Canadian dollar pulls back from 10-day high, $1.3000 out of reach - 16 Feb 2017 at 4:23pm -
By Fergal Smith TORONTO (Reuters) - The Canadian dollar edged lower against its U.S. counterpart on Thursday, pulling back from an earlier 10-day high even as oil rose and the greenback lost ground against a basket of major currencies. "It has been a level of support (for the greenback) we have seen for the last few weeks now," said Eric Theoret, currency strategist at Scotiabank. U.S. crude prices settled 25 cents higher at $53.36 a barrel, helped by possible renewed efforts by major oil producers to reduce a price-sapping glut.
Data boosts world stock index to new high; dollar falls - 16 Feb 2017 at 4:12pm -
By Chuck Mikolajczak NEW YORK (Reuters) - A gauge of major world equity markets inched higher to a record for a second straight day on Thursday, lifted by a round of global data, while a drop in the dollar helped boost U.S. bond prices. MSCI's All-Country World index hit an intraday record of 444.94, although stocks on Wall Street dipped as the financial sector, down 0.1 percent, snapped a five-session winning streak and energy stocks slumped 1.4 percent.
TSX edges up on Barrick Gold, materials shares - 16 Feb 2017 at 4:08pm -
OTTAWA (Reuters) - Canada's main stock index ended slightly higher on Thursday as Barrick Gold Corp jumped on the company's better-than-expected profits, though that was offset by a drop in Sun Life, which reported a decline in earnings. The Toronto Stock Exchange's S&P/TSX composite index unofficially closed up 19.22 points, or 0.12 percent, at 15,864.17. (Reporting by Leah Schnurr; Editing by Chris Reese)
Newspapers aim to ride 'Trump Bump' to reach readers, advertisers - 16 Feb 2017 at 3:55pm -
By Jessica Toonkel NEW YORK (Reuters) - The Trump administration's combative view of traditional news media as the "opposition party" and "fake news" is turning out to be the best hope in 2017 for newspapers struggling to attract more digital readers and advertisers. The New York Times , the Financial Times, The Wall Street Journal and Gannett Co are building on the online readership they gained during the 2016 presidential election by marketing unbiased reporting as a sales strategy. The New York Times, which President Donald Trump has referred to as "failing" in his Twitter messages, added a record 276,000 digital news subscribers in the last quarter and sees digital ad revenue up 10 to 15 percent in the current quarter.
Cenovus may restart another two deferred oil sands projects - 16 Feb 2017 at 3:35pm - By Nia Williams CALGARY, Alberta (Reuters) - Canadian oil and gas producer Cenovus Energy Inc said on Thursday it is doing engineering and design work at two of its deferred oil sands projects in northern Alberta and it could potentially reactivate them in 2018 and 2019, respectively. The two projects, Foster Creek phase H and Narrows Lake phase A, would add up to 75,000 barrels per day of production. Chief Executive Brian Ferguson said Cenovus has not made a sanctioning decision yet but will provide more information on capital costs and timing of a decision in June.
Dollar falls as traders weigh next U.S. rate hike - 16 Feb 2017 at 3:23pm -
By Richard Leong NEW YORK (Reuters) - The dollar weakened against a basket of major currencies on Thursday, posting its steepest one-day drop in over two weeks, due to lower U.S. bond yields and uncertainty over the timing of the Federal Reserve's next interest rate increase. The greenback posted losses for a second day, retreating further from a one-month high set during a winning streak where it touched a five-week peak versus the euro and a 2-1/2 week high against the Japanese yen. Traders have scaled back bets on a looming U.S. rate hike as they concluded Fed Chair Janet Yellen did not deliver enough conviction at her economic testimony before Congress on Wednesday on whether the Fed's next rate increase would come at its March 14-15 meeting.
Snap lowers valuation expectations in highly awaited IPO - 16 Feb 2017 at 3:20pm -
Snap Inc , owner of the popular messaging app Snapchat, set a lower-than-expected valuation range on Thursday, amid mounting investor concerns over its unproven business model, slowing growth and tight founder control. The company, which filed for an initial public offering earlier this month, was widely expected to be valued at between $20 billion and $25 billion. The lower valuation range reflected initial investor feedback, as well as Snap's aim to ensure there is sufficient demand for shares of the company that it trades up on its first day in public market.
German minister backs Peugeot-Opel deal after GM assurances - 16 Feb 2017 at 2:34pm -
By Pamela Barbaglia and Ilona Wissenbach LONDON/FRANKFURT (Reuters) - Germany expects PSA Group's proposed acquisition of General Motors' Opel business to go ahead, a minister said on Thursday, after the U.S. carmaker sought to allay fears of large-scale plant closures. "I expect it to take place," Economy Minister Brigitte Zypries told reporters after discussions with senior executives from General Motors and PSA, maker of Peugeot and Citroen cars. The German government is "doing everything we can" to preserve Opel's domestic plants, Zypries said.
FTC approves Enbridge deal to buy Spectra with conditions - 16 Feb 2017 at 2:04pm -
Canada's Enbridge Inc and Spectra Energy Corp have won U.S. antitrust approval for a $28 billion merger that will create the largest North American energy infrastructure company. The Federal Trade Commission said on Thursday that it would approve the deal. The merger was announced in September 2016.Enbridge's pipelines mainly send Canadian crude from oil sands to refiners on the U.S. Gulf Coast, while Spectra's network ships natural gas to the U.S. East Coast.
Canada's Sun Life sees benefits from Trump's pro-growth agenda - 16 Feb 2017 at 1:45pm -
Sun Life Financial , expects to benefit from a more favorable interest rate and economic environment under new U.S. President Donald Trump, the chief executive of Canada's third-biggest insurer said. Shares in Sun Life have risen by 12 percent since Trump's election win Nov. 8 and a subsequent rise in interest rates. The stock has benefited from market expectations that pro-growth policies pursued by the new administration, such as a $1 trillion infrastructure spending program, will lead to higher employment and consumer spending and a return to a more inflationary environment following years of lackluster growth.
TransCanada files Keystone XL route application in Nebraska - 16 Feb 2017 at 1:41pm -
(Reuters) - TransCanada Corp, Canada's No. 2 pipeline operator, filed an application with Nebraska authorities to route its Keystone XL pipeline through the state, after U.S. President Donald Trump cleared the way for the project last month. In November 2015, the pipeline company withdrew the route application it had made to the Nebraska Public Service Commission, after then President Barack Obama denied a permit for the controversial project over environmental concerns.
Letting countries leave euro zone would break ECB policy: Coeure - 16 Feb 2017 at 1:31pm -
By Andreas Framke MAASTRICHT, The Netherlands (Reuters) - Giving countries the option to leave the euro zone would make it impossible for the European Central Bank to reach all corners of the union with its monetary policy, ECB director Benoit Coeure said on Thursday Speaking as eurosceptic voices in France and Italy grow louder, Coeure said granting this option would break the channel through which the ECB transmits its monetary policy to the economy, that is financial markets and the banking sector. "An exit option would create a permanent impairment of the transmission mechanism of monetary policy in the European monetary union," Coeure told an audience in the Dutch town of Maastricht, where the Treaty on European Union was signed in 1992.
Encana posts better-than-expected operating profit - 16 Feb 2017 at 1:08pm -
By Nia Williams CALGARY, Alberta (Reuters) - Encana Corp , Canada's No. 2 oil and natural gas producer, reported a better-than-expected quarterly operating profit on Thursday, helped by a cash tax recovery. The Calgary-based company also updated 2017 guidance, forecasting capital expenditures between $1.6 billion and $1.8 billion and production between 320,000 and 330,000 barrels of oil equivalent per day. The capital spending estimate is roughly in line with earlier 2017 forecasts given by Encana but is well above 2016 spending, the latest sign of confidence among Canadian producers as crude prices recover from a two-year slump.
Exclusive: ConocoPhillips puts Canadian natgas assets on the block - sources - 16 Feb 2017 at 12:22pm -
By John Tilak and Nia Williams TORONTO/CALGARY (Reuters) - ConocoPhillips has decided to sell several of its Canadian conventional natural gas assets in a deal that could fetch as much as $2 billion as the biggest U.S. independent oil producer pulls back further from Canada, people familiar with the matter told Reuters. Several investment banks have made pitches to ConocoPhillips in recent weeks and the Houston-based company is close to hiring a financial adviser to run a formal sale process, the people said. When contacted by Reuters, ConocoPhillips spokesman Rob Evans pointed to an announcement last November that said the company could sell up to $8 billion in natural gas assets.
Austria sues Airbus over alleged Eurofighter fraud - 16 Feb 2017 at 12:16pm -
Austria sued Airbus and the Eurofighter consortium on Thursday, alleging wilful deception and fraud linked to a near 2 billion euro ($2.1 billion) jet order in 2003. The defence ministry said that following an investigation it believed Airbus and Eurofighter had misled Austria about the purchase price, deliverability and equipment of the jets. The incurred damage could amount to 1.1 billion euros, Defence Minister Hans Peter Doskozil told a news conference in Vienna.
Exclusive: Big U.S. banks to push for easing of money laundering rules - 16 Feb 2017 at 10:49am -
By Joel Schectman, Karen Freifeld and Brett Wolf WASHINGTON/NEW YORK (Reuters) - America's largest banks are to propose a complete overhaul of how financial institutions investigate and report potential criminal activity, arguing that rules imposed in the years after the Sept. 11, 2001 attacks and strengthened during the Obama administration are onerous and ineffective, sources said. The Clearing House, a trade association representing the largest U.S. banks including JPMorgan Chase & Co , Bank of America and Citigroup , has long raised concerns about the effectiveness of the current rules, but this will be the first time the group has publicly called for them to be revamped. The proposal, which could be published as soon as Thursday, will set the stage for an intensive lobbying effort targeting bank regulators and members of the Senate and House of Representatives finance committees.
Deutsche Boerse CEO denies insider trading allegations - 16 Feb 2017 at 9:46am -
By Edward Taylor FRANKFURT (Reuters) - The head of Deutsche Boerse said insider trading allegations against him were unfounded, pointing out that he did not determine the timing of his share purchases ahead of the announcement of merger plans with the London Stock Exchange (LSE) . "Insider trading is against my innermost conviction," Deutsche Boerse Chief Executive Carsten Kengeter told a news conference, adding that he and the German company were cooperating fully with the public prosecutor. German prosecutors are examining whether a share purchase plan for Kengeter was created at a time when Deutsche Boerse was aware that a merger with the LSE was likely.
Canada's Trudeau tells EU: the world needs you - 16 Feb 2017 at 9:23am -
By Philip Blenkinsop STRASBOURG (Reuters) - Canadian Prime Minister Justin Trudeau praised the European Union on Thursday as an unprecedented model for peaceful cooperation, in a speech to EU lawmakers that contrasted sharply with the critical stance of U.S. President Donald Trump. Speaking to the European Parliament a day after it backed a comprehensive free trade deal between Canada and the EU known as CETA, Trudeau said the 28-nation bloc had a crucial global role to play.
Canada's Trudeau says world benefits from strong EU - 16 Feb 2017 at 8:30am -
Canadian Prime Minister Justin Trudeau told European lawmakers Thursday that the world is better off when the EU is strong, as anti-Brussels sentiment soars following the Brexit vote and Donald Trump's victory. "The whole world benefits from a strong EU," he said in a speech to the European Parliament, a day after MEPs approved a landmark free trade deal between the EU and Canada. "Canada knows that an effective European voice on the global stage isn't just preferable, it's essential," Trudeau told the assembly in Strasbourg, France.
Exclusive: OPEC could extend or deepen supply cut if oil glut persists - sources - 16 Feb 2017 at 6:58am -
By Rania El Gamal RIYADH (Reuters) - OPEC could extend its oil supply-reduction pact with non-members or even apply deeper cuts from July if global crude inventories fail to drop to a targeted level, OPEC sources said. The group, together with Russia and other non-OPEC oil producers, agreed late last year to cut output by 1.8 million barrels per day (bpd) to reduce a price-sapping glut. For global petroleum inventories to fall by some 300 million barrels to the five-year average, producing countries must comply 100 percent with the supply accord and growth in demand for crude will have to stay healthy, the sources said.
After day in South Korea court, Samsung chief awaits arrest decision - 16 Feb 2017 at 6:34am -
Samsung Group leader Jay Y. Lee left a Seoul court after more than eight hours on Thursday to await a decision on whether he will be arrested over his alleged role in a corruption scandal that has engulfed President Park Geun-hye. The 48-year-old Lee, wearing a dark coat and navy tie, kept his head down and did not answer reporters' questions as he left the Seoul Central District Court after the closed-door hearing, and headed to a detention centre pending a judge's ruling. Last month, the same court rejected the special prosecutor's request that Lee be arrested.
Chinese firm files complaints with Chinese government over McDonald's China sale - 16 Feb 2017 at 5:46am -
By Michelle Price and Julie Zhu HONG KONG (Reuters) - A Chinese consultancy that has previously helped to win antitrust battles against Coca-Cola and Apple has taken aim at McDonald's Corp, arguing in a complaint to regulators that the American fast food giant's China sale may hurt workers and consumers. McDonald's said last month it had agreed to sell the bulk of its China and Hong Kong business to state-backed conglomerate CITIC Ltd and U.S. private equity firm Carlyle Group LP for up to $2.1 billion, in a deal that will see the consortium act as the master franchisee for a 20-year period. The complaint, which follows allegations from a U.S. labour union that the transaction will likely lead to poorer pay and conditions for McDonald's 120,000 workers in China, could delay regulatory approval for the deal.
SMBC head says will give Toshiba as much support as possible - 16 Feb 2017 at 4:45am -
Sumitomo Mitsui Banking Corp (SMBC), one of the main lenders to Toshiba Corp , will provide as much support as possible to the troubled Japanese firm, the bank's chief executive said. The TVs-to-nuclear conglomerate is scrambling for cash to stay in business as a multi-billion-dollar hole has emerged in its nuclear business. Toshiba has announced it would consider selling most, even all, of its stake in its prized flash-memory chips business, highlighting the scale of its financial woes.
Avnel to halt production at Mali gold mine for 18 months in June - 16 Feb 2017 at 4:35am - Canada's Avnel Gold will suspend production at its loss-making Kalana underground mine in Mali for 18 months from June to expand its operations and build a new processing plant, the West African nation's mines ministry said. Production will restart in January 2019 at a larger, open-pit mine with estimated gold reserves of 1.96 million ounces. The mine has not been profitable for years due to a depletion of its initial reserves and a decline in gold prices, but Avnel kept it open in order to avoiding laying off workers, the company has previously said.
Canadian humorist, radio show host Stuart McLean dies at 68: CBC - 15 Feb 2017 at 5:55pm -
Stuart McLean, a Canadian humorist and broadcaster best known for his popular syndicated comic radio show The Vinyl Cafe, died on Wednesday at the age of 68, the Canadian Broadcasting Corp said. Although the CBC did not immediately give a cause of death, doctors had been treating McLean for melanoma since late 2015. The Vinyl Cafe, a weekly CBC show broadcast in both Canada and the United States, started in 1994 and focused on the life and misadventures of Dave, owner of a small record store, and his wife Morley.
Crews clean up small illegal crude oil dump in Saskatchewan - 15 Feb 2017 at 5:51pm - CALGARY, Alberta (Reuters) - Crews have cleaned up 95 percent of what appears to be an intentional crude oil spill from a large transport vehicle into a ditch near Lloydminster, Saskatchewan, local authorities said on Wednesday. Lloydminster Fire Chief Jordan Newton told a news conference officials believe a truck pulled up to the ditch near the city's wastewater treatment plant and dumped the oil. Local media reported that the spill totaled around 12 barrels, and there is no threat to any water supplies. The Royal Canadian Mounted Police are investigating the incident. ...
EU, Canada secure clearance to kickstart free trade deal - 15 Feb 2017 at 1:14pm -
By Philip Blenkinsop STRASBOURG (Reuters) - The European Union and Canada secured clearance on Wednesday for their contentious free trade deal and the removal of import duties that supporters say will boost growth and jobs on both sides of the Atlantic. The two parties can claim success for their open markets policy following months of protest and uncertainty as well as the actions of U.S. President Donald Trump, who withdrew from the Trans-Pacific Partnership (TPP) and wants to rework the North American Free Trade Agreement. European Parliament lawmakers backed the Comprehensive Economic and Trade Agreement (CETA) by 408-254, meaning large parts of the deal, notably tariff reduction, will finally enter into force some eight years after negotiations began.
Canada court rules in favor Aboriginals taken from families - 14 Feb 2017 at 3:49pm - A Canadian court ruled on Tuesday that the government breached its duty of care to thousands of aboriginal children that were removed from their communities over nearly two decades, paving the way for what could be a costly payout from Ottawa. The class action suit, which was launched eight years ago, sought C$1.3 billion ($994.87 million) on behalf of about 16,000 Ontario aboriginal children who were removed from reserves and placed in non-aboriginal homes from 1965 to 1984 under a federal-provincial agreement. Ontario Superior Court Justice Edward Belobaba ruled that the federal government breached its duty to take reasonable steps to prevent the children from losing their aboriginal identity.
Canadian home prices rise in January, driven by Toronto: Teranet - 14 Feb 2017 at 9:15am -
Canadian home prices rose in January as values in the hot Toronto market climbed even further, while Vancouver prices picked up after three months of declines, the Teranet-National Bank Composite House Price Index showed on Tuesday. The index, which measures changes for repeat sales of single-family homes, showed that prices rose 0.5 percent month to month and 13.0 percent from a year ago. It was the 12th consecutive month that national home prices have risen and the largest annual increase since January 2007.
Canada's TMX 'optimistic' over new listings pipeline - 14 Feb 2017 at 9:02am -
TORONTO (Reuters) - Toronto Stock Exchange owner TMX Group is optimistic about the pipeline for new listings in 2017, its chief executive told investors in a conference call after the company reported quarterly results. "On the pipeline, we are optimistic. Obviously, we can't predict exactly who is going to come through," Lou Eccleston said. "We do know there is a robust pipeline and, assuming markets are co-operative with these entrepreneurs, then they'll bring those businesses to market." (Reporting by Matt Scuffham; Editing by Bill Trott)
Trump expects only 'tweaking' of trade relationship with Canada - 13 Feb 2017 at 5:25pm -
President Donald Trump said on Monday the United States would be "tweaking" its trade relationship with Canada, stopping short of calling for a major realignment in a development likely to please visiting Canadian Prime Minister Justin Trudeau. Trump has pledged to renegotiate the North American Free Trade Agreement(NAFTA) linking the economies of the United States, Mexico and Canada to make the terms more favorable to Americans. At a joint news conference with Trudeau after White House talks, Trump said his biggest concern with NAFTA was the U.S. trade relationship with Mexico, which he has frequently accused of stealing American jobs.
Margaret Atwood says Trump win boosted sales of her dystopian classic - 11 Feb 2017 at 7:06am -
By Sarah Marsh HAVANA (Reuters) - Canada's best-known writer Margaret Atwood said it was largely worries about women's issues after the U.S. election that made her book "The Handmaid's Tale" the latest dystopian novel to shoot back up bestseller lists. The book, about a theocratic dictatorship in the United States where women are forced to bear children for the ruling class, topped Amazon's best seller list earlier this week, and still ranks in the top ten. In an interview during Cuba's international book fair, where Canada is guest of honor, Atwood said sales of "The Handmaid's Tale" were also boosted by a trailer during the Super Bowl for its new televised adaptation by video streaming site Hulu.
Service sector drives stronger Canada job growth in January - 10 Feb 2017 at 9:24am -
By Leah Schnurr OTTAWA (Reuters) - Canadian job growth unexpectedly surged in January as hiring in the service sector helped the labor market build on its momentum from the latter part of 2016, suggesting the economy was finding its footing. Canada added 48,300 jobs last month, Statistics Canada said on Friday, exceeding economists' expectations for employment growth to be unchanged. Although that was outpaced by a 32,400 increase in part-time work, economists were encouraged by the decline in the unemployment rate to 6.8 percent, even as the participation rate edged up.
Purdue seeks rule that would give it edge in Canadian painkiller market - 10 Feb 2017 at 1:05am -
By Anna Mehler Paperny TORONTO, Canada (Reuters) - A leading drugmaker ramped up its lobbying in Canada fivefold last year, urging government officials to enact a rule that would give it an effective monopoly on long-acting narcotic painkillers. Purdue Pharma's efforts came as the government pledged a new attack on the county's deadly opioid crisis. The privately owned maker of the blockbuster OxyContin pushed for a requirement that all long-acting narcotic painkillers, known as opioids, be made tamper resistant.
Amnesty International calls for halt to Site C dam - 9 Aug 2016 at 2:05am - Amnesty International is calling for a stop work order on British Columbia's $8.8 billion Site C hydroelectric dam, saying the mega project on the Peace River threatens the human rights of indigenous peoples.
Tornado causes damage on Manitoba reserve; no injuries reported - 9 Aug 2016 at 12:14am - There are no reports of injuries but there has been damage on a First Nation after a severe storm hit southern Manitoba.
B.C. realtors give widowed dad condolence card -- with offer to sell house - 8 Aug 2016 at 9:36pm - A Metro Vancouver family is criticizing the tactics of two realtors who left a condolence card for a recently widowed father offering to help him sell his house.
'That thing attacked me!': teen's camera captures dive-bombing owl - 8 Aug 2016 at 6:48pm - A Nova Scotia teenager says he didn?t actually see what happened on Friday, but his GoPro camera captured the moment when an owl dive-bombed him as he rode his dirt-bike down a trail.
'Suicide Squad' Internet meme ridicules death of Amanda Todd: mom - 8 Aug 2016 at 5:36pm - A mock movie poster for 'Suicide Squad' depicting Amanda Todd with celebrities who killed themselves has drawn the British Columbia teenager's mother into another battle against cyberbullying and trolls.
Body of BASE jumper found in mountainous area west of Calgary - 8 Aug 2016 at 2:02pm - RCMP say they've found the body of a BASE jumper who was reported missing in a mountainous area west of Calgary.