Total writes off $9.3B in oilsands assets, cancels Canadian oil lobby membership

Total writes off $9.3B in oilsands assets, cancels Canadian oil lobby membership
CALGARY — French energy giant Total says it is writing off $9.3-billion (US$7 billion) worth of oilsands assets in Alberta and cancelling its membership in the Calgary-based Canadian Association of Petroleum Producers. The Paris-based company says it now considers oil reserves with high production costs that are to be produced more than 20 years in the future to be “stranded” given its... 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 (16,294.66, up 173.34 points) Aphria Inc. (TSX:APHA). Healthcare. Down $1.50, or 18.7 per cent, to $6.52 on 9.98 million shares. Avcorp Industries Inc. (TSX:AVP). Industrials. Down three cents, or 21.43 per cent, to $0.11 on 8.81 million shares. Bombardier Inc. (TSX:BBD.B). Industrials. Up half... Read More

Toronto stock index gains nearly 200 points as Shopify Inc. shares strengthen

Toronto stock index gains nearly 200 points as Shopify Inc. shares strengthen
TORONTO — Canada’s main stock index gained nearly 200 points as Shopify Inc. shares buoyed the tech sector thanks to strong quarterly results. The S&P/TSX composite index gained 173.34 points to 16,294.66 as Shopify shares closed up about seven per cent after reaching an intraday high of just over 12.5 per cent. In New York, the Dow Jones industrial average... Read More

The Latest: Lawmakers cite internal Facebook documents

The Latest: Lawmakers cite internal Facebook documents
WASHINGTON — The Latest on testimony in Congress by the CEOs of Facebook, Apple, Amazon and Google (all times local): 2:45 p.m. Facebook internal company documents are being deployed against CEO Mark Zuckerberg by lawmakers asserting that the company has gobbled up rivals to squelch competition. Rep. Jerrold Nadler, the Democrat who heads the House Judiciary Committee, told Zuckerberg at... Read More

Bird Construction to buy Stuart Olsen; most of $96.5 million going to lenders

Bird Construction to buy Stuart Olsen; most of $96.5 million going to lenders
MISSISSAUGA, Ont. — Bird Construction Inc. will acquire Calgary-based construction services company Stuart Olson Inc. in a deal valued at $96.5 million. The combined business would employ about 5,000 people across Canada and generate about $2.5 billion in annual revenue. It also expects $25 million in cost savings by the end of 2021. Under the plan, Mississauga, Ont.-based Bird Construction... Read More

Privacy officials say LifeLabs has asked court to limit their breach report

Privacy officials say LifeLabs has asked court to limit their breach report
TORONTO — Two of Canada’s provincial privacy officers say that they’re still unable to release a full report about last year’s security breach at LifeLabs because the company has gone to court to stop them. A joint statement from the privacy commissioners for Ontario and British Columbia says the Toronto-based chain of medical labs has agreed to comply with their... Read More

Troubles abound, Boeing losses bloom to $2.4 billion in 2Q

Troubles abound, Boeing losses bloom to $2.4 billion in 2Q
Boeing lost $2.4 billion in the second quarter and the company will slow production and cut more jobs as demand for commercial aircraft shrinks during the coronavirus pandemic. The loss was far worse than Wall Street expected; so was the decline in revenue, which fell 25%. “The reality is the pandemic’s impact on the aviation sector continues to be severe,”... Read More

Elevate cancels Toronto tech festival this year, launches innovation exchange

Elevate cancels Toronto tech festival this year, launches innovation exchange
TORONTO — Organizers behind the annual Elevate tech festival say they are cancelling this year’s event because of the COVID-19 pandemic. The organization operating the Toronto festival held every September says it will offer refunds to ticket buyers and won’t revisit producing its conference until it is safe to do so. While it awaits being able to host the festival again, Elevate says it is partnering with the Design Exchange in... Read More

Enbridge Q2 earnings slip as revenues plunge 40 per cent due to COVID aftermath

Enbridge Q2 earnings slip as revenues plunge 40 per cent due to COVID aftermath
CALGARY — Enbridge Inc. is reporting that its net income slipped to $1.65 billion in the second quarter on a 40 per cent drop in revenues due to lower crude oil prices caused by the COVID-19 pandemic and OPEC price war. The Calgary-based energy company says it earned 82 cents per share for the three months ended June 30, down from 86... Read More

CGI Inc. reports softer third quarter with earnings down 16 per cent

CGI Inc. reports softer third quarter with earnings down 16 per cent
MONTREAL — CGI Inc. is reporting a softer fiscal third quarter with earnings dropping 16 per cent on lower revenues. The Montreal-based business and technology consulting firm says it earned $260.9 million or $1 per share for the three months ended June 30. That compared with $309.4 million or $1.12 per share a year earlier. Excluding one-time costs, including $47.5 million... Read More