Suncor net earnings reach $972 million in second quarter

The company’s Fort Hills project continues to ramp up ahead of schedule

Suncor net earnings reach $972 million in second quarterCalgary-based energy giant Suncor had net earnings of $972 million in the second quarter, up from $435 million for the same period in 2017. “Suncor generated the strongest second quarter cash flow on record, with funds from operations of $2.9 billion and operating earnings of $1.2 billion,” said Steve Williams, president and chief executive officer,…

Canadians spent nearly $78 billion on renovations in 2017

Altus Group report forecasts renovation spending in Canada to grow by 3.1 per cent this year and by another 2.7 per cent next year

Canadians spent nearly $78 billion on renovations in 2017Total residential renovation spending reached an estimated $77.7 billion in Canada in 2017, a 4.2 per cent increase over 2016, according to a report by Altus Group. “The last time growth in renovation spending was above four per cent was in 2009 – which was aided by the Homeowner Renovation Tax Credit. Home renovations are a bigger segment…

BDC broadens support for entrepreneurs

The development bank is deploying $700 million to increase financing for the most promising Canadian clean-tech firms

BDC broadens support for entrepreneursA record 56,000 entrepreneurs receive support from the Business Development Bank of Canada, a 14 per cent increase from last year, according to the BDC’s 2017-2018 annual report released on Thursday. “The ambition, agility and creativity of entrepreneurs inspires us to go further, faster – because when entrepreneurs succeed, Canada succeeds. We not only boosted…

Mortgage stress test suppressing housing activity, says report

A Mortgage Professionals Canada report says the effects of federal policies are especially concerning in areas already dealing with economic instability, notably Alberta

Mortgage stress test suppressing housing activity, says reportA report by Mortgage Professionals Canada says new federal government policies are suppressing housing activity in the country. The Report on the Housing and Mortgage Market in Canada, which was released on Wednesday, also said the overall strength of consumer sentiment has been weakened by increasing interest rates and the new rules making it more…

The face-to-face grace of events that work

Wes Scott of EventWorx talks about creating business-to-business audiences and business-to-consumer marketplaces

The face-to-face grace of events that workWes Scott is president and CEO of EventWorx. Calgary’s Business: What is EventWorx and when was it formed? Scott: EventWorx is now the name behind the Atlantic Canada Petroleum Show, Oil Sands Trade Show & Conference, and Chemistry Canada. In September 2017, through a management buyout, EventWorx acquired these brands from dmg::events. We aim to…

Ride-sharing inspired app offers on-demand delivery service

Calgary-based Crowd Car's launch in Alberta will concentrate on Calgary and Edmonton, with plans to branch out to other Canadian provinces and major cities in the near future

Ride-sharing inspired app offers on-demand delivery serviceCalgary-based Crowd Source Technologies Inc. is launching an on-demand mobile platform, Crowd Car, in Alberta with plans to roll out the concept to other provinces in the near future. Victor Vrbancic, Crowd Car’s founder and CEO, said on Tuesday that the platform connects those in need of a convenient delivery service with independent drivers. The…

Sask’s Thunderchild First Nation invests $8 million with Westleaf Cannabis

Westleaf plans about 175,000 square feet devoted to production and manufacturing

Sask’s Thunderchild First Nation invests $8 million with Westleaf CannabisCalgary-based Westleaf Cannabis Inc. has received an $8-million investment from Saskatchewan’s Thunderchild First Nation. In a news release, the company said the investment makes Thunderchild the largest shareholder of Westleaf, and is accompanied by a seat being allocated to Chief Delbert Wapass on the company's board of directors. “Since its inception, Westleaf has firmly believed…

Virtual Gurus provides cost-effective support services to business

Bobbie Racette of Virtual Gurus has built a vibrant business filling the administrative needs of companies

Virtual Gurus provides cost-effective support services to businessBobbie Racette is founder and CEO of Virtual Gurus. Calgary’s Business: What's the history behind Virtual Gurus, how it came to be and when? Racette: I founded Virtual Gurus by myself. I started thinking of the idea in 2014. I really started putting pen to paper in 2015 and even did a pre-launch to see if…

Canadian universities, colleges spent $27.5 billion in 2016-2017

Provincial funding has decreased while revenue from tuition has gone up significantly in the last six years: StatsCan

Canadian universities, colleges spent $27.5 billion in 2016-2017Canada's 148 public universities and degree-granting institutions spent $27.5 billion in 2016-2017, up 1.5 per cent from $27.1 billion in 2015-2016, according to Statistics Canada. The federal agency reported on Tuesday that revenues increased 10.7 per cent, rising from $27.2 billion in 2015-2016 to $30.1 billion in 2016-2017. “Post-secondary education plays a key role in…

The power of humour to change workplace culture

Michael Kerr describes how to escape ‘a soul-sucking, fun-sucking, Dilbert-like work environment,’ just as he did, and raise productivity

The power of humour to change workplace cultureMichael Kerr is an international speaker and expert on humour in the workplace. Calgary’s Business: How and when did you get into this field of humour at work? Kerr: I started Humour at Work 21 years ago, after working as a senior manager in a soul-sucking, fun-sucking, Dilbert-like work environment. I knew I had to…

WestJet/Delta Airlines’ joint venture expands reach

The deal will provide substantial service to more than 30 cities covering over 95 per cent of U.S.-Canada demand

WestJet/Delta Airlines’ joint venture expands reachDelta Air Lines and Calgary-based WestJet announced on Thursday that the two companies have signed an agreement to create a comprehensive trans-border joint venture that will offer customers an extensive route network within the U.S. and Canada. “WestJet continues its drive toward becoming a global airline, and the signing of this agreement marks a major…

CMHC mortgage changes aimed at helping self-employed own homes

Changes target Canadians who may have difficulty qualifying for a mortgage as their incomes may vary or become less predictable

CMHC mortgage changes aimed at helping self-employed own homesCanada Mortgage and Housing Corp. is making it easier for self-employed people to own homes. The federal agency has introduced some changes to help self-employed Canadians who may have difficulty qualifying for a mortgage as their incomes may vary or become less predictable. The CMHC said on Thursday that self-employed Canadians represent about 15 per…

Revenues rise but net income dips for Canadian Pacific Railway

Second quarter financial report reflects service interruptions related to labour negotiations but tentative long-term deals are now in place

Revenues rise but net income dips for Canadian Pacific RailwaySecond quarter revenues for Calgary-based Canadian Pacific Railway Ltd. hit $1.75 billion from $1.64 billion last year. The company, in releasing its quarterly financial report on Wednesday, said revenues rose by seven per cent from a year ago. It also reported that diluted earnings per share  of $3.04, or $3.16 on an adjusted diluted earnings…

The Ace Class is changing the way women connect with women

Mandy Balak of The Ace Class talks about the importance of community and mentorship in growing your business

The Ace Class is changing the way women connect with womenMandy Balak is founder and CEO of The Ace Class. Calgary’s Business: Can you explain what The Ace Class is and its purpose? Balak: Ace is an acronym for activate, cultivate and empower – we are a Canadian media and events company designed and created by women for women. We are founded in our intention…

High taxes killing Canada’s competitiveness with the U.S

Accountants association says survey findings reinforce the need for a comprehensive review of Canada's tax system

High taxes killing Canada’s competitiveness with the U.SCanada continues to be seen as less competitive when compared with the United States, says a new survey of business leaders by the Chartered Professional Accountants of Canada. And the quarterly survey of professional accountants in business leadership roles, which was released on Tuesday, cites taxation as a reason for that. The CPA Canada Business…
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