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Glencore can withstand downgrade to junk: RBC


There has been plenty of speculation over the past few months that Anglo-Swiss commodities giant Glencore PLC could lose its investment-grade credit rating. Currently, the debt-laden company is two notches above junk status. Many investors are alarmed about a potential downgrade to junk, given that it would increase funding costs …

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U.S. labour market shows hints of broader wage pressures: Fed Beige Book


WASHINGTON — The U.S. labour market tightened modestly in recent weeks with some upward pressure on wages as employers found it increasingly difficult to fill jobs across skill levels, the Federal Reserve said on Wednesday. U.S. economic activity continued to expand at a modest pace in most regions from early …

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Enbridge Inc willing to grow through acquisitions


CALGARY – Enbridge Inc. has indicated a new willingness to grow by buying up firms with depressed share prices Thursday. “We’re going to look at all of the aspects of potential merger and acquisition opportunities. Typically, we’ve been focused on organic growth,” Enbridge president and CEO Al Monaco said on …

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American Apparel founder Dov Charney hires investment bank to pursue bid


American Apparel Inc. founder Dov Charney is working with a small investment bank on a potential bid to buy the clothing retailer out of bankruptcy. Charney, who has been trying to regain control of American Apparel since being ousted last year, has engaged Cardinal Advisors LLC to evaluate options, according …

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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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