Business Buzz

Stress test change coming
The Canadian Press - Feb 18, 2020 - Business Buzz

OTTAWA — The federal government is changing the stress test rate for insured mortgages starting April 6. The government says the change will allow the rate to be more representative of the mortgage rates offered by lenders and more responsive to market conditions. The new minimum qualifying rate will be the greater of the borrower’s […]

Idle goods costing millions
The Canadian Press - Feb 18, 2020 - Business Buzz

TORONTO — Business groups are calling on the federal government to take steps to immediately restore rail service that is being disrupted by anti-pipeline blockades. Dennis Darby, CEO of Canadian Manufacturers and Exporters, says the situation is “beyond serious.” The group estimates that some $425 million worth of goods are becoming stranded every day the […]

More 737 Max cancellations
The Canadian Press - Feb 14, 2020 - Business Buzz

CHICAGO — United Airlines and American Airlines said Friday they are removing the grounded Boeing 737 Max from their schedules longer than previously planned, which means thousands more flights will be cancelled during the peak summer travel season. The reduction in flights could mean slightly higher fares. United said it took the plane out of […]

Trudeau won’t call cops
The Canadian Press - Feb 14, 2020 - Business Buzz

Amid pressure to end Indigenous protest blockades of vital Canadian rail links, Prime Minister Justin Trudeau said the disruptions must be resolved through dialogue, not by ordering in the police. Trudeau acknowledged the difficulties the blockades have caused for Canadian travellers and businesses, but he made it clear Friday the federal government had no plans […]

Canopy Growth cuts to continue
The Canadian Press - Feb 14, 2020 - Business Buzz

SMITHS FALLS, Ont. — Canopy Growth Corp. is planning further cost cutting as it works to achieve positive cash flow and profitability, the cannabis producer’s new chief executive said Friday as it reported a $124.17-million loss in its third quarter of 2020. David Klein, who formally became Canopy’s CEO in January, said the Ontario-based company […]

Enbridge all in on LNG
The Canadian Press - Feb 14, 2020 - Business Buzz

Calgary-based Enbridge Inc. is raising its bets on the growing liquefied natural gas export sector on the U.S. Gulf Coast by buying the pipeline that would supply the proposed Rio Grande LNG export facility. Enbridge says it has agreed to pay US$15 million to NextDecade Corp. to buy the pipeline project, with an additional amount […]

TC Energy boss ‘disappointed’
The Canadian Press - Feb 13, 2020 - Business Buzz

CALGARY — The CEO of pipeline and power company TC Energy Corp. says he’s “extremely disappointed” that police have had to be called in to allow the company to go ahead with construction of its Coastal GasLink pipeline. The Calgary-based company is still trying to reach agreement with the hereditary Wet’suwet’en chiefs who oppose the […]

Canadian Tire profits impress
The Canadian Press - Feb 13, 2020 - Business Buzz

Canadian Tire Corp.’s chief executive assured analysts that the retailer has yet to experience any supply issues due to the novel coronavirus outbreak, but longer-term impacts remain unclear. “I think the coming few weeks will tell us more about the longer-term implications for us,” chief executive officer Stephen Wetmore said during a conference call with […]

Premier wants to talk
The Canadian Press - Feb 13, 2020 - Business Buzz

Indigenous Services Minister Marc Miller and B.C. Premier John Horgan are working to arrange meetings with Indigenous leaders in an effort to halt blockades of rail lines that have choked Canada’s economy. Miller wrote a letter to three chiefs in Ontario regarding a protest on Tyendinaga Mohawk traditional territory that has halted freight and passenger […]

Energy Centre says sorry
The Canadian Press - Feb 12, 2020 - Business Buzz

CALGARY — The head of Alberta’s $30-million-a-year energy war room is apologizing after the organization posted a lengthy social media response to an article in The New York Times that questioned the news organization’s credibility. The Canadian Energy Centre’s Twitter account said The Times has been “called out for anti-Semitism countless times,” has a “dodgy” […]