Indigo loses $171 million in Q4 after taking large impairment, tax charges

Indigo loses $171 million in Q4 after taking large impairment, tax charges
TORONTO — Indigo Books & Music Inc. is reporting a surge in losses caused by non-cash charges in its fiscal year ended March 28. The Toronto-based book, gift and specialty toy retailer says it lost $171.3 million or $6.22 per diluted share in the fourth quarter, compared with a loss of $23.8 million or 86 cents per share a year earlier. Indigo... Read More

WestJet retreats on labour code exemption that would facilitate mass layoffs

WestJet retreats on labour code exemption that would facilitate mass layoffs
WestJet Airlines Ltd. says it has halted its pursuit of a labour code exemption that would have facilitated mass layoffs. WestJet aviation security manager Jared Mikoch-Gerke told the House of Commons health committee Monday the airline had revoked its request for exemption from Canada Labour Code provisions that require 16 weeks’ notice ahead of a mass layoff, which refers to... 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 (15,564.75, up 47.85 points.) Hexo Corp. (TSX:HEXO). Health care. Up seven cents, or 7.07 per cent, to $1.06 on 9.3 million shares. Manulife Financial Corp. (TSX:MFC). Financials. Up 18 cents, or 0.97 per cent, to $18.72 on 8.5 million shares. Baytex Energy Corp.... Read More

Pandemic-era tech changes should become permanent, says Toronto mayor

Pandemic-era tech changes should become permanent, says Toronto mayor
TORONTO — The COVID-19 pandemic has put a dent in Toronto’s economy but it has also taught valuable lessons that should lead to permanent technological change, Mayor John Tory said Tuesday. “I think what we’re discovering is that a lot of the stuff we did during an emergency circumstance should be made permanent,” Tory said at the opening of the Collision at... Read More

CMHC expects lower demand for housing as economy takes COVID-19 hit

CMHC expects lower demand for housing as economy takes COVID-19 hit
OTTAWA — Canada Mortgage and Housing Corp. expects a drop in home prices in the country’s biggest cities amid “severe declines” in home sales and construction. The federal housing agency says a combination of factors related to the pandemic, such as higher unemployment and lower income, will slow housing starts and push sales and home prices below pre-COVID levels. CMHC says the market likely won’t see a return to... Read More

Despite green pledges, Amazon’s carbon footprint grew 15%

Despite green pledges, Amazon’s carbon footprint grew 15%
NEW YORK — Amazon said Tuesday that its carbon footprint rose 15% last year, even as it launched initiatives to reduce its harm on the environment. The online shopping giant said it emitted 51.17 million metric tons of carbon dioxide last year, the equivalent of 13 coal burning power plants running for a year. That’s up from 2018, when it... Read More

Aurora Cannabis to lay off staff, close five sites, take impairment charges

Aurora Cannabis to lay off staff, close five sites, take impairment charges
EDMONTON — Aurora Cannabis Inc. is continuing to restructure with more layoffs, facility closures and impairment charges. The Edmonton-based cannabis company says it will reduce its selling, general and administrative workforce by 25 per cent immediately. Another 30 per cent of production staff will be laid off from the company over the next two quarters. Aurora has also decided to cease operations at... Read More

Third phase to make Capital Power’s Whitla Wind project Alberta’s largest

Third phase to make Capital Power’s Whitla Wind project Alberta’s largest
CALGARY — Capital Power Corp. says a $92-million expansion of its Whitla Wind power facility in southern Alberta will make it the largest in the province. The Edmonton-based company says it will add 54 megawatts of capacity by late 2021 through the third phase of the project, taking it to 353 MW. Subject to regulatory approvals, the third phase is to be constructed concurrently... Read More

Toronto mayor says city’s tech sector confident pandemic will foster innovation

Toronto mayor says city’s tech sector confident pandemic will foster innovation
Toronto’s mayor says the city’s technology community is optimistic that the COVID-19 crisis will be followed by a period of rapid innovation like the one that followed the 2008-9 financial downturn. Mayor John Tory says the pandemic has caused damage to the city’s economy but the crisis has also taught valuable lessons that should lead to permanent change. He specifically mentioned the need to use... Read More