News
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GMC Sierra is Canadian Truck King Challenge Winner
The Canadian Truck King Challenge (CTKC) celebrated its 12th anniversary by crowning the 2019 GMC Sierra 1500 Denali as its champion. Sierra beat out five other challengers for the crown, marking the first time that General Motors has won in…
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Ontario Export Awards Winners
The 2018 Ontario Export Awards named its winners at a gala at the International Centre in Mississauga. Laipac Technology Inc., was named Exporter of the Year for its success expanding its business to more than 100 countries and for its…
Alberta in ‘crisis’ over low oil price: Prime Minister Justin Trudeau
CALGARY – Prime Minister Justin Trudeau says Alberta is in a crisis as the province’s oil is being sold at a discount of about $45 a barrel. Speaking in Calgary as pro-oil protesters shut down part of the city’s downtown,…
New tax incentives for investment could increase Canada’s emissions
OTTAWA – Big greenhouse-gas emitters will be able to take advantage of new federal tax incentives Finance Minister Bill Morneau promised Wednesday even if that means more emissions, the government says. Measures in Morneau’s fall fiscal update will allow manufacturing…
EDC spends 12 times more for fossil fuels than clean tech, report says
OTTAWA – New research shows Export Development Canada provided 12 times as much financial backing to oil and gas companies as it did to clean-technology companies over the last five years. The findings by lobby group Oil Change International show…
Annual inflation rises to 2.4% thanks to higher costs for gas, airline tickets
OTTAWA – The country’s annual inflation rate picked up its pace last month to hit 2.4 per cent in an advance mostly fuelled by temporary factors like higher gasoline prices and steeper airfares, compared to a year ago, Statistics Canada…
Maple Leaf Foods to build new London plant, shutter three others in Ontario
LONDON, Ont. – Maple Leaf Foods Inc. will invest hundreds of millions into building a fresh-poultry facility in London, Ont., but close three smaller plants in the province. The protein company says it will invest an initial $605.5 million into…
GM to close Oshawa plant, four U.S. plants in massive reorganization push
TORONTO – General Motors will close its production plant in Oshawa, Ont., along with four facilities in the U.S. as part of a global reorganization that will see the company focus on electric and autonomous vehicle programs. The auto manufacturer…
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STLE Hosts Toronto Workshop
The Society of Tribologists and Lubrication Engineers (STLE) Toronto section recently held a workshop and panel discussion to speak about Reducing Tribological Losses and Failures. The workshop took place at Kinectrics Auditorium in Toronto, Ontario. The invited speakers at the…
Alberta energy firms split on call for government imposed production cuts
CALGARY – The question of whether Alberta should force industry-wide production cuts to relieve an oversupply of oil and support prices has opened a rift between companies who are suffering from current price discounts and those who aren’t. On Thursday,…
Brookfield and the Caisse buy automotive battery business from Johnson Controls
MONTREAL – Brookfield Business Partners LP and the Caisse dedepot et placement du Quebec, together with a group of institutional partners, have signed a deal to buy Johnson Controls’ power solutions business for US$13.2 billion. The business produces batteries for…
High Liner Foods cuts salaried workforce by 14 per cent after disappointing Q3
High Liner Foods Inc. shares fell more than 20 per cent as the company announced Thursday it cut 14 per cent of its salaried workforce following a “disappointing” third quarter. “It’s never easy to lose good people,” said CEO Rod…
Statistics Canada says manufacturing sales up 0.2 per cent in September
OTTAWA – Canadian manufacturing sales edged up 0.2 per cent in September to $58.5 billion, led by gains in the transportation equipment industry, Statistics Canada said Friday. Economists had expected an increase of 0.3 per cent for September, according to…
Fairfax acquires 13.7 per cent stake in Stelco for $250 million
TORONTO – Fairfax Financial Holdings Ltd. says it has bought a 13.7 per cent stake in steel producer Stelco Holdings Inc. for roughly $250 million. The insurance-focused financial services company says it has acquired 12.2 million common shares of the…
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CTMA Breakfast Seminar Discusses USMCA, Tariffs
The Canadian Tooling and Machining Association (CTMA) recently partnered with BMO and Deloitte to host a breakfast seminar at the Galt Golf and Country Club in Cambridge, Ontario. The topic was USMCA and Steel/Aluminum Tariffs The Good, The Bad, The…
Bombardier cutting 5,000 jobs, selling Q400 and flight training programs
MONTREAL – Bombardier Inc. announced Thursday it will shed 5,000 jobs company-wide and sell off two units as part of chief executive Alain Bellemare’s five-year plan to rein in costs, focus on rail and business jets and reduce the net…
Nutrien to focus on Saskatchewan for potash, writes off east coast facility
SASKATOON – The head of Nutrien Ltd. says the company has enough room for potash expansion in Saskatchewan that it doesn’t make sense to invest in expanding production in costlier regions. Chief executive Chuck Magro made the remarks on conference…
Barrick shareholders vote more than 99 per cent in favour of Randgold takeover
TORONTO – Barrick Gold Corp. says shareholders have voted more than 99 per cent in favour of a takeover of Randgold Resources Ltd. The proposed combination of the two companies, announced in September, would add gold mine properties in Mali,…
Funding for Borden “Mine of the Future”
Government of Canada plans to invest $5 million to help position Goldcorp Canada Inc.’s Borden Mine as a mine of the future, producing ore in a more environmentally sustainable way. Canada’s Minister of Natural Resources, the Honourable Amarjeet Sohi, Parliamentary…
New Gold Appoint CFO
New Gold Inc. has named Robert J. Chausse as Executive Vice-President and Chief Financial Officer. He brings over 25 years of international finance experience, exclusively in the mining sector. He takes over for Paula Myson. “I am very pleased to…
