SNC-Lavalin faces renewed questions over future following bombshell report

SNC-Lavalin faces renewed questions over future following bombshell report
MONTREAL — SNC-Lavalin’s sudden return to the spotlight brings renewed focus on the beleaguered engineering firm’s health, along with the potential economic consequences if it continues its path of decline. SNC-Lavalin Group Inc.’s bidding prospects, reputation and stock price have been causes for concern in a year that has seen its own financial woes conflated with its role in a political scandal that continues to dog Prime Minister Justin Trudeau. Canada’s ethics commissioner said Wednesday... Read More

Most actively traded companies on the TSX

Most actively traded companies on the TSX
TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange: Toronto Stock Exchange (16,045.94, down 304.90 points). Manulife Financial Corp. (TSX:MFC). Financial. Down 41 cents, or 1.83 per cent, to $21.96 on 8.6 million shares. B2Gold Corp. (TSX:BTO). Materials. Down three cents, or 0.63 per cent, to $4.77 on 7.5 million shares. Barrick Gold Corp. (TSX:ABX). Materials. Up 24 cents,... Read More

Aimia CEO says legal fight with biggest shareholder no barrier to M&A strategy

Aimia CEO says legal fight with biggest shareholder no barrier to M&A strategy
MONTREAL — The head of Aimia Inc. says its legal battle against its largest shareholder has not hampered the loyalty company’s hunt for bolt-on acquisitions as it charts a new course after the sale of its Aeroplan business. “We continue to be focused on executing M&A strategy. We’ve seen robust deal flow since we announced the strategy. We continue to... Read More

An explainer on inverted yield curves and is it a good predictor of recession

An explainer on inverted yield curves and is it a good predictor of recession
TORONTO — For the first time since before the Great Recession, the yield curve on two- and 10-year U.S. government bonds has inverted, a possible warning that another recession is on the way. On Wednesday, the yield on the 10-year Treasury briefly fell below the two-year yield. By late afternoon, the rate was 1.58 per cent 10-year yield and 1.56 per cent two-year yield.... Read More

North American stock markets plunge following weak data from Germany and China

North American stock markets plunge following weak data from Germany and China
TORONTO — Canada’s main stock index posted a triple-digit decline in late-morning trading as U.S. stock markets also plunged following weak economic data out of Germany and China. The S&P/TSX composite index was down 261.91 points at 16,088.93 following a report that Germany’s economy shrank in the spring and data from China that showed factory output, retail spending and investment... Read More

Stocks slide after bond market warns again of recession

Stocks slide after bond market warns again of recession
NEW YORK — Stocks sank Wednesday after the bond market threw up one of its last remaining warning flags on the economy. The yield on the 10-year Treasury briefly dropped below the two-year Treasury’s yield Wednesday morning. It’s rare for short-term yields to rise above longer-term ones, and when it happens, market watchers call it “an inverted yield curve” and... Read More

WeWork reveals loss, revenue growth as it prepares IPO

WeWork reveals loss, revenue growth as it prepares IPO
WeWork is getting ready to go public, adding to a growing list of money-losing venture seeking investors. The office space-sharing company, which recently renamed itself The We Co., said in a regulatory filing Wednesday that it now has 527,000 memberships across 29 countries. That’s nearly double the 268,000 members it had in the prior-year period. More than 50% of its... Read More

EDC expresses regret for US$41M loan to back Bombardier sale to Zuma allies

EDC expresses regret for US$41M loan to back Bombardier sale to Zuma allies
OTTAWA — Canada’s export credit agency says it regrets a 2015 decision to lend US$41 million to a South African company owned by members of a family with ties to former president Jacob Zuma. Export Development Canada executive vice-president Carl Burlock says in the months and years that followed, the agency became increasingly concerned about the loan it provided to Westdawn Investments to backstop the sale of... Read More

Cannabis company Tilray reports Q2 loss grew to US$35.1M, revenue up

Cannabis company Tilray reports Q2 loss grew to US$35.1M, revenue up
NANAIMO, B.C. — Cannabis company Tilray Inc. reported a loss in its latest quarter as revenue soared compared with a year ago before legalization of the recreational market in Canada late last year. The B.C.-based company, which keeps its books in U.S. dollars, says it lost US$35.1 million or 36 cents per share for the quarter ended June 30. The result compared... Read More