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De Beers to idle Snap Lake diamond mine in Canada’s N.W.T., eliminating over 400 jobs


Diamond giant De Beers has shuttered its Snap Lake mine in the Northwest Territories, which was suffering due to low prices and unique technical challenges. The move puts more than 400 people out of work, and is a major blow to the economy of the Northwest Territories. Snap Lake is …

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Veresen’s US$6-billion Jordan Cove LNG project won’t be sanctioned until late 2016


CALGARY – Veresen Inc. has again pushed back a sanctioning decision for a liquefied natural gas project on the coast of Oregon, at the same time as it announced plans to spend almost US$100 million on the project next year. “Clearly, this has taken longer than we’d like, but this …

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Finance Minister Bill Morneau says tax changes to take $1.2 billion more out of coffers


OTTAWA — The Liberal government is poised to make good on its promise to cut federal income taxes for middle earners by raising the rate on the richest Canadians — cuts that the government admits won’t be revenue-neutral. Finance Minister Bill Morneau is conceding for the first time that the …

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Lululemon Athletica Inc’s stock sinks 13% after profit falls on rising costs


Worries about Lululemon are dragging on the retailer’s shares after the athletic-wear company cut its revenue and profit expectations for the fiscal year and profit fell in the third quarter. Though chief executive Laurent Potdevin said quarterly results released Wednesday were in line with the company’s expectations and promised the …

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Thompson Creek ‘quickly approaching an end-game’


Thompson Creek Metals Company Inc. is in a dire financial position. At the end of September, the formerly high-flying miner had cash of US$217 million and a debt load of US$832 million, including $314 million of notes due in 2017. “(Thompson Creek) is quickly approaching an end-game,” Deutsche Bank analyst …

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Alberta Premier Rachel Notley facing backlash over oilsands emissions cap


After winning about five minutes worth of approval from the environmental movement for capping greenhouse gas emissions in the oilsands, Alberta Premier Rachel Notley is facing the uncomfortable task of deciding which projects get to benefit from her now-limited carbon budget. Tax hikes, carbon caps and now $37 crude: For …

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OPEC crisis meeting looms as oil plunges to $35 and nerves begin to fray


The OPEC oil cartel will be forced to call an emergency meeting within weeks to stabilize the market if crude prices fail to rebound after crashing to eight-year lows of $35 a barrel, two member states have warned. Never mind $35 a barrel, Canada's oil is selling for closer to …

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U.S. real estate firm reaches into Canada: Savills Studley acquires Real Facilities


One of the large U.S. real estate firms focusing solely on tenants is moving into the Canadian market. Savills Studley is set to announce Monday that it has acquired Toronto-based Real Facilities for an undisclosed amount. The new Toronto office will continue to provide tenant representation, transaction management, capital markets, project …

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Bank of Nova Scotia taps central bank veteran Jean-Francois Perrault as chief economist


Bank of Nova Scotia hired Jean-Francois Perrault, a veteran of the Bank of Canada and the country’s finance department, as chief economist to replace Warren Jestin, who is retiring. Perrault had also previously held posts at the International Monetary Fund and the World Bank, according to a statement. “Jean-François’s in-depth …

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Oil to stay below $50 for two years, while other commodities rebound, Scotiabank says


CALGARY – As benchmark oil prices tumbled to new 11-year lows on Monday, a new report painted a grim picture of the outlook for energy prices next year and 2017. How can Canada make money when it's selling the cheapest oil in the world? The oil collapse that pushed crude …

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