August 6th, 2020

Business

Canada’s merchandise trade deficit increases sharply to $3.2B in June: StatCan

By The Canadian Press on August 5th, 2020

OTTAWA – Statistics Canada says the country’s merchandise trade deficit rebounded sharply in June mainly due to the strength of motor vehicles and parts. The agency says the deficit widened to $3.2 billion from $1.3 billion in May and $858 million a year ago. The import of goods rose 21.8 per cent in the month ... Read More »

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CN, CP ship record grain volumes in 2019-2020 despite blockades and COVID-19

By The Canadian Press on August 5th, 2020

Canada’s two major railways shipped record amounts of grain over the past crop year despite a gauntlet of obstacles. Canadian National Railway Co. hauled more than 30 million tonnes of grain in 2019-20, a seven-per-cent increase from the previous year. Canadian Pacific Railway Ltd. moved 10 per cent more grain at 29.5 million tonnes. The ... Read More »

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Vancouver home sales jump to 3,128 in July while prices rise amid lower supply

By The Canadian Press on August 5th, 2020

VANCOUVER – Buyers purchased 3,128 homes in the Greater Vancouver area last month, up both from June and from July 2019. The Real Estate Board of Greater Vancouver said on Wednesday that sales in July were up 22.3 per cent from this time last year, and up 28 per cent from June, as the economy ... Read More »

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Feds earmark $3.3B for provinces, territories for COVID-19 infrastructure

By The Canadian Press on August 5th, 2020

OTTAWA – The federal government is moving ahead with plans to make it easier for provinces and territories to spend billions of dollars on infrastructure projects to address the challenges posed by COVID-19. Infrastructure Minister Catherine McKenna says $3.3 billion out of the $33 billion that Ottawa has previously promised in matching funds for provincial ... Read More »

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TSX rises in early trading as energy, gold and loonie reach multi-month highs

By The Canadian Press on August 5th, 2020

TORONTO – Canada’s main stock index rose in early morning trading as energy, gold and loonie reached multi-month highs. The S&P/TSX composite index was up 115.23 points at 16,483.26. In New York, the Dow Jones industrial average was up 207.52 points at 27,035.99. The S&P 500 index was up 16.25 points at 3,322.76, while the ... Read More »

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Treasury ramps up auctions as borrowing, virus surges

By Martin Crutsinger, The Associated Press on August 5th, 2020

WASHINGTON – The Treasury Department will ramp up the size of the bonds and other securities it auctions across-the-board in the face of the unprecedented borrowing needs of the the U.S. government as cases of COVID-19 surge in parts of the country. Treasury officials said Wednesday that the billions of dollars in auction increases include ... Read More »

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Norbord beats expectations with US$18M profit in Q2 despite lower sales

By The Canadian Press on August 5th, 2020

TORONTO – Norbord Inc. beat expectations as it swung to an US$18-million profit in the second quarter despite a six-per-cent drop in revenues. The Toronto-based forest products company, which reports in U.S. dollars, says it earned 22 cents per share, down from a loss of 17 cents per share of $14 million a year earlier. ... Read More »

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US trade deficit drops in June on record rise in exports

By Paul Wiseman, The Associated Press on August 5th, 2020

WASHINGTON – The U.S. trade deficit fell in June for the first time since February as exports posted a record increase, rising twice as fast as imports. The Commerce Department said Wednesday that the gap between the value of what the United States buys and what it sells abroad fell 7.5% to $50.7 billion in ... Read More »

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Bausch to pay $94 million plus costs to resolve Canadian securities class action

By The Canadian Press on August 5th, 2020

LAVAL, Que. – Bausch Health Companies Inc. says it is ending significant legal matters from the Valeant era by agreeing to pay $94 million plus administration costs to resolve a Canadian securities class action. The action filed in Quebec Superior Court in 2015 alleged violations of Canadian securities laws over a stock plunge that hit ... Read More »

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Thomson Reuters core profit increases in Q2 despite dip in revenues

By The Canadian Press on August 5th, 2020

TORONTO – Thomson Reuters says its core earnings increased to US$221 million in the second quarter despite a small decrease in overall revenues. The Toronto-based company, which reports in U.S. dollars, says its adjusted profit was 46 cents per share, up from 29 cents per share or $146 million a year earlier. Net income for ... Read More »

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Potential explosion in mental illness could last years after pandemic: study

By Joan Bryden, The Canadian Press on August 5th, 2020

OTTAWA – A new study suggests Canadians, especially women, will face a potentially explosive increase in mental illness for years after the COVID-19 pandemic is finally over. Over the long term, the Deloitte study estimates that visits to emergency rooms for stress and anxiety-related disorders will increase one to three per cent from pre-pandemic rates. ... Read More »

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