Fitch reduces Alberta credit rating, cites concerns on heavy borrowing

Fitch reduces Alberta credit rating, cites concerns on heavy borrowing
EDMONTON — Alberta’s plan to relaunch its economy is taking a hit right out of the starting gate. The United States-based Fitch rating agency has announced it’s reducing Alberta’s credit rating to AA- from AA. Fitch cites a concern with sharply higher borrowing done by the province to deal with the economic fallout of the COVID-19 pandemic. Premier Jason Kenney is... 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 (15,515.22, up 125.50 points.) Bonavista Energy Corp. (TSX:BNP). Energy. Down half a cent, or 9.09 per cent, to five cents on 20.7 million shares. Bombardier Inc. (TSX:BBD.B). Industrials. Down two cents, or 4.55 per cent, to 42 cents on 13 million shares. TC... Read More

TSX has best quarter in more than a decade as gold hits nine-year high

TSX has best quarter in more than a decade as gold hits nine-year high
TORONTO — Canada’s main stock index ended its best quarter in more than a decade as the price of gold hit its highest level since 2011. The S&P/TSX composite index closed up 125.50 points at 15,515.22. In New York, the Dow Jones industrial average was up 217.08 points at 25,812.88. The S&P 500 index was up 47.05 points at 3,100.29, while the Nasdaq... Read More

Order restricting entry to Canada extended to July 31 as COVID-19 worries remain

Order restricting entry to Canada extended to July 31 as COVID-19 worries remain
OTTAWA — The federal government says it has extended tight rules barring most foreign travellers from entering Canada until the end of July as part of efforts to slow the spread of COVID-19. The restrictions covering people seeking to enter Canada from countries other than the United States were set to expire at midnight Tuesday, the end of June. The... Read More

Statistics Canada to release April GDP report today, record plunge expected

Statistics Canada to release April GDP report today, record plunge expected
OTTAWA — Statistics Canada will release its reading for gross domestic product for April this morning. The report is expected to show a record plunge as the COVID-19 pandemic brought non-essential businesses to a halt. April is expected to be the bottom for the economy with non-essential businesses shut for the full month before they started reopening in May. Statistics Canada’s... Read More

Air Canada cutting 30 domestic routes, closing stations at eight airports

Air Canada cutting 30 domestic routes, closing stations at eight airports
MONTREAL — Air Canada is indefinitely suspending service on 30 domestic regional routes and closing eight stations at regional airports. The airline says the cuts are being made as a result of continuing weak demand for both business and leisure travel due to COVID-19 travel restrictions and border closures. The regional airports where Air Canada is closing its stations include... Read More

Shell takes $22 billion hit on lower oil, gas prices

Shell takes $22 billion hit on lower oil, gas prices
LONDON — Energy producer Royal Dutch Shell warned Tuesday it will slash the value of its assets by $22 billion to account for lower oil and gas prices amid the COVID-19 pandemic. With the virus outbreak hurting the long-term prospects of the global economy, the company said it continues “to adapt to ensure the business remains resilient” in challenging times.... Read More

US consumer confidence rises to 98.1 in June

US consumer confidence rises to 98.1 in June
WASHINGTON — U.S. consumer confidence rose in June, reflecting the partial re-opening of the country but the concern is that rising coronavirus cases in many states could jeopardize future gains. The Conference Board, a New York-based research organization, said that its consumer confidence index rose to 98.1 in June after virtually no change at 85.9 in May. Even with the... Read More

Cineplex reopens some theatres after $178-million loss in first quarter

Cineplex reopens some theatres after $178-million loss in first quarter
TORONTO — Cineplex Inc. is reopening some of its theatres as the company struggles with the fallout of COVID-19 and the demise of its takeover deal. The Toronto-based movie theatre company will open some theatres in British Columbia, Saskatchewan, Quebec, New Brunswick, Nova Scotia and Newfoundland on Friday. The reopenings come as Cineplex vows to sue U.K.-based chain Cineworld PLC for calling off a $2.8-billion takeover of the company. On... Read More