.... Read More

Calgary-based AltaGas selling U.S. solar, fuel cell power plants for $940M

Calgary-based AltaGas selling U.S. solar, fuel cell power plants for $940M
CALGARY — AltaGas Ltd. says it is selling its portfolio of U.S. distributed electricity assets held by subsidiaries WGL Energy Systems, Inc. and WGSW, Inc., to TerraForm Power, Inc., an affiliate of Brookfield Asset Management, for $940 million. The portfolio consists of 322 megawatts of generation facilities in 20 states and the District of Columbia, including 291 MW of commercial and... Read More

CannTrust files response to Health Canada, names special committee members

CannTrust files response to Health Canada, names special committee members
TORONTO — CannTrust Holdings Inc. has officially responded to Health Canada’s finding that the cannabis company ran afoul of its regulations, including unlicensed cultivation at its Ontario greenhouse. The company says that on July 17 it filed a response to the regulator’s non-compliance report, one day before the July 18 deadline, and it now awaits Health Canada’s response. CannTrust also says it has appointed U.S.... Read More

Aimia sues largest shareholder over alleged breach of contracted truce

Aimia sues largest shareholder over alleged breach of contracted truce
MONTREAL — Aimia Inc. has filed a lawsuit against its largest shareholder that accuses the dissident investor of violating a contracted truce, the latest move in a battle over control of the company’s board of directors. The loyalty rewards company says in the lawsuit that it reached an agreement with Mittleman Brothers LLC last year that suspended the New York investment firm’s threats to overthrow the... Read More

SNC-Lavalin books $2B charge, warns on forecast, announces reorganization

SNC-Lavalin books $2B charge, warns on forecast, announces reorganization
MONTREAL — SNC-Lavalin Group Inc. warns its 2019 results could be significantly lower than anticipated, largely due to cost overruns at some construction projects and says it will undergo a reorganization to exit or section off its poorer performing segments. The Montreal-based engineering giant is withdrawing all previous financial guidance for 2019, due largely to project cost adjustments in its resources and infrastructure segments. It will also book an additional... Read More