Business

Cannabis executive says producers unlikely to meet demands of consumer market

An official with a large Canadian producer of medical cannabis is confident consumers will be adequately supplied come next July, but says production will need to be increased. “Right now, the existing capacity and what is already envisioned will not be sufficient to meet the needs of the adult consumer market,” Cam Battley, executive vice-president of Aurora Cannabis Inc., said ...

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Alphabet profit slumps on record $2.7B US fine by European Union

Alphabet Inc. reported a 27.7 percent drop in quarterly profit as the company recorded a previously announced charge related to a record fine imposed on its Google unit by the EU. EU antitrust regulators last month hit Google with a record 2.4-billion-euro ($2.7 billion US) fine for favouring its own shopping service, taking a tough line in the first of ...

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Why an 80-cent loonie is good for shoppers but bad for oil producers

One of the few saving graces of the oil downturn has been that oil is priced in U.S. dollars. Energy companies sell their products in U.S. currency, but pay their expenses in Canadian dollars. So as the loonie dropped over the past three years, it tempered the brutal downturn. Traditionally the value of the Canadian dollar moves with oil; as oil prices move higher, ...

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Sweetened bid for Tembec wins support from shareholders who opposed deal

New U.S.-based Rayonier increased its offer late Sunday The Canadian Press Posted: Jul 24, 2017 2:36 PM ET Last Updated: Jul 24, 2017 2:36 PM ET Related Stories Rayonier Advanced Materials Inc. has raised its takeover offer for Tembec Inc. to win the support of two of the forestry company’s largest shareholders who had threatened to block the friendly deal. ...

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Norbord OSB mill in 100 Mile House, B.C., resumes production after wildfires

Production was suspended two weeks ago due to wildfires The Canadian Press Posted: Jul 24, 2017 12:10 PM ET Last Updated: Jul 24, 2017 12:10 PM ET Related Stories Norbord Inc. says its oriented strand board mill in 100 Mile House, B.C., resumed production over the weekend. The company says work restarted after an evacuation order for 100 Mile House ...

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European car companies act as cartel & collude together, lawmakers allege

Car stocks tumbled on Monday after a report in Der Spiegel that VW, BMW, Audi and Porsche may have colluded to fix the prices of diesel emissions treatment systems. (Michel Euler/Associated Press) Volkswagen will hold a special supervisory board meeting on Wednesday to discuss allegations that German carmakers operated a wide-ranging cartel, a source familiar with the matter said on ...

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OPEC moves to cap Nigerian oil output, boost production cut compliance

OPEC moved on Monday to cap Nigerian oil output and called on several members to boost compliance with production cuts to help clear excessive global stocks and support flagging prices. OPEC has agreed with several non-OPEC producers led by Russia to cut oil output by a combined 1.8 million barrels per day (bpd) from January 2017 until the end of ...

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IMF downgrades outlook for British economy even as Europe growing faster than expected

The International Monetary Fund has revised down its 2017 growth forecast for the British economy following a weak first quarter that suggested the country’s exit from the European Union was starting to weigh on consumers and businesses. In an update to its April forecasts, the IMF lowered its 2017 growth forecast for Britain by 0.3 percentage point to 1.7 per ...

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Greening Canada’s oil could be good for business and the environment: Don Pittis

To much of the world, Canada’s oil production is indelibly linked to images of tortured landscapes that make oilsands mining seem like something out the evil land of Mordor in J.R.R. Tolkien’s Lord of the Rings. For that reason and several others, the idea of green Canadian oil may seem like an oxymoron. But greening Canadian oil is not only possible, there are reasons ...

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Taking flight: Loonie may top 80 cents for first time since 2015

The Canadian dollar is flirting with 80 cents US, a level it hasn’t touched since the summer of 2015. The Canadian dollar finished last week just below the threshold, settling at 79.76 cents US when stock markets closed on Friday. Since bottoming out at the start of May, the loonie has gained almost 10 per cent, buoyed by a series of ...

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