Facebook says Libra won’t launch without US approval

Facebook says Libra won’t launch without US approval
SAN FRANCISCO — Facebook CEO Mark Zuckerberg aims to reassure Congress on Wednesday that his company won’t try to evade financial regulators as it prepares its planned digital currency Libra. In prepared remarks released Tuesday ahead of a hearing before the House Financial Services Committee, Zuckerberg says that Facebook “will not be a part of launching the Libra payments system... Read More

Boeing replaces executive who oversaw 737 Max, other planes

Boeing replaces executive who oversaw 737 Max, other planes
Boeing is replacing the head of its commercial-airplanes division as it struggles with a crisis created by two deadly crashes of its newest airliner. Boeing said Tuesday that Kevin McAllister is out as chief executive of Boeing Commercial Airplanes. He is being replaced by Stanley Deal, leader of Boeing’s services division. The shake-up in Boeing’s top ranks comes just days... Read More

Liberal search for dance partners: areas where Trudeau might find common ground

Liberal search for dance partners: areas where Trudeau might find common ground
OTTAWA — The Liberals won more seats Monday than any other party, but came up short in their effort to return to Parliament with another majority mandate. Unlike in Justin Trudeau’s first term, this time the Liberal prime minister will have to strike agreements with political rivals as he tries to win their support to pass legislation and, in some cases, survive confidence... Read More

CN Rail cuts profit forecast for 2019 amid ‘softer’ economy and lower net income

CN Rail cuts profit forecast for 2019 amid ‘softer’ economy and lower net income
MONTREAL — Canada’s largest railroad operator cut its profit outlook for 2019 on Tuesday, saying a weaker economy has eroded rail demand. Canadian National Railway Co. lowered its expectations for adjusted earnings per share to the high single digits, down from predictions of low double-digit growth. “While economic weakness and geopolitical issues are creating headwinds, unemployment levels are still at record lows and... Read More

Most actively traded companies on the TSX

Most actively traded companies on the TSX
TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange: Toronto Stock Exchange (16,391.52, down 26.93 points). Encana Corp. (TSX:ECA). Energy. Up four cents, or 0.76 per cent, to $5.33 on 7.6 million shares. Bombardier Inc. (TSX:BBD.B). Industrials. Down two cents, or 1.22 per cent, to $1.62 on 7 million shares. Enbridge Inc. (TSX:ENB). Energy. Up eight cents,... Read More

High prices drove US home sales down 2.2% in September

High prices drove US home sales down 2.2% in September
WASHINGTON — U.S. home sales fell 2.2% in September, as rising home prices and lower inventories have stifled homebuyers. The National Association of Realtors said Tuesday that homes sold last month declined at a seasonally adjusted annualized rate of 5.38 million units, ending a two-month streak of sales gains. Existing-home sales are up 3.9% from a year ago, but September’s... Read More

Oilpatch market reaction muted after election of minority Liberal government

Oilpatch market reaction muted after election of minority Liberal government
CALGARY — Investors in the oil and gas sector were shrugging off the federal election results despite predictions that a Liberal minority propped up by the NDP and Greens would result in policies that hurt the industry. Shares in several Canadian oil and gas companies rose Tuesday morning, pushing the S&P/TSX Capped Energy Index higher, although it remains more than 25 per... Read More

Husky Energy lays off staff to align with lower spending plans and strategy

Husky Energy lays off staff to align with lower spending plans and strategy
Calgary-based Husky Energy Inc. is confirming it is laying off staff but won’t say how many. The company controlled by Hong Kong billionaire Li Ka-Shing says the reductions are a result of steps taken to align its workforce with its capital plan and strategy. In a regulatory filing earlier this year, Husky indicated it had 5,157 permanent employees as of... Read More

Trudeau election win boosts SNC-Lavalin shares amid hopes around criminal case

Trudeau election win boosts SNC-Lavalin shares amid hopes around criminal case
MONTREAL — SNC-Lavalin Group Inc. shares shot up Tuesday after the Liberal election win left open the possibility of a plea deal on fraud and corruption charges facing the engineering firm. The beleaguered company saw shares climb 13 per cent or $2.24 to $19.92 in early-afternoon trading, buoyed by investor hopes that the Liberal refusal to close the door on a... Read More