Canopy Growth to lay off 500 employees, close greenhouses, take $700-$800M writedown

Canopy Growth to lay off 500 employees, close greenhouses, take $700-$800M writedown
SMITHS FALLS, Ont. — Canopy Growth Corp. says it is laying off 500 employees and closing its greenhouses in Aldergrove and Delta, B.C. The Smiths Falls, Ont. cannabis company says it has determined that the facilities are no longer essential to its cultivation footprint. Canopy says it was hampered by the Canadian recreational cannabis market developing slower than anticipated and profitability challenges... Read More

Bombardier investigating reported links to Uighur forced labour in China

Bombardier investigating reported links to Uighur forced labour in China
Bombardier Inc. says it is concerned about a new report that links it and other companies to the alleged forced labour of Muslim minorities in China. The Australian Strategic Policy Institute says factories that claim to supply products to at least 83 global brands — from Apple to Zara, Nike and Samsung — exploited more than 80,000 Uighur Muslims who were transferred out of their home... Read More

Several banks match Bank of Canada with 50 basis point cut to prime interest rate

Several banks match Bank of Canada with 50 basis point cut to prime interest rate
TORONTO — Several Canadian banks and financial institutions have dropped their prime lending rate by 50 basis points to 3.45 per cent, effective March 5. The moves by the Royal Bank, Toronto-Dominion Bank, Scotiabank, Bank of Montreal, CIBC and the Desjardins Group match the Bank of Canada’s decision Wednesday to drop its key lending rate by 50 basis points, which was itself a matching of... 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 (16,779.53, up 355.91 points.) Manulife Financial Corp. (TSX:MFC). Financials. Up 33 cents, or 1.48 per cent, to $22.64 on 13.8 million shares. Bombardier Inc. (TSX:BBD.B). Industrials. Down two cents, or 1.94 per cent, to $1.01 on 7.9 million shares. Suncor Energy Inc. (TSX:SU). Energy. Up 50 cents,... Read More

Shopify cancels events at L.A. space for entrepreneurs amid coronavirus concerns

Shopify cancels events at L.A. space for entrepreneurs amid coronavirus concerns
TORONTO — Shopify Inc. says it is postponing all events, one-on-one appointments and workshops at its Los Angeles entrepreneurs’ space. The Ottawa-based e-commerce company says evolving public health concerns around a novel coronavirus prompted the decision. Shopify says it was a hard choice to make, but the company believes it is the best option for everyone’s health and safety. Shopify promises that it... Read More

Fisheries producers shifting gears to adjust to coronavirus impact on markets

Fisheries producers shifting gears to adjust to coronavirus impact on markets
HALIFAX — Atlantic Canadian fisheries entrepreneurs like Danny Dumaresque have to be nimble in their marketing efforts as the impact of the novel coronavirus hits their Asian customer base and delays key industry events. The owner of Labrador Gem Seafood had counted on attending Seafood Expo North America in Boston this month, but learned Tuesday the event is being postponed due to concerns... Read More

Bank of Canada rate cut to mean cheaper borrowing and lower interest on savings

Bank of Canada rate cut to mean cheaper borrowing and lower interest on savings
TORONTO — Borrowing costs for mortgages, auto loans and other lines of credit are set to head lower after the Bank of Canada cut its key lending rate by half a percentage point. James Laird, co-founder of Ratehub.ca, says homeowners with variable rate mortgages should see rates start to fall this week, though it remains to be seen if banks will... Read More

Undetected cracks blamed for Enbridge gas pipeline blast in B.C. in 2018

Undetected cracks blamed for Enbridge gas pipeline blast in B.C. in 2018
CALGARY — The Transportation Safety Board of Canada says cracks that went undetected by the operator led to an Enbridge Inc. natural gas pipeline rupture that resulted in an explosion and fire northeast of Prince George, B.C., in October 2018. No one was injured in the incident but 125 people in a two-kilometre radius were evacuated as a precaution and the... Read More

US services companies grow in February

US services companies grow in February
WASHINGTON — Services companies grew at a faster pace in February than the previous month, an indication that the economy was still expanding immediately after the first cases of the coronavirus were reported in the U.S. The Institute for Supply Management said Wednesday that its service-sector index rose to 57.3 from 55.5 in January. Any reading above 50 signals an... Read More

S&P/TSX composite posts triple-digit advance, while U.S. markets also surge

S&P/TSX composite posts triple-digit advance, while U.S. markets also surge
TORONTO — Canada’s main stock index posted a triple-digit advance in a broad-based rally at the start of trading, while U.S. stock markets also surged higher. The S&P/TSX composite index was up 204.49 points at 16,628.11. In New York, the Dow Jones industrial average was up 509.66 points at 26,427.07. The S&P 500 index was up 45.17 points at 3,048.54,... Read More