Bombardier faces tough questions about future as share price, credit rating fall

Bombardier faces tough questions about future as share price, credit rating fall
MONTREAL — Bombardier Inc. is confronting sobering questions about its future following new share price lows and two credit downgrades. The plane-and-train maker’s stock sunk to its lowest level in more than 25 years on Thursday, closing at 42.5 cents before falling a further six per cent in midday trading Friday. A week earlier, Fitch Ratings cut Bombardier’s credit rating to... Read More

Athabasca Oil to shut down Hangingstone SAGD oilsands project and cut staff

Athabasca Oil to shut down Hangingstone SAGD oilsands project and cut staff
CALGARY — Athabasca Oil Corp. is suspending operations at its Hangingstone SAGD oilsands operation due to the drop in oil prices and the COVID-19 pandemic. The company says it’s also reducing its corporate staff by 15 per cent The shutting down of Hangingstone involves shutting in the well pairs and halting steam injection to the reservoir as well as ensuring that... Read More

March trading volume on TSX more than doubled compared with a year ago

March trading volume on TSX more than doubled compared with a year ago
TORONTO — The number of shares traded on Canada’s main stock exchange in March more than doubled compared with a year ago as the stock market plunged due to the COVID-19 pandemic. According to statistics released by TMX Group Ltd., which operates the exchange, the volume of stocks traded on the Toronto Stock Exchange reached nearly 16.8 billion, up from... Read More

Tesla’s 1Q car sales surged before pandemic shut things down

Tesla’s 1Q car sales surged before pandemic shut things down
BERKELEY, Calif. — Tesla’s sales of its increasingly popular electric cars got off to fast start this year, even though the company had to slam the brakes along with other major automakers last month because of worldwide efforts to contain the worst pandemic in a century. The Palo Alto, California, company delivered 88,400 vehicles during the first three months of... Read More

Canadian miners suspend work in Mexico as non-essential businesses stop

Canadian miners suspend work in Mexico as non-essential businesses stop
TORONTO — Canadian mining companies with assets in Mexico moved to suspend operations in the country as the Mexican government ordered non-essential businesses to close in an effort to slow the spread of COVID-19. Agnico Eagle Mines Ltd. says its Pinos Altos, Creston Mascota and La India operations were ramping down and would be placed on care and maintenance until April... Read More

TC Energy says it is going ahead with US$8-billion Keystone XL project

TC Energy says it is going ahead with US$8-billion Keystone XL project
CALGARY — TC Energy Corp. gave the go ahead for construction of its US$8-billion Keystone XL Pipeline project on Tuesday, with a helping hand from the Alberta government. The company said Alberta has agreed to invest approximately US$1.1 billion as equity in the project, which substantially covers planned construction costs through the end of 2020. The remaining US$6.9 billion is... Read More

Wall Street’s rally rolls on, led by health care stocks

Wall Street’s rally rolls on, led by health care stocks
NEW YORK — U.S. stocks climbed Monday, led by big gains for health care companies announcing developments that could aid in the coronavirus outbreak. The rally tacked more gains onto a recent upswing for the market, which is coming off the best week for the S&P 500 in 11 years. Nascent optimism is budding that the worst of the selling... Read More

Reitmans lays off most its retail workers, some head office staff

Reitmans lays off most its retail workers, some head office staff
MONTREAL — Reitmans (Canada) Ltd. is laying off 90 per cent of its Canadian retail store workers and 30 per cent of its Montreal head office employees after closing stores amid the spread of COVID-19. The company, which employs about 7,000 people, says that nearly all of its Canadian retail store workers at its five chains will be out of work... Read More

Liberals rejig benefits for workers affected by COVID-19

Liberals rejig benefits for workers affected by COVID-19
OTTAWA — The Liberals are repackaging two previously promised benefits for Canadians whose working lives are disrupted by COVID-19, a change that will almost double direct spending in the government’s economic plan to $52 billion. Combining the two benefits into one will mean a $2,000 per month payment for up to four months to workers whose income drops to zero because of the pandemic, including if they... Read More