MEG Energy beats expectations in Q3 with third straight quarter of losses

MEG Energy beats expectations in Q3 with third straight quarter of losses
CALGARY — MEG Energy Corp. beat expectations as it posted its third consecutive quarter of net losses on a 44-per-cent drop in revenues caused by lower bitumen production and realized prices. The Calgary-based company says it lost $9 million or three cents per share for the three months ended Sept. 30, compared with a $24-million profit or eight cents per... Read More

West Fraser Timber swings to $350-million Q3 profit on higher lumber prices

West Fraser Timber swings to $350-million Q3 profit on higher lumber prices
VANCOUVER — West Fraser Timber Co. Ltd. says it swung to a large profit in the third quarter on higher lumber prices. The Vancouver-based forestry company says it earned $350 million or $5.09 per share for the three months ended Sept. 30, up from a loss of $45 million or 65 cents per share a year earlier. Adjusted profits also... Read More

Higher oil prices fuel PrairieSky Royalty third quarter earnings and revenue rebound

Higher oil prices fuel PrairieSky Royalty third quarter earnings and revenue rebound
CALGARY — PrairieSky Royalty Ltd. says its oil and gas revenue and net earnings staged a rebound in the third quarter ending Sept. 30 as oil prices recovered from pandemic-related lows. The Calgary-based company, which collects royalties from oil and gas production on lands for which it has the petroleum mineral rights, reports revenue increased 54 per cent to $43.5... Read More

Most actively traded companies on the Toronto Stock Exchange

Most actively traded companies on the Toronto Stock Exchange
TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange: Toronto Stock Exchange (16,079.5, down 224.53 points.) Cenovus Energy Inc. (TSX:CVE). Energy. Down 41 cents, 8.4 per cent, to $4.47 on 21 million shares. Enbridge Inc. (TSX:ENB). Energy. Down 37 cents, or 0.97 per cent, to $37.62 on 18.3 million shares. Husky Energy Inc. (TSX:HSE).... Read More

Sobeys next in line to hike supplier fees after Loblaw, Metro, analysts say

Sobeys next in line to hike supplier fees after Loblaw, Metro, analysts say
Analysts say Sobeys Inc. will likely follow its Canadian competitors in raising supplier fees, a move they say could lead to higher food costs, fewer brands on store shelves and less competition. Loblaw told suppliers last week that the cost of getting products on shelves would go up in January. Walmart Canada announced a fee hike in July that prompted... Read More

Bombardier to get less cash in sale of aerostructures business to Spirit AeroSystems

Bombardier to get less cash in sale of aerostructures business to Spirit AeroSystems
MONTREAL — Bombardier Inc. will receive less cash than it originally had agreed to in the sale of its aerostructures business to Spirit AeroSystems Holding Inc. The company said Monday it will receive US$275 million in cash in the amended deal, down from the US$500 million in cash that was first announced last year. Spirit will also assume liabilities, including... Read More

Alberta to limit temporary foreign worker program to save jobs for Albertans

Alberta to limit temporary foreign worker program to save jobs for Albertans
EDMONTON — The Alberta government is hoping to get more Albertans employed by moving to limit the number and type of temporary foreign workers it allows into the province. Labour and Immigration Minister Jason Copping says the province’s United Conservative government will also reduce the number of jobs for which employers can apply for temporary foreign workers. Copping says the... Read More

PM says budget update won’t have fiscal anchor, suggests one coming after crisis over

PM says budget update won’t have fiscal anchor, suggests one coming after crisis over
OTTAWA — The government’s promised update on the health of its finances won’t have a specific anchor to guide decisions and keep spending from spiralling out of control, Prime Minister Justin Trudeau says. Officials have started working on what Trudeau called a “robust” budget update promised in the throne speech, with budget submission letters having gone out to departments. Trudeau... Read More

North American stock markets retreat in late-morning trading, loonie down

North American stock markets retreat in late-morning trading, loonie down
TORONTO — Canada’s main stock index posted a triple-digit decline as the price of oil fell and U.S. stock markets retreated in late-morning trading. The S&P/TSX composite index was down 202.77 points at 16,101.31. In New York, the Dow Jones industrial average was down 721.54 points at 27,614.03. The S&P 500 index was down 73.63 points at 3,391.76, while the... Read More

Spokesman: China to sanction US arms suppliers to Taiwan

Spokesman: China to sanction US arms suppliers to Taiwan
BEIJING — China’s government said Monday it will impose sanctions on U.S. military contractors including Boeing Co.’s defence unit and Lockheed Martin Corp. for supplying weapons to rival Taiwan, stepping up a feud with Washington over security and Beijing’s strategic ambitions. Raytheon Technologies Corp. and “relevant American individuals” associated with the sales also will be affected, said a foreign ministry... Read More