Record high lumber, panel prices drive Alberta stumpage fees to new heights

Record high lumber, panel prices drive Alberta stumpage fees to new heights
CALGARY — Record high prices for lumber and construction panelling are creating a resource revenue boost for the coffers of the Alberta government, partly making up for huge declines in oil and gas returns. Coniferous stumpage fees — paid by forest companies for evergreen wood such as pine or spruce harvested from Crown land — have nearly doubled to $67.31 in September, from $36.56 per... Read More

Stocks head lower on Wall Street a day after tech sell-off

Stocks head lower on Wall Street a day after tech sell-off
Stocks on Wall Street are falling again Friday, adding to the market’s losses after its biggest sell-off since June. The S&P 500 was down 1.6% in midday trading after initially climbing 0.7% shortly after trading opened. Another slide in technology stocks, which led the selling a day earlier, outweighed gains in financial, industrial companies and elsewhere in the market. Declines... Read More

Two passengers fined $1,000 each after refusing to wear masks on WestJet flights

Two passengers fined $1,000 each after refusing to wear masks on WestJet flights
OTTAWA — Transport Canada has fined two airline passengers for refusing to wear face masks on board. The department says the travellers were fined $1,000 each after ignoring repeated directions from cabin crew to put on their face coverings. The first incident occurred on a WestJet flight from Calgary to Waterloo, Ont., in June and the second on a WestJet trip... Read More

Canopy Growth lays off more workers, won’t say how many impacted by cuts

Canopy Growth lays off more workers, won’t say how many impacted by cuts
SMITHS FALLS, Ont. — Canopy Growth Corp. is laying off another round of workers as the cannabis company continues to restructure. The Smiths Falls, Ont.-based company would not say how many employees were impacted by the cuts, but confirmed they were based at its Niagara-on-the-Lake and Smiths Falls locations and said it would share more details in the fall when it releases... Read More

Altice and Rogers open to talks regarding Cogeco takeover proposal

Altice and Rogers open to talks regarding Cogeco takeover proposal
TORONTO — U.S. cable company Altice USA Inc. and Rogers Communications Inc. say they are open to talks regarding their proposal to buy Cogeco Inc. and Cogeco Communications Inc. The willingness to talk comes after the Audet family, which controls Cogeco, and the independent members of both boards rejected the unsolicited takeover bid earlier this week. However, Altice and Rogers... Read More

North American stock markets plunge again, loonie edges up against U.S. dollar

North American stock markets plunge again, loonie edges up against U.S. dollar
TORONTO — Canada’s main stock index plunged more than 300 points in late-morning trading, adding to its losses a day ago, while U.S. stock markets also sank again. The S&P/TSX composite index fell 345.05 points to 16,103.84. In New York, the Dow Jones industrial average was down 530.25 points at 27,762.48. The S&P 500 index was down 86.38 points at... Read More

The U.S. economy has recovered about half the 22 million jobs lost to the pandemic

The U.S. economy has recovered about half the 22 million jobs lost to the pandemic
WASHINGTON — Employers added 1.4 million jobs, the Labor Department said, down from 1.7 million in July. The U.S. economy has recovered about half the 22 million jobs lost to the pandemic. Friday’s report added to evidence that nearly six months after the coronavirus paralyzed the country, the economy is mounting only a fitful recovery. From small businesses to hotels,... Read More

Canadian economy added 246,000 jobs in August, unemployment rate 10.2%

Canadian economy added 246,000 jobs in August, unemployment rate 10.2%
OTTAWA — Statistics Canada says the economy added 246,000 in August as the pace of job gains slowed compared with July, when 419,000 jobs were added. The figure marked the fourth consecutive month of gains from COVID-19 related lockdowns this spring, bringing the number to within 1.1 million of pre-pandemic levels. Gains in August were largely concentrated in full-time work, which had been lagging... Read More

Laurentian Bank reports $36.2 million Q3 profit, beats expectations

Laurentian Bank reports $36.2 million Q3 profit, beats expectations
MONTREAL — Laurentian Bank Financial Group beat expectations as it reported a third-quarter profit of $36.2 million. The Montreal-based bank says the profit amounted to 77 cents per diluted share for the quarter ended July 31 compared with a profit of $47.8 million or $1.05 per share a year earlier. Revenue totalled $248.6 million, up from $244.7 million for the... Read More