October 24th, 2020

Business

Surging lumber prices prompt record segment profits and surging third-quarter results

By The Canadian Press on October 22nd, 2020

VANCOUVER – Canfor Corp. says its net profit surged in the third quarter on record lumber earnings that were driven by an unprecedented increase in prices. The Vancouver-based forest products company says it earned $218.1 million or $1.74 per share in the three months ended Sept. 30. That compared with a loss of $88.5 million ... Read More »

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Walmart sues US in pre-emptive strike in opioid abuse battle

By Anne D'Innocenzio, The Associated Press on October 22nd, 2020

NEW YORK – Walmart is suing the U.S. government in a pre-emptive strike in the battle over its responsibility in the opioid abuse crisis. The government is expected to take civil action against the world’s largest retailer, seeking big financial penalties, for the role its pharmacies may have played in the crisis by filling opioid ... Read More »

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Purdue Pharma pleas could bolster efforts for Canadian opioid class action

By Anita Balakrishnan, The Canadian Press on October 22nd, 2020

TORONTO – A Canadian class action against opioid makers will start the process of getting certified in a hearing next month, a key test on how courts here will handle a case that is making waves in the U.S. The upcoming hearing in Quebec comes after this week’s news that Purdue Pharma, the company behind ... Read More »

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Rogers says its progress in Q3 shows it’s on right track in tough environment

By David Paddon, The Canadian Press on October 22nd, 2020

TORONTO – Rogers Communications kicked off its industry’s fall earnings season Thursday by reporting a healthy recovery from the early months of the COVID-19 pandemic, although the results remained lower than last year as its advertisers and consumers continued to grapple with the virus’ economic fallout. The Toronto-based wireless, cable and media company said Thursday ... Read More »

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Precision Drilling shares rise despite $28.5M loss, 56 per cent slide in revenue

By Dan Healing, The Canadian Press on October 22nd, 2020

CALGARY – Shares in Precision Drilling Corp. closed 8.6 per cent higher on Thursday after it reported a steeper loss and lower revenue in the third quarter but handily beat adjusted earnings expectations. The Calgary-based company’s shares rose eight cents to $1.01 after it revealed a net loss of $28.5 million on $165 million in ... Read More »

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S&P/TSX composite inches higher on strength of energy and telecommunications sectors

By The Canadian Press on October 22nd, 2020

TORONTO – Canada’s main stock index inched higher on gains by the key energy sector and the result of strong telecommunications quarterly results. The S&P/TSX composite index closed up 49.13 points to 16,279.36. In New York, the Dow Jones industrial average was up 152.84 points at 28,363.66. The S&P 500 index was up 17.93 points ... Read More »

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$100-million fund to be used to cut oilpatch emissions, fuel new product development

By The Canadian Press on October 22nd, 2020

TORONTO – A contribution of $100 million from Ottawa will assist with the commercialization of new products from Canada’s oil and gas industry, as well as help reduce its environmental impact, according to the head of a consortium that will administer the money. The funding, first announced in the federal budget in March 2019, is ... Read More »

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Corus sees glimmers of growth from its content studios but ad revenue under pressure

By David Paddon, The Canadian Press on October 22nd, 2020

TORONTO – Corus Entertainment continued to suffer from the economic effects of COVID-19 during June, July and August but the pandemic had an uneven impact on different parts of its business during the quarter, its chief executive said Thursday. “TV is on their way back already, but radio is a different story,” Douglas Murphy told ... Read More »

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For Acadian fisherman, early Mi’kmaq fishery in N.S. bay can ‘never’ be respected

By Michael Tutton, The Canadian Press on October 22nd, 2020

METEGHAN, N.S. – As he stands calmly splicing anchor rope, Roger LeBlanc describes the anxiety, anger and suspicion over a Mi’kmaq lobster fishery that is coursing through his small Acadian community. “This stock has been building up for 150 years, and my grandfather and my father and myself, we sat at the table with governments, ... Read More »

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N.S. First Nation struggles to find market for ‘moderate livelihood fishery’ lobster

By Brett Bundale, The Canadian Press on October 22nd, 2020

HALIFAX – Cheryl Maloney, a Mi’kmaq treaty advocate and member of Sipekne’katik First Nation, stood on a wharf in the rural fishing village in Saulnierville, N.S. Under a pitch-black sky, Maloney hauled a large lobster crate off a fishing boat and into the trunk of her car to sell in front of the Nova Scotia ... Read More »

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Ottawa provides $100 million to research ways to cut GHG emissions in oil and gas

By The Canadian Press on October 22nd, 2020

CALGARY – The federal government says it will provide $100 million from its strategic innovation fund over four years to accelerate the development and use of technologies to lower the oil and gas industry’s environmental impact. Innovation, Science and Economic Development Canada says the money will be provided to the Clean Resource Innovation Network, a ... Read More »

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