Morneau unveils principles for Indigenous ownership in Trans Mountain pipeline

Morneau unveils principles for Indigenous ownership in Trans Mountain pipeline
CALGARY — Finance Minister Bill Morneau says the government remains committed to putting the Trans Mountain pipeline and its proposed expansion back in private hands as he unveiled four principles for including Indigenous groups in those discussions. But he says timing and details of the sale of the pipeline depends on when it is “de-risked” and therefore can’t be determined... Read More

Crude-by-rail exports fall in January as Alberta started production cuts

Crude-by-rail exports fall in January as Alberta started production cuts
CALGARY — The National Energy Board says crude-by-rail exports in January fell compared with December, but remained more than twice as high as 12 months earlier. The federal agency reports an average of 325,500 barrels per day of oil was exported by rail in January, down from 353,800 bpd in December but well above 145,700 bpd in January 2018. It... Read More

BRP’s double-digit gains in Q4 profit, revenue due to strong wholesale sales

BRP’s double-digit gains in Q4 profit, revenue due to strong wholesale sales
VALCOURT, Que. — BRP Inc. says its fourth-quarter revenue was up 22.8 per cent from a year earlier, beating analyst estimates and propelling the Quebec-based company’s three-month profit to $82.7 million. The maker of Ski-Doo snowmobiles, Can-Am wheeled vehicles, boats, outboard motors and other recreational products says its fourth-quarter profit amounted to 84 cents a share, up 23.5 per cent from a year earlier. Based... Read More

Getting more oil to market in Canada requires more pipelines, NEB says

Getting more oil to market in Canada requires more pipelines, NEB says
OTTAWA — The National Energy Board says Canada’s existing export pipelines are running at maximum efficiency and the only way to realistically get more oil to market on pipelines is to build more of them. The board is responding today to questions posed last fall by Natural Resources Minister Amarjeet Sohi, who wanted to know if there was any way... Read More

SEC charges Volkswagen, former CEO with defrauding investors

SEC charges Volkswagen, former CEO with defrauding investors
WASHINGTON — U.S. regulators charged Volkswagen and former CEO Martin Winterkorn with defrauding investors during its massive diesel emissions scandal. The charges from the U.S. Securities and Exchange Commission come two years after the German automaker settled with the U.S. over criminal and civil charges, as the company tries to distance itself from one if its darkest eras. The SEC... Read More

Air Canada suspends financial guidance for 2019 after Boeing 737 Max grounded

Air Canada suspends financial guidance for 2019 after Boeing 737 Max grounded
MONTREAL — Canada’s largest airline is suspending its financial guidance for this year following the decision by regulators in Canada and the United States to ground the Boeing 737 Max aircraft until further notice. Air Canada said Friday that, “in light of the current uncertainty,” it is suspending the forecast it provided last month for its 2019 financial year. The... Read More

Governments provide $90 million for Canadian Natural clean tech projects

Governments provide $90 million for Canadian Natural clean tech projects
CALGARY — The federal and Alberta governments are pledging almost $90 million to fund clean technology developments at major oilsands producer Canadian Natural Resources Ltd. The commitments are expected to result in a total investment of $415 million in three projects. More than half of the federal commitment of $72.3 million, about $45 million, will go to Titanium Corp., a company working with... Read More

Pot sales drop, supply lags as LPs ‘underestimated’ logistics needed

Pot sales drop, supply lags as LPs ‘underestimated’ logistics needed
The chief executive of Hexo Corp. says cannabis products have been slow to reach retailers because licensed producers “underestimated” the infrastructure needed to fulfill orders. Sebastien St-Louis’s comments came one day after Health Canada released legal cannabis sales and inventory figures for January that indicated sales of dried flower fell while licensed producers’ finished inventory stockpiles continued to build up. “All the LPs, including... Read More

Transat reports $49.6-million first-quarter loss, revenue edges lower

Transat reports $49.6-million first-quarter loss, revenue edges lower
MONTREAL — Transat A.T. Inc. reported a loss of $49.6 million in its latest quarter compared with a loss of $3.2 million a year earlier as it was hurt by rising costs. The travel company says the loss amounted to $1.32 per diluted share for the quarter ended Jan. 31 compared with a loss of nine cents per share a... Read More

Crude-by-rail volumes fall in February as Imperial Oil cuts Alberta shipments

Crude-by-rail volumes fall in February as Imperial Oil cuts Alberta shipments
CALGARY — Crude-by-rail shipments from Western Canada fell in February to the lowest level since May of last year, according to Genscape. The U.S. company, which monitors rail terminals handling about 80 per cent of typical volumes from Western Canada, reports average loadings last month were 144,000 barrels per day, about half of the 281,000 bpd it recorded in January. The falloff came after Calgary-based Imperial... Read More