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Oil tanks below US$40 a barrel after OPEC mantains output amid global glut


NEW YORK — Oil prices fell on Friday after news that the Organization of Petroleum Exporting Countries was planning to maintain its production near record highs despite depressed prices, as the producer group continued to guard its share of an oversupplied market. The group failed to agree on a new …

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More ‘bruises and bloodshed’ expected for Air Canada and WestJet


Canadian airline investors aren’t reaping the benefits of the sharp decline in oil prices, and one analyst thinks he knows why. Air Canada and WestJet Airlines Ltd. are both down about 25 per cent in the past six months, while WTI oil prices have declined more than 30 per cent …

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Rio Tinto suddenly has a pair of 60-year-old legal problems in Canada that miners worry will scare off investors


Rio Tinto Group has found trouble on both ends of Canada. The global mining giant is being told it can’t skirt a pair of lawsuits that reach back to projects built in the 1950s, a quarter-century before it first set foot in Canada. On a single day in October, the …

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From politics to Bay Street: first Ian Robertson and now Jenni Byrne


For the second time in the past year a former director for the losing Conservative Party campaign has moved to the financial world from the world of politics. On Friday Bayfield Strategy Inc., which defines itself as “a leading financial communications firm,” welcomed Jenni Byrne to its team. Byrne was …

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In post-OPEC world, companies look outside Alberta to greener pastures


As oil prices continue to slide in search for a market-set equilibrium in a post-OPEC world, companies such as Husky Energy Inc. are remaking themselves to withstand the new environment for as long as it takes, while squeezing every advantage they can get. And if that means looking to greener …

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The billionaire’s shopping guide: 13 gifts for the person who can buy anything


1. A meal at every three Michelin star restaurant Only 109 restaurants in the world have three coveted Michelin stars, and luxury purveyor VeryFirstTo, along with tour company Holidaysplease, will get you to all of them in half a year’s time. The flights will be business class and hotel stays …

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Volkswagen says it still believes only a small number of staff were behind emissions scandal


WOLFSBURG, Germany — Volkswagen believes that only a small number of employees were behind the emissions scandal, but its board chairman said Thursday the company is still investigating and suggested the probe does not exclude top managers. In an update on the German automaker’s attempt to get to the bottom …

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Junior miner Champion Iron agrees to buy troubled Bloom Lake mine in Quebec


A buyer has finally emerged for the troubled Bloom Lake iron ore mine in Quebec, which was shuttered nearly a year ago after incurring massive losses. Junior miner Champion Iron Ltd. has won an auction to buy the mine out of bankruptcy protection for $10.5 million. Champion, which has offices …

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Manulife Financial Corp faces more challenges ahead


The collapse in oil prices has already taken a toll on Manulife Financial Corp., but one analyst is warning that more pain may be coming and analysts’ fourth-quarter earnings estimates don’t appear achievable. Gabriel Dechaine at Canaccord Genuity noted that Manulife recorded zero investment gains in 2015, compared to its …

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Nova Scotia’s Emera Inc eyes Alberta to grow its clean power business


CALGARY — Alberta’s aggressive climate change plan is causing anxiety among its energy consumers and producers, who have historically relied on abundant fossil fuels resources. But at least one company, Emera Inc., is excited about its forced transition to clean energy. Alberta’s move to green energy seen adding $7 billion …

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