Blackstone signs deal to acquire Dream Global Real Estate Investment Trust

Blackstone signs deal to acquire Dream Global Real Estate Investment Trust
TORONTO — Blackstone has signed a deal to acquire Dream Global Real Estate Investment Trust in a deal valued at $6.2 billion, including debt. Dream Global holds a portfolio of office and industrial properties located in Western Europe, focused on Germany and the Netherlands. Under the agreement, Dream Global unitholders will receive $16.79 per unit. Dream Global units closed at... Read More

Empire Co. Ltd. reports $130.6M Q1 profit, up from $95.6M a year ago

Empire Co. Ltd. reports $130.6M Q1 profit, up from $95.6M a year ago
STELLARTON, N.S. — Empire Co. Ltd. says it earned a profit of $130.6 million in its latest quarter, up from $95.6 million in the same quarter last year. The parent company of the Sobeys grocery chain says the profit amounted to 48 cents per share for the 13 weeks ended Aug. 3. That’s compared with a profit of 35 cents... Read More

Toronto stock market rallies to seven-week high despite drop in crude oil prices

Toronto stock market rallies to seven-week high despite drop in crude oil prices
TORONTO — Canada’s main stock index rallied to its highest level in seven weeks Wednesday despite crude oil prices getting hammered. Investors are slowly “nibbling” back into the market on hopes of progress in trade issues, says Colin Cieszynski, chief market strategist at SIA Wealth Management. “I think they’re getting a feeling that some of the worst risks related to trade wars... Read More

Apple takes on Netflix with a $5-a-month streaming service

Apple takes on Netflix with a $5-a-month streaming service
CUPERTINO, Calif. — Apple is finally taking on Netflix with its own streaming television service and, uncharacteristically for the company, offering it at a bargain price — $5 a month beginning on Nov. 1. Walt Disney Co. is launching its own assault on Netflix the same month, for just $7. It may be sheer coincidence that the cost of paying... Read More

Advisory panel raises concerns about Sidewalk Labs’ plans for Quayside

Advisory panel raises concerns about Sidewalk Labs’ plans for Quayside
TORONTO — An advisory panel has raised concerns about Sidewalk Labs’ plans for the Quayside development on Toronto’s waterfront. Preliminary commentary from Waterfront Toronto’s digital advisory panel says the plan from Google’s sister company Sidewalk is “frustratingly abstract” and that some of the innovations proposed were “irrelevant or unnecessary.” Some on the 15-member panel, an arm’s-length body that gives expert advice to Waterfront Toronto,... 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

CMHC reports annual pace of housing starts climbed 1.9 per cent in August

CMHC reports annual pace of housing starts climbed 1.9 per cent in August
OTTAWA — Canada Mortgage and Housing Corp. says the pace of new housing starts in August climbed 1.9 per cent compared with July. The housing agency says the seasonally adjusted annual rate of housing starts rose to 226,639 units in August, up from 222,467 units in July. Economists on average had expected an annual pace of 215,000, according to financial... Read More

Pharma industry launches court challenge of federal regulatory changes

Pharma industry launches court challenge of federal regulatory changes
OTTAWA — A Canadian pharmaceutical lobby group and 16 of its members have filed a lawsuit against Ottawa’s overhaul to how it regulates the costs of patented medicines. Health Canada announced long-awaited amendments last month to patented medicine regulations, which include allowing the arm’s-length Patented Medicine Prices Review Board to consider whether the price of a drug reflects the value it has for patients.... Read More

Canopy ‘never been better,’ says interim CEO as investor set to take related loss

Canopy ‘never been better,’ says interim CEO as investor set to take related loss
TORONTO — Canopy Growth Corp.’s interim chief executive says the mood at the cannabis producer has “never been better,” a comment that comes two months after its charismatic co-founder was ousted from the top job and as pressure mounts for the company to reach profitability. Mark Zekulin said the Smiths Falls, Ont.-based company is shifting from “building” mode and hefty investments... Read More