News
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Magna expects this year will build on record high sales, profit in 2017
Aurora, Ont. – Magna International Inc. is on track to grow its sales in 2018 but more slowly than last year, when it had record high annual and fourth-quarter sales, the Canadian auto parts maker said Thursday. Aurora, Ont.-based Magna,…
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Rising prices and production boost Stelco earnings in first report since IPO
Hamilton – A restructured Stelco Holdings Inc. is benefiting from rising steel prices and on the hunt for acquisitions, chief executive Alan Kestenbaum said Thursday. “Our initiatives to increase production and expand margins are starting to deliver the intended results,”…
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Truce called, wine flows again, in B.C. Alberta trade war over pipeline
Victoria – The Alberta government accepted an olive branch from British Columbia and suspended its ban on the province’s wine Thursday in a dispute over the Trans Mountain pipeline. Alberta Premier Rachel Notley took the step after B.C.’s John Horgan…
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Inflation cools, but underlying rate continues to heat up
Ottawa – The annual pace of inflation cooled to 1.7 per cent last month – but rising prices underneath the turbulence of this headline number suggest the Bank of Canada is unlikely to veer from its interest-rate hiking path. A…
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3M to pay hefty fee to settle suit over chemical disposal
Minneapolis – 3M Co. has agreed to pay the state of Minnesota $850 million to settle a major case alleging the manufacturer damaged natural resources and contaminated groundwater by disposing of chemicals over decades, Minnesota’s attorney general announced Tuesday. The…
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Auto sales to dip in most provinces, led by Ontario’s expected drop: Scotiabank
Toronto – Scotiabank says that slower job creation and weaker gains in household wealth will likely contribute to softer Canadian sales of cars and light trucks this year. That would put an end to a five-year string of growth that…
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Festo is founding technology partner in Next Generation Manufacturing Canada
Mississauga, ON – Festo, a global leader in automation technology, announced that the company is a founding technology partner in Next Generation Manufacturing/NGM Canada. Festo reports that the new advanced manufacturing supercluster is in keeping with the company’s vision of…
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Rising prices and production boost Stelco earnings in first report since IPO
Hamilton – A restructured Stelco Holdings Inc. is benefiting from rising steel prices and on the hunt for acquisitions, chief executive Alan Kestenbaum said Thursday. “Our initiatives to increase production and expand margins are starting to deliver the intended results,”…
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Trudeau announces two way investment deal with India worth $1 billion
Mumbai, India – Some of India’s biggest companies say they will invest more than $250 million in Canada, in everything from pulp mills to pharmaceuticals and the IT sector. Canadian companies, meanwhile, plan to invest $750 million in India. The…
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Statistics Canada says wholesale sales fall 0.5 per cent in December
Ottawa – Statistics Canada says wholesale sales fell 0.5 per cent to $63 billion in December, the first decrease in three months. Economists had expected an increase of 0.4 per cent, according to Thomson Reuters. Sales fell in five of…
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TransCanada going ahead with $2.4 billion expansion of NGTL system
Calgary – TransCanada Corp. is going ahead with a $2.4-billion expansion of its NGTL natural gas system in Western Canada, the company said Thursday as it reported a swing to profitability in its fourth-quarter. The Calgary-based company reported net income…
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US factory output flat for 2nd straight month
Washington – U.S. factory output was unchanged in January for the second straight month after three months of healthy gains. The Federal Reserve says production fell in wood products, aircraft and a category including concrete and glass. Yet factories also…
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Jobs to blossom, production to grow under Manitoba potato plant expansion
Portage La Prairie, Man. – A major expansion project has been announced for a Manitoba potato-processing plant that’s expected to create about 90 new full-time jobs. J.R. Simplot Co. and the provincial government have outlined details of the $460-million expansion…
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Despite lip service on reducing waste, Ottawa gave plastics giant $35M grant
Ottawa – The Liberal government gave $35 million to a chemical company that makes plastic resins just one day before Prime Minister Justin Trudeau promised to use Canada’s G7 presidency to get other nations to commit to reducing or phasing…
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Advanced manufacturing supercluster wins federal funding
Ottawa – When small, medium-sized and large companies, academic institutions and not-for-profit organizations come together to generate bold ideas, Canadians benefit from more well-paying jobs, groundbreaking research and a world-leading innovation economy. That’s why the Government of Canada is investing…
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Rio Tinto invests C$250 million to extend operations at Vaudreuil alumina refinery
Montreal – Rio Tinto will invest C$250 million to extend operations at the Vaudreuil alumina refinery, in the Saguenay–Lac-Saint-Jean region of Quebec, Canada. Rio Tinto Aluminium chief executive Alf Barrios said “This investment will extend operations at the Vaudreuil refinery…
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Timken named one of the world’s most ethical companies for the eighth time
North Canton, Ohio – The Timken Company, a global leader in bearings and mechanical power transmission products, has once again been recognized by the Ethisphere Institute as one of the world’s most ethical companies. “This award is in recognition of…
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Using virtual reality to train industrial workforce
Houston – Honeywell announced a cloud-based simulation tool that uses a combination of augmented reality (AR) and virtual reality (VR) to train plant personnel on critical industrial work activities. With as much as 50 percent of industrial plant personnel due…
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Former B.C. premier Christy Clark says blocking Trans Mountain is ‘illegal’
Ottawa – British Columbia’s efforts to block the Trans Mountain pipeline expansion are illegal and will hurt all of Canada, says the former B.C. premier who originally approved the interprovincial project. The way B.C.’s New Democrat government is handling Trans…
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Oil and gas price shocks make producers hedge their bets with forward contracts
Calgary – Like gamblers who have been burned too often, Canadian energy producers are lining up to “hedge their bets” on oil and gas by locking in price contracts today for deliveries to be made months or years from now.…
