Business RSS
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Great Expectations to Bleak House: Redford says hard times mean taking on debt
EDMONTON – Alberta Premier Alison Redford admitted Thursday that while her party didn’t campaign in the April election on running up debt, the economy has worsened since then and now they must adapt. “It (borrowing money) is not something that we talked about during the campaign because that wasn’t the fiscal reality during the campaign,”
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Quebec shows tougher approach toward mining sector with access road deal
QUEBEC – Quebec’s new government is living up to its pledge to take a tougher stance with mining companies after offloading some responsibility for the construction of a controversial access road. Finance Minister Nicolas Marceau announced Thursday that Quebec has renegotiated a deal that will see Stornoway Diamond Corp. (TSX:SWY) assume a bigger share of
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Ottawa must hinge Muskrat Falls loan backing on regulatory review, watchdogs say
ST. JOHN’S, N.L. – Ottawa should not back a loan guarantee for the Muskrat Falls hydro megaproject in Labrador until it passes an independent regulatory review, say public spending watchdogs. The federal government says the proposed $7.4-billion project is viable and that it’s working with a financial adviser to finalize a loan guarantee. Prime Minister
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TSX extends losses, hopes fade for fiscal cliff deal, eurozone back in recession
TORONTO – The Toronto stock market dug further into negative territory for the year Thursday as traders continued to sell off stocks amid a lack of confidence lawmakers can stop the U.S. economy from going over the so-called fiscal cliff. New data showing the eurozone has fallen back into recession further discouraged buyers. The S&P/TSX
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TD report: Growth in shale natural gas saving U.S. consumers billions
CALGARY – Growing U.S. shale gas production means billions in cost savings for consumers, but the impact is somewhat more subdued north of the border, according to reports released by TD Bank on Thursday. Technological advances have unlocked enormous supplies of natural gas from rock formations across the United States, keeping the price suppressed at
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Canadian dollar rises on expectations for further Fed stimulus measures
TORONTO – The Canadian dollar closed higher Thursday while the greenback weakened after the U.S. Federal Reserve indicated further quantitative easing could be on the way. This involves the central bank printing more money in order to buy up bonds. The loonie was up 0.25 of a cent at 99.87 cents US. Minutes of the
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Labrador Iron Mines says it remains viable if higher ore prices are sustained
Labrador Iron Mines Holdings Ltd. said it can be a viable and profitable company if higher iron ore prices are sustained next year due to stronger demand from Chinese steelmakers. The Toronto-based company endured a dramatic loss in the second quarter of its fiscal year after ore prices plummeted 33 per cent per cent amid
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Battle for Rona’s board could be put off until May while it seeks new directors
MONTREAL – A battle for control at Rona Inc. could be put off for six months after the home renovation retailer called an annual meeting in May and said it would look into replacing some of its directors. The Quebec-based hardware company said Thursday it has asked a head-hunting firm seeking a new CEO for
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October home sales continue at slower pace on back of mortgage reforms, debt
Home resales across Canada last month were down slightly from September, continuing a mild housing market slowdown in the face of mortgage reforms, a weakening economy, high consumer debt and elevated property prices. The Canadian Real Estate Association reported Thursday that 13,004 residential properties were sold in October through the industry-run Multiple Listing Service, down
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Nova Scotia opposition parties are unfairly criticizing government, premier says
HALIFAX – Nova Scotia Premier Darrell Dexter is lashing out at the province’s opposition parties over their criticism of his government’s attempts to attract jobs, accusing them of driving away business. Dexter raised the issue unprompted while speaking with reporters today, saying the Liberals and Progressive Conservatives were being irresponsible in questioning two payroll rebates
