CN Rail laying off about 450 workers after shutting down Eastern Canada network

CN Rail laying off about 450 workers after shutting down Eastern Canada network
MONTREAL — CN Rail is laying off about 450 workers in its operations in Eastern Canada after cancelling more than 400 trains in the past week over a rail blockade protesting an LNG pipeline in British Columbia. The layoffs will affect operational staff, including employees working at Autoport in Eastern Passage, Moncton, Charny and Montreal. The Montreal-based railway says the... 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 (17,858.34, up 9.98 points.) Bombardier Inc. (TSX:BBD.B). Industrials. Down 16 cents, or 9.7 per cent, to $1.49 on 40.3 million shares. Manulife Financial Corp. (TSX:MFC). Financials. Down 11 cents, or 0.42 per cent, to $26 on 17.3 million shares. Power Corp. (TSX:POW). Financials. Up 21... Read More

Higher gold prices prevent Toronto stock market from slipping into red

Higher gold prices prevent Toronto stock market from slipping into red
TORONTO — Canada’s main stock index avoided slipping into the red as the price of gold hit a seven-year high. The S&P/TSX composite index closed up 9.98 points at 17,858.34. In New York, the Dow Jones industrial average was down 165.89 points at 29,232.19. The S&P 500 index was down 9.87 points at 3,370.29, while the Nasdaq composite was up 1.56 points at... Read More

Coastal GasLink pipeline investor committed to closing deal despite protests

Coastal GasLink pipeline investor committed to closing deal despite protests
CALGARY — One of the investors buying a stake in the Coastal GasLink pipeline says it remains committed to the deal despite protester blockades that have shut down railway lines in some parts of Canada. Alberta Investment Management Corp., which looks after more than $115 billion in public sector pension funds for the province, agreed with American partner KKR in December to buy a 65 per... Read More

Ottawa changing stress test rate for insured mortgages starting April 6

Ottawa changing stress test rate for insured mortgages starting April 6
OTTAWA — The federal government is changing the stress test rate for insured mortgages starting April 6. The government says the change will allow the rate to be more representative of the mortgage rates offered by lenders and more responsive to market conditions. The new minimum qualifying rate will be the greater of the borrower’s contract rate or the weekly... Read More

Business groups call on Ottawa to end to rail blockade stranding goods worth millions

Business groups call on Ottawa to end to rail blockade stranding goods worth millions
TORONTO — Business groups are calling on the federal government to take steps to immediately restore rail service that is being disrupted by anti-pipeline blockades. Dennis Darby, CEO of Canadian Manufacturers and Exporters, says the situation is “beyond serious.” The group estimates that some $425 million worth of goods are becoming stranded every day the blockade continues. Darby says that... Read More

Nova Scotia tables largest single-year capital plan at just over $1 billion

Nova Scotia tables largest single-year capital plan at just over $1 billion
HALIFAX — Nova Scotia’s Liberal government has announced the largest single-year capital plan in the province’s history at just over $1 billion for 2020-21. The $1.042-billion figure is a 51 per cent year-over-year increase in capital spending, which saw $691.3-million allocated in 2019-20. Finance Minister Karen Casey says with the government preparing to table its fifth consecutive balanced budget next Tuesday,... Read More

North American stock markets in the red, loonie edges down against U.S. dollar

North American stock markets in the red, loonie edges down against U.S. dollar
TORONTO — Canada’s main stock index fell in late-morning trading as the key financial  and industrial sectors moved lower, while U.S. stock markets also sank into the red. The S&P/TSX composite index was down 14.12 points at 17,834.24. In New York, the Dow Jones industrial average was down 199.96 points at 29,198.12. The S&P 500 index was down 16.60 points... Read More

AFN national chief calls for calm on Wet’suwet’en crisis, rail blockades

AFN national chief calls for calm on Wet’suwet’en crisis, rail blockades
OTTAWA — The national chief of the Assembly of First Nations is calling for calm and constructive dialogue to ease tensions over a British Columbia pipeline project and the nationwide protests it’s spawned. National Chief Perry Bellegarde is telling reporters in Ottawa that governments and industry have to give the time and space to work with the Wet’suwet’en people. Hereditary chiefs in the Wet’suwet’en... Read More

HBC says three proxy advisers recommend shareholders back privatization deal

HBC says three proxy advisers recommend shareholders back privatization deal
TORONTO — Hudson’s Bay Co. says three proxy advisory firms have recommended shareholders vote in favour of a plan to take the retailer private. The company says Institutional Shareholder Services, Glass Lewis and Egan-Jones have all recommended that HBC shareholders back the deal. HBC announced last month that a shareholder group headed by executive chairman Richard Baker raised its going-private... Read More