Fortis Inc. raises dividend by 6.1 per cent, increases capital spending plan

Fortis Inc. raises dividend by 6.1 per cent, increases capital spending plan
ST. JOHN’S, N.L. — Fortis Inc. raised its dividend as it announced an increased capital investment plan. The utility company says it will now pay a quarterly dividend of 47.75 cents per share, up from 45 cents. Shares in Fortis will have an annual yield of 3.4 per cent based on its closing share price on Monday. The increased payment to... Read More

Obsidian Energy launches formal strategic review including possible sale

Obsidian Energy launches formal strategic review including possible sale
CALGARY — Obsidian Energy Ltd. says it has launched a formal process to explore strategic alternatives, including the possible sale of the company. Formerly known as Penn West Petroleum Ltd., Obsidian says the process is intended to maximize shareholder value. Obsidian cautioned that there could be no assurance of any particular outcome as a result of the review. Last month, a sale... Read More

Suncor to spend $1.4B to replace coke-fired boilers with cogeneration units

Suncor to spend $1.4B to replace coke-fired boilers with cogeneration units
CALGARY — Suncor Energy Inc. says it will spend $1.4 billion to replace its coke-fired boilers with two cogeneration units at its oilsands base plant north of Fort McMurray, Alta. The company says the units will provide steam generation for its extraction and upgrading operations and generate 800 megawatts of power. The change will also help reduce costs. Suncor says... Read More

Five things to watch for in the Canadian business world in the coming week

Five things to watch for in the Canadian business world in the coming week
TORONTO — Five things to watch for in the Canadian business world in the coming week: Energy conference Investment firm Peters and Co. Ltd. holds its annual energy conference in Toronto. The meetings, which will hear from some of the big names in the country’s energy sector, starts Tuesday and runs until Thursday. Housing starts Canada Mortgage and Housing Corp. will release... Read More

Huawei debuts latest advanced chipset for smartphone

Huawei debuts latest advanced chipset for smartphone
BERLIN — Chinese tech giant Huawei unveiled its latest advanced chipset Friday ahead of the upcoming launch of its latest flagship smartphone, even as uncertainty hangs over whether the device can use Google’s Android. Huawei’s consumer business CEO, Richard Yu, showed off the Kirin 990 chipset at the IFA consumer electronics fair in Berlin on Friday. Optimized for new 5G... Read More

Energy sector weighs on stocks in Toronto, loonie up after strong jobs report

Energy sector weighs on stocks in Toronto, loonie up after strong jobs report
TORONTO — Losses in the energy sector weighed on Canada’s main stock index in late-morning trading, while the loonie pushed higher after a stronger-than-expected jobs report for August. The S&P/TSX composite index was down 14.24 points at 16,560.57. In New York, the Dow Jones industrial average was up 75.45 points at 26,803.60. The S&P 500 index was up 4.67 points... Read More

Toronto stock market posts triple-digit gain on broad-based rally in main sectors

Toronto stock market posts triple-digit gain on broad-based rally in main sectors
TORONTO — Canada’s main stock index increased by triple digits in late-morning trading, helped by strong gains in the heavyweight energy, industrials and financials sectors. The S&P/TSX composite index was up 148.69 points at 16,597.53. In New York, the Dow Jones industrial average was up 452.49 points at 26,807.96. The S&P 500 index was up 43.39 points at 2,981.17, while the... Read More

North American stock markets trade higher, energy sector boosts Toronto

North American stock markets trade higher, energy sector boosts Toronto
TORONTO — Canada’s main stock index headed higher in late-morning trading, helped by the energy sector as the price of oil gained ground. The S&P/TSX composite index was up 64.76 points at 16,463.99. In New York, the Dow Jones industrial average was up 177.99 points at 26,296.01. The S&P 500 index was up 21.18 points at 2,927.45, while the Nasdaq... Read More

Foreign share of oilsands production falls from 33% to 16%, analysis shows

Foreign share of oilsands production falls from 33% to 16%, analysis shows
CALGARY — When it comes to talking about how the northern Alberta oilsands have lost their lustre for foreign investors, Satoshi Abe sounds a lot like his Canadian counterparts. “I think Canada itself creates significant barriers to new investment,” said the president of Japan Canada Oil Sands Ltd. or JACOS, reached at his Calgary office. “Additional investment in Canada will... Read More

Crescent Point selling $912M in assets including Uinta Basin asset

Crescent Point selling $912M in assets including Uinta Basin asset
CALGARY — Crescent Point Energy Corp. is selling its Uinta Basin asset in Utah and certain southeast Saskatchewan conventional assets for a total of approximately $912 million. The Calgary-based company says the agreements include 27,000 barrels of oil equivalent per day of upstream assets. Crescent Point says the transactions are expected to help strengthen its balance sheet. Net debt is... Read More