Business

Coffee roaster Kicking Horse sold to Italy’s Lavazza

Italian coffee conglomerate Lavazza has bought an 80 per cent stake in British Columbia-based Kicking Horse Coffee in a deal that values the company at $215 million. Elana Rosenfeld, who co-founded the Kicking Horse brand in Invermere, B.C. in 1996, will continue to own the remaining 20 per cent and will stay on as CEO of the company, which has grown to become ...

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OPEC nearing deal to extend oil output cut to March 2018

OPEC and non-member oil producers moved closer on Wednesday to clinching a deal on extending output cuts by nine months to clear a global stocks overhang and prop up the price of crude. The Organization of the Petroleum Exporting Countries meets in Vienna on Thursday to consider whether to prolong the accord reached in December in which OPEC and 11 ...

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Uber stiffed New York City drivers by millions of dollars

Uber on Tuesday admitted to underpaying its New York City drivers tens of millions of dollars for the past 2 1/2 years. “We are committed to paying every driver every penny they are owed — plus interest — as quickly as possible,” Uber executive Rachel Holt said in a statement. “We are working hard to regain driver trust, and that ...

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Moody’s cuts China credit rating over rising debt

The Moody’s ratings agency on Wednesday cut China’s credit rating due to surging debt, prompting a protest by Beijing and highlighting challenges faced by communist leaders as they overhaul a slowing economy. The downgrade adds to warnings about China’s reliance on credit to propel growth after the 2008 global crisis. Private sector analysts say it could drag on the economy ...

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Weak U.S. economy prompts Bank of Canada to hold rate steady

The Bank of Canada kept its benchmark interest rate steady on Wednesday, but signalled that could change once the weak U.S. economy starts to rebound as expected through the latter part of the year. Canada’s central bank kept its target for the overnight rate steady at 0.5 per cent on Wednesday, the same level it’s been at since the middle ...

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Innovation Minister Navdeep Bains to make ‘supercluster’ announcement: report

The federal government is expected to launch a $950 million dollar program to fund ‘superclusters’ of high-tech industry on Wednesday morning. Groups of companies and universities will be able to apply for funding through the program, which will target specific sectors including infrastructure, transportation, agri-food and advanced manufacturing, according to a report in The Globe and Mail. Those groups, the report ...

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BMO hikes dividend as profit rises 28%

First big bank to report earnings since probe into sales practices shows no sign of slowdown The Canadian Press Posted: May 24, 2017 8:37 AM ET Last Updated: May 24, 2017 8:37 AM ET The Bank of Montreal had $1.25 billion of net income in its second quarter. That’s up 28 per cent from $973 million during the same period last ...

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Bitcoin ‘mania’ grows, as virtual currency passes $2,000 US mark

Bitcoin, the decentralized digital currency with global name recognition, has jumped in value once again. The value of the cryptocurrency surged past $2,000 US on May 20, according to data from institutional digital currency exchange GDAX. A single virtual “coin” cost $2,262 US (about $3,057 Cdn) late Tuesday afternoon, GDAX data showed. The value of bitcoin has surged more than 400 per cent in ...

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Toronto stock index climbs on banks, industrials

Canada’s main stock index eked out a moderate gain Tuesday as financial stocks got a boost ahead of Canadian bank earnings this week. The Toronto Stock Exchange’s S&P/TSX composite index climbed 18.48 points to 15,476.94, also helped by a rise in industrials and utilities stocks. But it was financials that were the session’s most influential gainers, one day before the ...

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U.S. suing Fiat Chrysler for cheating on emissions tests

FILE – This Oct. 1, 2014, file photo, shows the hood of a Jeep Grand Cherokee at Bill DeLuca’s dealerships in Haverhill, Mass. On Thursday, Jan. 12, 2017, the U.S. government alleged that Fiat Chrysler Automobiles failed to disclose that software in some of its pickups and SUVs with diesel engines allows them to emit more pollution than allowed under ...

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