Economy of Canada | GlobalPost

Wealth management key for banks amid slow growth in retail banking

The Canadian PressMay 19, 2013 08:00

TORONTO - As Canada's biggest banks prepare to report their second-quarter results, analysts say those that rely more heavily on wealth management and global markets will fare better amid slowing growth in Canadian retail banking. Scotiabank (TSX:BNS) and Royal Bank (TSX:RY) are expected to lead the pack this quarter because of their focus on wealth management and capital markets. Meanwhile, CIBC (TSX:CM) is expected to lag the group because of its heavy reliance on domestic retail banking.

Hydro-Quebec Q1 profits increase 1.7 per cent to $1.36 billion on higher exports

The Canadian PressMay 17, 2013 18:01

MONTREAL - Hydro-Quebec says it earned $1.36 billion in its latest quarter, up from $1.34 billion a year ago, helped by higher electricity sales and exports. The public utility said revenues for the quarter period ended March 31 increased by to $3.98 billion, up from $3.74 billion a year ago. Hydro-Quebec's power generation division earned $745 million from continuing operations, up $125 million from the prior year. The increase was due to a higher revenues from electricity sales and exports, while purchases of Rio Tinto Alcan power decreased by $29 million.

Most actively traded companies on the TSX, TSX Venture Exchange markets

The Canadian PressMay 17, 2013 18:00

TORONTO - Some of the most active companies traded Friday on the Toronto Stock Exchange and the TSX Venture Exchange: Toronto Stock Exchange (12,613.05 up 105.45 points): Southern Pacific Resource Corp. (TSX:STP). Oil and gas. Up 9.5 cents, or 23.46 per cent, at 50 cents on 12.29 million shares. The energy sector was the leading advancer on the main index, up 1.92 per cent to 251.65 points. The price of June crude finished 86 cents US higher to $96.02 per barrel.

SNC-Lavalin says former executive's illegal actions justify firing

The Canadian PressMay 17, 2013 14:01

MONTREAL - SNC-Lavalin says it was justified in firing a former executive last year because it claims he acted illegally to help smuggle the son of Libya dictator Moammar Gadhafi to Mexico. The engineering giant is defending itself against a nearly $1 million wrongful dismissal lawsuit filed by former controller Stephane Roy. In a 16-page statement of defence filed in Quebec Superior Court, SNC-Lavalin said Roy and former executive Riadh Ben Aissa plotted to help Saadi Gadhafi and his family to flee Libya without its knowledge.

Toronto, Wall Street surge higher amid positive U.S. data, consumer sentiment

The Canadian PressMay 17, 2013 09:45

TORONTO - The Toronto Stock Exchange surged ahead Friday, encouraged by gains from the U.S. markets, after data showed the world's largest economy may be in recovery. "We continue to grind higher here," said Jason Hornett, a portfolio manager with Bissett Investment Management. "People continue to be more and more optimistic here in North America and it definitely bodes well for the stock market." The S

Most actively traded companies on the TSX, TSX Venture Exchange on Thursday

The Canadian PressMay 16, 2013 17:46

TORONTO - Some of the most active companies traded Thursday on the Toronto Stock Exchange and the TSX Venture Exchange: Toronto Stock Exchange (12,507.60 up 33.95 points): Surge Energy Inc. (TSX:SGY). Oil and gas. Up 34 cents, or 8.17 per cent, at $4.50 on 15.78 million shares. The energy sector was up 0.21 per cent as the price of crude oil rose 86 cents US to $95.16 per barrel on the New York Mercantile Exchange. Bombardier Inc. (TSX:BBD.B). Transportation equipment. Up 11 cents, or 2.42 per cent, at $4.66 on 9.60 million shares.

Gitga'at evict Northern Gateway crew conducting spill response survey

The Canadian PressMay 16, 2013 16:49

HARTLEY BAY, B.C. - Members of the Gitga'at Nation say they have evicted a Northern Gateway Pipelines crew from their territory on the north coast of British Columbia as it tried to conduct oil spill response surveys. The small First Nation of Hartley Bay says the crew showed up to carry out work on the project that has not been approved, and that the Gitga'at continue to oppose. Coun. Marven Robinson said the band received a fax informing them that the crew would be coming to conduct an oil spill response survey.

Jim Pattison Broadcast Group buys three FM radio stations from Bell and Astral

The Canadian PressMay 16, 2013 16:46

KAMLOOPS, B.C. - The Jim Pattison Broadcast Group has signed a deal to buy three FM radio stations from Bell Media (TSX:BCE) and Astral Media Inc. (TSX:ACM.B). Financial terms of the deal were not disclosed. The stations include Bell's KooL FM 101, an adult contemporary station in Calgary, and FAB 94.3, a classic pop station in Winnipeg. Pattison will also acquire Astral's QX 104 country station in Winnipeg. The deal is subject to approval by the CRTC and contingent on approval of Bell's acquisition of Astral.

Alcoa to close two potlines in Quebec, delay new construction for three years

The Canadian PressMay 16, 2013 15:00

MONTREAL - Alcoa will eliminate about 500 jobs by permanently closing two potlines this summer at its smelter in Baie-Comeau, Que., while also delaying construction of more efficient facilities at the smelter for three years. The company said Thursday that the job cuts will be made through retirements and attrition at the smelter, which currently has about 1,400 employees. One of the potlines had been expected to be shut down later this year and the second in 2015. Instead, they will both be closed by August.

Canadian telecom company Telus signs deal to buy Mobilicity for $373 million

The Canadian PressMay 16, 2013 11:46

TORONTO - Canadian telecom company Telus has signed a deal to buy small wireless company Mobilicity for $373 million (CA$380 million). Mobilicity said Thursday that a deal with Telus would ensure that its 250,000 customers would continue to get service without disruption. The deal is subject to conditions including approval by the Competition Bureau, Industry Canada, and Mobilicity's debt holders. Telus says it will keep all 150 Mobilicity employees and integrate them into its operations if the deal is approved.