TransAlta vows to defend against ‘frivolous’ lawsuit as meeting date looms

TransAlta vows to defend against ‘frivolous’ lawsuit as meeting date looms
CALGARY — The chairman of TransAlta Corp. says a lawsuit launched by an American activist investor on Tuesday is a “frivolous tactic” and the power utility intends to defend itself vigorously. Gordon Giffin says the move by New York-based Mangrove Partners to prevent the Calgary-based company from concluding a $750-million partnership deal with Brookfield Renewable Partners won’t succeed. Mangrove is... Read More

Cenovus says Alberta production curtailments are working, reports Q1 profit

Cenovus says Alberta production curtailments are working, reports Q1 profit
CALGARY — Cenovus Energy Inc. reported a profit of $110 million in its first quarter compared with a loss a year ago as it benefited from improved prices for western Canadian oil. The company says the improvement in prices for western Canadian oil due to the Alberta government’s curtailment program more than offset the impact of reduced production and increased... Read More

Bank of Canada’s Poloz expected to signal longer hiatus on interest rates

Bank of Canada’s Poloz expected to signal longer hiatus on interest rates
OTTAWA — Bank of Canada governor Stephen Poloz will give his updated outlook for the economy Wednesday in an appearance that many expect will send stronger signals the interest rate will be on hold for months. Poloz will release new projections in a quarterly report that follows the economy’s sudden downshift in the final months of 2018. He’s predicted the slowdown, which was mostly caused by a... Read More

Energy sector helps lift TSX higher as price of crude oil climbs

Energy sector helps lift TSX higher as price of crude oil climbs
TORONTO — Gains in the energy sector helped lift Canada’s main stock index in late-morning trading, while U.S. stock markets also surged higher. The S&P/TSX composite index was up 47.39 points at 16,624.67. In New York, the Dow Jones industrial average was up 107.23 points at 26,618.28. The S&P 500 index was up 17.15 points at 2,925.12, while the Nasdaq... Read More

Canada’s stock index slips from record high despite rising oil prices

Canada’s stock index slips from record high despite rising oil prices
TORONTO — Canada’s main stock index retreated from last week’s record high even though the energy sector was up on crude oil reaching a near seven-month high. The S&P/TSX composite index closed down 35.53 points at 16,577.28. In New York, the Dow Jones industrial average was down 48.49 points at 26,511.05. The S&P 500 index was up 2.94 points at 2,907.97, while the Nasdaq... Read More

Federal government extends deadline to make Trans Mountain decision to June 18

Federal government extends deadline to make Trans Mountain decision to June 18
OTTAWA — The federal government is delaying its decision on the Trans Mountain pipeline expansion project until June 18. Natural Resources Minister Amarjeet Sohi says the extended deadline will give the government more time to complete its consultations with Indigenous groups. The National Energy Board endorsed an expansion of the Trans Mountain pipeline on Feb. 22, starting the clock on a 90-day... Read More

Kinder Morgan options for Canadian branch delayed due to ‘complexity’

Kinder Morgan options for Canadian branch delayed due to ‘complexity’
CALGARY — Kinder Morgan Canada Ltd. says it is continuing to evaluate its strategic options and hopes to announce its next steps in coming weeks. The company was spun off from its American parent in mid-2017 to raise money to build the Trans Mountain pipeline expansion but that purpose no longer exists after it sold the existing pipeline and its expansion project to the federal government... Read More

TSX moves higher as energy sector gets help from Alberta election

TSX moves higher as energy sector gets help from Alberta election
TORONTO — Canada’s main stock index moved higher as the election of a conservative government in Alberta helped to support the energy sector despite lower crude prices, says a market observer. The S&P/TSX composite index closed up 42.04 points at 16,544.24. In New York, the Dow Jones industrial average was down 3.12 points at 26,449.54. The S&P 500 index was down... Read More

Oil and gas sector applauds new Alberta premier’s many pro-business pledges

Oil and gas sector applauds new Alberta premier’s many pro-business pledges
CALGARY — The Alberta oilpatch is applauding the provincial election win by Jason Kenney and his United Conservatives. The Canadian Association of Petroleum Producers offered congratulations and welcomed the UCP’s commitment to making regulatory, economic and fiscal policy reforms. It says it endorsed UCP election promises to cut the corporate tax rate to eight per cent from 12 per cent,... Read More

Inflation rises 1.9% on higher prices for fresh vegetables, mortgage costs

Inflation rises 1.9% on higher prices for fresh vegetables, mortgage costs
OTTAWA — Canada’s annual inflation was up last month as price pressures strengthened for fresh vegetables, mortgage interest costs and auto insurance. Statistics Canada said Wednesday that the country’s consumer price index increased 1.9 per cent in March, in line with economists’ expectations. It was higher than its readings of 1.5 per cent for February and 1.4 per cent in January, when inflation number was at a 15-month low point.... Read More