GE freezes pensions for 20K workers in bid to trim debt pile

GE freezes pensions for 20K workers in bid to trim debt pile
NEW YORK — General Electric is freezing the pension plans of about 20,000 of its workers and offering pension buyouts to 100,000 former employees as it attempts to reduce its mountain of debt. The industrial conglomerate has been selling off assets and streamlining its operations amid sagging profits and other setbacks in recent years. It has about $105.8 billion in... Read More

Norwegian fund excludes four Canadian firms as it exits oilsands investments

Norwegian fund excludes four Canadian firms as it exits oilsands investments
CALGARY — The largest pension fund in Norway has removed four Canadian energy names from its investment list and says it will no longer put money in companies that derive more than five per cent of their revenue from the oilsands. KLP says it sold US$58 million worth of stocks and bonds as it reduces its tolerance threshold for companies with interests in the... Read More

S&P/TSX composite edges higher as oil prices move up, U.S. stock markets mixed

S&P/TSX composite edges higher as oil prices move up, U.S. stock markets mixed
TORONTO — Canada’s main stock index edged higher in late-morning trading, helped by gains in the energy sector as the price of oil pushed higher. The S&P/TSX composite index was up 4.44 points at 16,453.79. In New York, the Dow Jones industrial average was down 20.41 points at 26,553.31. The S&P 500 index was down 1.52 points at 2,950.49, while... Read More

Major Drilling signs deal to buy Norex Drilling for $19.7 million

Major Drilling signs deal to buy Norex Drilling for $19.7 million
MONCTON, N.B. — Major Drilling Group International Inc. has signed a deal to acquire Norex Drilling Ltd., a family-owned drilling company based in Timmins, Ont., for $19.7 million in cash and stock. Under the deal, Major Drilling has agreed to pay $15.2 million in cash on closing of the deal and $2.0 million in Major Drilling shares, valued on the... Read More

Iranian hackers said to target presidential campaign

Iranian hackers said to target presidential campaign
WASHINGTON — Microsoft said Friday that hackers linked to the Iranian government targeted a U.S. presidential campaign, as well as government officials, media targets and prominent expatriate Iranians. Overall, the hackers attempted to penetrate 241 accounts — four successfully — though none of those penetrated was associated with presidential campaigns or current or past U.S. officials, Microsoft said. A company... Read More

North American markets rally after U.S. jobs report tempers week’s bad news

North American markets rally after U.S. jobs report tempers week’s bad news
TORONTO — North American stock markets capped the end to a challenging week with a U.S. jobs report featuring a 50-year low unemployment rate that helped to calm investor nervousness. The S&P/TSX composite index closed up 80.32 points at 16,449.35. In New York, the Dow Jones industrial average was up a full percentage point by adding 372.68 points at 26,573.72. The S&P 500... Read More

Husky Energy to sell Prince George, B.C., oil refinery to Tidewater

Husky Energy to sell Prince George, B.C., oil refinery to Tidewater
CALGARY — Husky Energy Inc. has agreed to sell its light oil refinery in Prince George, B.C., for $215 million in cash plus adjustments to Tidewater Midstream and Infrastructure Ltd. Tidewater may also pay up to an additional $60 million over two years under certain contingencies. The refinery uses crude oil and condensate from B.C. and Alberta to produce about 12,000 barrels... Read More

Statistics Canada says merchandise trade deficit fell to $966 million in August

Statistics Canada says merchandise trade deficit fell to $966 million in August
OTTAWA — Statistics Canada says the country’s merchandise trade deficit fell to $966 million in August compared with $1.4 billion in July. Economists had expected a deficit of $1 billion, according to financial markets data firm Refinitiv. The smaller deficit came as exports rose for the first time after two months of declines. Exports rose 1.8 per cent, boosted by... Read More

Western utility to quicken move away from coal-fired power

Western utility to quicken move away from coal-fired power
CHEYENNE, Wyo. — A major Western utility said Thursday it plans to speed up its move away from coal-fired power and get more juice from the sun and wind. Citing financial incentives, Portland, Oregon-based PacifiCorp said it wants to reduce coal-fired generation by two-thirds by 2030 while pursuing a buildout of wind and solar energy. Federal tax incentives make those... Read More

‘Job intensive:’ Study says clean energy fast track to employment growth

‘Job intensive:’ Study says clean energy fast track to employment growth
New research says job growth from clean energy will dramatically outpace that from fossil fuels over the next decade — as long as future Canadian governments maintain or increase attempts to fight climate change. “The clean-energy sector is a good-news story that no one’s talking about,” said Merran Smith of Clean Energy Canada, a think tank based at Simon Fraser University in British... Read More