Failure of MEG takeover deal is ‘credit positive’ for Husky, says agency

Failure of MEG takeover deal is ‘credit positive’ for Husky, says agency
CALGARY — Shares in oilsands producer MEG Energy Corp. continued to slide Friday after a credit rating agency said rival Husky Energy Inc.’s failure to consummate a hostile takeover bid was actually “credit positive” for Husky. After falling 35.6 per cent on Thursday, MEG stock traded down by as much as 3.3 per cent on Friday morning on the Toronto Stock Exchange.... Read More

Statistics Canada says release of trade data delayed due to U.S. shutdown

Statistics Canada says release of trade data delayed due to U.S. shutdown
OTTAWA — Statistics Canada says it will not publish international merchandise trade statistics for December as scheduled on Feb. 5 due to the U.S. government shutdown. The agency says it uses U.S. import data to measure Canadian exports to the United States. However, the partial U.S. government shutdown that began Dec. 22 has meant that Statistics Canada will not receive that... Read More

Petrochemical growth spurt expected despite rising desire for fewer plastics

Petrochemical growth spurt expected despite rising desire for fewer plastics
CALGARY — Canada’s slow-growing petrochemical industry is headed for its biggest surge of expansion spending in five years in 2019, thanks in large part to incentive programs by federal and provincial governments. The government support has angered environmental groups who point out that almost 90 per cent of plastics used in this country wind up as litter or in landfills. But it’s welcomed... Read More

Wait until Trans Mountain pipe built before buying in, Indigenous investors told

Wait until Trans Mountain pipe built before buying in, Indigenous investors told
CALGARY — The consultant who helped broker a $545-million investment by two northern Alberta Indigenous communities in a new Suncor Energy Inc. storage tank farm says similar stakes in the Trans Mountain pipeline shouldn’t take place until after its expansion is built. Barrie Robb, a principal with Fivars Consulting Ltd. of Calgary, says he would advise Indigenous groups to ensure... Read More

Airbus starts work on A220 assembly line six months after Bombardier sold jetliner

Airbus starts work on A220 assembly line six months after Bombardier sold jetliner
MONTREAL — Airbus SE broke ground Wednesday on the A220 aircraft assembly line at its facility in Mobile, Ala., the first step in a US$300-million construction project paid for by Bombardier Inc. That amount makes up a chunk of the US$925 million the Quebec plane-and-train maker could shell out by the end of 2021 under a partnership that saw Airbus to take control of the C Series — now... Read More

Huawei founder says company would not share user secrets

Huawei founder says company would not share user secrets
SHENZHEN, China — The founder of China’s Huawei, the world’s biggest supplier of network gear to phone and internet companies, says his company would not share secrets about its customers and their communication networks. Ren Zhengfei spoke in a rare meeting with foreign reporters as Huawei Technologies Ltd. tries to protect its access to global telecom carriers that are investing... Read More

Canadian stock exchanges to conduct lottery for “POT” ticker amid high demand

Canadian stock exchanges to conduct lottery for “POT” ticker amid high demand
TORONTO — High demand for the “POT” stock symbol has prompted several Canadian stock exchanges to conduct a collective lottery to select which company will be able to use the eye-catching ticker. After “significant interest,” the Canadian Securities Exchange says it along with the Toronto Stock Exchange, TSX Venture Exchange and Aequitas NEO Exchange will assign the symbol on Jan. 30 by random lottery. The... Read More

Magna expects sales to be hurt by sale of fluid pressure and controls business

Magna expects sales to be hurt by sale of fluid pressure and controls business
AURORA, Ont. — Magna International Inc. says it expects its sales this year will be weighed down by a stronger U.S. dollar and the sale of its fluid pressure and controls business. The Ontario-based auto parts maker, which keeps its books in U.S. dollars, says it expects total sales of US$40.2 billion to $42.4 billion for 2019. Magna expects net income... Read More

Ontario’s 25 pot licence lottery winners fielding partnership offers

Ontario’s 25 pot licence lottery winners fielding partnership offers
TORONTO — Businesses and investors are rushing to partner with the 25 winners of the Ontario cannabis retail licence lottery, with offers apparently worth millions of dollars, to be involved in the province’s first recreational weed stores set to open this spring. Olivia Brown, the founder of Hamilton, Ont.-based Professional Cannabis Consulting, says one of her clients was among the 25 entities selected by... Read More