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Vermilion Energy Inc’s spending cuts praised by analysts

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Vermilion Energy Inc.’s decision to reduce its capex spending plans for 2016 to $285 million from a previous preliminary figure of $350 million is being welcomed by analysts, partly because it should shore up the Calgary-based oil and gas producer’s dividend. Macquarie analyst Chris Feltin noted that the company’s production …

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Aviva Canada develops first insurance policy for ride-sharing services like Uber

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TORONTO • Aviva Canada Inc. has become the first auto insurer in Canada to develop a policy specifically for ride-sharing services, filling a gap in the market that has left many Uber drivers without proper coverage. The Toronto-based company announced Wednesday that it will begin providing auto insurance to drivers …

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Why homeowners and buyers can expect more mortgage rate hikes from the big banks

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Falling government-bond yields are usually good for homeowners in Canada because mortgage rates tend to follow suit. Not this time. Three of Canada’s biggest lenders have raised mortgage rates and more increases are expected as new regulations, a weak economy and higher costs prevent banks from capitalizing on lower borrowing …

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Crude prices are getting slammed, in wild day for oil market

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Crude oil is getting slammed on Monday, with front-month contracts for Brent and West Texas Intermediate each down more than 6 per cent at their lows of the day. Meanwhile, Western Canadian Select, a heavier blend of crude, trades at US$16.32 per barrel. A supply response to lower prices continues …

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BP to slash 4,000 jobs or 5% of its workforce as it cuts production in oil slump

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LONDON — British oil and gas company BP announced plans on Tuesday to slash 5 per cent of its global workforce in the face of a continued slump in oil prices. It said it aims to reduce its global oil production, or upstream, headcount by 4,000 to 20,000 as it …

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Dundee Corp listened and responded with better proposal on amending its preferred shares

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The people have spoken and the people, in this case holders of Series 4 preferred shares issued by Dundee Corp. who responded negatively to an initial proposal, have emerged victorious. But they only won because Dundee listened and changed a plan that seemed destined to be shot down at a …

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With B.C.’s rejection of Trans Mountain pipeline expansion, Canada’s diversification strategy is unravelling

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Just as the proposed Trans Mountain pipeline expansion seemed to be within striking distance of winning a regulatory permit, the British Columbia government formally requested its rejection Monday in a submission to the National Energy Board (NEB). The takeaway: Alberta’s – and Canada’s – oil market diversification strategy is unraveling. …

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U.S. economy expands even as wages stay flat: Fed Beige Book

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The U.S. economy expanded across most of the country in the past six weeks as the job market showed strength that’s failing to stoke broad wage pressures, a Federal Reserve survey showed. The central bank’s Beige Book economic survey, which is based on reports from late November to early January …

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Greece suspended, but Eldorado Gold upgraded anyway

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After years of permitting delays and other obstacles in Greece, Eldorado Gold Corp. finally announced a suspension of most of its Greek activities on Monday night. The stock plunged 19 per cent on Tuesday. Analysts responded with a wave of target price cuts. TD Securities analyst Steven Green was one …

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NewLeaf Travel suspends ticket sales, issues refunds while licensing rules reviewed

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In a sudden about face, New Leaf Travel Co., which began sales of ultra-low-cost airfares on Jan. 6, is temporarily halting sales while it waits for the country’s airline regulator to complete its review of licensing procedures. In a statement late Monday afternoon, the Winnipeg-based upstart carrier with destinations to …

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