Hexo Corp. sells Niagara Falls cannabis facility for $10.25 million

Hexo Corp. sells Niagara Falls cannabis facility for $10.25 million
OTTAWA — Hexo Corp. says it has sold its facility in Niagara Falls, Ont., for $10.25 million to an undisclosed buyer. The cannabis company announced in March plans to list the facility after reviewing its cultivation assets. Hexo determined that it no longer expected to restart operations, which it halted in November 2019, due to an excess of cultivation capacity in... 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 (15,428.69, down 87.14 points.) Bombardier Inc. (TSX:BBD.B). Industrials. Up 1.5 cents, or 3.03 per cent, to 51 cents on 18.3 million shares. Canadian Natural Resources Ltd. (TSX:CNQ). Energy. Down 88 cents, or 3.63 per cent, to $23.39 on 14.3 million shares. Freegold Ventures Ltd. (TSX:FVL). Materials. Unchanged at 75 cents on... Read More

Toronto arts agency lays off staff as live events ‘ravaged’ by pandemic

Toronto arts agency lays off staff as live events ‘ravaged’ by pandemic
TORONTO — The Toronto agency that operates three prestigious arts venues says additional layoffs mean 115 full-time positions have now been affected by the pandemic. TO Live says this is in addition to the 480 unionized, part-time and casual staff who were already laid off or placed on temporary leave. The non-profit charitable arts group says the most recent round of 32... Read More

Toronto stock market slips lower as crude prices drive down energy sector

Toronto stock market slips lower as crude prices drive down energy sector
TORONTO — Canada’s main stock index moved lower midweek as falling crude oil prices hurt the energy sector. The S&P/TSX composite index closed down 87.14 points at 15,428.69. In New York, the Dow Jones industrial average was down 170.37 points at 26,119.61. The S&P 500 index was down 11.25 points at 3,113.49, while the Nasdaq composite was up 14.66 points... Read More

P.E.I. deficit balloons to $173 million as finance minister blames COVID-19

P.E.I. deficit balloons to $173 million as finance minister blames COVID-19
CHARLOTTETOWN — The COVID-19 pandemic has blown a hole through the public finances of Prince Edward Island, with the province announcing Wednesday a budget deficit for fiscal 2020-21 of $173 million. Gross domestic product is expected to shrink by about 1.1 per cent, down to $7.1 billion from $7.2 billion. Net debt is projected to increase by $286 million — representing a jump of... Read More

Enbridge says 800 staff have taken voluntary buyouts offered to cut costs

Enbridge says 800 staff have taken voluntary buyouts offered to cut costs
CALGARY — Enbridge Inc. says 800 employees have voluntarily left the company, allowing it to avoid layoffs as it cuts costs to counter impacts from COVID-19 and lower global oil prices. The Calgary-based pipeline company announced in May it would defer $1 billion in capital spending this year and reduce costs by $300 million through measures including salary cuts and voluntary staff reductions. Spokesman Jesse Semko... Read More

South American gold mine closed over union dispute following COVID-19 outbreak

South American gold mine closed over union dispute following COVID-19 outbreak
TORONTO — Iamgold Corp. says it has suspended operations at its Rosebel Gold Mine in the South American country of Suriname after seven people were diagnosed with COVID-19, sparking a showdown with its union. The Canadian mining company says it proceeded with getting medical care and putting the individuals in quarantine while disinfecting their living quarters and work areas. Operations... Read More

Canada’s wealthiest one per cent hold 25.6% of riches, new PBO report says

Canada’s wealthiest one per cent hold 25.6% of riches, new PBO report says
A report based on a new modelling approach finds that Canada’s wealthiest families possess billions more of the nation’s riches than previously believed. The Office of the Parliamentary Budget Officer says the top one per cent of Canada’s families hold about 25.6 per cent of the wealth, up from the 13.7 per cent estimate under previous methodology. According to the report, the amount... Read More

Here’s a list of May inflation rates for Canadian provinces, territories

Here’s a list of May inflation rates for Canadian provinces, territories
OTTAWA — Canada’s national annual inflation rate was -0.4 per cent in May, Statistics Canada says. Here’s what happened in the provinces (previous month in brackets): — Newfoundland and Labrador: -1.3 per cent (-1.5) — Prince Edward Island: -1.5 (-1.3) — Nova Scotia: -0.9 (-0.6) — New Brunswick: -0.8 (-1.3) — Quebec: -0.4 (0.2) — Ontario: -0.4 (-0.1) — Manitoba: -0.5 (-0.6) — Saskatchewan: -0.6 (-1.4) — Alberta: 0.1... Read More

U.S. to investigate Canada’s ‘unfavourable’ new Great Lakes shipping rules

U.S. to investigate Canada’s ‘unfavourable’ new Great Lakes shipping rules
WASHINGTON — Regulators in the United States have launched a formal investigation into Canada’s plan to change the rules that govern shipping on the Great Lakes. U.S.-based shippers say proposed new Canadian standards for the use and release of ballast water are unfair, overly costly and designed to drive them out of the business of cross-border shipping on the lakes. The measures,... Read More