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  • Montreal news outlet La Presse to cut 37 jobs as advertising revenue drops

    November 8, 2018 9:39 PM 17

    La Presse, formerly owned by a subsidiary of Power Corporation of Canada, officially adopted a not-for-profit structure last July. At the time, Power Corp. agreed to grant $50 million to the new venture. Last May, La Presse president Pierre-Elliott Levasseur said the business model conceived in 2010 did not conform to today’s media reality, in which

  • Energy companies roll out production cuts along with third-quarter results

    November 8, 2018 8:24 PM 14

    Analysts estimate as much as 100,000 barrels per day is being taken offline, not enough to make a big difference in pricing as it represents only a small percentage of Canada’s overall output of about 4.6 million barrels of oil per day. Athabasca Oil Corp. says it is dialling back production at its two steam-driven oilsands projects in northern Alberta

  • Canada Jetlines plans to base Montreal operations at small St. Hubert airport

    November 8, 2018 7:50 PM 11

    VANCOUVER — Discount airline Canada Jetlines Ltd. says it plans to base its Montreal operations out of a small airport that is undergoing an expansion. Montreal Saint-Hubert Longueuil Airport on the south shore of the city is expected to support ultra low-cost airlines by early 2020. The airport which mainly serves private aircraft recently upgraded

  • Statcan’s plan to harvest private banking info on hold, pending investigation

    November 8, 2018 7:29 PM 11

    OTTAWA — The country’s chief statistician says his agency’s controversial plan to harvest individuals’ banking information is on hold until the privacy commissioner completes an investigation into widespread concerns about the project. Statistics Canada recently caught nine financial institutions off-guard by asking them to share the private banking

  • Hydro One Q3 profit drops to $194 million from last year’s strong results

    November 8, 2018 6:32 PM 12

    TORONTO — Hydro One Ltd. is reporting that its net profit decreased by 11.4 per cent in the third quarter to $194 million. The parent company of Ontario’s largest electricity transmission and distribution utility says it earned 32 cents per diluted share for the period ended Sept. 30, compared with $219 million or 37 cents per share a year earlier

  • Yellow Pages swings to Q3 profit on cost-cutting and asset sales

    November 8, 2018 5:43 PM 18

    The company says its quarterly turnaround was due to reductions in its cost structure, including from workforce reductions, reduced office space, lower overall spending, as well as gains from the sale of assets and a $18.3 million reversal in income tax provisions from previous tax years. Yellow locked out 130 sales representatives in September because

  • CIBC among top brands used in North American phishing attacks, says security firm

    November 8, 2018 4:40 PM 14

    The Canadian Imperial Bank of Commerce is one of the most commonly targeted brands used by cyberthieves in phishing attacks across North America, with a more than 600 per cent surge in fake email attempts in the third quarter, according to analysis by an email security firm. Vade Secure’s research shows that during that period CIBC was the lone Canadian

  • High Liner Foods cuts salaried workforce by 14 per cent after disappointing Q3

    November 8, 2018 4:02 PM 11

    A one-time charge of $4.5 million, including $3.3 million in the fourth quarter, will be associated with the latest restructuring. The company is also taking steps to simplify its business, implement one integrated supply chain, fully extract value and synergies from its Rubicon acquisition, and invest in product innovation and other things to return

  • Magna reports Q3 profit and sales up, trims forecast for full year

    November 8, 2018 1:30 PM 9

    AURORA, ONT.—Magna International Inc. reported its third-quarter profit grew compared with a year ago as revenue also climbed higher, but the auto parts maker trimmed the outlook for the year. The Ontario-based company, which keeps its books in U.S. dollars, says it earned $554 million (U.S.) or $1.62 per share for the quarter ended Sept. 30, up from $512 million

  • Exxon’s $2 billion Canada move shows confidence when others flee

    November 8, 2018 1:12 AM 13

    Almost two years after Exxon Mobil Corp. removed billions of barrels of oilsands crude from its reserves, its Imperial Oil Ltd. unit is investing again, saying low Canadian crude prices that scared off the other majors make it a perfect time to build. Imperial chief executive officer Rich Kruger puts the rationale for the $2.6 billion Aspen project in northern