CAE reports fourth-quarter profit and revenue up from year ago mark

CAE reports fourth-quarter profit and revenue up from year ago mark
MONTREAL — Flight training company CAE Inc. topped expectations as it reported higher fourth-quarter profit and revenue compared with a year ago. The Montreal-based company says it earned $122.3 million attributable to shareholders or 46 cents per share for the quarter ended March 31, compared with a profit of $82.3 million or 31 cents per share a year ago. Revenue totalled $1.02 billion, up... Read More

Southern Alberta city pulls plug on $13-million solar power project

Southern Alberta city pulls plug on $13-million solar power project
CALGARY — The southern Alberta city of Medicine Hat is pulling the plug on a $13-million concentrated solar power facility after operating it for about five years. Coun. Phil Turnbull, who chairs the city’s utility committee, says the project’s goal was to test whether the technology was a feasible way to use the sun’s heat to replace some of the natural gas used... Read More

Huawei hit by US export controls, potential import ban

Huawei hit by US export controls, potential import ban
In a fateful swipe at telecommunications giant Huawei, the Trump administration issued an executive order Wednesday apparently aimed at banning its equipment from U.S. networks and said it was subjecting the Chinese company to strict export controls. Huawei would be the largest business ever subjected to the controls, a law enforcement measure that requires it to obtain U.S. government approval... Read More

CPP Investment Board posts 8.9% return for 2018-19, adds $35.9B to assets

CPP Investment Board posts 8.9% return for 2018-19, adds $35.9B to assets
TORONTO — Canada Pension Plan Investment Board recovered from a weak quarter in late 2018 to produce a solid 8.9 per cent net return for its most recent financial year. The Toronto-based investment manager for the Canada Pension Plan announced Wednesday that its CPP Fund had $392.0 billion of net assets as of March 31, up $35.9 billion from the end of... Read More

American Express buys restaurant reservation service Resy

American Express buys restaurant reservation service Resy
NEW YORK — American Express is buying the online reservation startup Resy, the companies announced Wednesday, the latest move by AmEx to establish and maintain a foothold for its card members in some of the world’s most desired restaurants. AmEx and Resy, founded in 2014, declined to disclose the terms of the deal. However, in early 2017 Resy announced it... Read More

Shaw Communications selling its stake in Corus Entertainment for $548M

Shaw Communications selling its stake in Corus Entertainment for $548M
CALGARY — Shaw Communications Inc. is selling its stake in Corus Entertainment Inc. for $548 million. Under the deal, the cable and telecommunications company will sell 80.63 million class B Corus shares at a price of $6.80 per share through a secondary offering. Corus shares closed at $8.06 on the Toronto Stock Exchange on Tuesday. The sale represents a roughly 38... Read More

Sale of Aeroplan business boosts Aimia’s first-quarter profit to $1.05B

Sale of Aeroplan business boosts Aimia’s first-quarter profit to $1.05B
MONTREAL — Loyalty rewards company Aimia Inc. reported a profit of $1.05 billion in its latest quarter as it completed the sale of its Aeroplan business. The company says the profit amounted to $6.85 per diluted share for the three months ended March 31 compared with a profit of $21.4 million or 11 cents per diluted share a year ago.... Read More

Investigation of QuadrigaCX cryptocurrency debacle turns up $28 million in assets

Investigation of QuadrigaCX cryptocurrency debacle turns up $28 million in assets
HALIFAX — The accounting firm trying to recover more than $200 million owed to users of the now-defunct QuadrigaCX cryptocurrency platform has turned up only $28 million in assets — virtually all of it in cash. Ernst and Young, which is overseeing bankruptcy proceedings, has issued a preliminary report saying it may not be possible to complete a full review of QuadrigaCX’s finances, given the poor... Read More