February 14th, 2016

Business

From airlines to telecom to beer, oil price pain seeps into other sectors

By Lauren Krugel, The Canadian Press on February 12th, 2016

CALGARY – From airlines to beer-makers to wireless providers, withering crude prices have been a drag on businesses seemingly far removed from the oilpatch. “Sometimes – outside of Alberta, particularly – there’s some skepticism or even some derision against the petroleum sector,” said Todd Hirsch, chief economist at ATB Financial. “Some people actually feel it’s ... Read More »

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Moody’s downgrades Suncor credit rating as oil prices hit cash flow and leverage

By The Canadian Press on February 12th, 2016

CALGARY – Moody’s Investor Services has cut Suncor Energy Inc.’s credit rating as low oil prices weigh on the company’s financials. The ratings agency downgraded the major oilsands producer one notch to a triple B rating as its cash flow and debt leverage have been hurt by oil prices trading below US$30 a barrel. Moody’s ... Read More »

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Japan says it wasn’t excluding Mexico and Canada during TPP side talks with U.S.

By The Canadian Press on February 12th, 2016

OTTAWA – Japanese officials say they believed they were also negotiating with Canada and Mexico when they struck a controversial side agreement with the United States on automobiles last year during the Trans-Pacific Partnership talks. They discussed the agreement with U.S., which angered Canada and Mexico, in a briefing ahead of a meeting between Foreign ... Read More »

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Documents show Volkswagen resisted Takata air bag recall

By Tom Krisher, The Associated Press on February 12th, 2016

DETROIT – Volkswagen resisted U.S. government efforts to recall more cars and trucks to fix potentially deadly Takata air bags, telling safety regulators that a recall isn’t necessary. But the German automaker eventually agreed to the recall, according to documents posted Friday by the National Highway Traffic Safety Administration. VW already is in hot water ... Read More »

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TransForce sees Western Canada economy further weakening and spreading east

By Ross Marowits, The Canadian Press on February 12th, 2016

MONTREAL – Canada’s largest trucking company expects the Western Canadian economy will continue to weaken, spreading its pain across the country. TransForce CEO Alain Bedard said Friday that low oil and commodity prices will remain a significant drag on growth while the low Canadian dollar has so far provided only a small boost to the ... Read More »

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After five straight days of losses, North American stock markets bounce back

By The Canadian Press on February 12th, 2016

TORONTO – After five straight days of losses, North American stock markets were closing the week with big gains, propelled by a more than 12 per cent jump in crude oil prices Friday. At mid-afternoon, the Toronto Stock Exchange’s S&P/TSX composite index was up 246.55 or two per cent at 12,333.92. The increase in oil ... Read More »

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Taseko files lawsuit against Ottawa over B.C. gold and copper mine decision

By The Canadian Press on February 12th, 2016

VANCOUVER – Taseko Mines Ltd. (TSX: TKO) is suing the federal government in B.C. Supreme Court and seeking unspecified compensation for a 2014 decision that blocked development of a proposed $1.5 billion gold and copper deposit. The Vancouver-based company claims that the government and its agents – including the environment minister at the time – ... Read More »

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From airlines to telecom, oil price pain seeping into other sectors

By The Canadian Press on February 12th, 2016

CALGARY – From airlines to wireless providers to beer makers, few sectors have managed to dodge the impact of weak crude prices. WestJet, Telus and Molson Coors are among companies that have recently cited the oil price collapse as a drag on their financial results. Calgary-based WestJet has been shifting capacity away from Western Canada ... Read More »

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Scotiabank CEO calls on feds to boost infrastructure spending, backs Energy East

By The Canadian Press on February 12th, 2016

TORONTO – Scotiabank CEO Brian Porter is calling on Ottawa to boost its spending on infrastructure projects, citing the Energy East Pipeline as an example. Porter says such investments are needed given the economy’s slow growth, adding that projects that transport people and natural resources should take priority. Prime Minister Justin Trudeau has promised massive ... Read More »

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Federal court rules Parks Canada can mull tent cabins in Jasper park

By The Canadian Press on February 12th, 2016

A federal court has ruled that Parks Canada can consider new developments in national parks, even if they go against management plans. That means a proposal to set up overnight tent cabins at Jasper National Park’s iconic Maligne Lake can proceed to the next step. Environmentalists oppose the cabins, saying they would damage caribou and ... Read More »

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Etch A Sketch, Doodle Sketch toy rights bought by Toronto company

By The Canadian Press on February 12th, 2016

TORONTO – A Canadian company has purchased the rights to the classic children’s toy Etch A Sketch and its offshoot, the Doodle Sketch. Toronto-based Spin Master Corp. (TSX:TOY) says it has purchased the patents, trademarks, tooling and inventory for both toys from The Ohio Art Company. Spin Master prides itself on infusing innovation into the ... Read More »

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