June 22nd, 2017

Business

Former Poseidon Concepts executive ordered to pay $750,000 in fines and costs

By The Canadian Press on June 8th, 2017

CALGARY – The Alberta Securities Commission is ordering the former U.S. senior sales executive for failed oilfield services firm Poseidon Concepts to pay $750,000 in fines and costs. The regulator says Joseph Kostelecky is also banned for life from taking part in securities markets. An ASC panel in March found him guilty of fraud and ... Read More »

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DavidsTea slowing down U.S. expansion, says it didn’t understand American tastes

By The Canadian Press on June 8th, 2017

MONTREAL – The CEO of DavidsTea says the beverage retailer is slowing its U.S. expansion because it didn’t understand American tastes. Joel Silver says the Montreal-based company has discovered that U.S. customers prefer iced tea over hot brew and have a sweeter palate than Canadians. DavidsTea (Nasdaq:DTEA) plans to open up to five stores south ... Read More »

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BMO CEO downplays housing risk, says market ‘essentially heals itself’

By The Canadian Press on June 8th, 2017

TORONTO – The Bank of Montreal’s CEO is downplaying the consequences that would come from a possible correction in house prices, saying that the real estate market “essentially heals itself.” Bill Downe says that when house prices decline, people tend to stay in their homes longer than they had planned and pay down their debt, ... Read More »

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Pirate Joe’s closes in Vancouver rather than fight U.S. grocer Trader Joe’s

By The Canadian Press on June 8th, 2017

VANCOUVER – The British Columbia grocery store operator who once said he was doing “nothing but good” for the American chain store Trader Joe’s, has given up his fight to bring the U.S. retailer’s products to Canada. Michael Hallatt has permanently closed his Vancouver outlet of Pirate Joe’s, rather than face another trademark lawsuit from ... Read More »

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Top court declines to hear Quebec maple syrup case, system allowed to continue

By The Canadian Press on June 8th, 2017

OTTAWA – The Supreme Court has refused to hear two appeals from opponents of Quebec’s maple syrup rules and allowed the system which controls production in the province to continue. Angele Grenier, a maple producer in Sainte-Clotilde-de-Beauce, says she has a “heavy heart” after hearing the high court’s decision. The defeat is bitter for the ... Read More »

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Enbridge sets out oil pipeline growth plan to cover Western Canada for a decade

By The Canadian Press on June 8th, 2017

CALGARY – Enbridge Inc (TSX:ENB) has outlined a pipeline expansion plan that it says can cover the expected oil production increase from Western Canada for the next decade. Guy Jarvis, company executive vice president of liquids pipelines, said that the replacement of its Line 3 pipeline – combined with upgrades and adjustments to other pipelines ... Read More »

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Carr: Canada would consider Chinese investment proposals for oilsands

By The Canadian Press on June 8th, 2017

OTTAWA – Natural Resources Minister Jim Carr says when it comes to Chinese investments in the oilsands, Canada is open for business. Carr is on a five-day trade mission to China related to nuclear energy, oil and gas and Canada’s softwood industry. He says he’s making it clear Canada welcomes Chinese business, and that the ... Read More »

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GOP-run House poised to roll back post-2008 financial rules

By Kevin Freking And Marcy Gordon, The Associated Press on June 8th, 2017

WASHINGTON – President Donald Trump has said he wants to do “a big number” on the Obama-era financial rules devised after the Great Recession, and House Republicans were poised to fulfil that goal Thursday. The GOP-controlled House was on track to vote for legislation that would wipe away much of the financial law created to ... Read More »

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US household wealth ticks up 1.4 per cent to $94.8 trillion

By Christopher S. Rugaber, The Associated Press on June 8th, 2017

WASHINGTON – Buoyed by higher stock prices, Americans’ household net worth rose 1.4 per cent to $94.8 trillion in the first three months of this year, a trend that could support future spending. The Federal Reserve says that U.S. stock and mutual fund portfolios jumped $1.3 trillion in value in the January-March quarter. Home values ... Read More »

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Annual pace of housing construction slips more than expected last month

By Craig Wong, The Canadian Press on June 8th, 2017

OTTAWA – The annual pace of Canadian housing construction slipped more than expected last month as builders in Ontario broke ground on fewer new homes following changes in the province’s real estate rules. The Canada Mortgage and Housing Corp. said Thursday the seasonally adjusted annual rate of housing starts fell to 194,663 units in May, ... Read More »

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Toronto stock index hovers near break-even, loonie weakens slightly

By The Canadian Press on June 8th, 2017

TORONTO – Stock markets in Toronto and New York have been in a holding pattern this morning, hovering around break-even. The Toronto Stock Exchange’s S&P/TSX composite index was up 8.84 points to 15,380.99, after 90 minutes of trading. It got some lift from Valeant Pharmaceuticals after the drug maker announced the sale of its iNova ... Read More »

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