Alberta slump cited in court process to sell dozens of office buildings

Alberta slump cited in court process to sell dozens of office buildings
CALGARY — A major player in Calgary’s depressed office real estate industry is putting dozens of Alberta office buildings under court protection from creditors while it tries to sell them. Riaz Mamdani, CEO of Strategic Group, says the move is being made because of a prolonged downturn in the Alberta economy over the past five years that has resulted in office... Read More

Canadian dollar hits five-week high after Fed says it sees no rate changes in 2020

Canadian dollar hits five-week high after Fed says it sees no rate changes in 2020
TORONTO — The Canadian dollar touched a five-week high Wednesday after the U.S. Federal Reserve’s signal of no interest rate cuts next year hurt the greenback and supported American stock markets. The loonie traded for 75.75 cents US after hitting an intraday high of 75.97 cents, the highest level since Nov. 1. That was up from an average of 75.57 cents US on... Read More

Proxy advisory firm Glass Lewis recommends support for Baker-led bid for HBC

Proxy advisory firm Glass Lewis recommends support for Baker-led bid for HBC
Minority shareholders of Canada’s oldest retailer are receiving conflicting advice on how to vote on a privatization bid by a group led by Hudson’s Bay Co.’s executive chairman as the battle over the company’s current value escalates and the voting deadline nears. Two proxy advisory firms want shareholders to vote for the offer priced at $10.30 per share — a... Read More

WestJet shareholders won’t get December dividend as Onex acquisition closes

WestJet shareholders won’t get December dividend as Onex acquisition closes
CALGARY — WestJet Airlines Ltd. shareholders won’t be receiving a quarterly dividend this month after Onex Corp. announced the completion of its acquisition of the Calgary-based airline. WestJet and Onex say the payment won’t be made because the deal has closed before Dec. 18. The airline’s board of directors had declared a 14 cents per share dividend on Oct. 28 to... Read More

Canadians spent $908M at cannabis stores since legalization, StatCan says

Canadians spent $908M at cannabis stores since legalization, StatCan says
OTTAWA — Statistics Canada says Canadians spent $908 million on non-medical cannabis in nearly the first year since legalization. The agency says Canadians spent $24 per capita at cannabis stores from Oct. 17, 2018, when cannabis was legalized, to the end of September 2019. Yukon led sales per person at $103, with Prince Edward Island in second place at $97.... Read More

Poll finds most Canadians want Huawei barred from the country’s 5G networks

Poll finds most Canadians want Huawei barred from the country’s 5G networks
VANCOUVER — A new survey says Canadian public opinion is solidly against allowing Huawei as a supplier for the new generation of ultra-fast wireless networks that are being built by the country’s telecommunications companies. An Angus Reid online poll published Wednesday says 69 per cent of respondents were against the federal government allowing the Chinese telecom equipment maker from being involved in Canada’s fifth-generation wireless networks.... Read More

Saudi Aramco starts trading, gaining 10% and reaching $1.8T

Saudi Aramco starts trading, gaining 10% and reaching $1.8T
RIYADH, Saudi Arabia — Saudi Arabia’s oil company Aramco began trading for the first time on Wednesday, gaining 10% in the first moments on the market and pushing its worth to $1.88 trillion, making it the most valuable listed company in the world. The state-owned oil giant started trading on the Saudi Tadawul stock exchange after a mammoth $25.6 billion... Read More

Transportation regulator determines WestJet would remain Canadian after Onex deal

Transportation regulator determines WestJet would remain Canadian after Onex deal
GATINEAU, Que. — The proposed $3.5-billion acquisition of WestJet Airlines by an affiliate of Onex Corp. moved a step closer to completion after Canada’s transportation regulator determined the airline will continue to meet Canadian ownership and control requirements. The Canadian Transportation Agency said Tuesday that the Calgary-based airline and its discount subsidiary Swoop would remain Canadian if Onex amends its bylaws to... Read More