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Veritas’s $5.5-billion debt offering funding Carlyle takeover said to be pulled


A debt offering of US$5.5 billion funding Carlyle Group LP’s takeover of Symantec Corp.’s data-storage business has been postponed because of market conditions, according to two people with knowledge of the matter. The financing for Veritas, which includes bonds and loans, was being led by Bank of America Corp. and …

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More layoffs to come in drilling sector, as activity levels to remain low in 2016


CALGARY – Canada’s drilling industry is expected to post its worst year in more than three decades in 2016 with more layoffs and a record number of idled rigs. “We are predicting one of the lowest utilization rates of our equipment since we started collecting this information in 1977,” Canadian …

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How Saudi Arabia’s high-risk oil gambit could destroy OPEC while feeding the ISIL monster


LONDON – The rumblings of revolt against Saudi Arabia and the OPEC Gulf states are growing louder as half a trillion dollars goes up in smoke, and each month fails to bring about the long-awaited killer blow against U.S. shale. How OPEC has earned itself a permanent pay cut in …

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Marriott International scoops up rival Starwood in US$12.2B deal, boosting hotel room count by 50%


The biggest hotel chain in Canada just got bigger with the announcement that Marriott International has scooped up rival chain Starwood Hotels and Resorts Worldwide for US$12.2-billion. This isn’t the label you think it is: The secret shoppers might not know about factory outlets Most big brands, from J Crew …

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By next month, Ontario residents will be able to pick up a six-pack at Walmart


TORONTO — Ontarians may be able to buy beer at 60 grocery stores — from multinational big box stores to small, independent grocers — across the province by the end of the year. The Liberal government announced 13 grocery stores and chains that were chosen to sell beer in the …

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Rock Energy becomes the latest target of activist FrontFour Capital Group


About six weeks back at a conference on activist investing held in Toronto, Zac George, a portfolio manager at Connecticut-based FrontFour Capital, told the assembled guests that activism in the oil patch was set to increase. George noted that industry consolidation will be a “natural extension,” and that activity would …

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TSX Venture Exchange-listed Iona Energy Inc succumbs to low oil prices


Iona Energy Inc., the junior Canadian-listed oil and gas company, said it’s facing insolvency, as it’s unable to overcome the low crude oil and natural gas prices. “Despite tireless, collaborative and innovative work by the Iona team and suppliers to effect the restructuring, we have not been able to overcome …

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New Liberal government to release its first fiscal and economic update


OTTAWA — The new Liberal government will open the federal books for Canadians this morning as it releases its fiscal and economic update. It will mark the first time the Liberals present the numbers to the public since they defeated the Conservatives in last month’s election. Finance Minister Bill Morneau’s …

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Bombardier Inc rejects Toronto Transit Commission request for public explanation of streetcar delays


No Bombardier Inc. executives will attend Monday’s Toronto Transit Commission board meeting despite the TTC’s request that the company’s CEO appear in person to explain persistent streetcar production delays. “There’s no provision (in the contract) that says we have to go discuss this publicly before their board,” Bombardier spokesman Marc …

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Investors rights at most REITs not up to standards, governance group warns


TORONTO — Real estate income trusts, which are proliferating on public stock exchanges in Canada, are coming under pressure to make it easier for discontented unit holders to be heard and to seek remedies. The push is coming from a corporate governance group backed by some of Canada’s largest pension …

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