Vermilion Energy posts $1.3-billion loss on oil and gas assets writedown

Vermilion Energy posts $1.3-billion loss on oil and gas assets writedown
CALGARY — A $1.2-billion writedown in the value of its oil and gas assets around the world due to low global commodity prices resulted in a first-quarter net loss of $1.3 billion or $8.42 per share for Vermilion Energy Inc., the energy producer announced Tuesday. The Calgary-based company, which operates in Canada, Australia, Ireland, the United States, Netherlands, Germany and France, cut its... Read More

Quebec to reopen retail, construction and manufacturing businesses

Quebec to reopen retail, construction and manufacturing businesses
MONTREAL — Quebec’s economic recovery plan unveiled Tuesday aims to reopen the province’s retail, construction and manufacturing sectors by mid-May, allowing roughly 500,000 people who had been temporarily laid off during the pandemic to return to work. Despite the fact Quebec has more than half of Canada’s total number of deaths related to COVID-19 and continues to record hundreds of new cases per... Read More

Forecasts show Alberta could begin reopening economy in May: Kenney

Forecasts show Alberta could begin reopening economy in May: Kenney
EDMONTON — Premier Jason Kenney says Alberta is doing better than expected on containing COVID-19 and the plan is to begin relaxing health lockdown rules next month. Kenney said details of Alberta’s relaunch plan will be revealed later this week, but they will mirror those already announced in Saskatchewan. “There will be some dates (announced),” Kenney said Tuesday. “I do hope we will begin reopening aspects... 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 (14,798.29, up 156.18 points.) Manulife Financial Corp. (TSX:MFC). Financials. Up 37 cents, or 2.27 per cent, to $16.69 on nearly 11 million shares. StageZero Life Sciences Ltd. (TSX:SZLS). Health care. Down half a cent, or 4.35 per cent, to 11 cents on 10.1 million shares. Bank... Read More

Bombardier to recall 11,000 workers as Quebec prepares to reopen economy

Bombardier to recall 11,000 workers as Quebec prepares to reopen economy
MONTREAL — Bombardier Inc. says 11,000 furloughed employees will likely return to work over the next few weeks, part of some 450,000 Quebecers expected to go back on the job as the province prepares to restart its economy. The plane-and-train maker says it will resume production in Quebec as of May 11, the day set by the provincial government for factories to unlock... Read More

Postmedia to lay off 80, permanently close 15 newspapers amid COVID-19 fallout

Postmedia to lay off 80, permanently close 15 newspapers amid COVID-19 fallout
TORONTO — Postmedia Network Inc. says it will lay off about 80 employees and permanently close 15 community newspapers, as the newspaper conglomerate navigates the financial fallout of COVID-19. CEO Andrew MacLeod says in a memo to staff that the newspaper closures will happen in Manitoba and Ontario’s Windsor-Essex area. About 30 people will lose their jobs as a result of the permanent closures.... Read More

Plummeting business tourism costing cities hundreds of millions in lost revenues

Plummeting business tourism costing cities hundreds of millions in lost revenues
The cancellation of business conferences and conventions across the country is costing cities hundreds of millions of dollars in lost revenues as the COVID-19 pandemic craters the broader tourism industry. Tourism Toronto says the city will be down 120,000 business visitors from April through June due to major event cancellations and postponements such as the Collision tech conference, depriving the metropolis... Read More

Canada’s dairy processors to lose $100M if USMCA takes effect in July: Plett

Canada’s dairy processors to lose $100M if USMCA takes effect in July: Plett
WASHINGTON — A Conservative senator says Canada’s dairy processing industry stands to lose about $100 million if the new trade agreement with the United States and Mexico goes into effect July 1. Sen. Don Plett, the Opposition leader in the Senate, says Conservatives in the upper chamber agreed to fast-track implementing the U.S.-Mexico-Canada Agreement only after the federal government promised... Read More

Prime minister of Papua New Guinea threatens to take over Barrick gold mine

Prime minister of Papua New Guinea threatens to take over Barrick gold mine
TORONTO — The prime minister of Papua New Guinea is threatening to take over a gold mine operated by Barrick Gold Corp. after operations were suspended there last weekend in the midst of a dispute over renewal of its mining lease. In a social media post, Prime Minister James Marape warns Barrick “don’t fight me” as he urges the company to maintain the Pogera mining... Read More