Economy of Canada | GlobalPost

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.

Consumers may want to renegotiate deals now in case Telus buys Mobilicity: PIAC

The Canadian PressMay 16, 2013 10:01

Telus announced a plan Thursday to buy struggling wireless carrier Mobilicity for $380 million, a deal observers say that will prompt higher prices for monthly cellphone service if it is allowed. "Maybe you want to talk to your provider and renegotiate your deal now," said John Lawford of the Public Interest Advocacy Centre. Mobilicity was part of a new wave of small wireless companies to challenge Telus (TSX:T), Rogers (TSX:RCI.B) and Bell (TSX:BCE) after the last wireless spectrum auction.

PotashCorp increases quarterly dividend by 25 per cent to 35 cents

The Canadian PressMay 16, 2013 01:48

SASKATOON - Potash Corporation of Saskatchewan Inc. (TSX:POT) increased its quarterly dividend Wednesday by 25 per cent. The company said it will pay a dividend of 35 cents to shareholders on Aug. 2 to shareholders of record on July 12. That dividend is up from its previous rate of 28 cents per share. "The confidence we have in our ability to generate strong cash flow in the years ahead has enabled us to strengthen our dividend for the fifth time since 2011," said PotashCorp president and chief executive Bill Doyle.

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

The Canadian PressMay 16, 2013 01:48

TORONTO - Some of the most active companies traded Wednesday on the Toronto Stock Exchange and the TSX Venture Exchange: Toronto Stock Exchange (12,473.65 down 103.40 points): RMP Energy Inc. (TSX:RMP). Oil and gas. Down five cents, or 1.07 per cent, at $4.63 on 6.84 million shares. Kinross Gold (TSX:K). Miner. Down seven cents, or 1.29 per cent, at $5.36 on 5.55 million shares. The gold sector was the leading decliner on the main index, sliding well over four per cent as the price of bullion dropped for a fifth day in a row, off $28.30 at US$1,396.20 an ounce.

TransCanada sells 45 per cent stake in two U.S. pipelines for $1.05 billion

The Canadian PressMay 16, 2013 01:46

CALGARY - TransCanada Corp. (TSX:TRP) is selling a 45 per cent stake in two natural gas pipelines to its U.S. subsidiary for $1.05 billion. The deal with TC Pipelines LP, one-third owned by TransCanada, involves the Bison and GTN pipelines. The sale is expected to close in July. The Bison pipeline connects gas from the U.S. Rocky Mountain region to TransCanada's Northern Border system in North Dakota. GTN moves Western Canadian and Rocky Mountain gas to the Western United States.